Merci, contribuables de camarade, de vos contributions généreuses aux fonds de la défense d'Angelo Mozilo. Banque de l'Amérique (citation de BAC) confirmé le mardi il couvre les honoraires légaux pour l'ancien National PRÉSIDENT qui a été chargé de la fraude de valeurs et du commerce d'initié. BofA, La plus grande banque d'Amérique, indique qu'elle est obligée d'écosser dehors pour la défense de Mozilo en raison d'une clause d'indemnité en place quand il a couru national.
La Commission de valeurs et d'échange les frais civils classés contre le co-fondateur national le jeudi passé, alléguant il a ratissé dans plus de $139 millions de bénéfices inexacts en exerçant les options d'achat d'actions en 2006 et 2007 tandis que le marché du logement de la nation et les finances nationales s'effondraient. Lisez plus…
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WASHINGTON - Département de trésor a approuvé 10 des plus grandes banques de la nation pour rembourser $68 milliards po argent de renflouement de gouvernement.
On laissera le département mardi a indiqué les banques, qui n'ont pas été appelées, rembourser l'argent qu'elles ont reçu des $700 milliards Programme préoccupé de soulagement de capitaux créé par Congress octobre passé à la taille du crise financière.
Les banques ont été désireuses de sortir du programme aux restrictions de gouvernement d'évasion telles que des chapeaux dessus compensation exécutive.
Parmi les banques qui le mois dernier ont passé le gouvernement « essais d'effort” and confirmed that they received permission to repay the bailout funds were: JPMorgan Chase & Co., American Express Co., U.S. Bancorp, Capital One Financial Corp., Bank of New York Mellon Corp. and BB&T Corp. Read more…
It’s being touted as a big win for consumers — but the new credit card legislation that President Obama signed into law Friday hardly means that cardholders can start swiping that plastic worry-free.
In fact, as the new rules kick in (most will go into effect nine months after the president signs the bill, while others will kick in as early as 90 days afterward) and banks start curtailing the abusive practices this legislation reins in, other practices will likely emerge that can hurt consumers just as badly. “The pendulum may have swung in the wrong direction”, says Dennis Moroney, research director and senior analyst for TowerGroup, a research and advisory-services firm focused exclusively on the financial-services industry. “The banks now have to respond to these changes.” Read more…
The stock market has run out of reasons to rally, at least for now.
After a two-month surge that saw the Dow Jones industrials average soar 31 percent and the Standard & Poor’s 500 index shoot up 37 percent, investors gave up some of those gains last week. As the new week begins, there doesn’t seem to be any catalysts that could restart the rally.
The market barreled higher as investors realized that worst-case scenarios in the banking industry weren’t going to happen. Indications that the recession was slowing also gave investors reason to buy at a pace not seen in decades. Read more…
Banking Stocks – Is It Too Late to Buy?
I wrote a posting on May 3rd, 2009 title “Will Stocks Market Rebound Soon?” And the answer surely it did for the past one week where Dow Jones rose more than 200 points, Citigroup rose to $4.02 from $3.14 (28% higher) and Bank of America rose to $14.17 from $8.68 (63% higher). This is a solid rise as the market seems to be bottoming up thus start to reverse for the past few weeks. The trend seems confirming as the positive financial news released were adding investors’ confident. Read more…
Hedge fund manager Jeff Matthews, who wrote “A Pilgrimage to Warren Buffett’s Omaha,” actually made the pilgrimage last weekend, along with 35,000 other Berkshire Hathaway investors.
In Matthews’ opinion, the most disconcerting news from the weekend was that the external managers Buffett has hired to manage Berkshire’s money are doing a lousy job. Specifically, Matthews says, they all lost more than 37% on the year — worse than the stock-market average.
The only reason to hire a money manager is to try to beat the market, because otherwise you should just buy an index fund. The fact that Berkshire’s external managers lost money isn’t surprising — everyone got hammered last year. The amount they lost, however, is. Read more…
by Ben Stein
Recently I found myself on the top floor of One Chase Manhattan Plaza, a huge skyscraper near Wall Street. I was there to hear a panel on financial planning and to receive an award for my writings, including my writing in this space. As I waited and listened to the panel, I was overcome by feelings.
The men and women on the panel were extremely optimistic about the economy. By and large, they were convinced that recovery would start toward the end of this year, that employment would top out at around 10 per cent in 2010 and then slowly move to better levels, that the stock market had a lot of rallying left, and that even housing would soon start to recover. One panelist in particular thought banks and insurers were wildly oversold and believed subprime-backed bonds would soon correct to the upside sharply. Read more…
Warren Buffett and Munger Play the Main Stage: Views on Newspapers, Triple-A Ratings, Complex Math and More
Here are some highlights of Warren Buffett’s and Charles Munger’s remarks at the Berkshire Hathaway Inc. shareholder meeting this past weekend.
Mr. Buffett on Newspapers
Warren Buffett has long held himself out as a newspaper man. As a child, one of his first jobs was delivering newspapers. An Omaha newspaper Berkshire owned, Sun Newspapers, won a Pulitzer Prize in 1973 based in part on a tip Mr. Buffett provided. One of Berkshire’s biggest investments in the 1970s was the Buffalo News, which it still owns. Read more…
For the past seven months since the collapsed of Lehman Brothers, the banking and financial industries have taken a beat. Almost all of the financial and banking stocks in the world financial market were hitting the low point during month of February and rebounded few folds from the lows. Citigroup fall to the lowest of $0.97 (March 5th, 2009) and rebounded to $3.12 (April 29th, 2009) and Bank of America dipped to the lowest of $3.14 (March 6th, 2009) and rebounded to $8.68 (April 29th, 2009).
Now the question is when is the best time to get into the equity market? Any stock broker will answer NOW; even they already tell you to get in few months back and wait for the correction of the drop. Unfortunately you can almost impossible to get into the market at the lowest point and sell and take profit at the highest point. Most banking stocks now is almost 80% discount and I would enter the market with confidence that it will rebound at least 50% higher than the current market price. The suggestion holding period would be at least one year. The way to minimize risk is to enter slowly and acquire the shares whenever the market drops (mostly Friday because speculators are taking profit). This trend has been forming for the past few weeks. Read more…
Market sentiment has stabilized over the past week as traders wait for fundamentals to either catch up to optimism or draw the budding recovery to a grinding halt. Ongoing earnings releases, first quarter growth reports from the world’s largest economies and a series of meetings attended by global policy makers can decide the fate of growth and optimism for months to come.
• Dollar, Yen And Risk Appetite Await G20 Meeting And US GDP
• Do Better Than Expected Earnings Signal A Turn For The Economy?
• Where Will Optimism Develop Without Confirmation Of A Recovery?
