The way major financial institutions are feasting on taxpayer-backed bailouts, you’d think every bank in this country has on the feed bag. Not true. Just north of Chicago, dwelling in the People’s Republic of Evanston, is First Bank & Trust — a 13-year-old community lender that doesn’t want any part of the U.S. government’s $700 billion bank bailout or, for that...
Financial Services Industry Archive
November 2008
Hoping to engage consumers with a latte and a side of financial advice, ING Direct is offering a series of financial seminars at coffeehouse-style outlets. The café strategy is just the latest effort by the Amsterdam-based online bank, which has no physical branches in the U.S., to make an end-run around its American counterparts. ING’s U.S. chief Arkadi Kuhlmann has a reputation as a...
Home buyers chase after low rates — Prospective home buyers and refinancers are scarfing up mortgage loans after the Federal Reserve bought a large chunk of mortgage-backed securities this Tuesday. Drops in interest rates to the mid 5 percent range have touched off a national wave of trading. [Source: The Washington Post] U.K. buys majority in RBS — The United Kingdom has bought a...
It could cost up to $32 million for a U.S. company to switch over to a new international accounting system if it chooses to be one of the first to do so, accorsing to a report by the U.S. Securities & Exchange Commission. About 110 companies could be in position to switch over to the International Financial Reporting Standards (IFRS) starting next year. All publicly-traded U.S. firms could...
Taking a page out of John Maynard Keynes, president-elect Barack Obama wants to put together a stimulus package that could create 2.5 million jobs by 2010. One area of focus involves rebuilding the nation’s infrastructure, namely its airports, seaports, bridges, highways, electrical power systems and waste water treatment plants. There’s plenty to do in this regard. The American...
Now that Citigroup has gobbled up a second helping of taxpayer dollars, there’s growing speculation that rival Bank of America is next in line for another bailout meal. At the time of Citigroup’s new deal, President George Bush told the American people that more government-backed bank rescues were likely to occur despite the recent infusion of nearly $250 billion in the...
Obama goes with experience on economics team — President-elect Barack Obama is assembling an experienced economics team to boost his proposed stimulus package and tighten financial regulation. Congressional budget guru Peter R. Orszag is expected to lead the White House Office of Management and Budget. Other veterans include proposed National Economic Council head Lawrence H. Summers and...
Even after getting a massive rescue from the U.S. government, Citigroup may prove to be bailout-proof and headed for a break-up. The U.S. Treasury’s agreement to shield Citi from losses on toxic assets and its plan to inject $20 billion of fresh capital is not the first lifeline tossed in recent weeks to the New York-based megabank. Citi is among the group of large U.S. banks to recently...
Three banks have closed and a major real estate insurance firm is tottering after a takeover deal fell through. Federal regulators have shut down Downey Savings and Loan in Newport Beach, Calf. and PFF Bank & Trust in Ponoma, Calf. The Community Bank in Loganville, Ga. also has shut down. The Office of Thrift Supervision shut down Downey S&L with $12.8 billion in assets and also PFF...
President-elect Barack Obama’s reported choice of Timothy F. Geithner is the best of the top contenders. The president of the New York Federal Reserve since 2003 has been a major player in resolving the current financial meltdown and has close relationships with other key players, such as Fed Chief Benjamin Bernanke and current Treasury Secretary Henry Paulson. Geithner’s potential...
- Ailing AIG Gets Good News: Benmosche to Stay
- Banks Failing at Fastest Rate Since S&L Crisis
- Sun Life Doing Robust Business in Variable Annuities
- Zions Bancorporation: Shareholder Confidence Runs High, But The Worst Is Not Over Yet
- Will Sun Life President Boscia Pay a Call on His Former Company?
- Midsize Banks Have Worst Credit
- Is Manulife Stock 'Depressed?' Ask the Lady in the Bikini
- AIG: Help Wanted, But Will Anyone Apply?
- State Farm Is Warming Up to Florida
- Underrated: S&P, Moody's, Fitch ... and PIMCO
- Geithner's Not Going
- Barney Frank Aide Blasts Media Report Alleging Lack of Progress on Financial Reform
- Goldman Sachs, Shareholders Just Can't Get Along
- Geithner: Guilty Until Proven Innocent in AIG Debacle
- ECB President Cautions Interest Rate Hike, But Banks Are Ill-Prepared
- As Income Mobility Falls, American Dream Fades
- Lawmakers Push Bill to Monitor Fed Lending Programs
- Eugene Fama Drinks His Own Brand of Kool-Aid
- Roubini Warns of New Financial Crisis
- Ex-Wells Fargo Loan Officer Details Shady Practices
- Bank of America, JPMorgan Chase are too Late in Moving to Curb Overdraft Fees
- Civil Rights Group Teams With Wells Fargo Despite Charges of Predatory Lending
- State Farm CEO Rust: Effective But Not Greedy
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- As Income Mobility Falls, American Dream Fades
- Creative Destruction and the new Money Trust
- Geithner Deal With Wall Street Over AIG Swaps Cost Taxpayers $13 Billion
- Civil Rights Group Teams With Wells Fargo Despite Charges of Predatory Lending
- Senator Dodd Is Saving Lenders From Themselves
- Citigroup Hit With Huge Credit Loss
- FDIC Chief Sheila Bair to Treasury Brat Geithner: Nyah!
- Private Equity Firms About To Gear Up The Small Banking Sector
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The financial industry meltdown has been the worst since the great depression. BNET Financial provides daily industry trends and news coverage with insights for managers and executives about the major financial services companies in the banking and finance sector. In addition to detailed company profiles, we bring you industry analysis on new mergers, partnerships, financial products, rates, investments, capital, and a host of other critical factors of success in the finance business.