Just as the middle-class arguably gets hardest hit in any economic downturn, mid-sized banks are taking the brunt of the recent banking crisis. Two recent cases in point: Houston, Tex.-based Franklin Bank and Security Pacific Bank of Los Angeles both bit the dust on Friday, the latest U.S. banks felled by the mortgage crisis. These closures bring the tally of failed U.S. banks to 19 for this...
Financial Services Industry Archive
November 2008
Credit card companies are worried about new Federal Reserve rules due by year-end that would limit their ability to set credit card charges as they please. Consumer groups have long complained that credit card companies abuse customers through predatory and deceptive advertising and by erecting complicated and one-sided schemes to charge higher fees if credit balances go too high or a customer...
Fannie Mae, AIG complain about federal bailout — Two sagging financial giants, AIG and Fannie Mae, say that conditions and interest rates for their initial bailouts were too strict. The feds have redone AIG’s bailout with easier terms and Fannie Mae wants the same treatment. [Source: The Washington Post] Bailout effects not due for months — The Treasury Department’s $700 billion...
The United States is the world’s last country that does not use the International Financial Reporting Standard (IFRS). Instead, it uses accounting based on the U.S. Generally Accepted Accounting Principles (U.S. GAAP). But that’s going to change in a big way. The SEC is pushing for U.S. firms to switch to IFRS in a staggered fashion. If final rules are adopted early next year, a timetable...
The federal government appears to be bending over backwards to satisfy American International Group. After bumping up its original bailout plan repeatedly, the feds have come up with a whole new deal with easier payment terms and even more money. AIG will get a plan worth $150 billion instead of the $123 billion package approved before. The earlier plan also included another $20 billion from a...
Are Feds planning a big bailout expansion? — With President-elect Barack Obama searching for a new Treasury chief, the Bush Administration may be expanding the $700 billion bailout well beyond the $250 billion earmarked for banks. Beneficiaries could include auto financing firm GMAC, insurers Prudential and MetLife, and homeowners who could see $40 billion worth of modifications in...
In slightly more than a week’s time, leaders of 20 nations will gather in Washington for a financial crisis summit that could lead to a new global securities cop, a “constitution” for regulating banks and investments and much greater cross-border cooperation a world finance community that grows ever tighter. Some analysts believe the Nov. 14 and 15 summit could lead to a 21st century...
Tuesday’s sweeping Democratic victory and historic win for Barack Obama will have important consequences for a financial services industry wracked by deep crisis. Obama will have little time for a honeymoon as he confronts critical and immediate problems with freeing up credit and bolstering credit in America’s sagging financial markets. Obama’s background suggests he may approach...
Treasury mulls expanding bailout – Bond insurers and specialty finance firms such as GE Capital and CIT Group Inc. could benefit if Treasury expands the $700 billion bailout to include them. Begun to buy bad loans, the bailout now includes buying shares in various financial firms. [Source: The Wall Street Journal ] KKR delays going public –In another sign of woe in private equity,...
Despite a $143 billion federal rescue effort, American International Group seems to be tottering towards collapse. The giant insurer is quickly running through Federal Reserve lending and key executives are jumping ship, leaving some experts to wonder if bankruptcy might have been a better alternative. Claiming to be solvent in September, AIG has been spending nearly $123 billion of the...
- Banks Failing at Fastest Rate Since S&L Crisis
- Sun Life Doing Boffo 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
- Inside Small Business Lending: Short Q&A With An Industry Chief Executive
- 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.