So much for the financial supermarket concept. So much for money superstar Robert Rubin. Beleagured Citigroup, a major federal bailout recepient, is undergoing quite a bit of angst as it tries to figure out its next metamorphosis. It is apparently tossing out its retail investment arm, Smith Barney, to Morgan Stanley and its profitable Grupo Financiero Banamex operation in Mexico, most likely...
Financial Services Industry Archive
January 2009
Moves lighten up on mortgages – Citigroup has reached a deal with Senate leaders to let bankruptcy judges modify terms of home mortgages. Also, Fannie Mae has a pilot program that would allow homeowners to sell their houses for less than the existing value of their mortgages with the rest forgiven. [Sources: The Washington Post, The Wall Street Journal] Bailout money goes for country...
Treasury Secretary Henry “Hank” Paulson is tossing out a teaser. He would replace troubled Fannie Mae and Freddie Mac with private sector mortgage guarantors that would act much like public utilities, such as a power company. With only days before he leaves office, Paulson is stirring the pot. Fannie and Freddie have always been strange ducks. They are Government Sponsored...
The basis of the financial crisis has been home mortgages, but so far every remedy seems to address every other monetary ill but that one. Indeed, Secretary of the Treasury Henry “Hank” Paulson touted his $700 billion bailout program as a way to clean up toxic debt but the program has since morphed into many other things. Among them, of course, is tossing lifesavers to his buddies...
Treasury invests $15 billion more in banks – Seven banks, including two involved in takeovers, are recepients of $15 billion in funds from the federal government. Included are PNC Financial Services Group, which is taking over National City Corp., Fifth Third Bancorp, which is buying Freedom Bank, CIT Group, SunTrust Banks and three smaller banks. [Source: CnnMoney.com] New York Fed to...
In the latest twist of the Bernie Madoff story, the House Financial Services Committee will question Securities & Exchange Commission officials Jan. 5 about how they missed Madoff’s huge pyramid scheme despite evidence of wrong-doing dating back more than a decade. This is just another shoe to drop in what will prove a long, hard look at how the financial industry is regulated. The...
Three big deals done — It’s official. Bank of America has taken over Merrill Lynch, making it the largest bank in the U.S. with assets of $2.7 trillion. Wells Fargo & Co. owns Wachovia Corp. and PNC Financial Services Group has bought Cleveland’s National City Corp. [Source: The Wall Street Journal] ING jockeys for recovery — Holland’s ING Group NV has split up...
- 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
Subscribe to Financial Services blog comments RSS 
- 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
- Private Equity Firms About To Gear Up The Small Banking Sector
- Analyst: Banking Industry Risks "Implosion"
Industry Transcripts by Seeking Alpha
Brought to you by CBS MoneyWatch.com
- Best- and Worst-Paid College Degrees
- 6 Things You Should Never Do on Twitter or Facebook
- How Much Sleep Do You Really Need?
- 6 Big Myths about Gas Mileage
Archives
Recommended Sources
About Financial Services Industry
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.