Thursday, June 11, 2009

Thursday News - Ken Lewis; Runaways Still Loose; Breakfast Woes

General Banking News

The Chinese gov't probably took their money and now they're rotting in jail.
NZ runaway millionaires on the loose

http://news.smh.com.au/breaking-news-world/nz-runaway-millionaires-on-the-loose-20090607-bzh6.html

Bank Chief Tells of U.S. Pressure to Buy Merrill Lynch
http://www.nytimes.com/2009/06/12/business/12bank.html?ref=global-home

Fed Memo Said Aid for Bank of America Would ‘Come at a Price’
http://www.bloomberg.com/apps/news?pid=20601103&sid=a2ZP30tM3fpE

Ailing Banks Caught Between Regulators' Competing Visions
http://www.washingtonpost.com/wp-dyn/content/article/2009/06/10/AR2009061003756.html

Banks cut borrowing from Fed program to $36.9B
http://www.washingtonpost.com/wp-dyn/content/article/2009/06/11/AR2009061103161.html

Bank Advertising
Funny bankin' doesn't have to mean crisis bankin'

Bank of America

CEO: Government pushed bank to buy Merrill Lynch
http://www.google.com/hostednews/ap/article/ALeqM5iiSKNakDSOAjQNLlJ9S2GiegQXtgD98OM7J00

Bank of America (BAC) NewsBite - BAC Upgraded By Keefe Bruyette Woods
http://www.marketintelligencecenter.com/articles/889989

How Bad is the Bank of America/Merrill Lynch Scandal?
http://business.theatlantic.com/2009/06/how_bad_is_the_bank_of_americamerrill_lynch_scandal.php

Wells Fargo

What does it mean that Wells Fargo is hanging on to its TARP funds?
http://www.minnpost.com/stories/2009/06/11/9435/what_does_it_mean_that_wells_fargo_is_hanging_on_to_its_tarp_funds
Wells Fargo Rally Can't Last: Analyst
http://www.thestreet.com/story/10512628/1/wells-fargo-rally-cant-last-analyst.html?cm_ven=GOOGLEFI

Rally at Wells Fargo: Save jobs and homes now!
http://www.pww.org/article/articleview/15978/

Final Offer?
http://www.journal-topics.com/dp/09/dp090610.6.html

SunTrust

SunTrust sues SouthEast Waffles owner
http://www.tennessean.com/article/20090611/BUSINESS01/906110329/1003/NEWS01/SunTrust+sues+SouthEast+Waffles+owner

BB&T

BB&T Wealth Management tops survey
http://www.bizjournals.com/triad/stories/2009/06/08/daily45.html

BB&T (BBT) NewsBite - BBT Upgraded By Goldman Sachs
http://www.marketintelligencecenter.com/articles/890016

Regions

Regions Bank intends to pay back federal bailout money 'as soon as we are allowed'
http://www.al.com/business/huntsvilletimes/index.ssf?/base/business/1244711773258790.xml&coll=1

Wednesday, June 10, 2009

Wednesday Evening News -

General Banking News

10 Banks Allowed to Repay $68B in Bailout Money
http://www.washingtonpost.com/wp-dyn/content/article/2009/06/09/AR2009060900891.html?nav=rss_business

Banks Repaying TARP to Be Freed of Bonus Curbs Imposed by Dodd
http://www.bloomberg.com/apps/news?pid=20601087&sid=aziwVj2QFoFI

Taxpayers gain $2.7B on bailout 'investment'
http://money.cnn.com/2009/06/10/news/economy/fed_balance_sheet/?postversion=2009061015

Five of 12 Fed banks say downturn moderating
http://www.marketwatch.com/story/five-of-12-fed-banks-say-downturn-moderating

Sad news
Feds freeze online poker bank accounts
http://www.upi.com/Top_News/2009/06/10/Feds-freeze-online-poker-bank-accounts/UPI-92291244656040/

Treasury appoints pay czar to oversee TARP banks
http://www.marketwatch.com/story/treasury-appoints-pay-czar-to-oversee-tarp-banks

Bank Shareholders Unite!
http://www.fool.com/investing/general/2009/06/10/bank-shareholders-unite.aspx

Bank of America

E-Mails Show Fed Pressure on Bank of America
http://www.nytimes.com/2009/06/11/business/11bank.html?ref=business

Gov to set Lewis' pay
Overseer to Set Executive Pay at Rescued Companies
http://www.nytimes.com/2009/06/11/business/11pay.html?hpw

Wells Fargo

Wells Fargo May Repay Bailout in Pieces
http://www.thestreet.com/story/10512121/1/wells-fargo-may-repay-bailout-in-pieces.html?cm_ven=GOOGLEN

SunTrust

Not the full story
SunTrust Says Citi Poached Employees, Trade Secrets
http://ip.law360.com/registrations/user_registration?article_id=105662&concurrency_check=false

Tuesday, June 9, 2009

Tuesday / Wednesdays News - Broke Banks, TARP Paybacks

General Banking News

Certain Banks Are Still Broke

http://seekingalpha.com/article/142373-certain-banks-are-still-broke


Ten banks allowed to pay back TARP
http://money.cnn.com/2009/06/09/news/companies/banks_tarp/?postversion=2009060916

US Bancorp

U.S. Bank can repay $6.6B in TARP funds
http://www.bizjournals.com/dayton/stories/2009/06/08/daily40.html

BB&T

BB&T gets OK to repay TARP money
http://www2.journalnow.com/content/2009/jun/09/bbt-gets-ok-repay-tarp-money/

Bank of America

Lawmakers Order Fed to Relinquish Merrill Documents
http://www.washingtonpost.com/wp-dyn/content/article/2009/06/09/AR2009060903408.html


Bank of America paying Mozilo's legal fees
http://www.reuters.com/article/ousiv/idUSTRE5585EU20090609

Bank of America’s Chief Says Fed Pushed for Merrill Purchase
http://www.bloomberg.com/apps/news?pid=20601103&sid=aHDSy97GG8ok

Wells Fargo

Wells Fargo: haven't yet applied to repay TARP cash
http://www.reuters.com/article/pressReleasesMolt/idUSTRE5586JE20090609

Woman sues Wells Fargo claiming retaliatory firing
http://www.greatfallstribune.com/article/20090609/NEWS01/90609003/Woman+sues+Wells+Fargo+claiming+retaliatory+firing
It will take Wells Fargo longer to repay TARP
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/06/09/BUG11834EG.DTL

SunTrust

SunTrust Inches Closer To Tier 1 Common Capital Target
http://assetmanagement.banking-business-review.com/news/suntrust_inches_closer_to_tier_1_common_capital_target_100609

Monday, June 8, 2009

Monday Evening News - TARP Plus

General Banking News

Excellent AP breakdown
Stress-tested banks raise $75.2 billion in capital
http://www.google.com/hostednews/ap/article/ALeqM5g5fQjVDctN1UmKVLKfcOeBKqUjhQD98MNJC00

Rolling up TARP: Will it be strong banks vs. weak?
http://www.washingtonpost.com/wp-dyn/content/article/2009/06/08/AR2009060803280.html

Fed signs off on big banks' capital raising plans
http://www.marketwatch.com/story/fed-signs-off-on-big-banks-capital-raising-plans

Fed Accepts Plans From 10 Banks Needing More Capital
http://www.bloomberg.com/apps/news?pid=20601103&sid=aY5EIkZ_cupI&refer=us

SunTrust

SunTrust Offer Gives Lender 96% of Stress-Test Goal
http://www.bloomberg.com/apps/news?pid=20601103&sid=a0c8.sL2OtOg&refer=news

Bank of America

Bank of America Says Ward, Mitchell Resign From Board
http://www.bloomberg.com/apps/news?pid=20601087&sid=a5H65wjZQnKk

Shareholder Activists Reshape Bank of America
http://seekingalpha.com/article/141848-shareholder-activists-reshape-bank-of-america

Wells Fargo

For Shame!
Wells Fargo's Evergreen paying $40M in SEC accord

http://www.google.com/hostednews/ap/article/ALeqM5jlPDRhGe2X3RkNwbEYmN_lsCsxgAD98MJS202

Holding On to Wells Fargo, Watching How Banks Play Out
http://seekingalpha.com/article/141926-holding-on-to-wells-fargo-watching-how-banks-play-out

Litigation says Wells targeted blacks for subprime loans: report
http://www.bizjournals.com/sanfrancisco/stories/2009/06/08/daily11.html

Charlotte loses clout at Wells
As the organizational chart of the merged bank takes shape, fewer top executives will be based here.

http://www.charlotteobserver.com/business/story/768813.html

First Data and Wells Fargo Expand Relationship
http://finance.sfgate.com/hearst/?Account=sfgate&GUID=9070993&Page=MediaViewer&Ticker=%24CHRON200

Friday, June 5, 2009

Friday News - Things not to say; Mozilo Charged; Change at BoA

General Banking News

Things not to say
Bank customer says he's 'on a mission to kill the president'; fed charges filed

http://www.sltrib.com/ci_12520998?source=most_viewed

More stupid people (no shortage here)
Man jailed for sending powder-laced letters to banks
http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSN0423831120090604

Good Article
U.S. Banks Rely on Conversions for 22% of Stress-Test Capital
http://www.bloomberg.com/apps/news?pid=20601103&sid=aYZnjey0Lue8&refer=news

Rebuilding the House of Cards
http://www.insidefutures.com/article/104211/Rebuilding%20the%20House%20of%20Cards.html

Banks borrow more from Fed; investment cos. none
http://www.google.com/hostednews/ap/article/ALeqM5hjQ8J74ua3ph6ibMC6NyqYwHcnTAD98K3CKG0

Shifting the Focus to What Comes Next
http://www.americanbanker.com/article.html?id=20090603LDY8CCE6&specialreportid=2009060329O1GZ9G

Bank Profits From Accounting Rules Masking Looming Loan Losses
Wells Fargo highlighted

http://www.bloomberg.com/apps/news?pid=20601109&sid=alC3LxSjomZ8

U.S. Job Losses Slow, Signaling Recession Is Abating
http://www.bloomberg.com/apps/news?pid=20601103&sid=axhy8nEZHIXY&refer=news

Bank of America

Bank of America Elects 4 New Directors
http://dealbook.blogs.nytimes.com/2009/06/05/bank-of-america-names-4-new-directors/?hp

Bank of America Ousts Head of Risk Oversight
http://www.nytimes.com/2009/06/05/business/05risk.html?ref=global

Bank of America Names Greg Curl Chief Risk Officer
http://www.bloomberg.com/apps/news?pid=20601103&sid=aaognA7BpKHE&refer=news

Another one gone
Bank of America director Robert Tillman resigns
http://www.businessweek.com/ap/financialnews/D98K43900.htm

BofA CEO may testify to Congress over Merrill
http://www.reuters.com/article/bondsNews/idUSN0527459020090605

Bank of America’s Merrill Adds $5 Billion to Deposits in Month
http://www.bloomberg.com/apps/news?pid=20601087&sid=a7gLCwXtE7nU

Big surprise here
Countrywide’s Mozilo, Two Ex-Executives Accused by SEC of Fraud
http://www.bloomberg.com/apps/news?pid=20601103&sid=al4QWAr2aHCs&refer=news

One more question for John Finger to ask Ken Lewis
http://dealbreaker.com/2009/06/one-more-question-for-jon-fing.php

Frontline show will focus on Bank of America
http://www.boston.com/business/ticker/2009/06/frontline_show_1.html

BofA inner circle shrinks
http://www.ft.com/cms/s/0/49681114-51f7-11de-b986-00144feabdc0.html

SunTrust

SunTrust sells Walmart branches
Orlando-based Urban Trust Bank adds more Walmart branches
http://www.bloomberg.com/apps/news?pid=20601103&sid=al4QWAr2aHCs&refer=news

Wells Fargo

Is Wells Fargo Looking to Purchase AIG-UGI?
http://seekingalpha.com/article/141459-is-wells-fargo-looking-to-purchase-aig-ugi

Wells Fargo Insurance Services nabs Las Vegas brokerage in buying spree
http://www.bizjournals.com/sanfrancisco/stories/2009/06/01/daily59.html

Schwarzenegger declares 'day of reckoning'; Wells Fargo CEO says California in 'financial ruin'
http://www.howestreet.com/articles/index.php?article_id=9707

BB&T

BB&T breaks ground
http://www.register-herald.com/local/local_story_152221603.html

Regions

Regions Bank escalates foreclosure activity
http://www.bizjournals.com/birmingham/stories/2009/06/01/daily35.html

Regions Financial Corp.'s Morgan Keegan Loses Yet Another Arbitration Case
http://www.globenewswire.com/newsroom/news.html?d=166682

Wednesday, June 3, 2009

Wednesday Evening / Thursday News - More lawsuits, TCF, Toxic Assets

General Banking News

Fed May Step Up on Mortgages, Bank of America Says
http://www.bloomberg.com/apps/news?pid=20601087&sid=aRcSqY5zv7F4

U.S. FDIC delays pilot sale of toxic bank loans
http://www.reuters.com/article/governmentFilingsNews/idUSN0311295120090603

And the best banks are...
http://www.fiercefinance.com/story/and-best-banks-are/2009-06-03

Lloyds Bank to axe 30 jobs in Birmingham (thur)
http://www.birminghampost.net/birmingham-business/birmingham-business-news/financial-business-news/2009/06/04/lloyds-bank-to-axe-30-jobs-in-birmingham-65233-23788545/

Six banks to buy back sour auction bonds (thur)
http://www.boston.com/business/articles/2009/06/04/six_banks_to_buy_back_sour_auction_bonds/

JP Morgan

STOCKS NEWS US-JPMorgan to disband Principal Investment units
http://www.forbes.com/feeds/afx/2009/06/03/afx6498467.html

Bank of America

BofA board may meet activist investor Finger -NY Post (thur)
http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSBNG48085520090604

Exclusive: Merrill Brokers Pissed At Secret Bank Of America Coup
http://www.businessinsider.com/bank-of-america-coup-at-merrill-lynch-roils-financial-advisers-may-cut-their-pay-2009-6

Extended Stay investors sue BofA, Wells Fargo
http://in.reuters.com/article/innovationNews/idINTRE5527FA20090603

BofA Denies Brokerage Shakeup Report
http://www.thestreet.com/story/10509093/1/bofa-denies-brokerage-shakeup-report.html?cm_ven=GOOGLEN

Bank Of America Denies Our Merrill Shakeup Story
http://www.businessinsider.com/bank-of-america-denies-our-merrill-shakeup-story-2009-6

Banks, SEC Settle Claims of Investor Fraud in Sale of Auction Rate Securities
http://www.attorneyatlaw.com/2009/06/banks-sec-settle-claims-of-investor-fraud-in-sale-of-auction-rate-securities/

Morgan Stanley

Morgan Stanley seen among first to exit TARP
http://www.reuters.com/article/ousiv/idUSTRE5526T720090603

SunTrust

Regions nabs Barton from SunTrust
http://www.tennessean.com/article/20090603/BUSINESS01/90603050/Regions+nabs+Barton+from+SunTrust


KeyCorp

KeyCorp Commences Two Exchanges Offers For Preferred Securities
http://www.rttnews.com/ArticleView.aspx?Id=968802&SMap=1

KeyCorp says has generated about 70% of government's requirement - Quick Facts http://www.rttnews.com/ArticleView.aspx?Id=968540&SMap=1

Wells Fargo

Ex-employees claim racism in Wells Fargo subprime loan push (thur)
http://www.baltimoresun.com/news/local/bal-md.wellsfargo04jun04,0,2820547.story

Extended Stay investors sue BofA, Wells Fargo
http://in.reuters.com/article/innovationNews/idINTRE5527FA20090603

Wells Fargo breaks ground on new downtown Waco bank location (thur)
http://www.wacotrib.com/news/content/news/stories/2009/06/03/06032009wacWellsFargo.html

TCF Financial

It's tough to say no to an overbearing uncle who prints money.
http://www.forbes.com/forbes/2009/0622/tarp-stimulus-states-saying-no-to-government.html

Colonial

Colonial BancGroup names new execs to replace Lowder (thur)
http://www.bizjournals.com/birmingham/stories/2009/06/01/daily28.html

Tuesday, June 2, 2009

Wednesday Morning News - STI jump, BoA needs more $?, Wells Hiring

General Banking News

"Runaway Millionaires" Leo Gao & Cara Young still on the loose

Former GMAC Bank under attack
http://money.cnn.com/2009/06/03/news/ally.enemy.fortune/?postversion=2009060304

Treasury Secretary's Secret Talking Points Reveal That Banks Were Forced to Surrender Ownership Stakes to Government
http://www.cnsnews.com/public/content/article.aspx?RsrcID=49004

Banks Eager To Repay TARP Find New Capital Hurdles
Concise article
http://money.cnn.com/news/newsfeeds/articles/djf500/200906021557DOWJONESDJONLINE000567_FORTUNE5.htm

Leaving So Soon?
http://dealbook.blogs.nytimes.com/2009/06/02/leaving-so-soon/?ref=business

JPMorgan Leads U.S. Banks Selling $8.7 Billion of Common Stock
http://www.bloomberg.com/apps/news?pid=20601103&sid=aN8GiTzvWJA8&refer=us

B of A, JPMorgan, others raise $19 billion
http://www.reuters.com/article/gc06/idUSTRE5514IG20090602

Fed Said to Raise Requirements for Banks to Repay TARP Funds
http://www.bloomberg.com/apps/news?pid=20601087&sid=ajQ3cx_jGULI

SunTrust

SunTrust shares jump on analyst upgrade
http://www.forbes.com/feeds/ap/2009/06/02/ap6494763.html

Bank of America

Bank of America Will ‘Comfortably’ Beat Capital Goal
http://www.bloomberg.com/apps/news?pid=20601087&sid=aGdQ.Qcs4w8A&refer=home

BofA, Citi risk getting left behind by healthy rivals
http://www.reuters.com/article/americasDealsNews/idUSTRE55204720090603

Wells Fargo

Former Wells Fargo workers allege race-based scheme in suit
http://www.baltimoresun.com/business/bal-wells-fargo-0602,0,4321854.story

Shift by Hartmarx Reopens Bidding
http://www.nytimes.com/2009/06/02/business/02hartmarx.html

Wells Fargo to create 200 jobs in San Antonio
http://www.bizjournals.com/sanantonio/stories/2009/06/01/daily17.html

Citigroup

Citi reportedly halts some severance payments
http://www.marketwatch.com/story/citi-reportedly-halts-some-severance-payments

KeyCorp

KeyCorp raises $1 billion in new capital
http://www.google.com/hostednews/ap/article/ALeqM5g_EKH7cQdeBXhJrvw8Jnqrsuu1CgD98IKMVO0

Monday, June 1, 2009

New Topic Threads


Add a comment to this post to start a new topic thread. Good comments will earn their own post for discussion. (New Comment Monday)

Tuesday News - SunTrust Offering, BoA Wins, JP Morgan

General Banking News

Newest Ruse: Banks Capitalizing on "Toxic Assets"
http://www.moneymorning.com/2009/06/02/banks-toxic-assets/

Fed Says Banks Must Raise Equity Before Repaying TARP
http://www.bloomberg.com/apps/news?pid=20601103&sid=abgtwRAEfeLY&refer=us

Banks pay in-house advisers big fees
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/05/17/BU2217KRBT.DTL

Bankers oppose creation of lone U.S. regulator
http://news.cincinnati.com/article/20090531/BIZ/905310325/1076

JPMorgan, Amex to sell stock to get out of TARP
http://www.reuters.com/article/ousiv/idUSN0146572120090601

SunTrust Bank

SunTrust plans stock offering to meet feds’ mandate
http://www.ajc.com/services/content/business/stories/2009/06/01/suntrust_stock_offering.html

SunTrust Banks, Inc. Announces Pricing of $1.4 Billion Common Stock Offering
http://money.cnn.com/news/newsfeeds/articles/prnewswire/200906011855PR_NEWS_USPR_____CL25922.htm

Bank of America

Bank of America Wins Ruling on $1.6 Billion Verdict
http://www.bloomberg.com/apps/news?pid=20601103&sid=aHiq6ARK65EE&refer=us

Bank of America Names McMahon to Investment Bank Post
http://www.bloomberg.com/apps/news?pid=20601087&sid=aCB.7KofCnds&refer=home

BofA Adds Strategists after Lead Director’s Departure
http://www.housingwire.com/2009/06/01/bofa-adds-strategists-after-lead-directors-departure/

Citigroup Booted Out Of DOW, Bank Of America May Be Next
http://www.businessinsider.com/henry-blodget-citigroup-booted-out-of-dow-bank-of-america-may-be-next-2009-6

Wells Fargo

Wells Fargo launches Wachovia ad campaign
http://www.bizjournals.com/atlanta/stories/2009/06/01/daily14.html

Citigroup

Travelers Cos, In Ironic Twist, Takes Citi's Place In Dow
http://money.cnn.com/news/newsfeeds/articles/djf500/200906011426DOWJONESDJONLINE000502_FORTUNE5.htm

BB & T

Banks Ready To Throw In The TARP
http://www.forbes.com/2009/06/01/banking-tarp-fed-business-beltway-tarp.html

Judge refuses to close BB&T whistleblower case
http://www.rockymounttelegram.com/news/state/judge-refuses-to-close-bbt-whistleblower-case-638222.html

BB&T introduces unified managed account program for wealthy clients
http://news.prnewswire.com/DisplayReleaseContent.aspx?ACCT=104&STORY=/www/story/06-01-2009/0005035731&EDATE=

J.P. Morgan

JPMorgan Chase seeks to raise $5 billion in bid to repay government's TARP program
http://www.startribune.com/business/46655887.html?elr=KArks:DCiU1OiP:DiiUiD3aPc:_Yyc:aUU

Fresh from bailout, JPMorgan among banks looking to buy rivals
http://www.app.com/article/20090601/BUSINESS/90601051/1003/Fresh+from+bailout++JPMorgan+among+banks+looking+to+buy+rivals

US Bancorp and TCF Financial

CEO's Rank 22nd and 18th in Minnesota CEO Compensation
http://ww2.startribune.com/projects/exec_comp/topCeoView.html


Bank of America Rants & Issues - Part II

F Bank of America
http://shaggycub.livejournal.com/99722.html

Why Bank of America is Failing
http://dandreifort.wordpress.com/2009/05/07/why-bank-of-america-is-failing/

Make The Banks Give Back Our Stimulus
http://www.theinsider.com/news/2199786_Make_The_Banks_Give_Back_Our_Stimulus

Tenants evict Bank of America
http://www.providenceamerican.com/news.cfm?article_id=2064

A Credit Card You Want to Toss
http://bizzstory.blogspot.com/2009/04/credit-card-you-want-to-toss.html

You may have seen this one already!
http://ihateboa.com/

Seems like a theme...
http://nyc-brooklyn.blogspot.com/2009/03/i-hate-bank-of-america.html

Weekend / Monday News - Least Valuable CEO's, Resigning Director

General Banking News

Entrepreneurs, Bailouts and the Last American Hero

Short and Stressed
Fifth Third, Regions, SunTrust & Citigroup
http://ftalphaville.ft.com/blog/2009/06/01/56439/short-and-unstressed/

UPDATE 2-Problem U.S. banks highest since 1994 - FDIC
http://news.alibaba.com/article/detail/markets/100109718-1-update-2-problem-u.s.-banks-highest.html

On the trail of the 10 million dollar runaways
http://www.independent.co.uk/news/world/australasia/on-the-trail-of-the-10-million-dollar-runaways-1693387.html

Fifth Third, SunTrust and Wachovia named co-conspirators in lawsuit
http://freeport.nassauguardian.net/national_local/305653815761745.php
Related Article
http://www.gotoby.com/news/Ginn_Lawsuit_includes_banks.htm

Lawmen ride in to credit 'Wild West'
http://www.business24-7.ae/Articles/2009/5/Pages/29052009/05302009_d5a92bb5ef084858970e1b1db603085c.aspx

Bank of America

BofA lead director Sloan steps down
http://www.reuters.com/article/etfNews/idUSN2943818420090529

Second Longtime Director Resigns at Bank of America
http://www.nytimes.com/2009/05/30/business/30bank.html?ref=business

Did Bernanke and Paulson Commit Bank Fraud?
http://www.globalresearch.ca/index.php?context=va&aid=13786

Regions

Ritter rated second least valuable boss
http://www.al.com/business/birminghamnews/inc.ssf?/base/business/1243584964257040.xml&coll=2
Related Bloomberg Article
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aOqGBzGEkJbg

Regions cut-backs? Any truth to this post?
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_R/threadview?m=tm&bn=24408&tid=37265&mid=37265&tof=1&rt=2&frt=2&off=1

American Express

Least valuable financial CEO - Ken Chenault
http://www.al.com/business/birminghamnews/inc.ssf?/base/business/1243584964257040.xml&coll=2
Related Bloomberg Article
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aOqGBzGEkJbg

Wells Fargo

Wells Fargo rejects offer for Hartmarx as ill-suited
http://www.chicagotribune.com/business/chi-sat-hartmarx-wells-fargo-053may30,0,2964331.story

Wells Fargo Won't Back Down From Capital Plan
http://www.thestreet.com/story/10507337/1/wells-fargo-wont-back-down-from-capital-plan.html?cm_ven=GOOGLEFI

Citigroup

Does Citigroup have a retention problem?
http://news.efinancialcareers.co.uk/newsandviews_item/newsItemId-19286

Citigroup Stuck With Bernanke Offer Rival Banks Plan to Refuse
http://www.bloomberg.com/apps/news?pid=20601109&sid=ans2mNbxPb2o&refer=home

Thursday, May 28, 2009

Thursday Night / Friday News (and opinion) - BoA, First Niagara, JP Morgan Hires

General Banking News

Hunt continues for millionaire runaways
Still on the run!
http://tvnz.co.nz/national-news/hunt-continues-millionaire-runaways-2761683

U.S. Banks Have $168 Billion Reason to Avoid Government’s PPIP
http://www.bloomberg.com/apps/news?pid=20601087&sid=aa5Joz86_K6w&refer=home

U.S. banks borrow less from Fed in latest week
http://www.reuters.com/article/bondsNews/idUSN2851971420090528

Questions Delay Sale Of Toxic Bank Assets
http://www.washingtonpost.com/wp-dyn/content/article/2009/05/27/AR2009052702042.html?hpid=topnews

Wall Street faces pay conundrum amid TARP rules
http://www.reuters.com/article/companyNews/idUKTRE54R6OO20090528?symbol=BAC.N

Should the U.S. force bank debt conversions?
http://www.reuters.com/article/companyNews/idUKTRE54R6NI20090528?symbol=RF.N&pageNumber=2&virtualBrandChannel=0

Fed makes banks' capital raising tougher: report
http://www.reuters.com/article/companyNews/idUKTRE54R1AG20090528?symbol=PNC.N

Any limit to bank arrogance?
http://www.zacks.com/stock/news/20522/Any+Limit+to+Bank+Arrogance%3F

Bank of America

Merrill Lynch’s Chief Americas Energy Trader Said to Leave Firm
http://www.bloomberg.com/apps/news?pid=20601087&sid=afK1DE1v17Ko&refer=home

Countrywide loses bid to dismiss mortgage lawsuit
http://www.reuters.com/article/companyNews/idUKN2834491720090528?symbol=BAC.N

Bank of America eyes big share swap to add capital
http://www.reuters.com/article/companyNews/idUKN2832040720090528?symbol=BAC.N

Bank of America getting into the luxury hotel business
http://content.usatoday.com/communities/hotelcheckin/post/2009/05/67364023/1

First Niagara

First Niagara repays TARP proceeds, shares up
http://www.reuters.com/article/companyNews/idUKTRE54R3GW20090528?symbol=PNC.N

Wells Fargo

Wells Fargo CEO says California in 'financial ruin'
http://triangle.bizjournals.com/triangle/othercities/losangeles/stories/2009/05/25/daily27.html

Wells Fargo Fighting Ban on Selling Bank-owned Houses in Cleveland
http://www.wcpn.org/WCPN/news/26369/

JP Morgan

J.P. Morgan Chase Adding 250 Jobs to Rochester
http://www.13wham.com/mostpopular/story/J-P-Morgan-Chase-Adding-250-Jobs-to-Rochester/tmezMA3kPkqmuPsS5v_f3g.cspx

PNC Financial

PNC Chief Rohr Expects Profit at Pre-Recession Levels
http://www.bloomberg.com/apps/news?pid=20601103&sid=auYcjvJL5jBQ&refer=news

Morgan Stanley

Morgan Stanley Bullying Is Least of SEC’s Woes: Jonathan Weil
http://www.bloomberg.com/apps/news?pid=20601039&sid=awpnU9n.2OYU&refer=home

Bad Apples At Morgan Stanley
http://www.forbes.com/2009/05/26/scrutiny-morgan-stanley-markets-equity-banks.html

Wednesday Night / Thursday News - SunTrust, KeyCorp, Regions

General Banking News

Consumers, investors protected under overhaul
It's coming......
http://www.boston.com/business/articles/2009/05/28/consumers_investors_protected_under_overhaul/

Banks find ways to boost fees; checking accounts latest target
http://www.usatoday.com/money/industries/banking/2009-05-27-checks-fees-banks_N.htm

Questions Delay Sale Of Toxic Bank Assets
http://www.washingtonpost.com/wp-dyn/content/article/2009/05/27/AR2009052702042.html?hpid=topnews

Georgia banks’ losses in first quarter: $1.2 billion
http://www.ajc.com/business/content/business/stories/2009/05/27/georgia_banks_earnings.html

Fed would serve as risk regulator under Obama plan
http://www.google.com/hostednews/ap/article/ALeqM5hJRk71G8GBZrHsXiPhVw0v8iT2gwD98EUJHG0

SunTrust

SunTrust Backs Out Of Deal To Pay Back Investor Losses
Read with caution - from "fraud lawyer" blog!
http://www.investmentfraudlawyerblog.com/2009/05/suntrust_backs_out_of_deal_to.html

Taber named to top post at SunTrust Bank, West Georgia
http://www.ledger-enquirer.com/news/breaking_news/story/731431.html

KeyCorp

KeyCorp to undertake share exchange offer
http://www.forbes.com/feeds/ap/2009/05/27/ap6471438.html

KeyCorp to cut 300 more jobs
http://www.tradingmarkets.com/.site/news/Stock%20News/2343276/

Bank of America

GMAC credit cards switching to BofA
http://www.charlotteobserver.com/business/story/748319.html

Regions

Regions Financial shares rise on analyst upgrade
http://www.forbes.com/feeds/ap/2009/05/27/ap6471015.html


Wells Fargo

Has Wells Fargo Stock Run Too Far?
http://www.time.com/time/business/article/0,8599,1901343,00.html

Tuesday, May 26, 2009

Bank overdraft fees - Will they be regulated?

I posted an earlier news article about SunTrust Bank being sued for their overdraft fees associated with the manner in which they process credits and debits in a customer's account. Although I initially posted the item because it's a situation a lot of bank customers have experienced, I hadn't looked too far into the matter.

Upon closer inspection, I see several banks have (or are) being sued under a similar complaint. Banks make large sums of money on a multitude of fees charged. In fact, in 2008, SunTrust Bank had income of over $1.7B in "Service charges, Card fees and other charges and fees." Due to huge provisions for loan losses, their net interest income was only $2.15B. They stated that their "transaction fee-related income....increased by $141.5M, or 8.9%....., driven by an increase in both consumer and business deposit account activity, primarily due to the growth in the number of accounts, higher non-sufficient fund rates, and an increase in the occurrence of non-sufficient fund fees."

Based on the level of consumer dissatisfaction and current regulatory environment, I wonder if this issue will make it past the courts and into Congress? The UK is already ahead of the situation, as the High Court has already taken up the issue of high overdraft fees. (See article "Court rules OFT can assess bank overdraft charges" http://www.direct.gov.uk/en/Nl1/Newsroom/DG_175465.

Wednesday's News - Australian's Runaways and Zombie Banks

General Bank News

U.S. Stocks Retreat as Treasury Yields Climb, Monsanto Slides
http://www.bloomberg.com/apps/news?pid=20601087&sid=avT8w9DCovhM&refer=home

No bonuses for bank workers, just raises
This will go over well
http://www.dailyfinance.com/2009/05/27/no-bonuses-for-bank-workers-just-raises/

Banks earned $7.6B in 1Q after record loss in 4Q
http://www.google.com/hostednews/ap/article/ALeqM5i0HyquStzJHIwPDAG4GQQc0-_OEAD98EKQMO1

RPT-Novel ideas surface for U.S. banks' executive pay
http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSN2237847120090526

American Express, Discover Top Credit Card Provider Rankings
HSBC, WaMu and BOA at the bottom.
http://seekingalpha.com/article/139635-american-express-discover-top-credit-card-provider-rankings

Banks Still Lobbying To Game PPIP
http://www.businessinsider.com/banks-still-lobbying-to-game-ppip-2009-5

The Backdoor Bailout for Banks and the FDIC
http://business.theatlantic.com/2009/05/the_backdoor_bailout_for_banks_and_the_fdic.php

Chinese casino drawn into bank bungle millionaires' tangled web
They're blowing their dough at the casino!
http://www.smh.com.au/world/chinese-casino-drawn-into-bank-bungle-millionaires-tangled-web-20090527-bmon.html
Runaway millionaires may have separated
http://www.stuff.co.nz/national/2443994/Runaway-millionaires-may-have-separated

The Strange Allure of Florida Banks
http://www.reuters.com/article/bigMoney/idUS277917444420090526

Deposit insurance ceiling extended
http://www.post-gazette.com/pg/09147/972821-68.stm

Two Illinois Banks Fail
See sidebar for link to failed institutions
http://www.bankinfosecurity.com/articles.php?art_id=1492

UBS Will Stick to Market-Level Salaries, Gruebel Tells Staff
http://www.bloomberg.com/apps/news?pid=20601087&sid=aWZvH9qVeXoQ&refer=home

Zombie banks walk among us
http://money.cnn.com/2009/05/22/news/companies/zombie_banks/?postversion=2009052615

WaMu's gone, but is Chase 'the one?'
http://www.komonews.com/economy/45877837.html

T2 Partners books profits on Wells Fargo, Amex
Sell WFC, Buy BAC
http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSNYS00507920090520

HSBC

HSBC sees tough 2010, may rethink US credit cards
http://www.reuters.com/article/earningsSeason/idUSLM65022620090522

Citigroup

Moody's cuts rating on Citigroup subsidiary
http://www.forbes.com/feeds/ap/2009/05/26/ap6465464.html

Bank of America

Banking On BofA's Long-Term Viability
http://www.forbes.com/2009/05/26/bank-america-financial-markets-equity-capital.html

Bank of America Raises $26 Billion in Capital Plan (Update4)
http://www.bloomberg.com/apps/news?pid=20601087&sid=a4k23DPkFsgA&refer=home

JP Morgan

JPMorgan likely to reap $29 Bln windfall on WaMu bad loans purchase
http://www.rttnews.com/Content/BreakingNews.aspx?Node=B1&Id=959650%20&Category=Breaking%20News

Wells Fargo

Wells Fargo poaches U.S. Trust's N.E. chief
http://www.bizjournals.com/boston/stories/2009/05/25/daily33.html

Wells-Fargo Overdraft Fees - Potential Litigation
http://chimicles.com/case/wells-fargo-overdraft-fees-potential

Wachovia Sued Over 'Bad-Faith' Charging of Overdraft Fees
http://www.law.com/jsp/article.jsp?id=1202429119415

QC Die Casting employees demand meeting from Wells Fargo
http://www.wqad.com/news/wqad-qc-die-casting-wells-fargo-052609,0,6981430.story

Union angry at bailed out bank
Taxpayer's dollars cause trouble
http://www.upi.com/Business_News/2009/05/26/Union-angry-at-bailed-out-bank/UPI-62541243366977/

Hartmarx agrees to sell assets
http://www.chicagotribune.com/business/chi-sat-hartmarx-0523-may23,0,1199285.story

Sunday, May 24, 2009

Bank Overdraft Fees - Example: SunTrust

I'm sure this process is repeated at most large banking institutions, and I'm sure it's been challenged before. We'll see where this one goes. See link:

Lawsuit filed against Sun Trust Banks
http://www.legallawhelp.com/news/2009/04/28/lawsuit-filed-against-sun-trust-banks/

Saturday, May 23, 2009

Weekend Bank News - Runaway Australians

General Banking News

Kiwis on the run updating Facebook profiles
Bank Employee receiving counselling - OW!
http://www.theaustralian.news.com.au/story/0,25197,25533782-12377,00.html

Bank hits back at millionaire runaways
http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10574125

Bank satisfaction continues to decline
BB&T, SunTrust, Region above average, Fifth Third, BOA below average
http://www.heraldtribune.com/article/20090525/COLUMNIST/905251017/-1/NEWSSITEMAP

Is It Time to Buy Banks?
Ad for Motley Fool, but okay article
http://www.fool.com/investing/small-cap/2009/05/22/is-it-time-to-buy-banks.aspx

Buffett's Berkshire scales back on big stock purchases
Poor Warren - running out of cash?
http://seattletimes.nwsource.com/html/businesstechnology/2009256243_buffettstox24.html

An Unwarranted Sweet Deal For U.S. Banks
http://www.istockanalyst.com/article/viewarticle/articleid/3243583

Federal regulators close Strategic Capital Bank
See sidebar for a complete list of failed banks
http://www.chicagotribune.com/business/chi-champaign-bank-shut-down-may22,0,2560829.story

Big Banks to Pay Larger Share of FDIC Levy
http://www.washingtonpost.com/wp-dyn/content/article/2009/05/22/AR2009052203442.html?nav=rss_business

Mob Tried to Bilk HSBC, Bank of America, Italy Says
http://www.bloomberg.com/apps/news?pid=20601100&sid=aDVQrZyCvwtk&refer=germany

Notice of Filing Securities Class Action against SunTrust Banks, Inc.
http://www.earthtimes.org/articles/show/notice-of-filing-securities-class-action-against-suntrust-banks-inc,835899.shtml

PhillyDeals: Time to give up the fantasies and face facts
http://www.philly.com/philly/business/homepage/20090524_PhillyDeals__Time_to_give_up_the_fantasies_and_face_facts.html

Wall St. job losses not quite adding up
http://www.crainsnewyork.com/article/20090524/SMALLBIZ/305249991

Bank of America

Bank of America Revises 64,000 Loans After Pact With States
http://www.bloomberg.com/apps/news?pid=20601087&sid=aPPh1_faHRH0&refer=home

Institutional Investor Flee's From Bank Of America. Will Others Follow ??
http://www.glgroup.com/News/Institutional-Investor-Flees-From-Bank-Of-America.-Will-Others-Follow----39152.html