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09 Jul 2009 20:57

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Biz: Where do banks really make their ill-gotten money? Overdraft fees

  • $20.5 billion the amount banks are expected to make from credit card fees such as overlimit fees in 2009, which will (fortunately) soon be regulated by the federal government
  • $38.5 billion the amount banks are expected to make from overdraft fees – fees that banks drive up by charging large items first, then small items – this year. This is bull$*&@. source
Posted by Ernie Smith • 0 Comments • Permalink

03 Jul 2009 11:43

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Biz, U.S.: The bloodshed at banks is only getting worse this year

  • 52 banks around the country have failed this year
  • 7 banks were closed by the FDIC on Thursday alone source
Posted by Ernie Smith • 0 Comments • Permalink

10 Jun 2009 09:07

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Biz: Banks paid off their TARP loans, but they’re still on the hook

  • $5.1 billion in warrants are still owed to the U.S. by big banks source
Posted by Ernie Smith • 0 Comments • Permalink

09 Jun 2009 11:10

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Biz, U.S.: Get ready for a flood of bailout money back into the government

  • $68 billion is coming back their way from 10 bailed-out banks source
Posted by Ernie Smith • 0 Comments • Permalink

07 Jun 2009 22:28

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Biz: Sam Zell may have his exit card out of Tribune: Big banks

  • one Sam Zell, a real estate guy who knows very little about the newspaper industry, bought Tribune in 2007 largely using loans and debt. He regrets it.
  • two The company went bankrupt last year, and in the process of radical rethinking, laid off tons of people – both in Chicago and nationwide.
  • three Now, it sounds like Zell might have an out – bankers and investors could forgive his debt in exchange for the company. Wow. That’s … wow. source
Posted by Ernie Smith • 0 Comments • Permalink

06 Jun 2009 20:33

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Biz, U.S.: Big businesses try to get rid of the scourge that is TARP funds

  • $25 billion The estimated amount the federal government expected to get back from bailed-out financial institutions
  • twice that The updated amount of TARP funds the feds expect back; banks want to be rid of it source
Posted by Ernie Smith • 0 Comments • Permalink

14 May 2009 21:27

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Tech, World: Guatemala arrested someone for posting this Tweet

  • Primera accion real “sacar el pisto de Banrural” quebrar al banco de los corruptos. #escandalogt
  • @jeanfer • Who was arrested for “inciting financial panic.” The banks are at the center of the controversy in the country. Jean Fernandez’ post, by the way, also translates into English: “The first action people should take is to remove cash from Banrural, and break the banks of corrupt people.” • source
Posted by Ernie Smith • 0 Comments • Permalink
 

14 May 2009 08:01

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Biz, U.S.: Former treasury secretary Paulson strong-armed the banks

  • If a capital infusion is not appealing, you should be aware that your regulator will require it in any circumstance. We don’t believe it is tenable to opt out because doing so would leave you vulnerable and exposed.
  • Former Treasury Secretary Henry Paulson • In a one-page memo of talking points prepared for a meeting last October, when he essentially forced the hand of nine banks the Bush administration felt were “central to any solution” to the credit crisis. The situation already sucked enough; did they really need to be strongarmed? • source
Posted by Ernie Smith • 0 Comments • Permalink

11 May 2009 09:07

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Biz, U.S.: Shaking off TARP: Big banking firms raise stock to pay off U.S.

  • why now? Two reasons why: Investors appear to be buying stocks at the moment, and they want the monkey off their backs. TARP regulations force companies to limit executive pay, which they don’t like.
  • the firms U.S. Bancorp, Capital One Financial Corp., KeyCorp, Principal Financial Group Inc. and BB&T Corp. all announced plans this morning to raise $7 billion in capital to get the U.S. off their backs. source
Posted by Ernie Smith • 0 Comments • Permalink

11 Apr 2009 18:27

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Biz, U.S.: The feds are shuttering small banks left and right

  • 23 have closed this year, two on Friday alone (in Co. and N.C.) source
Posted by Ernie Smith • 0 Comments • Permalink
 
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