banks

These two seizures are going to be costly. The first one here, Vineyard Bank in California  is going to cost the taxpayer an estimated $579 million.  The second, Temecula Valley Bank in North Carolina, is estimated to cost $391…

The first bank failure is in Georgia, a state where many FDIC seizures have taken place. On Friday, July 17, 2009, First Piedmont Bank, Winder, GA was closed by the Georgia Department of Banking and Finance, and the Federal Deposit…

Don't let government misdirect anger to Wall Street so that government gets a free ride. Government is responsible for the lack of criminal prosecutions, the coziness with big business and the dominance of special interests. We need to…

While Citi and BofA are getting taken to the woodshed for double secret probation, JPMorgan Chase is showing record revenue of $25.6 billion and a large profit of $2.7 billion.  As profit is up 36% from a year earlier and 27% from just…

I have highlighted comments by famed Columbia University economist Jagdish Bhagwati before (see “Jagdish Bhagwati: Obama is a protectionist”).  Bhagwati has since gotten with the program and sees Obama in a much more favourable…

The Investors' Working Group, an independent coalition of leading lights in economic policy and finance has issued a final paper of recommendations on regulatory reform in the United States.  They do NOT want the Federal Reserve as…

This comes from the Wall Street Journal: Small-business lender CIT Group Inc. said "there is no appreciable likelihood" that it will receive fresh government support, suggesting that the company might instead seek to file for…

I got a tip from a friend Andrew about a sale of assets by Wells Fargo (WFC) which raises a number of interesting questions.  He sent me the following 14 July article from the Milwaukee Business Journal. Wells Fargo sold $600…

This comes via Bloomberg: Goldman Sachs Group Inc.’s second- quarter profit exceeded analysts’ estimates as record trading and stock underwriting led the company to its highest quarterly profit. Net income in the three months ended…

My translation below is of an article from the website Finanzas. House prices accelerated their decline in June, down 10.1% over the same month of 2008, which is three tenths more than the previous month, when housing fell 9.8%,…