Zimbabwe: Nothing Should Still Come As a Surprise in Zim [editorial] Nov 22, 2008
The requirement that all transactions on the stock market are signed by banking executives makes it tremendously difficult for anyone to participate in it. So the bourse continues to plummet. (allAfrica.com)
Second Life bank crash foretold financial crisis Nov 22, 2008
His weekly in-game talk show recently hosted a "Second Life" conversation with Maureen O'Hara, a real-world banking and markets expert from Cornell University, and Michael Lorrey, a player who runs a virtual investment fund within the game. Virtual economy worth studying Not all online games host virtual economies that operate like free markets. (MSNBC -- Politics)
Citigroups options dwindle; shares plunge Nov 22, 2008
Banking giant may be forced to merge or sell some of its prized businesses ... Investors were also fearful that the government might orchestrate a takeover of Citigroup over the weekend that could wipe out common shareholders, said Paul Miller, a Friedman Billings Ramsey banking analyst ... The Treasury Department, the Federal Reserve and other banking regulators are monitoring the situation, government officials said. (MSNBC -- Politics)
Google must stop snooping on us Nov 22, 2008
Get 20% off your bill at Pizza Express. Navigation - link to other main sections from here. (Yahoo News -- Online Privacy)
Should the government bail out automakers, too? Nov 22, 2008
American business people have to stop trying to trick and cheat the consumers and that goes for the banking industry too but guess what we re bailing them out too ... It should not happen for the Big Three and it should not have happened for the insurance and banking companies. (Atlanta Journal-Constitution -- Opinion)
FDIC OKs Backing for Bank Debt, Deposits Nov 22, 2008
The agency said it received more than 750 comment letters on the program when it was proposed last month, and made some changes to the original plan in response to concerns raised by the banking industry. The original plan called for FDIC guarantees for the new debt in the event the issuing bank failed or its holding company filed for bankruptcy. (ABC News -- Wire)
Dollar Mostly Falls as Equities Edge Higher Nov 22, 2008
Meanwhile, European Central Bank governor Axel Weber said "euro-area monetary policy in my view has enough leeway for further easing if necessary" at a banking conference in Frankfurt Friday. The ECB cut rates earlier this month, to 3. (ABC News -- Wire)
FDIC Will Guarantee up to $1.4T in Bank Debt Nov 22, 2008
"This step by the FDIC is a significant step in the right direction," said Oliver Ireland, an attorney specializing in banking law at Morrison ter who was an associate general counsel at the Federal Reserve. While the program itself can't restore confidence in the financial system, "I think this is a significant contribution to containing the problem," Ireland said. (ABC News -- Wire)
Citigroup Talking to U.S. Government as Shares Dive: Source Nov 22, 2008
"It's fear and panic at this point," said Gerard Cassidy, a banking analyst at RBC Capital Markets in Portland, Maine. "Investors have seen similar movies this year, and the endings are very unpleasant.". (ABC News -- Wire)
U.S. Bancorp Acquires Deposits of Failed Downey, PFF Nov 22, 2008
WASHINGTON (Reuters) - U.S. banking regulators seized California banks Downey Savings and Loan and PFF Bank late Friday as the housing crisis claimed two more victims from the financial crisis. U.S. Bancorp took over the two banks' branches, deposits, and most of their assets, the Federal Deposit Insurance Corp said. (ABC News -- Wire)
Balkan Leaders Hold Regional Economic Summit Nov 22, 2008
"Fortunately, the crisis was not felt strongly in the banking sector. ... Investment banking is almost nonexistent.". The two-day summit opened on Thursday. (ABC News -- Wire)
Calif. unemployment rate rises to 8.2 percent Nov 22, 2008
About 31,500 manufacturing jobs were lost in that time and 31,800 in the financial sector, including banking and mortgage industry jobs, according to EDD.The department said its monthly survey found 527,918 people were receiving regular unemployment checks in October. But the fund from which California makes those payments is on the brink of insolvency. (Fresno Bee -- Business)
LETTERS: The Californian, Nov. 21, 2008 Nov 22, 2008
Let these banking institutions and their investors fold. They were fine with breaking the rules when it was profitable, weren't they. (North County Times)
Coming today: the wide-screen, touch-controlled iPod? Nov 22, 2008
Coming today: the wide-screen, touch-controlled iPod. Get 20% off your bill at Pizza Express. (Yahoo News -- Apple Computer)
Industrial Policy Puts Global Cooperation at Risk Nov 22, 2008
About two thirds favor a more active role for government in banking and finance, and 60 percent agree that railways and airlines should at least partly be state-run. As for France, Sarkozy walked the talk and set up a national fund to provide an industrial response to the financial crisis. (YaleGlobal Online Magazine, CT)
Wall Street stages late rally on Geithner news Nov 22, 2008
Investors found the news on Geithner compelling enough to set aside the uncertainty surrounding the fates of U.S. banking icon Citigroup and automotive companies General Motors and Ford. In a choppy day, markets vacillated between negative and positive territory, alternately weighed by jitters over the outlook for financials and the economy, but lifted as investors scoured the markets for bargains. (Yahoo News -- Top Stories)
Syscan International Announces Letter of Demand in the Amount of C$ $207,520 for a Previously Announced Bridge Loan Nov 22, 2008
Source: Syscan International Inc.. MONTREAL, CANADA--(Marketwire - Nov. 21, 2008) - Syscan International Inc. ("Syscan" or the "Company") (TSX VENTURE: - ) today announced that it has received a Letter of Demand ("LOD") from attorney's of Bluehill ID, AG (the "Lender"), a company with headquarters in Switzerland and a secured lender of the Company pursuant to a Bridge Loan (the "Loan) the Company had obtained to use as working capital.ADVERTISEMENT The Loan was first time entered on August 29,... (CCNMatthews Press Releases)
BankAtlantic closing office in Orlando Nov 22, 2008
Even as the banking company applied for aid, it recently reported that the is investigating it for mishandling loans and some officials stock trades. Shares closed down 31 cents to $3. (South Florida Business Journal, FL)
Badger: Can Obama lead another New Deal? Nov 22, 2008
The whole U.S. banking system ground to a halt ... The House passed the banking bill -- and they only had one copy of it -- in 43 minutes ... He used the banking proposals of holdover Republican officials at the Treasury and the Federal Reserve. (CNN -- US)
Transcript of a Conference Call on the IMF's Executive Board Approval of a Stand-By Arrangement for Iceland Nov 22, 2008
As you know, Iceland is in an unprecedented situation, having seen the collapse of a significantly oversized banking system relative to GDP. It amounts to about almost 1,000 percent of GDP. The three main banks, accounting for 85 percent of the banking system, collapsed within a span of less than a week, creating very significant turmoil in the financial markets, in effect shutting down the foreign exchange market, and causing a dramatic depreciation of the krona ... The second issue is, of... (IMF News)
Transcript of a Press Conference on the Executive Board Approval of a Stand-by Arrangement for Hungary, With Anne-Marie Gulde, Senior Advisor in the IMF's European Department and Mission Chief for Hungary, James Morsink, Division Chief in the European Department Nov 22, 2008
The economic program rightly focuses on the fiscal and banking sectors, which were the two key areas of vulnerability at the outset of the difficulties ... The second pillar of the program are decisive measures in the banking area ... So that means that we focus on the government deficit and the banking system. (IMF News)
Unions beget socialism Nov 22, 2008
President Wilson and the Democratic Congress also in 1913 created the Federal Reserve Board, giving its chairman the never before held power to raise or lower interest rates for the entire banking industry. This by definition is European socialism. (Logan Herald Journal, UT)
Sign ordinance again catches board's eye Nov 22, 2008
Planning Director Bob Sellman told supervisors at Tuesday s meeting that without some kind of zoning code change the businesses in the new shopping center will not in compliance with their outdoor signage. Sellman said the current code requires 10 feet of clearance between the bottom of a sign and the walkway. (San Andreas Calaveras Enterprise, CA)
High Sierra Search and Rescue-a personal perspective Nov 22, 2008
Confidentiality Note: Subject's name was changed to protect personal information. The location and exact date of the search operation were also changed. (San Andreas Calaveras Enterprise, CA)
Japanese banks discover expat borrowers Nov 22, 2008
As the capital markets began to serve as a bigger source of financing for corporations, Japanese banks have placed greater emphasis on retail banking, especially home loans. Lending to foreigners, which none of the banks say is done in a large scale or even advertised, has become possible as banks reconsidered their one-size-fits-all approach to lending, which favored salaried people working for large companies. (International Herald Tribune -- Money Report)
Ben Stein: It's Trivial Nov 22, 2008
This encourages you play the game more to keep banking points and go for the priciest stuff. There are over 1,200 questions and I only ran into a repeat question one time. (IGN Wireless Games)
LETTERS TO THE EDITOR (Nov. 16) Nov 22, 2008
jdr wrote on Nov 17, 2008 3:59 PM:" It's a hybrid system, GlobuleWarming. Once it was as you describe, today's workers supporting yesterday's workers. The baby boomer bulge necessitated a slight change. Boomers ( like me ) with our greater numbers, could have gotten a small SS tax cut and still covered our parent's SS liabilities. That would have been "pure" pay as you go. It would also have left the next generation holding the bag for us. So rather than that, we have been banking the surplus.... (Corvallis Gazette Times, OR)
Exxon told to pay $7bn for oil spill Nov 22, 2008
do you have london banking experience but looking. 90000 Per Annum + excellent benefits. (Yahoo News -- Oil Spills)
Stocks advance moderately after sell-off Nov 22, 2008
Bank stocks fell, however, led by Citigroup Inc. The stocks initially rose following a report that the banking giant was considering a sale to boost investor confidence. The bank was scheduled to hold a board meeting Friday to discuss whether to sell all or part of itself, The Wall Street Journal reported. (Casper Star-Tribune, WY)
Eurozone activity at slowest in a decade Nov 22, 2008
Jean-Claude Trichet, ECB president, told a Frankfurt banking conference on Friday that the latest economic data came as no surprise and that central bankers had to inspire confidence ... Peter Vanden Houte, chief eurozone economist at ING, said the latest data were worrying because the extensive measures taken by governments to shore up the banking system should have led to at least a modest recovery. (FT.com -- Markets)
New Star veteran Stephen Whittaker forced out as 20m savings ... Nov 22, 2008
The cuts at New Star, which has moved to sublet commercial office space and has renegotiated its banking covenants, will mean that up to 15 per cent of staff will lose their jobs. The Times reported yesterday that up to 4,000 fund management jobs could be lost by the end of the first quarter next year as struggling investment firms take the razor to costs. (Times Online)
5 comments Nov 22, 2008
Some reports even suggest the development of a new industrial policy for big-government interference in housing, banking, energy, autos and more. But all this brings up a whole new problem in American finance: How are we going to transport and deliver trillions of dollars of new government money. (Human Events Online)
M&T receives preliminary OK for $600M Nov 22, 2008
The banking company, the second largest bank in Greater Baltimore based on deposits, now has 30 days to decide if it will sell preferred shares to the government in exchange for an influx of cash. M&T spokesperson Chester Bridger stressed that the deal is not yet done. (Baltimore Business Journal, MD)
Guarantee may boost banking competition Nov 22, 2008
"It's ironic that the safe, mutual part of the banking system, which is not exposed to wholesale market turmoil, looks likely to be charged more than those who are in these markets," said Louise Petschler, chief executive of Abacus, the Industry Association for Credit Unions and Mutual Building Societies, in a statement ... The latter are now as safe as the Big Four, said Austock banking analyst John Buonaccorsi, who cautioned it was too early to draw conclusions about market share gains based... (Sydney Morning Herald -- Business)
CEO won't break-up Citigroup Nov 22, 2008
"What you're seeing here is more emotional selling, more people throwing in the towel and they are throwing everything out, not just Citi," said Matt McCormick, a portfolio manager and banking analyst at Bahl & Gaynor Investment Counsel, which manages about $US2 ... The bank may try to sell "non-core" units, similar to the divestiture earlier this year of retail-banking operations in Germany and Citi Global Services, an Indian unit that processes transactions and provides other "back-office"... (Sydney Morning Herald -- Business)
Babcock fighting for $70m deposit Nov 22, 2008
1 billion of debt which it owes to the banking syndicate, and which threatens the company's solvency ... The paper reported there are fears the dispute will lead other members of Babcock's banking syndicate to move to protect their financial positions and call in receivers, despite the fact that Babcock's senior lenders are prepared to continue to support the group ... It is also understood that Babcock's banking syndicate has appointed corporate doctor McGrathNicol's partner and restructuring... (Business Spectator)
Democrats' budget relies on empty reserves Nov 22, 2008
Democrats banking on empty reserves - Los Angeles Times ... Democrats banking on empty reserves. (Yahoo News -- U.S. Budget)
Amid 'credit turmoil,' PC growth outlook dimmed Nov 22, 2008
But Wilkins said the collapse of established banking institutions over the past several weeks has impacted the availability of credit and interest rates, forcing large corporations, small businesses and consumers to cut back. "With less money to spend, application markets, like PCs, have been impacted," Wilkins said. (EETimes)
Geek Squad Announces Major Funding for Upcoming Make: Public Television Program Nov 22, 2008
MINNEAPOLIS--(BUSINESS WIRE)--Tech support task force Geek Squad put its money where its mouth is today, officially becoming the founding underwriter for the upcoming Make: television series, now being produced by tpt National Productions. With many Makers among its employee ranks and a shared passion for technology and innovation, Geek Squad and Make: are a natural fit. (Yahoo! Wire -- Entertainment News)
Camelot Featured in Film Industry Story Nov 22, 2008
Source: Camelot Entertainment Group, Inc.. Workforce Development, Full-Time Employment and Financial Transparency Highlighted. (Yahoo! Wire -- Entertainment News)
Cedar Point and Wildwater Kingdom Helping Families Save Money this Holiday Season Nov 22, 2008
SANDUSKY, Ohio, Nov. 21 /PRNewswire/ -- This is one stocking stuffer your kids will definitely thank you for. Families looking to save money on holiday gifts this year will rejoice in the announcement that Cedar Point amusement park/resort in Sandusky, Ohio, and Geauga Lake's Wildwater Kingdom waterpark in Aurora, Ohio, are offering special money-saving deals on 2009 Season Passes. (Yahoo! Wire -- Entertainment News)
PR Newswire Summary of EntertaiNet Copy, Friday, Nov. 21, 2008 Nov 22, 2008
Following is a summary of entertainment news releases transmitted today by PR Newswire. The full text of these releases is available at the PR Newswire for Journalists at. (Yahoo! Wire -- Entertainment News)
BringIt Delivers the Next Generation of Competitive Video Gaming with Skill-Based Competition for Cash 24/7! Nov 22, 2008
BringIt Delivers the Next Generation of Competitive Video Gaming with Skill-Based Competition for Cash 24/7. Financial News - Yahoo. (Yahoo! Wire -- Entertainment News)
A new Century dawns Nov 22, 2008
Cutting the ribbon: from left, Saltmarsh Insurance Agency Founder, Sherman W. Whip Saltmarsh, Jr.; Century Bank Co-CEO and Co-President, Jonathan G. Sloane; Century Bank Chief Financial Officer and Treasurer, William P. Hornby; Winchester Town Treasurer, Sheila Tracy; Century Bank Executive Vice President of Institutional Services/Government Banking, Brian Feeney; Winchester Town Manager, Melvin Kleckner; Barbara Sloane; Century Bank Winchester Branch Manager, Michael Long; Century Bank... (Winchester Star, MA, MA)
Recalling that day in 1963 when I heard our president had been shot Nov 22, 2008
wtf wrote on Nov 20, 2008 8:22 AM:" On June 4, 1963 President John F. Kennedy signed Executive Order 11110. The Order was for the Treasury to issue silver certificates against all silver bullion held by the government which did not already have certificates against it. In all, Kennedy brought nearly $4.3 billion in U.S. notes into circulation. The ramifications of this bill are enormous. With the stroke of a pen, President Kennedy declared that the privately owned Federal Reserve Bank would soon... (Lodi News Sentinel, CA)
No Deal For Detroit Nov 22, 2008
"Unfortunately, the sad reality is that no one has come up with a plan that can pass the Senate and the House and be signed by President Bush," Reid said, flanked by a celebrity cast of Democratic leadership, including House Speaker Nancy Pelosi, Financial Services Committee Chairman Barney Frank and Senate Banking Committee Chairman Chris Dodd. Instead, Democrats want automakers to submit specific restructuring plans to Congress by Dec. 2. (Forbes -- Business)
CITIGROUP CONTINUES TO CRUMBLE Nov 22, 2008
As the banking giant's shares slid below 4, analysts said Friday it may be forced to merge or sell some of its prized businesses ... On Monday, Pandit said the universal banking model is "the right model," and that Citigroup's strategy is "to be the world's truly global universal bank.". (New York Post -- Business)
Geithner at Treasury: An Insider to the Rescue? Nov 22, 2008
He believes the U.S. government allowed the creation of a massive shadow banking system run by investment banks, hedge funds and brokerage firms over the last 30 years that rivaled the traditional system in size but lacked every one of the stabilizing pillars that had been erected beneath it after the Great Depression: deposit insurance, access to a lender of last resort, a system for orderly failure, and reasonable constraints on risk and leverage ... Much of what Geithner, Treasury Secretary... (Time.com)
Ed Clark finally catches a bullet Nov 22, 2008
Bonuses for TD's investment banking employees and executives will be affected this year, with the investment banking division posting a fourth-quarter loss of $228-million, Mr. Clark said ... "Foreign lenders are withdrawing, securitization as a way of borrowing money has disappeared, and really the world is becoming actually more dependent on banks lending. "So far, I would say the Canadian banking system has stepped up and said 'we will absorb this. (Globe and Mail)
Bank calls slide in housing market overstated Nov 22, 2008
Beware BankersFri, Nov 21, 08 at 03:45 PMGiven that banks can no longer make juicy returns from commercial lending/investment (IPO) banking, they are looking to retail customers and trying to get more mortgage activity (house sell/buy activity) by encouraging real estate transactions in a down market with self-serving data reports. Add Your Comment The Rules: Keep it clean, and stay on the subject or we might delete your comment. (Canada.com)
Auto dealers plead with federal government for help Nov 22, 2008
"We know that there's a certain amount of moral suasion that the minister of finance has in talking to the banking community and we're hoping that he more aggressively exercises that," said Mr. Williams ... Mr. Williams said he didn't want to "pre-empt" talks the association is having with Industry Canada, but he said they are working on measures "that would address some of the liquidity measures in a similar way that they've helped out the banking industry.". (Canada.com)
Qatar: Smart art mart Nov 21, 2008
THE Medicis made their money out of banking and then, to atone for the sin of usury, financed the Renaissance. America s robber barons built grand museums in provincial locales like Cleveland, Cincinnati and Chicago. (The Economist)
NYT: Obama fund-raiser quells Cabinet rumors Nov 21, 2008
Burt Ely, a banking consultant who testified at a 2001 Senate committee hearing about the failure of Superior Bank, said it had never made sense for Ms. Pritzker to become a nominee. The confirmation hearing could have been quite ugly for all that would have been dredged up about Superior as well as possibly other Pritzker dealings, Mr. Ely said Thursday. (Huntington WSAZ-TV, WV)
No answer yet for automakers Nov 21, 2008
"Think of us as a venture capital firm," suggested Senator Christopher Dodd, a Connecticut Democrat, and the Senate Banking Committee chairman. "And we're asking them, 'What are you going to do if you get this investment from us?' ". (Boston Globe)
Putin promises to protect an anxious Russia's economy Nov 21, 2008
"This is a glaring example of the absence of effective control over the banking community on the part of the executive," he said. "The fact itself that the prime minister . . . devoted his report at the congress entirely to ways of steering the country out of crisis attests to enormous difficulties the Russian economy and financial sector are currently facing.". (Boston Globe)
Colombia police tear-gas protesters Nov 21, 2008
United against Uribe'The 28-year-old Murcia has said his company represented an "economic revolution" against the country's banking system, whose high-interest loans have long frustrated Colombia's working class. His lawyer said the company did nothing illegal. (MSNBC -- International)
Community Capital Bancshares Announces Third Quarter Results of Operations Nov 21, 2008
Albany Bank & Trust has three banking locations in Albany, Georgia, while AB&T National Bank has offices in Dothan, Ala. and Auburn, Ala. (PR Newswire)
Congress tells auto leaders to offer plan Nov 21, 2008
chairman of the banking committee. "Unfortunately, the sad reality is that no one has come up with a plan that can pass the House and the Senate and be signed by President Bush," Reid said. (OregonLive, OR -- Business)
NYT: Obama fund-raiser quells Cabinet rumors Nov 21, 2008
Burt Ely, a banking consultant who testified at a 2001 Senate committee hearing about the failure of Superior Bank, said it had never made sense for Ms. Pritzker to become a nominee. The confirmation hearing could have been quite ugly for all that would have been dredged up about Superior as well as possibly other Pritzker dealings, Mr. Ely said Thursday. (MSNBC -- Race)
Fourth graders make cents Nov 21, 2008
The students had just participated in a district-wide financial education program to teach them the basics of banking ... Abington Bank started the program last year when bank personnel invited the fourth graders at the North School to learn about the banking process, according to Diane Malafronte, a senior teller at the bank. (Abington Mariner, MA)
Biofuel industry branches out, outside investors flow in Nov 21, 2008
Stephanie Moline, executive vice president of corporate banking at First National Bank of Omaha, said some smaller plants are selling shares and talking about pooling ethanol so they can obtain better prices from buyers. Theyre also considering selling land thats ready for construction. (Yahoo News -- Farming and Agriculture)
RBS boss apologises over losses Nov 21, 2008
He said the challenges the bank - and the banking sector - now faced were "unprecedented". "I, as the chairman of RBS Group, both personally and in the office I hold, am profoundly sorry about the position we have reached," he said. (BBC News -- UK)
Congress to Automakers: No Plan, No Money Nov 21, 2008
chairman of the Senate Banking, House and Urban Affairs Committee. Dodd and Rep. (Fox News)
Ex-bankers drop HBOS campaign Nov 21, 2008
Former Scottish banking executives George Mathewson and Peter Burt say "discontinue" campaign to keep HBOS independent. Mathewson and Burt say statement by chancellor on November 18 "raised several hurdles very high," blocking HBOS plan. (International Herald Tribune -- Technology)
Japan's central bank keeps interest rates on hold Nov 21, 2008
Reserves in the banking system swelled from 5 trillion yen in 2001 to 35 trillion yen in 2006. Credit Suisse economists Hiromichi Shirakawa and Satoru Ogasawara, however, say that the very factors that propelled Japan's recovery, namely exports and corporate investment, are what make it so vulnerable to today's global turmoil. (International Herald Tribune -- Technology)
