North Fork Agrees to Buy GreenPoint for $6.3 Billion Jul 3, 2009
Betting that consumer banking will remain a fast-growing business, even after several years of expansion, the North Fork Bancorporation said yesterday that it had agreed to acquire the GreenPoint Financial Corporation for $6 ... "There is no question the consumer model works,'' the chief executive of North Fork, John A. Kanas, said in an interview yesterday. He said that his bank was eager to acquire GreenPoint, which is based on Park Avenue in Manhattan, because of the "scarcity value" of... (Yahoo News -- Banking & Financial Services)
Real Estate Outlook: What's in Store for 2009? Jul 3, 2009
But here's a different perspective to consider from one of the country's veteran financial analysts -- Richard Bove of Ladenburg Thalmann, the investment banking company ... He is a past member of the Federal Reserve Board's Consumer Advisory Council, a committee that by federal statute reviews all Fed actions on home mortgage, consmer credit and banking industry regulation. (RealtyTimes)
Jobless Rate at 9.5 Percent; 26-Year High Jul 3, 2009
IT IS THE MAIN CAUSE OF THE CURRENT DEPRESSION, coupled with the deregulation of a number of industries (including banking) ... jtdev1, check your six buddy, the banking implosion started about 1998 ... "lollll...that is the problem with you righties; your vision is of necessity short-term due to your sole interest and motivation: What is in your wallet right now and how much you can shove into it today.For example, you immediately imply that I am blaming Bush, when what I put forward as the... (CBS News)
Craig Linscott Promoted to Northeast Bank's Executive Team Jul 3, 2009
"Banking and insurance cultures are very different, though here at Northeast we've developed a collaboration that is benefitting all business lines. Craig has been a major force in being able to capitalize on those synergies." ... The Company has approximately $607 million in assets as of March 31, 2009 and derives its income from a combination of traditional banking services and non-traditional financial products and services including insurance and investments; operating eleven traditional... (Primezone Releases)
Geneva Sees Opportunity in Bern's Predicament of Conceding on Bank Secrecy Jul 3, 2009
8 billion of the losses in the $65 billion Madoff swindle, according to the , a foundation that promotes the citys banking industry. Not all of the news was bad in Genevas banking quarter, where banks and money managers are clustered near the Rue du Rhone ... The era of banking secrecy is over, world leaders meeting in London at the Group of 20 summit in April declared in a press release. (Bloomberg)
DOCOMO to Launch Mobile Remittance Service Jul 3, 2009
In addition, since the payer basically only requires the payee's phone number to make the remittance, the payee does not have to divulge any private banking details ... Established on December 1, 2002, Mizuho Bank is a subsidiary of Mizuho Financial Group, one of the largest financial institutions in the world, offering a broad range of financial services including banking, securities, trust and asset management, credit card, private banking service through its group companies. (JCN Network, Japan)
GE, Geron to develop test for drug side effects Jul 3, 2009
An analyst for the New York banking and investment firm, Needham trong. which follows Geron, said the terms were probably modest. (San Francisco Chronicle)
Crazy For You an amusing, zany delight Jul 3, 2009
The play follows Bobby Child played by the handsome young Sean Patrick, whose perpetual smile is as wide as it is enchanting the son of a wealthy New York banking family, whose desire in life is to dance on Broadway. His mom, meanwhile, wants him to become more involved in the family business and orders him to foreclose on a rundown theater in the Wild West. (Westerly Sun, RI)
EU blamed for German bank woes Jul 3, 2009
A German state minister has blamed the European Union (EU) for problems in the state Landesbank banking system. Dr Werner Marnette, a minister in the government of Schleswig Holstein, said banks changed their operations when the EU told them to be more competitive. (BBC News -- Business)
FDIC proposes tough PE guidelines Jul 3, 2009
"As one of my partners put it, I can't imagine it being more inhospitable to private equity," said Alan Avery, a banking lawyer at Arnold r LLP.. The proposals call for private equity groups to maintain capital at troubled banks at levels that far exceed current regulatory standards for "well capitalized" institutions. (India Times)
Flush banks see few borrowers Jul 3, 2009
That the banking sector is flush with funds is evident from the deposit figures for the period. Deposit growth in the first quarter (up to June 19) has been around Rs 1,32,039 crore, compared to Rs 52,837 crore in the same period a year ago. (India Times)
Money machines save the day Jul 3, 2009
n Huge government takeovers of banking, finance, auto and soon health care industries. n A $787 billion federal stimulus package that includes nearly $1 billion for North Dakota, which enjoys a $1. (Bismarck Tribune, ND)
Scott Howard-CooperINSIDE THE NBA Jul 3, 2009
The Knicks are banking money for 2010, when just maybe they will have a passing interest in. (Shhhhhhh. (SportsIllustrated.CNN -- NBA)
FBI Notes: Iran Was Saddam's Biggest Fear Jul 3, 2009
They invaded a country and cost us two trillion dollars, 4,000 lives and collapsed our banking system almost to the brink of ending capitalism. by zonkzilla July 2, 2009 8:33 AM PDT. (CBS News -- World)
BofA wealth head: Bank must grow in Boston Jul 3, 2009
It has to be bigger than it is now, said Brian Moynihan, president of BofA s global banking and wealth management division ... A veteran Boston banking executive, Moynihan joined Fleet Financial Group in 1993 as deputy general counsel and has climbed steadily up the ranks amid a number of changes and acquisitions by Bank of America ... He said Bank of America clients demand that they have a bank that offers consumer lending, commercial lending and investment banking. (Boston Business Journal, MA)
Another View: America needs to get back to roots Jul 3, 2009
com and banking busts ... Social justice, banking and the arts are important, but only if Americans can make things to pay their way. (Atlanta Journal-Constitution -- Opinion)
Photo Release -- Longtime Coast Businessman Estabrook Named Hancock Holding Company Chairman Jul 3, 2009
"market" : {"NAME" : "U.S.", "ID" : "us_market", "TZ" : "ET", "TZOFFSET" : "-14400", "open" : "", "close" : "", "flags" : {"h" : "Independence Day - Observed"}} , "STREAMER_SERVER" : "http://streamerapi.finance.yahoo.com","arrowAsChangeSign" : false,"throttleInterval": "1000". Search for share prices. (Primezone Releases)
Earnings to Set Tone for Stocks in Week Ahead Jul 3, 2009
"What will probably break it is going to be the earnings season because the expectation is for at least some rebound in earnings, especially from the banking sector.". WHEN 'LESS UGLY' LOOKS GOOD. (ABC News -- Wire)
U.S. Job Losses Spike in June, Dampen Recovery Hopes Jul 3, 2009
"The labor market is still in shambles," said economist Harm Bandholz of Unicredit Markets tment Banking in New York. U.S. businesses have slashed payrolls sharply in an effort to protect their bottom line in the face of a plunge in consumer demand. (ABC News -- Wire)
European Central Bank keeps interest rate at 1% Jul 3, 2009
LUXEMBOURG: The European Central Bank left its benchmark interest rate unchanged at 1 percent Thursday, preferring to wait and see if its "spectacular" infusion of credit into the banking system will loosen lending to consumers and businesses in the euro zone's struggling economy. Bank President Jean-Claude Trichet said the ECB was pleased by the demand for its record euro442 billion ($623 billion) in 12-month credits to banks last week, but wouldn't comment about what more it might do. (The Star Online, Malaysia -- Business)
CIMB Standard confident of raising US$238mil Jul 3, 2009
The remaining US$12mil is expected to come from CIMB and Standard Bank, a leading African banking group ... Nor Mohamed said the setting up of Islamic private equity fund targeting infrastructure investment was in line with the Governments aim to promote Islamic finance, banking and capital markets in the region. (The Star Online, Malaysia -- Business)
Socialized medicine takes away freedom Jul 3, 2009
YellowDog09 wrote on Jun 30, 2009 2:09 PM:" Republicans are not just currently the party of no. they have always been the party of no. anything that dares to breach their narrow paradigm, anything that isnt strictly within their confines of their hypocritical theocracy, anything that resembles progress or change or embracing the future, anything that assists the poor, the minorities, the crestfallen, the oppressed, the middle class, women, foreign countriesessentially anything that a... (Waterloo Courier, IO)
Public Information Notice: IMF Executive Board Concludes 2009 Article IV Consultation with Panama Jul 3, 2009
Panama s large banking system has weathered the global financial crisis relatively well ... In particular, Directors commended the well-regulated banking sector, sustained fiscal consolidation, and Canal expansion project, which will allow Panama to preserve macroeconomic stability and continue growing during 2009, albeit at a slower pace than in recent years ... In light of ongoing external vulnerabilities and the absence of a lender of last resort, Directors encouraged continued vigilance and... (IMF News)
Bank of Canada Papers Say Debt Purchases May Disrupt Financial Markets Jul 3, 2009
Carney has said Canadas banking system is in better shape than global rivals, meaning these purchases may not be necessary. No Canadian bank has sought a bailout since credit worldwide seized up in August 2007, and Carney said in an April 1 that foreign banks would need to raise $1 trillion in new capital to reduce their leverage to Canadian levels. (Bloomberg -- Canada)
ECB keeps interest rate unchanged at record low Jul 3, 2009
The decision, taken by the governing council of the ECB in Luxembourg, is in line with the broad expectation of economists, who had said the ECB would adopt a wait-and-see attitude before the effect of its massive infusion of credit into the banking system last week becomes clear. In an unprecedented move to shore up confidence in the financial sector and revive the recession-hit economy, the ECB lent 442 billion euros (623 billion U.S. dollar) in one-year cheap loans to eurozone banks at an... (Xinhuanet, China)
Oil prices tumble as Europe and U.S. shed jobs Jul 3, 2009
2 trillion dollars to prop up the banking industry. Investors poured money into commodities like oil as a hedge against inflation, and foreign traders found they had more buying power as the dollar weakened. (USA Today -- Money)
Steinbrueck's Toxic-Asset Plan for Troubled Banks Goes to Bundestag Vote Jul 3, 2009
July 3 (Bloomberg) -- German lawmakers are set to vote on Finance Minister s plan to purge state and private banks of toxic assets, more than nine months after the global financial crisis brought the banking system to its knees. Chancellor s coalition waited until the last day of parliament before Sept. 27 national elections to put the bill on so-called bad banks to the lower house in Berlin today. (Bloomberg -- Germany)
EU economy shows signs of touching bottom Jul 3, 2009
The commission said early this week that the Eurozone economy is starting to show some initial signs of improvement thanks to substantial banking support and the fiscal stimulus measures implemented by national governments ... "Past experiences teach useful lessons of how fiscal costs of banking crises can be contained and which factors can facilitate ringing the fiscal houses back in order. The effectiveness of the fiscal policy stimulus in the short run crucially depends on a credible... (Xinhuanet, China)
Democrats' budget relies on empty reserves Jul 2, 2009
Democrats banking on empty reserves - Los Angeles Times ... Democrats banking on empty reserves. (Yahoo News -- U.S. Budget)
S.C. politicians wavering on Sanford Jul 2, 2009
" By Wednesday night, at least 14 of the Senate's 27 members had either called for the governor's resignation or said they believed it was the right thing for him to do. McConnell's statement follows those of a dozen state senators since Tuesday who have called for the governor to step down or said they favor it. Among them are Senate Majority Leader Harvey Peeler and Senate Finance Committee Chairman Hugh Leatherman. Among the state senators who urged Sanford to leave office were Sen. , a... (USA Today -- News)
Consumers likely to findincreased bank costs Jul 2, 2009
Now, the increased premiums are likely to be passed along to consumers in the form of higher banking fees, lower interest rates for savings accounts, higher interest charges for loans, and increased brokerage fees for stock trades, according to officials at the agencies ... But after complaints from the banking lobby, the agency cushioned the blow by announcing that it would charge higher fees on banks that are considered the riskiest, and lower fees on those considered safest ... Representative... (Boston Globe)
Texas juvenile jail sex assault case moves forward Jul 2, 2009
Brash Texas billionaire R. Allen Stanford was indicted and jailed Friday on charges his international banking empire was really just a Ponzi scheme built on lies, bluster and bribery. The Justice Department announced charges against Stanford and six others who allegedly helped the tycoon run a $7 billion swindle. (Fresno Bee -- Nation)
Georgia banks' losses in first quarter: $1.2 billion Jul 2, 2009
Nationwide, the banking industry remains troubled with some glimmers of hope ... The banking crisis has been particularly acute in Georgia. (Atlanta Journal-Constitution -- Business)
Gold Rises in New York, London as Some Investors Buy After Two-Day Slide Jul 2, 2009
With the amount of money that has been put into the banking system, you do have an inflation potential, , who oversees about $10 billion as LGT Bank in Liechtenstein (Singapore) Ltd.s chief investment officer, said in a Bloomberg Television interview. Gold futures for August delivery rose $13. (Bloomberg -- Canada)
Health insurance not governments job Jul 2, 2009
Ryan H. wrote on Jul 1, 2009 3:24 PM:" Quit getting tripped up on the accuracy of WHO data and reports. The facts are that insurance companies are THE prinicpal problem in the healthcare debate. The entire system needs to be dismanteled and retooled. The 'Don't Get Sick or Go Bankrupt' health program we have now is something to be ashamed of. We have allowed the parasitic investor class to treat people like widgets and profit centers for way too long. Greedy corporations have pillaged this... (Wasilla Frontiersman, AK)
Bank pushed to step up QE Jul 2, 2009
Its purchases of UK government bonds, or gilts, rose above 100bn as part of its quantitative easing programme a method of pumping money into the banking system to stimulate the wider economy. The Bank now owns 103bn of tradeable gilts, or 15 per cent of the entire gilt market, making it by far the most aggressive of the leading central banks in its attempts to revive lending and demand by expanding the money supply. (FT.com -- Markets)
Wall Street likely "boring" in 2nd half of 2009 Jul 2, 2009
Compared with expectations earlier this year, investors seem more optimistic as oil prices retreated to about 35 U.S. dollars a barrel in February and the banking sector and consumer confidence showed improvement. U.S. stocks started to rebound on good news from the battered banking sector. (Xinhuanet, China)
Thune proposal on the right track Jul 2, 2009
That simple fact resonates with a public tired of watching its government spend billions buying up pieces of the auto and banking industries. Thune s legislation might have public support but it needs Congressional support to become more than a topic of conversation. (Rapid City Journal, SD)
Serving California and the other America Jul 2, 2009
Nomura Holdings, Japan s largest brokerage, said it agreed to acquire Citigroup s Japanese trust banking unit for $196 million to bolster its asset administration business. Big Bucks GOP doing the Lords work. (Atlanta Journal-Constitution -- Opinion)
Stocks advance after mixed economic reports Jul 2, 2009
In corporate news, sold NikkoCiti Trust and Banking Corp., part of its Japanese business, to Nomura Trust and Banking for $196 million. The bank, which has received $45 billion in government aid, has been selling assets and trying to streamline operations in an effort to return to profitability. (USA Today -- Money)
Metropolitan Bank gets $78M from TARP Jul 2, 2009
The banks capital levels, even before the federal government investment, are well above the minimums required by banking regulators to be considered well-capitalized. . (Crain's Chicago Business)
Treasury to Name up to 9 Managers for Toxic-Asset Plan: Source Jul 2, 2009
PPIP, which will use federal funds and private capital to buy banks' toxic assets, is a key part of the Obama administration's efforts to shore up the banking industry by cleansing banks' balance sheets and helping jump-start the lending and securitization necessary for a healthy economy. Yet expectations about the overall toxic asset plan have been scaled back as banks have proven they can attract private capital without first cleansing balance sheets of a bulk of the troubled assets. (ABC News -- Wire)
ECB expected to keep interest rate at 1 percent Jul 2, 2009
FRANKFURT -- The European Central Bank is expected to keep its key interest rate steady at 1 percent when it meets Thursday as it waits to see whether a massive infusion of credit into the banking system will help Europe's struggling economy ... The ECB hopes the covered bond plan may help raise asset prices on bank balance sheets and give the banking system more money to lend to homeowners and businesses. (Fresno Bee -- Business)
* Shinsei, Aozora announce plans to merge next year Jul 2, 2009
They said Norito Ikeda, a former banking executive who is now an adviser to management consultants A.T. Kearney K.K., would become president and chief executive of the combined group ... The two lenders were bailed out with public money during Japans 1990s banking crisis and later sold to private investors. (Taipei Times, Taiwan -- World)
Strong Demand for Rio Rights Jul 2, 2009
Results of the Australian offer were not yet available, but a banking source said take-up was likely to be similar. "They still have a fair bit of debt they need to work through. So I think they will be still be keen to be pursuing non-core asset sales," said Ross Barker, managing director of Australian Foundation Investment Co, which manages about A$3. (ABC News -- Wire)
Longtime Bank Employee to Retire After 43 Years Jul 2, 2009
"That was in the day when all banking was done manually. It was my job to turn over each check to make sure it was signed." She also would learn posting on the bookkeeping machine, worked in the proof department and eventually became a teller ... "There are hiring freezes everywhere and I didn't even know if the bank would hire someone from the outside to replace her." Albert had left banking and was working for an insurance company ... Banking has changed dramatically since the friends first... (Missourian Publishing, MO)
Cambridge Family and Childrens Service receives grant from Cambridge Savings Foundation Jul 2, 2009
The bank offers a full line of individual and business banking services and has 16 banking centers in Cambridge, Acton, Arlington, Bedford, Belmont, Burlington, Concord, Lexington, Newton Centre and Watertown. Loading commenting interface. (Cambridge Chronicle, MA)
Dressed for banking? Masked man ticketed after withdrawing his own money Jul 2, 2009
Masked man ticketed after withdrawing his own money : La Crosse Tribune. Web Search powered by YAHOO. (La Crosse Tribune, WI)
Fitch Downgrades Comerica Debt Ratings Jul 2, 2009
The recession also could hurt Comerica's commercial banking business, Fitch said. While banks generally have been hurt by rising numbers of bad loans, Fitch said Comerica's performance "has been relatively good to date" in part because of it focus on commercial loans. (ABC News -- Wire)
Cash-Strapped States Face Tough Choices Jul 2, 2009
No controls what so ever on the banking industry. by whitemale08 July 2, 2009 12:10 AM PDT. (CBS News)
Your say Are financial planners competent? Jul 2, 2009
I'm now in Industry Super Funds/Industry Banking and using Industry FA's and saving heaps. Disassociate. (Sydney Morning Herald -- Business)
Unwinding AIG Prompts Pasciucco to Ponder Trades Risking Systemic Failure Jul 2, 2009
While the credit crunch is predominantly a banking crisis, it is AIG, not a major bank, thats the biggest recipient of government largesse. The Fed and the Treasury have paid out or guaranteed a total of $182. (Bloomberg)
Japan wants yen to be the anchor of Asia Jul 2, 2009
"At 109 it is over-valued. It should be at 125 to 130. Big companies have no real problems because they have global production, but the smaller companies do have problems. The market is not working in favour of a cheaper yen." He dismissed market rumours that the intervention in the currency markets was being "sterilised" by the authorities in an attempt to prevent too much liquidity building up in Japan's banking system. The senior official expressed some surprise that policy makers in the... (Yahoo News -- Asian Economy)
Jackson Will Includes Motown Icon, Not Ex Jul 2, 2009
July 7, 2009 isn't even here yet" Really? Durn - now I gotta reschedule all my appointments! Thanks! by Blatensphere July 1, 2009 9:46 AM PDT His will was dated July 7, 2009??? MJ owned a time machine! by Berkeley_Skirt_Lifter July 1, 2009 9:53 AM PDT ""According to the will, dated July 7, 2002..."" str8 from the article...i guess they corrected it. by Berkeley_Skirt_Lifter July 1, 2009 9:55 AM PDT bottom line...who give a flyin' expletive about this freakazoid or his will? So what...he didn't... (CBS News)
Smart financial tips for teens and parents Jul 2, 2009
Finally, utilize your bank's online tools for managing a checking account including online banking, mobile banking, account alerts, bill pay and transaction records. Using Mobile Banking, students can check account balances, pay bills, transfer money, view transactions, and receive mobile alerts when their balance falls below a set minimum, helping them avoid fees ... Banking more efficiently saves me money. (Ontario Argus Observer, OR)
Crazy For You an amusing, zany delight Jul 2, 2009
The play follows Bobby Child played by the handsome young Sean Patrick, whose perpetual smile is as wide as it is enchanting the son of a wealthy New York banking family, whose desire in life is to dance on Broadway. His mom, meanwhile, wants him to become more involved in the family business and orders him to foreclose on a rundown theater in the Wild West. (Westerly Sun, RI)
Banks Up in Arms Over Financial Protection Agency Jul 2, 2009
If it's enacted, this would be a huge step by government into private banking after a hands-off approach for the past two decades ... Senate Banking Committee Chairman Christopher Dodd , D- Conn. (Newsmax)
GE and industrial loans companies: Parting company Jul 2, 2009
But whatever the regulatory category, the sort of competition that a firm as large and well-run as Wal-Mart would bring to consumer banking might be just what bloated incumbents such as Citigroup desperately need. Readers' comments. (The Economist)
Per$onal finance: budgeting (3) Jul 2, 2009
Godfrey was in banking for many years. She was an executive at The Chase Manhattan Bank, president of The First Women s Bank and founder of The First Children s Bank. (Cleveland Jewish News, OH)
Harleysville National misses OCC deadline Jul 2, 2009
The company has said regulators may deem noncompliance to be an unsafe and unsound banking practice which would subject the bank to administrative actions or sanctions. Harleysville said it has yet to raise any money or sell off any assets but is working hard to do so. (Philadelphia Business Journal, PA)
China restricts 'virtual' economies Jul 2, 2009
"If you don't do that, then you kind of return to the days of wildcat banking.". If people start using online money to buy goods at real stores, then video game communities or social networks essentially become banks, he said. (CNN)
PG North/South/East/West: Hockey Boom II Jul 2, 2009
In fact, that's what I think they're banking on, actually. " The hockey community is a symbiotic cycle that has several different pieces to it that all work in tandem to keep all aspects of each other viable. Keeping rinks financially healthy is as an important piece of the puzzle as having child-rearing adults watching the Penguins or high school athletic administrators supporting the sport. The foundation for growth and vitality is in place, said Ridder. "Right now as a sport, hockey is... (Pittsburgh Post-Gazette, PA -- Sports)
Cheating still beats real work Jul 2, 2009
It was true in the glee that the banking industry accepted mark-to-model creative accounting of mortgage-backed securities this spring, and, a bit further down the real-estate industry's money pole, it's just as true with the continuing dishonesty of home appraisals. Last November, I reviewed former subprime mortgage broker Richard Bitner's explosive mea culpa, Confessions of a Subprime Lender. (Asia Times Online)
Socialized medicine takes away freedom Jul 2, 2009
YellowDog09 wrote on Jun 30, 2009 2:09 PM:" Republicans are not just currently the party of no. they have always been the party of no. anything that dares to breach their narrow paradigm, anything that isnt strictly within their confines of their hypocritical theocracy, anything that resembles progress or change or embracing the future, anything that assists the poor, the minorities, the crestfallen, the oppressed, the middle class, women, foreign countriesessentially anything that a... (Waterloo-Cedar Falls Courier)
La Bonita Ole, Inc. Launches 'Save The Tortillas' Campaign Jul 2, 2009
Tortilla Company CEO Wants SunTrust Bank to Be a Hero in The Banking Industry ... "We do believe, had we been in a normal banking environment, our company probably wouldn't be in the situation we are now," said Young ... The goal of the campaign is to make SunTrust Bank a hero in the banking industry for allowing La Bonita Ole to continue to thrive in their current state with Young at the helm and with its current employees. (PR Newswire)
