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Stress-Tested Banks Need Just $100B

Investors find causes for optimism in capitalization news

(Newser) - Leaked results of the stress tests on America's biggest banks separate sufficiently capitalized banks—including JPMorgan Chase, MetLife, AmEx, and Goldman Sachs—from underfunded ones such as BofA, Wells Fargo, and Citi. Bank shares rose sharply yesterday and today, and some investors said the results were better than they feared....

Stress Tests Expected to Show Confidence in Banks

Administration ready to say bailout worked

(Newser) - The top US banks may not be as deep in the mud as analysts fear, government "stress tests" out Thursday are expected to show. Officials seem ready to argue that the nation's financial system is recovering and won't require more bailout funds from Congress. "None of these banks...

Citi May Need Extra $10B to Pass Stress Test

Fed delays release of results as banks haggle over initial findings

(Newser) - Citigroup may have to scrape together as much as $10 billion in fresh capital to pass the Fed's stress tests for big banks, insiders tell the Wall Street Journal. The release of the tests—which assess how a bank could weather various dire scenarios—has been pushed back from Monday...

SocGen Chief Resigns Amid Growing Outcry

Executive pay scandal, $6.4B fraud fallout push Bouton to quit

(Newser) - The chairman of Société Générale announced his resignation today amid growing public criticism of his performance, Reuters reports. Daniel Bouton had been scolded by Nicolas Sarkozy for his handling of the rogue trading affair that cost the bank $6.4 billion; last month the president attacked the...

Fed Describes 'Stress Tests'
 Fed Describes 'Stress Tests' 
Apr 24, 2009 4:06 PM CDT

Fed Describes 'Stress Tests'

(Newser) - At the behest of the Federal Reserve, the 19 biggest US banks are projecting their losses on 12 categories of financial product such as loans and mortgage securities, the New York Times reports. The Fed, which asked the institutions to project a hypothetical scenario of a “stressed economic environment,...

Bank Lending Still Down 23% 4 Months After Bailout

Journal says Treasury's tally hides damage

(Newser) - Banks that received taxpayer aid to restart lending are loaning less than they did before the bailout, a Wall Street Journal analysis finds. The most recent figures available, from February, show a 23% drop in new loans from the lending level in October, when the Treasury Department kicked off TARP,...

UBS Announces $1.7B More Losses, 8,700 Job Cuts

Bank blames US tax fraud case for some of its 1Q losses

(Newser) - Bad times are continuing for UBS in the wake of last year's record loss, the Guardian reports. The troubled Swiss bank reported a $1.75 billion loss in the first quarter, and announced plans to ax 8,700 employees—11% of its global workforce—sparking rumors that it plans to...

Feds May Reveal Which Banks Are Weakest

Results of 'stress tests' may go public

(Newser) - The administration may go public with some of its "stress test" results, which diagnose how well the country's 19 biggest banks will weather the financial crisis, insiders tell the Wall Street Journal. The administration has so far been treating all banks equally, but the stronger banks could soon be...

Obama's Auto Crackdown Worries Bailed-Out Banks

After Wagoner ousting, financials fear similar fate

(Newser) - After the Obama administration kicked out GM’s boss and said two of the Big Three automakers may benefit from bankruptcy, CEOs of banks bailed out by the government are wondering if there's a bull's-eye on their backs, the Washington Post reports. The risk of such a crackdown has been...

Time to Forget AIG and Nab Offshore Cash
Time to Forget AIG and Nab Offshore Cash
OPINION
Mar 23, 2009 11:40 AM CDT

Time to Forget AIG and Nab Offshore Cash

We're fretting about millions in bonuses, while firms hide billions

(Newser) - Everyone’s aflutter about the AIG bonuses—but there’s a much more lucrative way to take Wall Street to task than obsessing over $165 million, writes Joe Conason in Salon. The government should instead focus on the billions that financial firms are putting in offshore tax havens. Corporate tax...

Waters Helped Get Funds for Bank With Family Ties

Critics see major conflict of interest

(Newser) - Maxine Waters is getting lots of unwanted attention about her role in helping a bank with family ties get a helping of TARP money. Both the New York Times and the Wall Street Journal have stories raising questions about whether the California congresswoman used undue influence to get aid for...

Some Banks Want to Bail on Bailout
Some Banks Want to Bail
on Bailout
Mar 11, 2009 2:20 AM CDT

Some Banks Want to Bail on Bailout

Critics charge growing list of conditions will damage industry

(Newser) - A growing number of banks are seeking to return or avoid government bailout funds because of the lengthening list of conditions attached to the money, the New York Times reports. Critics say the terms—including modification of mortgages and caps on executive pay—smack of economic engineering. Bankers are especially...

Bailed-Out UBS Rewards Bankers With Pay Hike

Swiss bank to boost salaries up to 200%

(Newser) - UBS has been one of the most stricken banks of the last two years, receiving government aid and slashing bonuses. But now the Swiss giant is doing something few would expect in this market: offering pay raises. Senior bankers who complete a performance review will see their salaries spike...

Markets Dive as HSBC Shuts US Business, Axes 6,100

Banking giant sells record $17.8B in new stock

(Newser) - European and Asian markets took a nosedive today, and HSBC announced it will sell $17.8 billion in new stock in the largest rights issue in British corporate history. Europe's largest bank ended last year in the black, posting a $9.3 billion profit. But HSBC wrote off $10.6...

We Know What We're Doing, Bernanke Assures Congress

Fed chair defends response to financial crisis

(Newser) - Ben Bernanke defended the government’s response to the financial crisis today before Congress, saying regulators’ various approaches reflect different aspects of a unified strategy, MarketWatch reports. “We’re not making it up,” the Federal Reserve chief said. “We’re working along a program that has been...

Taxpayers May Get 40% Stake in New Citi Deal

Bank proposes converting public bucks into common stock

(Newser) - Fearing further losses, Citigroup is negotiating with the government to convert part of the public's $45 billion investment in Citi from preferred to common stock, which could give the US up to 40% of the bank at no additional cost. Such a move would boost the bank's capital portfolio while...

Stanford Bank in Antigua Missing $8B

'It appears to be a Ponzi scheme,' investigator says

(Newser) - Investigators rummaging around Allen Stanford's Antiguan bank have confirmed media reports that $8 billion is missing, the Times of London reports. “The $8 billion you hear about in the media isn’t there,” one official told customers outside the Stanford International Bank. "It appears to be a...

Dodd Backs Nationalizing Banks; White House Doesn't

Banking chair weighs short-term moves

(Newser) - Chris Dodd says the US may have to nationalize the most troubled banks for “a short time” to save the financial system, Bloomberg reports. The chairman of the Senate Banking Committee joined Ben Bernanke and Alan Greenspan in calling for serious consideration of nationalizing flailing institutions such as Bank...

How the Crisis Changed Bernanke
 How the
 Crisis Changed
 Bernanke 

ANALYSIS
Feb 19, 2009 12:33 PM CST

How the Crisis Changed Bernanke

Extraordinary times have changed the Fed chairman's language and policy

(Newser) - Crises change people, and the changes wrought by the financial meltdown on Fed Chairman Ben Bernanke were well evident at a Press Club lunch yesterday, writes Dana Milibank for the Washington Post. Previously known for bland answers, this academic now tempers his economist-speak with straight talk and supplemented official data...

BofA Tricks People Into Paying the Dead's Bills

Bank accused of shady practices in collecting cash from bereaved relatives

(Newser) - Bank of America has been misleading customers into believing they have to pay off the credit card bills of dead relatives, TPM reports. One customer was outraged when a bank rep tried to first trick, and then guilt-trip him into paying his dead mother's bills. A former rep for the...

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