DailyFinance http://www.dailyfinance.com DailyFinance http://www.blogsmithmedia.com/http://www.dailyfinance.com/media/feedlogo.gif DailyFinance http://www.dailyfinance.com en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/Fed stalls on Chinese bank deal, costs taxpayers $1.7 billionhttp://www.dailyfinance.com/2009/11/20/fed-stalls-on-chinese-bank-deal-costs-taxpayers-1-7-billion/http://www.dailyfinance.com/2009/11/20/fed-stalls-on-chinese-bank-deal-costs-taxpayers-1-7-billion/http://www.dailyfinance.com/2009/11/20/fed-stalls-on-chinese-bank-deal-costs-taxpayers-1-7-billion/#commentsFiled under:

fed-stalls-on-chinese-bank-deal-costs-taxpayers-billionsWith regulators having seized 123 banks so far this year, one might think the Federal Reserve and Federal Deposit Insurance Corp. would be looking everywhere to find potential buyers for failed financial institutions' deposits and assets. But there's one place to which they're apparently not quite ready to turn: China.

When San Francisco-based United Commercial Bank failed on Nov. 9, the Fed was weighing an application by Chinese bank Minsheng to step in and take it over. But while it considered whether Chinese regulators were prepared to oversee a bank with operations on both sides of the Pacific, time ran out and UCB was shut down.

Continue reading Fed stalls on Chinese bank deal, costs taxpayers $1.7 billion

Fed stalls on Chinese bank deal, costs taxpayers $1.7 billion originally appeared on DailyFinance on Fri, 20 Nov 2009 16:40:00 EST. Please see our terms for use of feeds.

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]]>chinafailed banksFailedBanksfdicfederal deposit insurance corprationfederal reserveFederalDepositInsuranceCorprationFederalReservein focusInFocusminshengUCBTim CattsFri, 20 Nov 2009 16:40:00 ESTCongressman calls on Geithner to resignhttp://www.dailyfinance.com/2009/11/19/congressman-calls-on-geithner-to-resign/http://www.dailyfinance.com/2009/11/19/congressman-calls-on-geithner-to-resign/http://www.dailyfinance.com/2009/11/19/congressman-calls-on-geithner-to-resign/#commentsFiled under: ,

It's rarely much fun to watch government officials testify before Congress. But Rep. Kevin Brady (R-Texas) managed to add a charge to a hearing held Thursday morning by the Joint Economic Committee when he told Treasury Secretary Timothy Geithner that bailouts and rising unemployment had eroded lawmakers' and taxpayers' confidence in him. He then asked him to resign.

"Mr. Secretary, you are the point person on the economy, and the buck, in effect, stops with you," Brady said. "For the sake of our jobs, will you step down from your post?"

Continue reading Congressman calls on Geithner to resign

Congressman calls on Geithner to resign originally appeared on DailyFinance on Thu, 19 Nov 2009 14:20:00 EST. Please see our terms for use of feeds.

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]]>congresskevin bradyKevinBradytimothy geithnerTimothyGeithnerTim CattsThu, 19 Nov 2009 14:20:00 ESTFederal Reserve issues new rules restricting overdraft fees on debit cardshttp://www.dailyfinance.com/2009/11/12/federal-reserve-issues-new-rules-restricting-overdraft-fees-on-d/http://www.dailyfinance.com/2009/11/12/federal-reserve-issues-new-rules-restricting-overdraft-fees-on-d/http://www.dailyfinance.com/2009/11/12/federal-reserve-issues-new-rules-restricting-overdraft-fees-on-d/#commentsFiled under:

Beginning next summer, banks will have to stop charging overdraft fees on debit- and ATM-card transactions without the permission of the cardholder, according to a new rule announced Thursday by the Federal Reserve.

Banks have been taking heat over the fees for months, and Bank of America (BAC) and JPMorgan Chase (JPM), among others, announced in October that they would allow their customers to opt out of overdraft protection, ending practices that consumer advocates disdain.

Continue reading Federal Reserve issues new rules restricting overdraft fees on debit cards

Federal Reserve issues new rules restricting overdraft fees on debit cards originally appeared on DailyFinance on Thu, 12 Nov 2009 17:45:00 EST. Please see our terms for use of feeds.

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]]>overdraft feesOverdraftFeesTim CattsThu, 12 Nov 2009 17:45:00 ESTAIG may be able to repay the U.S. after all, Moody's now sayshttp://www.dailyfinance.com/2009/11/10/aig-may-be-able-to-repay-the-u-s-after-all-moodys-now-says/http://www.dailyfinance.com/2009/11/10/aig-may-be-able-to-repay-the-u-s-after-all-moodys-now-says/http://www.dailyfinance.com/2009/11/10/aig-may-be-able-to-repay-the-u-s-after-all-moodys-now-says/#commentsFiled under: , ,

Just how much taxpayers will recoup of the $700 billion set aside last fall to bolster companies hard hit by the credit crisis has been a matter of debate for more than a year. And because American International Group (AIG), the deeply troubled insurer that's 80%-owned by the U.S. government, has received such a big bailout, it has frequently been in the center of that debate.

Surprisingly, however, Moody's Investors Service (MCO) now says AIG may be able to pay back much more of that government aid than first thought. In fact, the credit-rating firm said in a report Tuesday that AIG will probably be able to repay all of the more than $180 billion it has received from taxpayers as well as buy back the government's stake in the company.

Continue reading AIG may be able to repay the U.S. after all, Moody's now says

AIG may be able to repay the U.S. after all, Moody's now says originally appeared on DailyFinance on Tue, 10 Nov 2009 16:30:00 EST. Please see our terms for use of feeds.

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]]>aigamerican international groupAmericanInternationalGroupbailoutmcoMoodystarpTroubled Asset Relief ProgramTroubledAssetReliefProgramTim CattsTue, 10 Nov 2009 16:30:00 ESTAdvanta files for bankruptcy -- more bad news for small-business borrowershttp://www.dailyfinance.com/2009/11/09/advanta-files-for-bankruptcy-more-bad-news-for-small-business/http://www.dailyfinance.com/2009/11/09/advanta-files-for-bankruptcy-more-bad-news-for-small-business/http://www.dailyfinance.com/2009/11/09/advanta-files-for-bankruptcy-more-bad-news-for-small-business/#commentsFiled under:

A deep recession isn't a great time to be in the business of lending to entrepreneurs. First CIT Group had to seek bankruptcy protection last month when it failed to strike a deal with bondholders to rework its debt. And now Advanta (ADVNB), a credit-card company specializing in lending to small-business owners, will follow, it announced today.

The news comes five months after Advanta cut off borrowing by its cardholders, citing a surge in delinquencies. It's still hoping to collect $2.7 billion in balances from 360,000 customers.

Continue reading Advanta files for bankruptcy -- more bad news for small-business borrowers

Advanta files for bankruptcy -- more bad news for small-business borrowers originally appeared on DailyFinance on Mon, 09 Nov 2009 16:30:00 EST. Please see our terms for use of feeds.

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]]>advantaadvnbbankruptcycitcit groupCitGroupcredit cardsCreditCardssmall businessSmallBusinessTim CattsMon, 09 Nov 2009 16:30:00 ESTBerkshire Hathaway's net profit triples while stock portfolio bests S&P 500http://www.dailyfinance.com/2009/11/06/berkshire-hathaways-net-profit-triples-while-stock-portfolio-be/http://www.dailyfinance.com/2009/11/06/berkshire-hathaways-net-profit-triples-while-stock-portfolio-be/http://www.dailyfinance.com/2009/11/06/berkshire-hathaways-net-profit-triples-while-stock-portfolio-be/#commentsFiled under:

Warren Buffett, one of the world's richest men and CEO of conglomerate Berkshire Hathaway (BRK.A), once proclaimed that "the banking business is no favorite of ours." The comment came in one of his famous missives to Berkshire's shareholders by way of explaining that financial companies were too risky and opaque for the über-investor's tastes.

But that was in 1990. Today, well-timed investments in banks like Goldman Sachs (GS) and Wells Fargo (WFC) are looking like smart moves for Buffett and Berkshire Hathaway, according to figures contained in the company's quarterly earnings statement released Friday. So are bets on a number of other blue-chip stocks like Johnson & Johnson (JNJ) and Coca-Cola (KO). The company's third-quarter net income nearly tripled to $3.24 billion, or $2,087 per Class A equivalent share, compared with $1.06 billion, or $682 per Class A equivalent share, in the year-ago quarter.

Continue reading Berkshire Hathaway's net profit triples while stock portfolio bests S&P 500

Berkshire Hathaway's net profit triples while stock portfolio bests S&P 500 originally appeared on DailyFinance on Fri, 06 Nov 2009 18:40:00 EST. Please see our terms for use of feeds.

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]]>american expressAmericanExpressberkshire hathawayBerkshireHathawayGoldman SachsGoldmanSachsJohnson and JohnsonJohnsonAndJohnsonkraftwarren buffettWarrenBuffettTim CattsFri, 06 Nov 2009 18:40:00 ESTHyatt surges on its first day of tradinghttp://www.dailyfinance.com/2009/11/05/hyatt-surges-on-its-first-day-of-trading/http://www.dailyfinance.com/2009/11/05/hyatt-surges-on-its-first-day-of-trading/http://www.dailyfinance.com/2009/11/05/hyatt-surges-on-its-first-day-of-trading/#commentsFiled under: ,

The threat of family feuds and a worldwide slump in hotel reservations couldn't dampen Hyatt Hotels Corp. (H) on its first day of trading on the New York Stock Exchange. The high-end hotel chain rose more than 12 percent on Thursday after raising $950 million in its initial public offering the prior evening.

What's driving the strong performance? It certainly doesn't hurt that the S&P 500 enjoyed its fourth straight day of gains, rising about 1.8 percent. But investors pushed Hyatt's shares from $25, where they debuted, all the way up to $28 on the strength of its well-known brand and healthy cash flow, analysts say.

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Hyatt surges on its first day of trading originally appeared on DailyFinance on Thu, 05 Nov 2009 17:20:00 EST. Please see our terms for use of feeds.

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]]>hyatt hotelsHyattHotelsinitial public offeringInitialPublicOfferingipoTim CattsThu, 05 Nov 2009 17:20:00 ESTBank analyst Richard Bove, sued but unbowed, strikes againhttp://www.dailyfinance.com/2009/11/04/bank-analyst-richard-bove-sued-but-unbowed-strikes-again/http://www.dailyfinance.com/2009/11/04/bank-analyst-richard-bove-sued-but-unbowed-strikes-again/http://www.dailyfinance.com/2009/11/04/bank-analyst-richard-bove-sued-but-unbowed-strikes-again/#commentsFiled under: ,

Veteran Wall Street analyst Richard Bove caused quite a stir among bankers last summer with a research note that called out 24 mostly small and midsize financial institutions. Bove said they were endangered by rising levels of delinquent mortgages and other toxic assets.

The decision to publish that research has cost Bove plenty. One of the banks he identified as troubled sued him last July. To protect his firm, he quit and joined another company, and he has since been shouldering a monthly legal bill of some $50,000, he says. But he's not backing down. Indeed, in a new report sent to clients Wednesday, he sought to show that most of the banks he criticized more than a year ago haven't fared well since.

Continue reading Bank analyst Richard Bove, sued but unbowed, strikes again

Bank analyst Richard Bove, sued but unbowed, strikes again originally appeared on DailyFinance on Wed, 04 Nov 2009 18:10:00 EST. Please see our terms for use of feeds.

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]]>bank failuresbankatlanticBankFailuresbankunitedcorus banksharesCorusBanksharesdoral financialDoralFinancialdowney financialDowneyFinancialfailed banksFailedBanksfirstfed financialFirstfedFinancialrichard boveRichardBoveTim CattsWed, 04 Nov 2009 18:10:00 ESTBuzz surrounds takeover of 2009's best performing stockhttp://www.dailyfinance.com/2009/11/03/buzz-surrounds-takeover-of-2009s-best-performing-stock/http://www.dailyfinance.com/2009/11/03/buzz-surrounds-takeover-of-2009s-best-performing-stock/http://www.dailyfinance.com/2009/11/03/buzz-surrounds-takeover-of-2009s-best-performing-stock/#commentsFiled under:

There's an interesting merger percolating in the coffee world. Peet's Coffee & Tea (PEET), the chain said to have been the inspiration for Starbucks (SBUX), said Monday it had reached a $213 million deal to buy Diedrich Coffee (DDRX), a big seller of java in single-serving cups for home brewing.

So what's the big deal? After all, small companies buy each other for a few hundred million dollars all the time. But Diedrich is probably the best-performing stock in the United States this year. In fact, it was up a mind-boggling 5,555.56 percent this year before the takeover by Peet's was announced. As recently as late March, it was trading for 42 cents; Peet's agreed to pay $26 a share to take it over.

Continue reading Buzz surrounds takeover of 2009's best performing stock

Buzz surrounds takeover of 2009's best performing stock originally appeared on DailyFinance on Tue, 03 Nov 2009 18:45:00 EST. Please see our terms for use of feeds.

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]]>diedrich coffeeDiedrichCoffeemergers and acquisitionsMergersAndAcquisitionspeets coffeePeetsCoffeetakeoversTim CattsTue, 03 Nov 2009 18:45:00 ESTIs U.S. Bancorp becoming too big to fail? Probably nothttp://www.dailyfinance.com/2009/11/02/is-u-s-bancorp-becoming-too-big-to-fail-probably-not/http://www.dailyfinance.com/2009/11/02/is-u-s-bancorp-becoming-too-big-to-fail-probably-not/http://www.dailyfinance.com/2009/11/02/is-u-s-bancorp-becoming-too-big-to-fail-probably-not/#commentsFiled under: ,

Last Friday, regulators seized nine banks, the most on a single day since the financial crisis began more than two years ago. Sure, it was a sign of just how sick many financial institutions have become, but it wasn't all bad news. That's especially true for U.S. Bancorp (USB), the Minnesota-based regional bank picked by the Federal Deposit Insurance Corp. to take over all nine of the failed banks' branches and deposits.

U.S. Bancorp has emerged as the past year's biggest buyer of failed banks. And Friday's haul was its largest yet. It took over California, Texas, Illinois and Arizona-based subsidiaries of FBOP Corp., a privately owned bank holding company with headquarters outside Chicago. The deals bring U.S. Bancorp some $18 billion in assets and 150 branches -- and raise an interesting question: Just how big can it grow by feeding on failed banks' remains?

Continue reading Is U.S. Bancorp becoming too big to fail? Probably not

Is U.S. Bancorp becoming too big to fail? Probably not originally appeared on DailyFinance on Mon, 02 Nov 2009 17:15:00 EST. Please see our terms for use of feeds.

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]]>bankingbanking crisisbanking sectorbanking stocksbanking systemBankingCrisisBankingSectorBankingStocksBankingSystemfailed banksFailedBanksfdicFederal Deposit Insurance CorporationFederalDepositInsuranceCorporationregional bankregional banksRegionalBankRegionalBanksus bancorpusbUsBancorpTim CattsMon, 02 Nov 2009 17:15:00 ESTSlim sales mean plump corporate profits aren't built to lasthttp://www.dailyfinance.com/2009/10/30/slim-sales-mean-plump-corporate-profits-arent-built-to-last/http://www.dailyfinance.com/2009/10/30/slim-sales-mean-plump-corporate-profits-arent-built-to-last/http://www.dailyfinance.com/2009/10/30/slim-sales-mean-plump-corporate-profits-arent-built-to-last/#commentsFiled under:

The economy may still be in the dumps -- don't let yesterday's early reading on gross domestic product fool you into thinking otherwise. But that hasn't kept U.S. companies from posting bigger-than-expected profits. In fact, four out of every five members of the S&P 500 that reported third-quarter earnings in recent weeks exceeded analysts' estimates, according to data compiled by Thomson Reuters.

But what seems like great news at first glance looks a lot less impressive upon closer inspection. Just as many market observers feared before earnings season got underway, plenty of these companies are trimming costs rather than boosting sales, which means they probably won't be able to outperform expectations much longer.

Continue reading Slim sales mean plump corporate profits aren't built to last

Slim sales mean plump corporate profits aren't built to last originally appeared on DailyFinance on Fri, 30 Oct 2009 17:40:00 EST. Please see our terms for use of feeds.

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]]>bacatearningsearnings qualityEarningsQualitygeibmintckomcdrevenuesalestrvwmtTim CattsFri, 30 Oct 2009 17:40:00 ESTVisa CEO sees debit cards charging forwardhttp://www.dailyfinance.com/2009/10/28/visa-ceo-sees-debit-cards-charging-forward/http://www.dailyfinance.com/2009/10/28/visa-ceo-sees-debit-cards-charging-forward/http://www.dailyfinance.com/2009/10/28/visa-ceo-sees-debit-cards-charging-forward/#commentsFiled under: ,

Americans have long loved to use plastic when buying stuff. And increasingly the cards they're using are debit cards, data released by Visa (V) and Mastercard (MA), the two largest card networks, show. But is that shift sustainable?

Visa CEO Joe Saunders sure thinks so. That's what he told analysts and investors in a conference call Tuesday after his company announced quarterly earnings that exceeded the market's expectations. Debit card use will continue to grow, and "I don't think there's any question about that for a lot of reasons," he said.

Continue reading Visa CEO sees debit cards charging forward

Visa CEO sees debit cards charging forward originally appeared on DailyFinance on Wed, 28 Oct 2009 13:55:00 EST. Please see our terms for use of feeds.

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]]>consumer spendingConsumerSpendingcredit cardsCreditCardsdebit cardsDebitCardsmastercardvisaTim CattsWed, 28 Oct 2009 13:55:00 ESTCEO pay is still a man's worldhttp://www.dailyfinance.com/2009/10/27/ceo-pay-is-still-a-mans-world/http://www.dailyfinance.com/2009/10/27/ceo-pay-is-still-a-mans-world/http://www.dailyfinance.com/2009/10/27/ceo-pay-is-still-a-mans-world/#commentsFiled under:

The results of a new study by boardroom watchdog The Corporate Library might lead you to conclude that last year was a bad time to be the CEO of a U.S. company. After all, top corporate executives saw their pay fall sharply from a year earlier as the recession decimated profits and sent the stock market into a nosedive.

Of course, it's never really a bad time to be a CEO. Even last year, it took some $70 million in total compensation to crack the list of ten highest-paid chief executives, according to The Corporate Library. That's nothing to scoff at (especially when you consider that it's about 20,000 times more than a typical citizen of, say, Liberia makes a year). Still, not all CEOs are created equal: Women executives saw their pay plummet even further than their male peers, the study found.

Continue reading CEO pay is still a man's world

CEO pay is still a man's world originally appeared on DailyFinance on Tue, 27 Oct 2009 12:00:00 EST. Please see our terms for use of feeds.

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]]>ceo payCeoPayexeuctive compensationExeuctiveCompensationfemale ceosFemaleCeosin focusInFocusthe corporate libraryTheCorporateLibrarywomen ceosWomenCeosTim CattsTue, 27 Oct 2009 12:00:00 ESTCan American Express charge ahead of its rivals?http://www.dailyfinance.com/2009/10/23/can-american-express-charge-ahead-of-its-rivals/http://www.dailyfinance.com/2009/10/23/can-american-express-charge-ahead-of-its-rivals/http://www.dailyfinance.com/2009/10/23/can-american-express-charge-ahead-of-its-rivals/#commentsFiled under: , ,

Don't look for American Express (AXP)'s better-than-expected third-quarter results, announced Thursday, to presage a turnaround for other big card issuers. Most are getting socked by mounting loan losses, as cardholders contend with rising unemployment and falling home prices. And as consumers deleverage, they're spending less on credit cards and paying down balances, which means less revenue from interest and fees.

It's a different story for American Express. For the fifth straight month, the company wrote off fewer bad loans to cardholders in September. What's more, purchases on its charge cards -- which must be paid off at the end of every month -- are growing faster than those on its credit cards for the first time in at least two years.

Continue reading Can American Express charge ahead of its rivals?

Can American Express charge ahead of its rivals? originally appeared on DailyFinance on Fri, 23 Oct 2009 14:30:00 EST. Please see our terms for use of feeds.

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]]>american expressAmericanExpressaxpbank of americaBankOfAmericaborrowingcharge cardChargeCardconsumersearningsfederal reserveFederalReservehome pricesHomePricesin focusInFocusjpmorgan chaseJpmorganChaseloanmastercardunemploymentvisaTim CattsFri, 23 Oct 2009 14:30:00 ESTBank earnings beat expectations, but are they sustainable?http://www.dailyfinance.com/2009/10/22/bank-earnings-beat-expectations-but-are-they-sustainable/http://www.dailyfinance.com/2009/10/22/bank-earnings-beat-expectations-but-are-they-sustainable/http://www.dailyfinance.com/2009/10/22/bank-earnings-beat-expectations-but-are-they-sustainable/#commentsFiled under: , ,

Earnings at most big banks outpaced expectations in the third quarter. Some banks, like JPMorgan Chase (JPM) and Wells Fargo (WFC), could even brag that they'd brought in record income so far this year. But for many investors, the question is whether better-than-forecast results are sustainable.

When it appears they aren't, things can take a turn for the worse in a hurry. While bank stocks recovered on Thursday, they fell significantly a day earlier when veteran banking analyst Richard Bove at Rochdale Securities cast doubt on Wells Fargo's chances to repeat its strong performance and recommended clients sell the stock as a result. Within moments of Bove's recommendation, the S&P 500 had fallen by 1.5 percent.

Continue reading Bank earnings beat expectations, but are they sustainable?

Bank earnings beat expectations, but are they sustainable? originally appeared on DailyFinance on Thu, 22 Oct 2009 18:00:00 EST. Please see our terms for use of feeds.

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]]>ccitigroupjpmjpmorgan chaseJpmorganChasewells fargoWellsFargowfcTim CattsThu, 22 Oct 2009 18:00:00 ESTMorgan Stanley posts first profit of 2009http://www.dailyfinance.com/2009/10/21/morgan-stanley-posts-first-profit-of-2009/http://www.dailyfinance.com/2009/10/21/morgan-stanley-posts-first-profit-of-2009/http://www.dailyfinance.com/2009/10/21/morgan-stanley-posts-first-profit-of-2009/#commentsFiled under: ,

From JPMorgan (JPM) to Goldman Sachs (GS) to Wells Fargo (WFC), it's been a year of record earnings for some of the biggest U.S. banks and investment firms. Not so for Morgan Stanley (MS), which reported its first quarterly profit in 12 months on Wednesday.

Higher fees from underwriting stock and bond issues and real estate investments that swung to a gain played a big part in helping Morgan Stanley post net income of of $757 million, or 38 cents a share, compared with a loss of $159 million, or $1.37 a share, a year ago, the company said in a statement.

Continue reading Morgan Stanley posts first profit of 2009

Morgan Stanley posts first profit of 2009 originally appeared on DailyFinance on Wed, 21 Oct 2009 12:50:00 EST. Please see our terms for use of feeds.

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]]>earningsjohn mackJohnMackmorgan stanleyMorganStanleyTim CattsWed, 21 Oct 2009 12:50:00 ESTWells Fargo earnings reach a new high, but loan losses keep mountinghttp://www.dailyfinance.com/2009/10/21/wells-fargo-earnings-reach-a-new-high-but-loan-losses-keep-moun/http://www.dailyfinance.com/2009/10/21/wells-fargo-earnings-reach-a-new-high-but-loan-losses-keep-moun/http://www.dailyfinance.com/2009/10/21/wells-fargo-earnings-reach-a-new-high-but-loan-losses-keep-moun/#commentsFiled under: , ,

Wells Fargo (WFC), the fourth-largest U.S. bank, reported its third-straight record quarterly profit as lending and deposits increased. The San Francisco-based lender said third-quarter net income for common shareholders rose to $2.6 billion, or 54 cents a share, compared with $1.6 billion, or 49 cents a share a year ago.

Those results outpaced analysts' profit estimates of 37 cents a share, according to Thomson Reuters. And yet Wells Fargo's stock dropped in pre-market trading, possibly because the strong results also hinted at some lingering concerns that many analysts and investors have harbored over its performance.

Continue reading Wells Fargo earnings reach a new high, but loan losses keep mounting

Wells Fargo earnings reach a new high, but loan losses keep mounting originally appeared on DailyFinance on Wed, 21 Oct 2009 10:10:00 EST. Please see our terms for use of feeds.

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]]>earningsin focusInFocuswells fargoWellsFargoTim CattsWed, 21 Oct 2009 10:10:00 ESTState Street faces suit over CalPERS feeshttp://www.dailyfinance.com/2009/10/20/state-street-faces-suit-over-calpers-fees/http://www.dailyfinance.com/2009/10/20/state-street-faces-suit-over-calpers-fees/http://www.dailyfinance.com/2009/10/20/state-street-faces-suit-over-calpers-fees/#commentsFiled under:

California Attorney General Jerry Brown is suing State Street Bank and Trust (SST), seeking $200 million in damages for allegedly defrauding the state's giant pension funds.

"Over a period of eight years, State Street bankers committed unconscionable fraud by misappropriating millions of dollars that rightfully belonged to California's public pension funds," Brown said in an e-mailed statement. "This is just the latest example of how clever financial traders violate laws and rip off the public trust."

Continue reading State Street faces suit over CalPERS fees

State Street faces suit over CalPERS fees originally appeared on DailyFinance on Tue, 20 Oct 2009 18:00:00 EST. Please see our terms for use of feeds.

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]]>California Public Employees Retirement SystemCaliforniaPublicEmployeesRetirementSystemcalpersjerry brownJerryBrownstate streetStateStreetsttTim CattsTue, 20 Oct 2009 18:00:00 ESTBank of New York Mellon earnings drop, thanks to a huge restructuring chargehttp://www.dailyfinance.com/2009/10/20/bank-of-new-york-mellon-earnings-drop-thanks-to-a-huge-restruct/http://www.dailyfinance.com/2009/10/20/bank-of-new-york-mellon-earnings-drop-thanks-to-a-huge-restruct/http://www.dailyfinance.com/2009/10/20/bank-of-new-york-mellon-earnings-drop-thanks-to-a-huge-restruct/#commentsFiled under: ,

Some of the same forces that helped Wall Street's biggest firms make lots of money buying and selling bonds are also responsible for a giant, unexpected third-quarter loss at Bank of New York Mellon (BK), the company said Tuesday.

The largest of the so-called custodial banks that specialize in holding investors' securities lost $2.46 billion, or $2.05 a share, after taking an enormous charge to mend its own portfolio of mortgage-related investments, it said.

Continue reading Bank of New York Mellon earnings drop, thanks to a huge restructuring charge

Bank of New York Mellon earnings drop, thanks to a huge restructuring charge originally appeared on DailyFinance on Tue, 20 Oct 2009 13:15:00 EST. Please see our terms for use of feeds.

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]]>bank of new yorkbank of new york mellonBankOfNewYorkBankOfNewYorkMellonbanksearningsEarnings reportsEarningsReportstoxic assetsToxicAssetsTim CattsTue, 20 Oct 2009 13:15:00 ESTCarl Icahn aims both barrels at CIT's boardhttp://www.dailyfinance.com/2009/10/19/carl-icahn-aims-both-barrels-at-cits-board/http://www.dailyfinance.com/2009/10/19/carl-icahn-aims-both-barrels-at-cits-board/http://www.dailyfinance.com/2009/10/19/carl-icahn-aims-both-barrels-at-cits-board/#commentsFiled under: ,

Billionaire financier Carl Icahn pulled no punches on Monday in a scathing open letter to the board of CIT Group (CIT). The foundering century-old lender "shamelessly" offered to sell big bondholders $6 billion in loans to the company at "well below fair market value," all to the detriment of smaller investors, Icahn alleged.

To the feared corporate raider and distressed-debt investor, it's the last in a long line of perceived insults by CIT's board. And paving the way for their removal, it would appear, is one of the main motivations behind his offer to extend his own $6 billion loan that he says would be cheaper and come with fewer strings attached.

Continue reading Carl Icahn aims both barrels at CIT's board

Carl Icahn aims both barrels at CIT's board originally appeared on DailyFinance on Mon, 19 Oct 2009 16:40:00 EST. Please see our terms for use of feeds.

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]]>bankruptcycarl icahnCarlIcahncitcit groupCitGroupicahnTim CattsMon, 19 Oct 2009 16:40:00 EST