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Last August I wrote a post talking about this study that said 416 banks were in trouble. It seems that the news is much worse about six months later, as the prediction now is that 702 banks, which is one out of every 11 banks in the country, are in trouble. That also includes a [...]
Once again, no one can be surprised by this move, after so much bad financial news and negative press. Citigroup and Bank of America got more bad news last week when their bond rating was downgraded from “stable” to “negative” by Standard & Poor. The initial outlook on both banks is that they’re still shaky, [...]
Man, when it’s time to pile on… On Thursday the Attorney General of New York, Andrew Cuomo, who might be running for governor of the state later in the year, charged former CEO Ken Lewis with fraud as it regards Bank of America’s purchase of Merrill Lynch at a time when the banking industry was [...]
What’s the fallout of paying off TARP money when you’re really not ready? Citigroup ended up losing $7.6 billion in the 4th quarter of 2009, and Bank of America ended up reporting a loss of around $5.2 billion for the same time period. They stated that their loss was due to having to pay back [...]
I know that some people believed I was sounding a very negative death knell against the credit card industry last year. I went fairly easy on American Express because, after all, it’s not associated with any banks and their practices, for the most part, have been pretty fair. But for everyone else who has a [...]
For awhile there, I started to feel like I was the only one picking on Citigroup, and wondering what everyone else was missing. None of the news looked like it was either calling out Citigroup for some of what’s been going on, or were totally missing the point. I started to wonder if maybe I [...]
It seems it’s not enough that black people are having it rougher than anyone else when it comes to unemployment. Now it seems that black and Hispanics are both having a tough go of it when it comes to getting fair mortgage rates. A Federal Reserve report came out showing that 54.7% of black borrowers [...]
