Fiscally distressed governments across the country may have gotten a troubling blueprint this week for getting out of their respective messes.» Read More
The backlash over Amazon selling "The Pedophile's Guide to Love and Pleasure" shows no signs of dying down, even after the company apparently pulled the controversial book from circulation.
CNBC has obtained links from child safety organizations who have searched the website on what would be considered more morally reprehensible content.
General Motors IPO Oversubscribed—By a Six Fold (CNBC via Reuters) There is once again something to feel good about in Detroit: Investors submitted orders for $60 billion of GM common stock—although General Motors only filed with regulators to sell about $10 billion in equity. The article goes on to say: " The robust demand suggests that GM's IPO will likely price around the top end of the $26 to $29 per share range and that the full overallotment option—additional shares underwriters can sell to help stabilize the stock after it begins trading—will be exercised, the sources said." Is it too late to hope that the old adage "What's good for General Motors is good for the country" still holds true?
Finally, an explanation everyone can understand.
Question: What's worse than having your house foreclosed upon?
Answer: having your house foreclosed upon twice . Unless, of course, you get it back the second time.
Homeowners in Massachusetts are now facing "back-to-back foreclosures," due to problems with property titles. When lenders are unable to get title insurance for the property on which they have foreclosed, they are now opting to try the whole process again. In Massachusetts, where the issue has affected at least hundreds, and "possibly thousands," of homeowners, it has become common enough to merit its own name: "re-foreclosure."
Two of the companies that were on just about everyone's list of banks most likely to hike their dividends are getting absolutely crushed Friday.
US Bank and Wells Fargo both saw their stocks rise, after news came out late last week that the Federal Reserve was preparing guidelines that would permit healthy banks to raise dividends in the first quarter of 2011. Today, the situation has reversed, with shares of both banks dropping more sharply than most of their rivals.
The European Union may have managed to stanch the bleeding —for the moment—on Irish bonds.
Bondholders seem to have been placated by a joint statement from five of Europe's most economically powerful nations: Germany, France, Italy, the U.K., and Spain. The statement said that bonds issued before the middle of 2013 would not be affected by changes to the EU's bailout program.
Earlier this morning, reports had surfaced of the possibility of haircutting Irish bondholders, which sent the Irish debt markets skittering.
The Troubled Asset Relief Program wasn’t really a bank bailout after all, but instead was the “most successful government financial program ever,” banking analyst Dick Bove said.
In a research note, Bove noted that the controversial TARP saved the banking industry as well as the broader economy while generating a hefty return for taxpayers.
Former President George W. Bush signed the $700 billion program into law on Oct. 3, 2008 as banks suffered a liquidity crisis brought on by the collapse of the subprime mortgage market. TARP recapitalized banks across the board—even many that didn’t need the extra money.
Bove praised the program for restoring faith in the system even though it has received a largely negative public perception.
If you were counting on the big U.S. banks to restore or increase dividends that were pared back or ended during the financial crisis, you might want to think again.
The final portions of a prepared speech by a top Federal Reserve official seemed aimed at pulling-back market expectations that the central bank would soon authorize a resumption of dividends.
The Fed has been preparing guidelines on how banks will be able to change their dividend policies in the first quarter of next year. When that news was reported last week—the Wall Street Journal’s headline was “Fed to Let Banks Increase Dividend” — the stocks of several banks rose.
The announcement that the Federal Reserve is embarking on a renewed quantitative easing policy has prompted scolding from China, Russia and Germany. Which is perhaps the first thing I’ve heard in quite a while that makes me want to support Ben Bernanke.
Look, I understand the criticism of further easing—even if I think moralistic language about “debasing the currency” and an “unsustainable” monetary policy, or talk of “hyperinflation ,” is usually evidence that the critics have doffed their economic analyst hats and started playing the role of grand inquisitors.
The most valid critique of quantitative easing is not that it will destroy the dollar. It’s that it probably will not work to improve the conditions of the domestic economy. We’re caught in a liquidity trap coupled with a post-boom economic reset. Releasing more dollars into the banking system will not spur more lending or economic growth as long as we’re still working out way out of the bad investments—which include financial positions keyed around mortgages, capital expenditures keyed around suburban sprawl, and worker skills built around the housing sector—from the boom.
Apparently, having sex on the copy machine is just part of a normal day at Chase Manahattan's South Richmond Hill, Queens Branch.
A former JPMorgan Chase banker, Shivana Persad, who worked at the branch claims that her boss told her to mind her own business after she reported two co-workers having sex near a copy machine.
Persad, a Trinidadian banker, is suing JPMorgan Chase , claiming she was fired because of ethnic tensions. Persad said her Guyanese boss at the bank called Trinidadians "lazy" and "nickel-and-dime workers."
Persad says she was insulted after she complained to a Guyanese manager after witnessing two co-workers having sex near a copy machine in March 2009.
"You Trinis need to mind your own business," she was told, according to court papers.
John Carney is a senior editor for CNBC.com, covering Wall Street and finance and running the NetNet blog.
Jeff Cox is finance editor for CNBC.com.
Lawrence Delevingne is the ‘Big Money’ enterprise reporter for CNBC.com and NetNet.
Stephanie Landsman is one of the producers of CNBC's 5pm ET show "Fast Money."
Kyle Bass's Hayman Capital has taken a stake in General Motors, betting that the once bankrupt company is undervalued, he told CNBC.
The US Justice Department plans to bring civil mortgage fraud cases against several financial institutions early in 2014.
Muddled by inconsistent earnings and stock performances, one sector appears tougher and tougher to predict, CNBC's Jim Cramer says.