If the Fed cuts rates, and goes negative, it will have a direct impact on top consumer banks' balance sheets.» Read More
By replacing Chuck Noski with Bruce Thompson in the spot of chief financial officer, Bank of America is marching down a path last trod by Lehman Brothers .
Munis rallied last week, after four weeks of falling prices and rising yields, according to The Bond Buyer newspaper . Similarly, outflows in muni bonds have slowed in recent weeks—prompting some to say that the market is starting to recover. Muni defaults were actually lower in the first quarter of 2011 than they were during the beginning of 2010.
In his latest weekly note, John Hussman once again states that markets are wildly overbought, etc.—the same thing he's been saying for awhile.
He does draw special attention to the fact all these bank CFOs have been resigning, and nobody seems to care int he market.
The news that Bank of America had hired Gary Lynch, formerly the General Counsel of Morgan Stanley, to the new post of global chief legal officer is a clear demonstration that the bank continues to play games with its shareholders. It is also giving rise to insider sniping about its general counsel.
Bank of America shares gave up more than 2 percent Friday on disappointing earnings. But a bad quarter may be the least of the bank’s worries.
The largest bank by deposits just lost its chief financial officer and just hired one of the most connected regulatory lawyers in the U.S.
Both events are alarming.
T. Rowe Price disclosed Friday that nineteen of its mutal funds hold shares of Facebook worth $190.5 million. While it is not unique for a mutual fund to hold shares of a private company, this could tell us something about Facebook's plans for an IPO.
Goldman Sachs’ trading desks owned nearly twice as much municipal debt at the end of 2010 as they did at the end of the previous year, according to the company’s annual report.
Irving Picard's lawsuit against JPMorgan reveals many names of executives who suspected that Bernie Madoff's fund was a ponzi scheme, but did nothing.
The worst news is about Brian Sankey. After Madoff's arrests, because even though the firm's executives had held a lunch meeting to discuss their doubts about Madoff in 2007, a year before the scheme unravelled, he allegedly advised that the existence of the firm's doubts “never [see] the light of day again.”
The "doom loop" is shaking up stock markets as worries of negative interest rates in the US may come.
The rivalry between Bill Gross and his former company Pimco looks set to hinge on the U.S. economy this year. FT reports.
Tender issued for euro-denominated unsecured bonds worth 3 billion euros and dollar-denominated bonds worth $2 billion.