February 2009 - Around The Web

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Half of modified mortgages go sour in six months

Published Tue, Feb 24 2009 3:31 PM by www.marketwatch.com

More than half of all modified mortgages defaulted again within six months, a top banking regulator testifies.
The Fed: Text of Bernanke's testimony

Published Tue, Feb 24 2009 11:21 AM by www.marketwatch.com

Here is the prepared testimony given Tuesday by Federal Reserve Chairman Ben Bernanke at the Senate Banking Committee.
BofA Lewis: Not discussing larger US stake

Published Tue, Feb 24 2009 11:06 AM by www.washingtonpost.com

CHARLOTTE, N.C. -- Bank of America Corp. Chief Executive Ken Lewis is reassuring employees that his company is not discussing a larger U.S. stake with the government.
General Growth Posts Drop in Key Measures

Published Tue, Feb 24 2009 11:06 AM by online.wsj.com

General Growth Properties posted declining fourth-quarter results, showing that the recession is hampering the mall owner's operations as it works to avoid bankruptcy.
Home Depot results top estimates

Published Tue, Feb 24 2009 9:32 AM by Reuters

ATLANTA (Reuters) - Top home improvement retailer Home Depot Inc delivered stronger-than-expected quarterly results on Tuesday as it held down expenses, sending its shares up 3 percent in pre-market trade.
Booming biz: Shrinkwrapping stalled construction

Published Tue, Feb 24 2009 9:32 AM by rss.cnn.com

Mike Enos didn't foresee the recession when he launched Fast Wrap, a Reno company that seals buildings and other very large objects in protective plastic. But after the markets crashed last fall, he was pleasantly surprised to find that the downturn...
Recipe for Disaster: The Formula That Killed Wall Street

Published Tue, Feb 24 2009 9:27 AM by www.wired.com

In the mid-'80s, Wall Street turned to the quants—brainy financial engineers—to invent new ways to boost profits. Their methods for minting money worked brilliantly... until one of them devastated the global economy.
Target profit falls nearly 41 percent

Published Tue, Feb 24 2009 9:09 AM by Reuters

NEW YORK (Reuters) - Target Corp on Tuesday reported its sixth consecutive drop in quarterly profit as consumers pare spending on the retailer's fashionable clothing and fall behind making payments on their Target credit cards.
FDIC: 'Stress Test' Will Determine Banks' Health

Published Tue, Feb 24 2009 8:53 AM by CNBC
JPMorgan Chase slashes dividend 87 percent

Published Mon, Feb 23 2009 5:57 PM by Reuters

NEW YORK (Reuters) - JPMorgan Chase & Co , the second largest U.S. bank, slashed its common stock dividend 87 percent on Monday, a surprise move by a lender considered among the strongest in the U.S. financial sector.
AIG in discussions with government on additional funds: report

Published Mon, Feb 23 2009 3:21 PM by Reuters

(Reuters) - American International Group Inc is in discussions with the U.S. government on securing additional funds, CNBC reported on Monday.
Home Builder: "We can't compete" - Against REO

Published Mon, Feb 23 2009 2:35 PM by Calculated Risk Blog

Last weekend I spoke with a few builders and land developers. Talk about a depressing group. In many areas of California the builders can't compete with lender REOs, since the lenders are selling REOs below replacement costs (including construction...
American Express offers some holders $300 incentive to cancel accounts

Published Mon, Feb 23 2009 2:19 PM by www.marketwatch.com

American Express Co. is offering a $300 incentive for customers to cancel their accounts as the card issuer grapples with surging loan delinquencies and soft card-member spending. The company is offering a $300 prepaid card, which can be used anywhere...
Board launches new website section on credit and liquidity programs and the balance sheet

Published Mon, Feb 23 2009 11:50 AM by www.federalreserve.gov

Board launches new website section on credit and liquidity programs and the balance sheet
Bear Market Comparisons, 1929-2009

Published Mon, Feb 23 2009 11:50 AM by feedproxy.google.com

The chart below is a comparison of the current market to all previous bear markets — including Friday’s new low on the Dow. > click for bigger chart by JP Koning
Mortgages of 100% 'were foolish'

Published Mon, Feb 23 2009 10:01 AM by news.bbc.co.uk

Banking minister Lord Myners has said banks were "foolish" to offer 100% mortgages, after Gordon Brown called for "prudent and careful" lending.
Treasury Considers GM, Chrysler Bankruptcy Funding Options

Published Mon, Feb 23 2009 9:56 AM by

Outside advisers to the U.S. Treasury have started lining up the largest bankruptcy loan ever, talking with banks and other lenders about at least $40 billion in financing for General Motors and Chrysler in case the two automakers need it, the Wall Street Journal reports.
Santelli's Manifesto: Why He Called for a 'Tea Party'

Published Mon, Feb 23 2009 9:37 AM by CNBC

Posted By: Rick Santelli CNBC's Rick Santelli touched a nerve last week. Here, he explains what led to that now-famous "shout heard 'round the world." Topics: | | | MEDIA:
Citi Seeking More Federal Aid

Published Mon, Feb 23 2009 9:24 AM by www.washingtonpost.com

Citigroup executives have approached federal regulators to discuss steps the government could take to strengthen the troubled company, according to two people familiar with the matter.
Economists: Just get through next 6 months

Published Mon, Feb 23 2009 9:23 AM by rss.cnn.com

A survey of leading economists finds them now forecasting a far deeper and more painful recession ahead in the first half of the year, but a modest pickup in the second half of 2009, followed by a solid recovery in 2010.

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February 2009 - Around The Web

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