U.S. Treasury Secretary Timothy Geithner said on Friday that the Obama administration will provide "substantial support" to troubled lender GMAC, a vital provider of financing for the domestic auto industry.
I consider these job losses to be depression level totals. Admittedly conditions are not as bad as the great depression, but this is certainly no ordinary recession by any economic measure...
Fannie Mae issued a grave warning about its future saying it needs $19 billion in additional government aid as job losses grow and risky loans made during the housing boom go bad at an unnerving pace. Already got a $15 billion bailout in March, warne
Forget about the bank stress test, which is all smoke and mirrors--watch Treasuries to see what is really happening in the economy.
California is running short on cash fast—$23 billion short. According to chief legislative budget analyst Mac Taylor, the Golden State may not have enough moolah to keep it going through July...
In addition the "birth-death adjustment" was +226,000, close to double the previous month. That's the computer model that "estimates" the number of jobs that are created in the economy but unreported.
The results of the stress test are due to be released at 5:00 PM to ensure minimum news cycle impact, and the Feds have released a statement on what to expect. By this point, there's been so much leaking and throat clearing, it almost seems like
The greater their failure, the bolder they become. The more they lose, the more they take. The greater the chaos, the more control they exact. The bigger they fail, the harder we fall.
I have never ceased wondering how many people lied to get a loan that they simply could not afford. This video explains how and why the bankers used this outrageous loan qualification process.
Some investors in 401(k) retirement funds who are moving to grab their money are finding they can't.
General Motors posted a $6 billion first-quarter loss and spent $10.2 billion more cash than it took in during the first 3 months of the year as revenue plummeted by $20 billion. Talk of the company going bankrupt scared some consumers away from buyi
[whoopie again] U.S. President Barack Obama, facing criticism over huge budget deficits, will propose on Thursday shaving $17 billion from a 2010 budget that will still hover around $3.5 trillion, administration officials said.
Some of the nation's largest banks will be scrambling to demonstrate that they can raise capital after results of government stress tests leaked out, showing many need more funds. The Treasury Department will officially release results later Thur
I warned you in July of '08... I'm doing it again.
The government will not require Bank of America Corp. to raise any new capital as a result of its stress test, although the company will be required to increase its holdings of common equity, the most dependable kind of capital, by about $35 billion
For now, the "bottom" is in -- that is, the bottom of this society's ability to process reality. It may continue for a month of so, even after the "stress test" for banks is finally let out of the massage parlor with a "h
Don't fall for it folks. $34 billion in dilution is $34 billion, no matter how it is achieved. BAC's current market cap (according to Yahoo Finance) is $70 billion (as of yesterday's close), meaning that you will be diluted by about 50%
Regulators have determined that Bank of America Corp. has the largest need for new capital among the 19 biggest U.S. banks subjected to stress tests, according to people familiar with the matter.
From time to time, a few members of Congress—as many as 10, sometimes fewer—gather with Rep. Ron Paul (R-TX) to eat lunch and hear from an author or expert whose opinion he thinks is worth promoting. They take notes. They ask questions.
The effect of this as disclosed would be that the existing common shareholders would have their holdings reduced in value to one percent of their current market value. So as of 4:00 PM today, your $1.85 stock price would be... drum roll please... $0.
Here is an interesting email from "Scott" who was denied a credit card from Capital One, on the basis of "worsening economic conditions" in his area. "Scott" says he has a FICO score of 800.
Federal guarantees by 13 countries on more than $400 billion of financial company bonds are punishing the AAA-rated World Bank Group with record borrowing costs -- an indication of what can go wrong when government gets in the way.
It'll take several years. And we're going to be better and stronger for it. Because we got so addicted to this crack-pipe of housing leverage. That's not a business.
“We could see [the current] 8,000 institutions go down by half or greater,” she said.
The Shoots will become Venus Fly Traps soon enough. The take home message, and a point Zero Hedge has written about in the past, is that absent the Fed propping the credit market day after day, the entire system is on the verge of systemic collapse.
S&P yesterday afternoon stuck virtually the entire sector on Credit Watch Negative and that was just the start.
The Federal Reserve plans to deliver results of stress tests on U.S. banks to executives today that may show about 10 companies need additional capital to weather a deeper recession, people familiar with the matter said. [just 10, huh?]
CIA Director Leon Panetta has some urgent advice for President Obama: Read “Clintonomics” and use it! Panetta’s advice is no secret. He is referring to a new book just out, “Clintonomics: How Bill Clinton Reengineered the Reagan Revolution,” (AMACO