Yesterday, Wall Street giant J.P. Morgan Chase announced a $4.4 billion profit in the third quarter. Wall Street analysts should have cheered. Instead, they golf-clapped, while the bank’s chief executive officer, Jamie Dimon, went on the defensive on an earnings call.
[Economy1] The reason: foreclosures, again threatening everything from More…
This morning, the Federal Deposit Insurance Co. announced that the banks it insures earned $18 billion in the first quarter of 2010, up $12.5 billion from the first quarter of 2009, as money set aside for loan losses decreased 17 percent. The percentage of banks losing money fell More…
Today, the Federal Deposit Insurance Corporation, the independent federal agency headed by Sheila Bair that regulates banks and insures deposits, announced it plans to ask a number of big banks to write “living wills” or “funeral plans,” which it describes as “analysis, information, and contingent resolution plans that address More…
On Friday, Sheila Bair — the head of the Federal Deposit Insurance Corporation, which performs banking oversight and consumer protection as well as guaranteeing most bank deposits — wrote a letter to Sen. Chris Dodd (D-Conn.) and Sen. Blanche Lincoln (D-Ark.) urging them not to force banks to spin off More…
Elizabeth Warren warned in February that commercial real estate was the next recovery-killer, and since nothing improved by March, Tim Geithner yesterday took to CNBC to acknowledge the problem with commercial real estate and push the administration’s program to incentivize small banks to lend to small More…
If today’s economy wasn’t already bad enough and the need to bail out entire countries rather than just banks didn’t strike enough fear into your heart, Congressional Oversight Panel chair Elizabeth Warren has some news for you: It’s about to get worse.
Treasury Secretary Tim Geithner got an earful last week from House Democrats wary of the White House proposal to pay for government rescues of Wall Street firms by taxing healthy competitors only after Washington steps in. The critics want companies to pre-pay instead into a kind of sitting More…
Testifying before House lawmakers yesterday, Sheila Bair, head of the Federal Deposit Insurance Corporation, endorsed much of the controversial proposal to grant the White House new powers to take over Wall Street investment firms when their failure threatens the larger financial system.
A timely, orderly resolution
Did you ever do something that, with the benefit of hindsight, seemed really, really stupid and you wondered what exactly you were thinking at the time?
Imagine how the Federal Deposit Insurance Corporation must feel these days. The same agency that now says it needs to borrow $500 billion in More…
The plan for Fannie Mae and Freddie Mac to streamline mortgage modifications for troubled homeowners has already come in for some harsh criticism. Federal Deposit Insurance Corp. chairwoman Sheila Bair, in particular, has been outspoken in her opposition.
That’s important, because Bair is the leading proponent of massive More…
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