By Don Miller Associate Editor Money Morning The fraud scandal surrounding Allen Stanford and his consortium of investment firms grew to shocking proportions today (Thursday) as it spread its tentacles from the United States and the Caribbean to Latin America and Europe. The sordid web of allegations against Stanford grew from outright fraud and security […]
Archives for February 2009
February 2009 - Page 4 of 11 - Money Morning - Only the News You Can Profit From
Financial Crisis May be Creating the Best Investment Opportunities of our Lifetime, Money Morning Expert Says
Money Morning Staff Reports In the face of the worst financial crisis since the Great Depression, Money Morning Investment Director Keith Fitz-Gerald continues to uncover solid profit opportunities – including China, oil and other key commodities, and possibly even U.S. stocks. To those who have followed his career, that's not a huge surprise. After all, […]
Global Investment News Briefs
Playboy in Play? Honda Throttles Back Jet Program; Hedge Funds to Hedge Bets After Losses; JPMorgan Will Modify Loans; Google Will Rather Fight Than Switch; Mortgage Applications Soar as Rates Fall The publisher of one of the world's best known adult magazines, Playboy Enterprises Inc., (PLA) said it would be open to discussions about an […]
Bankruptcy Law Changes Part of Obama’s $275 Billion Housing Plan
By Don MillerAssociate EditorMoney Morning U.S. President Barack Obama yesterday (Wednesday) released a proposed housing program designed to prevent up to 9 million "at risk" Americans from losing their homes. However, some critics say they were surprised that the proposal is more ambitious – and more expensive – than initially expected, and includes controversial changes […]
GM and Chrysler Request Another $22 Billion in Federal Aid
By Jason Simpkins Managing Editor Money Morning General Motors Corp. (GM) and Chrysler LLC presented their highly anticipated restructuring plans yesterday (Wednesday), but said they would need as much as $22 billion in additional federal aid to keep their turnaround efforts from stalling. The new viability plans were part of the bargain automakers struck with […]
The Top 12 U.S. Banks: From Zombies to Hidden Gems
U.S. Treasury Secretary Timothy Geithner last week proposed a series of programs, totaling $1.5 trillion, to bail out the U.S. banking system. Of course, Geithner hasn't told us precisely how he plans to spend the money, or identified which banks require such an enormous outlay.
So I thought it was worth looking at the United States' 12 largest banks to see where the problems might be and identify which banks might need big infusions of government cash. I perused the financial statements of all 12 banks, and also looked at their market valuations.
Unlike when the Troubled Assets Relief Program (TARP) was proposed in September – when the projections for potential losses were largely financial conjecture – we now have important concrete data on the banking system's troubles; namely, each of the bank's annual financial reports for 2008.
Global Investment News Briefs
Texas Financier Stanford Charged With Fraud; Trump Casinos File for Chapter 11; Amex and Capital One Defaults Rise; WalMart Beats Expectations; Blackberry Execs Pay Back $2.2 Million; Oil Prices Fall Below $35 The Securities and Exchange Commission yesterday (Tuesday) charged Texas financier R. Allen Stanford and three of his firms with a "massive" fraud that […]
Is President Obama's Banking Bailout Plan Destined to be a Dud?
By Peter D. Schiff Guest Columnist Money Morning There is nearly universal agreement that the opening salvo of the Obama administration's campaign to restore health to the financial system, delivered last week by new U.S. Treasury Secretary Timothy F. Geithner, fell with a loud and ugly thud. The most common criticism is that the announcement […]
Obama Signs Stimulus Bill Today, Announces Foreclosure Plan Tomorrow
By Jason Simpkins Managing Editor Money Morning U.S. President Barack Obama today (Tuesday) signed into law one of the most ambitious and costly pieces of legislation in America's 200-plus year history. However, with the economy still reeling, Obama has no time to rest on his laurels and tomorrow he will introduce a new plan to […]
Sirius Business – Liberty Injects $530 Million into Satellite Radio Provider
By Don MillerAssociate EditorMoney Morning Liberty Media Corp. (LCAPA) will acquire two board seats and as much as 40% of Sirius XM Radio Inc. (SIRI) in exchange for $530 million in loans. The deal creates a satellite-media juggernaut combining DirectTV Group Inc. (DTV), the largest satellite-TV provider, and the sole U.S. satellite-radio operator. The deal […]