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Banking

Earnings

Wells Fargo (NYSE: WFC) Starts Big Banks Earnings Season with a Profit Rise and Revenue Drop

Wells Fargo & Co. (NYSE: WFC) kicked off second-quarter bank earnings season Friday morning. While the bank didn't deliver any surprises, its numbers failed to impress.

Shares of the largest U.S. bank by market cap, up 28.5% since October, fell nearly 2% to $50.82 on brisk volume following the uninspiring report.

While analysts have trimmed estimates on a number of banks in the last several weeks, expectations for WFC held steady. Here’s the full story on Wells Fargo Q2 earnings, and what it means for WFC stock…

Big Banks

That Warm Air You're Feeling Is the Big Banks' Stinking Bad Breath

I can't figure out where that warm breeze is coming from.

Oh, it's the air of confidence wafting over me knowing everything's as it should be with our too-big-to-fail banks, and that they're not going anywhere.

The big banks are safe, they have a handle on their assets and liabilities, and the Fed's stress tests are a warm blanket that lets us all sleep well at night.

What, you're still worried?

Big Banks

Bank of America (NYSE: BAC): Someone from This Fraud Machine Needs to Go to Jail

Last week Bank of America (BofA) got slammed by the Consumer Financial Protection Bureau for fraudulent marketing and sales of "add-on" products.

The CFPB found that they had ripped off credit card customers by selling them identity theft protection and credit protection programs, without ever actually providing much of anything.

Read all about BofA's shady marketing practices… the other banks that have also engaged in fraud…

and why someone needs to be locked up for it...

Earnings

JPMorgan (NYSE: JPM) Stock Slumps After Rare Earnings Miss

For the first time in over two years, and only the fifth time in a decade, JPMorgan Chase & Co. (NYSE: JPM) missed earnings forecasts when it posted first-quarter 2014 results Friday.

jpmorgan

Investors were prepared for a slip in earnings compared with Q1 of 2013. In February, JPM cautioned trading revenue was weak. The warning was especially troubling because the first quarter is traditionally a strong one.

IPOs

I Can't Believe the U.S. Government Wants to Unleash This on the Public

You've no doubt seen their commercials. They used to be all over the tube hawking their high-yielding certificates of deposit. Now they're all over the tube with their "no hidden fees" campaign.

Ally FinancialI like the one where the woman is afraid to try new things because she's had bad experiences before. Her mechanical dog sparks a fire when he drinks water and her trainer hooks her up to electrodes that zap her. I like these commercials; they're funny.

all the more outrageous...

Wall Street

CHART: The Ridiculous Amount of Money Big Banks Spend in Settlement Costs

The amount of money big banks have spent on settlements in just the last four years will blow your mind – and these totals are about to get higher.

In December, U.S. Attorney General Eric Holder told Reuters the Justice Department plans on bringing civil mortgage fraud cases against "several financial institutions" sometime in early 2014.

To continue reading, please click here...

Banking

The Staggering Numbers Your Bank Doesn't Want You to See

Many of us may have a small share of the country's largest banks in our wallet: a debit card, a credit card, or for the old-schoolers, a checkbook.

And each month we get a statement showing our account activity, not the banks'…

That's because there's a staggering number that the banks will never show you, or even reference, on the statement…

Yet it directly impacts what you're paying them… this month… and for years to come.

It's the staggering amount of fines that they've paid out for a litany of misdeeds.

They're all here, in one place. You'll be shocked to see how colossal they are…

Full Story

Banking

Inside the Bankster Settlements: Where All the Money Is Going

Everyone wants to know where the billions of dollars big banks have forked over to bank regulators, the SEC, the CFTC, the FERC, and the Department of Justice ends up.

But, before I can tell you who's paid out what, the infractions they committed, and where that money ends up, I want to give you information that's critical in assessing your bank and your investments…

Just who is it that's looking out for your money?

Hot Stocks

Juniper Networks (NYSE: JNPR) Stock Jumped 9% – But Trouble Ahead

Juniper Networks (NYSE: JNPR) stock jumped as much as 9% Friday following news another activist shareholder has taken a sizable stake in the networking gear company.

To continue reading, please click here...

Bitcoin

Bitcoin Is Defeating Governments (and Making Investors Rich)

The world's two fastest-growing economies came down hard on Bitcoin in recent weeks.

Dips followed, but ultimately the virtual currency began to slough off the news and continued to gravitate toward a loose, but tightening, trading range.

And as a former senior advisor to a Silicon Valley venture capital firm, I've seen a lot of opportunities to make a killing on technology over the years.

I'm talking about everything from ultra-fast semiconductors, to advanced sensors, to the rise of the Internet and today's mobile revolution.

But in all those years, I've never seen anything reach critical mass as quickly as Bitcoin.

Consider that less than three years ago, few but a small cadre of hardcore tech geeks had even heard of this new crypto currency.

Today, however, this virtual money is traded on roughly 80 global exchanges. It's also accepted at thousands of retailers throughout the U.S.

And it has handed some savvy investors gains of 1,000% or more in as little as a few months' time.

Yet, skepticism persists. Predictions of Bitcoin's imminent demise by a wide range of so-called "experts" have proved premature at best.

Fact is, Bitcoin to date has met every challenge thrown at it and come back stronger.

For Bitcoin's backers and investors, that's great news. Because Bitcoin is now defying a growing list of global governments doing their best to stop its advance...