By Mike Caggeso Associate Editor Money Morning Bank of America Corp. (BAC) shareholders cast 50.34% of their votes in favor of stripping Kenneth Lewis of his chairman title. The historic vote was cast at the BofA's annual shareholders' meeting for a resolution to change company by-laws so that the offices of chairman and chief executive […]
Archives for April 2009
April 2009 - Money Morning - Only the News You Can Profit From
Data Shows Unemployment, Consumer Spending Close to Turning a Corner
By Don Miller Associate Editor Money Morning The number of Americans filing first time claims for unemployment insurance dropped last week. But government reports showed yesterday (Thursday) that continuing job losses are spurring workers to increase their rate of savings, putting a crimp in spending, and exerting downward pressure on disposable income. The U.S. Department […]
Money Morning’s Bank Stress Test Says These Three Banks Are the Strongest
Why wait for the U.S. Treasury Department's bank stress test when Money Morning can highlight the four secrets that will let you separate the winners from the losers in the U.S. banking system?
Call it the "Money Morning Bank Stress Test."
Back in February, I looked at the Top 12 U.S. banks, to determine whether it was really necessary – as U.S. Treasury Secretary Timothy Geithner was proposing at the time – to devote the enormous sum of $1.5 trillion of our money to bail them out. I came to the conclusion that such a huge bailout was unnecessary, and that only a few of the Top 12 banks seemed in any danger of collapse. Fortunately, policymakers and the market have now come to agree with me.
While the Rest of the World is Stuck in Reverse, the China Auto Market Zooms Ahead
[Editor's Note: Money Morning Investment Director Keith Fitz-Gerald is one of the world's leading experts on Asia, especially China. Right now, Fitz-Gerald is leading an investment tour of the Red Dragon, and he'll be sending along regular investment travelogues to update Money Morning readers on his latest observations. This is the second installment of that […]
Investment News Briefs
With our investment news briefs, Money Morning provides investors with a quick overview of the most important investing news stories from all around the world. Fed Holds Rates; Berkshire Won't Report Results Before Meeting; Volcker: No More Stimulus Needed; Swine-Flu Takes Theme Parks for a Ride; Time-Warner Beats Street; Europe's Largest Port Overflowing With Oil; […]
Steep Drop in GDP May Also be First Sign of Economic Recovery
By Don MillerAssociate EditorMoney Morning U.S. gross domestic product (GDP) plunged at a surprisingly sharp 6.1% annual rate in the first quarter, marking its worst performance in 50 years, the Commerce Department reported today (Wednesday). The drop was much steeper than the 4.9% annual rate expected by economists and follows a 6.3% tumble in the […]
Chrysler Bankruptcy Confirmed
By Jason Simpkins Managing Editor Money Morning Chrysler LLC will declare bankruptcy today (Thursday), according to various reports citing officials within the Obama Administration. Representatives from the automaker, lenders, unions, and the Treasury Department worked diligently to get a deadline deal done. But even though Chrysler made headway with union representatives and reached a preliminary […]
Bank of America, Citigroup Told to Boost Capital as Validity of Bank Stress Tests Is Called Into Question
By Jason Simpkins Managing Editor Money Morning Bank of America Corp. (BAC) and Citigroup Inc. (C) were told by federal regulators to raise more capital after government "stress tests" revealed that the banks were not adequately protected against additional deterioration in the economy, published reports said yesterday. Officials insist that neither Bank of America nor […]
Secretive Bank Stress Tests Heighten Investor Stress
The bank stress test of the nation's 19-largest financial institutions is a flawed exercise that threatens to elevate the very economic-system stress it was designed to relieve. The U.S. Treasury Department isn't scheduled to release the results of the much-ballyhooed bank stress tests until Monday. Little has been revealed so far, but one fact seems […]
Investment News Briefs
With our investment news briefs, Money Morning provides investors with a quick overview of the most important investing news stories from all around the world. IBM Announces Share Buyback, Ups Dividend; Adobe Freezes Pay; Private Jet Industry Hits the Skids; Big Pharma's Big Showing; CALPERS Votes to Oust BofA's Lewis; Chrysler Strikes Debt Deal; S&P […]