The National Credit Union Administration has filed a suit against J.P. Morgan (JPM) as successor-in-interest to Washington Mutual Bank, alleging it violated federal and state securities laws in connection with the underwriting and subsequent sale of $2.2B in mortgage-backed securities to three corporate credit unions. The complaint alleges the firms made numerous misrepresentations and omissions of material facts in the Offering Documents of the securities sold to the institutions, which ultimately led to their failure. [View news story]
They will sue anyone or any entity who/that they feel has assets and can be accused of misleading deeds. It is a classic move to exonerate themselves of any responsibility for their actions. It is a classic kids game, when asked who did it, everyone points at someone else and says he/she did it, not me.
With nearly 23 million Americans un or under employed there are not that many left to be cut. The shift in the numbers is nothing more than a shell game. Trading a well paying position with benefits for a part time fast food job is hardly an improvement.
Bank-card delinquencies fell to an 18-year low of 2.75% during Q3, the American Bankers Association says. Delayed payments in a composite ratio of eight loan categories, which doesn't include bank cards or mortgages, fell to 2.16% of all accounts from 2.24% in Q2. However, the ABA warns that weak hiring and the expiration of the payroll tax cut could make it harder for consumers to repay debt. [View news story]
After you write off tens of billions of dollars in deadbeats and reduce even paying card holders availability these things happen. It is hardly a reflection on the state of the consumer.
House Republicans - including House Majority Leader Eric Cantor - are reportedly overwhelmingly opposed to the fiscal cliff deal approved by the Senate. The House appears poised to amend the deal and send it back to the Senate, setting up a legislative high-wire act. [View news story]
Mitt is in La Jolla overseeing improvements to his home there. He actually won the election by losing.
House Republicans - including House Majority Leader Eric Cantor - are reportedly overwhelmingly opposed to the fiscal cliff deal approved by the Senate. The House appears poised to amend the deal and send it back to the Senate, setting up a legislative high-wire act. [View news story]
The problem with your thesis is that the US never pays off its debt in the good economic times, it borrows less and spends any excess in the current period on new programs that grow into entitlements.
House Republicans - including House Majority Leader Eric Cantor - are reportedly overwhelmingly opposed to the fiscal cliff deal approved by the Senate. The House appears poised to amend the deal and send it back to the Senate, setting up a legislative high-wire act. [View news story]
As I recall this repeal occurred under former President Clinton, a Democrat. It was approximately the same time, September 1999, that FNMA and Freddie Mac were threatened in a House meeting about not increasing the percentage of Americans owning homes, by no other than Barney Frank. As a direct result of those threats underwriting guidelines were relaxed giving birth to the sub-prime industry. Stupidity is not exclusive to either Party.
House Republicans - including House Majority Leader Eric Cantor - are reportedly overwhelmingly opposed to the fiscal cliff deal approved by the Senate. The House appears poised to amend the deal and send it back to the Senate, setting up a legislative high-wire act. [View news story]
Can I then conclude that you work for some federal, state or local government agency, since you sound like you have no worries.
Hedge fund titan Leon Cooperman has been selling Apple (AAPL) but buying battered Freeport McMoRan (FCX), he tells CNBC. Cooperman holds FCX founder Jim Bob Moffett in high regard despite coming under fire from shareholders, but he's not keen on AAPL's reluctance to return cash to investors and warns the iPhone’s uniqueness may be diminishing. [View news story]
Hedge fund titan Leon Cooperman has been selling Apple (AAPL) but buying battered Freeport McMoRan (FCX), he tells CNBC. Cooperman holds FCX founder Jim Bob Moffett in high regard despite coming under fire from shareholders, but he's not keen on AAPL's reluctance to return cash to investors and warns the iPhone’s uniqueness may be diminishing. [View news story]
Leon has been reading about Apple's plan to destroy the IPhone with a wrist device and he has questions about who in his position would give up their Rolex for such an object.
House Republicans - including House Majority Leader Eric Cantor - are reportedly overwhelmingly opposed to the fiscal cliff deal approved by the Senate. The House appears poised to amend the deal and send it back to the Senate, setting up a legislative high-wire act. [View news story]
The Republicans have lost my vote. I am registering as an Independent. While I still consider myself fiscally conservative I do not want to be thought of as terminally stupid.
More on the fiscal cliff deal: The payroll tax cut is allowed to lapse, meaning that the employee portion of the Social Security tax will return to 6.2% from 4.2%. That will cost Americans an estimated $125B a year. The WSJ lays out some of the other tax measures that were known prior to the passage of the bill. [View news story]
This is one tax thing that should never been done in the first place. SS is in enough trouble without those morons in Congress adding to the problem or in some people's eyes creating a problem by not allowing the system to work as intended.
Top commercial cooking equipment maker Middleby (MIDD) is spending $380M in cash to buy Viking Range, maker of high-end residential cooking ranges, ovens, and appliances. Middleby claims Viking's products will complement its TurboChef, Jade, and MagiKitchn lines, which are partly sold into the residential market. Viking has ~$200M in annual sales. (PR) [View news story]
Congressional leaders yesterday agreed to an extension until September 30 of a farm law whose lapse tomorrow could lead to a doubling of milk prices by reviving a decades-old subsidy and forcing the USDA to buy up milk at prices way above what farmers are receiving now. The proposed measures would also extend disaster aid for producers hit by the drought. [View news story]
I believe this is all about the ending of a subsidy for milk. Now that most dieticians feel that consumption of milk is not as healthy as once believed perhaps it is time to end the subsidy of a product that carries with it excessive fat leading to obesity and growth hormones doing the same.
Market preview: Like Sherlock Holmes and Professor James Moriarty, Democrats and Republicans may be about to tumble over the fiscal cliff in a mutual rolling bear hug that could take the U.S. economy with them, but investors remain sanguine as reports filter through that a deal could still be reached. If we can get away from the cliff imagery for a minute, Shakespeare also sums the situation up quite nicely: "As two spent swimmers, that do cling together and choke their art." The S&P is +0.75%. Later: Dallas Fed Manufacturing Outlook, USDA Ag. Prices [View news story]
I think that this writer has had a little too much egg nog. Like all things man made this fascination with the fiscal cliff will pass soon enough and we will move on to yet another media based calamity.
The National Credit Union Administration has filed a suit against J.P. Morgan (JPM) as successor-in-interest to Washington Mutual Bank, alleging it violated federal and state securities laws in connection with the underwriting and subsequent sale of $2.2B in mortgage-backed securities to three corporate credit unions. The complaint alleges the firms made numerous misrepresentations and omissions of material facts in the Offering Documents of the securities sold to the institutions, which ultimately led to their failure. [View news story]
Byron Wien Announces The 10 Surprises For 2013 [View article]
More on Challenger job cuts: For all of 2012, there were 523K layoff announcements, down 14% from 2011 and the lowest annual total since 1997. [View news story]
Bank-card delinquencies fell to an 18-year low of 2.75% during Q3, the American Bankers Association says. Delayed payments in a composite ratio of eight loan categories, which doesn't include bank cards or mortgages, fell to 2.16% of all accounts from 2.24% in Q2. However, the ABA warns that weak hiring and the expiration of the payroll tax cut could make it harder for consumers to repay debt. [View news story]
House Republicans - including House Majority Leader Eric Cantor - are reportedly overwhelmingly opposed to the fiscal cliff deal approved by the Senate. The House appears poised to amend the deal and send it back to the Senate, setting up a legislative high-wire act. [View news story]
House Republicans - including House Majority Leader Eric Cantor - are reportedly overwhelmingly opposed to the fiscal cliff deal approved by the Senate. The House appears poised to amend the deal and send it back to the Senate, setting up a legislative high-wire act. [View news story]
House Republicans - including House Majority Leader Eric Cantor - are reportedly overwhelmingly opposed to the fiscal cliff deal approved by the Senate. The House appears poised to amend the deal and send it back to the Senate, setting up a legislative high-wire act. [View news story]
House Republicans - including House Majority Leader Eric Cantor - are reportedly overwhelmingly opposed to the fiscal cliff deal approved by the Senate. The House appears poised to amend the deal and send it back to the Senate, setting up a legislative high-wire act. [View news story]
Hedge fund titan Leon Cooperman has been selling Apple (AAPL) but buying battered Freeport McMoRan (FCX), he tells CNBC. Cooperman holds FCX founder Jim Bob Moffett in high regard despite coming under fire from shareholders, but he's not keen on AAPL's reluctance to return cash to investors and warns the iPhone’s uniqueness may be diminishing. [View news story]
Hedge fund titan Leon Cooperman has been selling Apple (AAPL) but buying battered Freeport McMoRan (FCX), he tells CNBC. Cooperman holds FCX founder Jim Bob Moffett in high regard despite coming under fire from shareholders, but he's not keen on AAPL's reluctance to return cash to investors and warns the iPhone’s uniqueness may be diminishing. [View news story]
House Republicans - including House Majority Leader Eric Cantor - are reportedly overwhelmingly opposed to the fiscal cliff deal approved by the Senate. The House appears poised to amend the deal and send it back to the Senate, setting up a legislative high-wire act. [View news story]
More on the fiscal cliff deal: The payroll tax cut is allowed to lapse, meaning that the employee portion of the Social Security tax will return to 6.2% from 4.2%. That will cost Americans an estimated $125B a year. The WSJ lays out some of the other tax measures that were known prior to the passage of the bill. [View news story]
Top commercial cooking equipment maker Middleby (MIDD) is spending $380M in cash to buy Viking Range, maker of high-end residential cooking ranges, ovens, and appliances. Middleby claims Viking's products will complement its TurboChef, Jade, and MagiKitchn lines, which are partly sold into the residential market. Viking has ~$200M in annual sales. (PR) [View news story]
Congressional leaders yesterday agreed to an extension until September 30 of a farm law whose lapse tomorrow could lead to a doubling of milk prices by reviving a decades-old subsidy and forcing the USDA to buy up milk at prices way above what farmers are receiving now. The proposed measures would also extend disaster aid for producers hit by the drought. [View news story]
Market preview: Like Sherlock Holmes and Professor James Moriarty, Democrats and Republicans may be about to tumble over the fiscal cliff in a mutual rolling bear hug that could take the U.S. economy with them, but investors remain sanguine as reports filter through that a deal could still be reached. If we can get away from the cliff imagery for a minute, Shakespeare also sums the situation up quite nicely: "As two spent swimmers, that do cling together and choke their art." The S&P is +0.75%. Later: Dallas Fed Manufacturing Outlook, USDA Ag. Prices [View news story]