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  • Bank of America (BAC), Barclays (BCS), and Citigroup (C) are among the banks being sued by the University of California over Libor manipulation. The suit will have to wait in line behind dozens of others already launched. Earlier this year, a federal judge dismissed a class-action suit as litigants were unable to show they were harmed by the behavior. [View news story]
    What a shame that a so called seat of learning could lose reason and become opportunistic. When they lose the case I hope that whoever made the decision is sued
    Jun 26 12:37 PM | Likes Like |Link to Comment
  • JPMorgan's (JPM) board opposes splitting the chairman and CEO roles, calling the change "disruptive ... not in the best interest of shareholders." The letter reminds that all directors are independent with the exception of Dimon. It's signed by presiding director Lee Raymond - formerly chairman and CEO of Exxon - and corporate governance chair Bill Weldon - formerly chairman and CEO of J&J. [View news story]
    I agree with the Board. So there was a big faux pas, but this happens in the best of companies, what about all the successes from which benefits flowed to the shareholders ?.... ...let's move on .
    May 10 05:55 PM | 2 Likes Like |Link to Comment
  • As tipped following the release of the Fed's stress tests, Citigroup's (C) board approves a $1.2B stock repurchase program through 2014 Q1. That's roughly 25M shares vs. a 3B share float. The announcement was made in conjunction with the declaration of the $0.01 quarterly dividend. (PR[View news story]
    This is a chicken foot step,and shows little concern for the small long suffering shareholder who would better benefit by an increase in the ridiculous current dividend.
    Apr 25 07:22 PM | 1 Like Like |Link to Comment
  • Is Apple Such A Lousy Business? Mr. Market Wrongfully Thinks So [View article]
    analyse as much as you wish.. but the simple fact is .this is a share worth buying at current prices .The company's momentum will be regained and the share price will find it's correct level, which is around 25%/35% above today's market.
    Apr 17 01:20 PM | Likes Like |Link to Comment
  • Commenting on the EPA's proposed Tier 3 rules, Northern Tier Energy (NTI -0.3%) says its St. Paul Park Refinery produces its gasoline in accordance with current standards, and proposed updated standards will have no material financial impact; preliminary assessments predict no capital spending will be needed to comply with the new rules. Shares had been down as much as 6.6% this morning[View news story]
    It is disappointing that the company was not alert enough to make this statement earlier.
    Apr 3 04:00 PM | Likes Like |Link to Comment
  • Freddie Mac (FMCC.OB) has sued Bank of America (BAC) JPMorgan (JPM), Citigroup (C) and 12 other major banks for losses caused by the manipulation of the Libor rate. Freddie, which invested in mortgage bonds and swaps tied to U.S. dollar Libor, is seeking a whole gamut of damages for what it sees as fraud, antitrust violations and breach of contract. The FHFA has already calculated that Freddie and Fannie Mae lost $3B in total because of the Libor manipulation. [View news story]
    Freddie and Fanny and the legislators that drove the scramble for home ownership at all costs should be the people sued.
    Mar 20 09:46 AM | 6 Likes Like |Link to Comment
  • Citigroup (C) did not request a dividend increase in its Capital Plan submitted to the Fed, but did propose a $1.2B buyback program and the maintenance of its $0.01 dividend. (Presentation, pg. 14) (Previous: Stress test results) [View news story]
    A very disappointing move by Citi. Their submission lacks confidence and puts their very patient but abused shareholders in the doldrums for yet another year .It is difficult to understand why they did not opt for an increase in their paltry dividend..
    Mar 7 05:56 PM | 3 Likes Like |Link to Comment
  • Bank of America (BAC) is engaged in "accounting arbitrage" says Manal Mehta, reserving far less for legal cases than it may have to pay out. If regulators forced the bank to properly account for the possible losses, it's likely they would disallow any capital returns and force BofA to continue socking away its profits. [View news story]
    This is not a credible article ,and lacks any does he arrive at his statement without inside knowledge of the strength /weakness of the Bank's legal position .
    Mar 6 01:45 PM | 2 Likes Like |Link to Comment
  • Citigroup (C) plans to ask permission for a "minimal" buyback of its shares as part of the latest Fed stress test. The 19 largest U.S. banks are due to put forward their plans to return capital to shareholders as part of an annual Fed-supervised exercise, and due by Monday. Speculation is that, among other plans outlined for the remaining banks, JPMorgan (JPM) will seek a dividend increase and a share repurchase program. [View news story]
    Citi should look at both a share repurchase program and an increase in the peanut dividend currently paid. This would show that they are concerned about the long suffering shareholders.
    Jan 5 10:07 AM | Likes Like |Link to Comment
  • The Bank of England and FDIC unveil the first cross-border plan to deal with too-big-to-fail banks that start...failing. Senior management would be sacked, shareholders would be wiped out, and unsecured bondholders "can expect that their claims would be written down to reflect any losses that shareholders cannot cover," which didn't happen in the financial-crisis bailouts. (PR[View news story]
    Come on Bear, the Banks have repaid their borrowings with handsome gains for the Govt and through them the taxpayers, Don't forget the banks were forced by Congress to lend to' taxpayers' who couldn't afford homeownership, and it is the same 'taxpayers' who contributed to the crisis by not paying their mortgages.
    Dec 16 10:46 AM | Likes Like |Link to Comment
  • The Bank of England and FDIC unveil the first cross-border plan to deal with too-big-to-fail banks that start...failing. Senior management would be sacked, shareholders would be wiped out, and unsecured bondholders "can expect that their claims would be written down to reflect any losses that shareholders cannot cover," which didn't happen in the financial-crisis bailouts. (PR[View news story]
    I am so relieved to see that someone else has the right perspective on the 2008 debacle . Congrats Getzeman, i agree wholeheartedly with you.
    Dec 10 08:27 AM | 2 Likes Like |Link to Comment
  • A potential new legal front is opened against the banks as the U.S. sues Bank of America (BAC), seeking at least $1B in damages for allegedly misrepresenting the quality of home loans it (through its Countrywide unit) sold to Fannie and Freddie. [View news story]
    What a can any Bank ever carry out their business and mandate with confidence. Can't the Govt instead work on the economy and jobs
    Oct 24 06:45 PM | Likes Like |Link to Comment
  • "It was my decision," Vikram Pandit tells the WSJ as he and the board - anonymously or otherwise - rush to get their version out of the issues surrounding his abrupt resignation from Citigroup (C). The board has reportedly had ousting Pandit on its agenda for months, upset by setbacks such as the rejection of the bank's dividend plan and the $2.9B writedown on Smith Barney. [View news story]
    VP did a reasonable job in restructuring Citi Group , but has had only mediocre success in restoring profitability and growing the business. There were also those costly mistakes.... it is difficult to fathom how he could put the bank in such a big wrIte down situation with MSSB . Also the rejection of his Capital Plan by the Feds was a slap in the face and an embarrassment to the Group. Shareholders expected better , and there were signs of serious frustration as seen by their rejection of his proposed compensation package.His leaving is not a surprise.
    Oct 16 01:06 PM | 1 Like Like |Link to Comment
  • Royal Bank of Canada (RY) announces its intention to repurchase up to 30M shares - 2.1% of the float - subject to regulatory approval. (PR[View news story]
    The Canadian Banks operate under a well thought out ,modern and balanced Bank Act which does not impose impractical and overly onerous requirements on the industry. This is why the Banks can provide services at a superior level., and provide their shareholders with good returns.
    Oct 12 09:59 AM | Likes Like |Link to Comment
  • New York's AG has filed a civil complaint against JPMorgan Chase (JPM), alleging widespread fraud in the sale of mortgage-backed securities in the run-up to the financial crisis. The suit relates to billions of dollars of subprime securities issued by Bear Stearns' before its takeover by JPM, and is the first brought under the authority of a law enforcement group formed by President Obama in January to pursue alleged wrongdoing during the financial crisis. More cases are expected to follow. Shares -0.8% AH. [View news story]
    Perhaps the bank could sue the Govt for entrapment or coercion?
    Oct 1 06:27 PM | 2 Likes Like |Link to Comment