Posted by Financial Service News on February 26th, 2008
"The industry as a whole is coming off a golden period of record profits. Because of this financial strength, the overwhelming majority of banks and thrifts remain well-capitalized and profitable"
The Federal Deposit Insurance Commission said Tuesday that profits at the banks and thrifts it insures fell to a 16-year low in the fourth quarter of 2007 as provisions for bad loans spiked and trading profits ... via MarketWatch
Posted by Financial Market News on February 26th, 2008
U.S. stocks were higher for the third day in a row, driven in part by energy shares after oil hit a new high. via Reuters Video
Posted by Financial Service News on February 26th, 2008
LOS ANGELES -- Countrywide Financial Corp. canceled plans to host a business summit at an expensive Colorado ski resort after published details of the event drew criticism of the mortgage lender, which has ... via Montgomery Advertiser
Posted by Financial Market News on February 26th, 2008
"You see additional buying among people who think they're missing something"
Oil futures surged back above $100 a barrel Tuesday as traders took their cue from supply concerns and stock market bulls rather than signs that the U.S. economy remains shaky. via Houston Chronicle
Posted by Financial Market News on February 26th, 2008
"The news we've had on the monolines have been risk appetite-friendly, commodities are coming back a little bit from their recent highs"
World stocks hit a three-week peak and the dollar edged higher on Tuesday as upbeat results from Standard Chartered and optimism surrounding U.S. bond insurers brightened investor morale. via The Boston Globe
Posted by Financial Service News on February 26th, 2008
Bank of America, the country's No. 1 credit-card issuer, is in line for big money from Visa's potentially historic stock listing.
The Charlotte bank is Visa's second-biggest customer and the second-biggest holder of its Class B stock, behind JPMorgan Chase & Co. in both categories. Bank of America holds 46 million shares, or about 11 percent, of Visa's Class B stock. Class B stocks generally carry no voting rights.
It's unclear how much Bank of America stands to make from Visa's initial public offering, which could raise $18.8 billion. In November, the bank's chief financial officer, Joe Price, said the bank would pay $230 million as a result of a Visa settlement with American Express, but that the bank's gain from Visa's IPO would be 'substantially more than the settlement.' In a filing in November, Charlotte-based Wachovia said its share of Visa's IPO would more than cover its share of the settlement; it took a $115 million expense for the settlement in the third quarter of last year. Wachovia owns less than 5 percent of Visa shares, according to Visa's filing Monday with the Securities and Exchange Commission. Read more
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