ing-group

Wall Street: Wednesday Morning

cityfile · 05/13/09 05:41AM

• Disappointing retail sales figures and a surprising rise in the number of foreclosures are sending stocks lower this morning. [CNN, WSJ]
• The Obama administration is looking into ways to change the way people across the financial services industry are compensated and that includes companies that didn't even receive federal bailout money. [WSJ, NYT]
• Ed Liddy may be jobless soon: Trustees overseeing taxpayers' stake in AIG are seeking a CEO to replace Liddy as well as new board members. [WSJ]
• Speaking of AIG, were officials like Tim Geithner aware of the bonus situation at the company months before the news broke? It looks that way. [WaPo]

Wells Fargo's Record Profit, The Case Against Meredith

cityfile · 04/09/09 05:37AM

• Wall Street opened higher this morning after Wells Fargo predicted it would report a record $3 billion profit for the first quarter of 2009. [CNN, AP]
• You may soon be able to bail out America, too: The Obama administration is currently looking at ways to "give ordinary Americans a chance to profit from the bailouts that are being financed by their tax dollars." [NYT]
• Meredith Whitney has become as close to a household name as a banking industry analyst can get. But is she overhyped? [WSJ]

Geithner Lays Out His New Plan

cityfile · 03/23/09 05:51AM

• Tim Geithner has unveiled his latest plan to deal with the financial crisis. This one involves a partnership between the government and private investors, and could eventually involve buying up to $1 trillion in toxic assets from banks, although it isn't generating unanimous support. "It fills me with a sense of despair," says the Times's Paul Krugman. [WSJ, NYT, BN, NYT]
• New documents over the weekend indicate AIG paid out $218 million in bonuses, more than the previously disclosed $165 million. [Reuters]
• Here's another way to look at the AIG mess: If those bonuses hadn't been paid, the U.S. government may have had $1.7 trillion to worry about. [NYP]
• That trip to AIG on Saturday? Lots of reporters, many fewer protesters. [AP]
• Obama reiterated his support for Geithner on 60 Minutes. [Dealbreaker]

More Bad News for BoA, More Layoffs

cityfile · 01/26/09 06:21AM

• Score a small victory for John Thain: It appears Bank of America signed off on the former Merrill Lynch chief's decision to hand out $4 billion in bonuses just before the end of the year, a move partly responsible for his ouster. [FT, CS]
• Steel yourself for an ugly week ahead as corporate earnings come in. [CNN]
• ING has announced plans to cut 7,000 jobs at the bank. [NYT]
• Several hedge funds made a fortune as bank stocks crashed last week. [NYP]
• Yes, the nation's banks have collected billions from the government. No, they haven't started lending again. [WSJ]
• A sign of life on Wall Street: Pfizer agreed to pay $68 billion to acquire Wyeth, making it the largest pharmaceutical deal in nearly a decade. [BN, WSJ]
• More bad news: Caterpillar is cutting 20,000 jobs; Home Depot is slashing 7,000; and Sprint Nextel is laying off 8,000 people. [WSJ, CNN, BN]