Consumerist
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schadenfreude
Bank Of America Posts $1 Billion Loss In Third Quarter
Do you hate Bank of America? Well take today's earnings report and wallow around in it like Ann-Margret in beans, becuse the bank has posted a loss of $1 billion before dividends to preferred shareholders—"When those dividend payments are included, the loss was $2.24 billion," reports the New York Times. More » -
real estate
This Is Timothy Geithner's Beautiful House - Not Selling
It's a common enough story. A family puts their house up for sale after one of the parents gets a great job offer in another city. Sure, they bought the house at the peak of the housing bubble, but they refuse to sell for less than they paid. The house stays on the market for months on end. More » -
consumer protection
Here Comes The Consumer Financial Protection Agency!
Shhh, everyone, gather near and listen to Treasury Secretary Timothy Geithner deliver the most beautiful, wonderful mandate we could give to a new federal agency: "The agency will have only one mission—to protect consumers." And with that, the Treasury Department sent to Congress legislation that will create the brand new Consumer Financial Protection Agency. More » -
savings
How To Redeem Government Bonds
Earlier this week, Consumerist published a story about how you can check for unredeemed, matured government bonds by checking with TreasuryDirect. Here's how to redeem a bond. More » -
forgotten money
Check For Unredeemed, Matured Government Bonds
A PR person just contacted us on behalf of the U.S. Treasury Department to point out that there are $16 billion in unredeemed bonds that are no longer earning interest. "Specifically, there are 40 million Series E savings bonds purchased between 1941 and 1978 that are over 30 years old and therefore have fully matured. They can be cashed out today for at least four times their face value." More » -
incompetence
Hank Paulson Admits He Never Really Understood How Mortgage-Backed Securities Worked
Here's more proof that the people who probably should have known how they were making all that housing bubble money never did—even those who personally made tens of millions off of it. The Business blog at The Atlantic notes a quote Hank Paulson, former Goldman Sachs CEO and Treasury Secretary, gave Newsweek: "I didn't understand the retail market; I just wasn't close to it." More » -
stress test
About 10 Banks May Need More $ After Gov Stress Test
The number of banks that will need more capital has grown. Now it looks more like 10 banks that underwent the government stress-tests are undercapitalized, possibly among them Wells Fargo, Bank of America, Citigroup and some regional banks, reports WSJ. The good news seems to be that the problems the stress tests are revealing aren't as bad as analysts had been saying. Clearing out some of that fear contributed to Monday market gains and the S&P 500 entered positive territory for the year for the first time in months. More » -
banks
6 Major Banks Fail Initial Stress Tests
6 of the major 19 banks failed the Treasury's "stress tests" and need more cash as a buffer against losses, according to leaked preliminary results. More » -
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polls
Would You Use A Government-Issued Credit Card?
With President Obama and Congress threatening to tag-spank credit card issuers, Slate is left wondering why the government doesn't just issue its own credit card. Before you scream "SOCIALISM!," consider the government's heavy involvement in the banking sector, not just through the recent bailouts, but through long-standing institutions like Fannie and Sallie Mae, and Freddie Mac. Credit-worthy borrowers in Germany, France, and India all have access to low-interest, no-fee credit cards issued by their central banks. Would you ever be interested in an Obama-backed credit card? More » -
bank of america
Bank Of America CEO: The Bush Administration Made Me Do It!
New York Attorney General Andrew Cuomo's office is at it again. They've been investigating the circumstances that led to the merger of Bank of America and Merrill Lynch and the subsequent bonus payments to executives. In a letter to Senator Chris Dodd (D-CT), chairman of the Senate Banking Committee, Cuomo quotes Bank of America CEO Ken Lewis as saying that former Treasury Secretary Hank Paulson threatened him with removal from his position and mass firing of the board and senior management if he didn't allow the merger to go through. More » -
money
What Should You Do With Counterfeit Money?
Melissa realized that one of the $5 bills in her wallet is fake:
From what I've seen online, if I take it to a bank, they might take it, but of course I won't be compensated. Should I turn it into the police? What should I do with it? I don't really want to just pass it along.
More » -
global financial meltdown
Treasury Secretary Is Cool With Firing Bank CEOs
Hey, bank CEOs! Need "exceptional" help from the U.S. Government? Get ready to be fired. Treasury Secretary Tim Geithner told "Face the Nation" that he was open to firing bank CEOs in much the same way that GM chief Rick Wagoner was recently shown the door. More » -
bailout
Want to Buy Some Bailout Debt?
Ever wonder how the government is going to afford the bailout? Public debt. If you don't know the difference between a T-Bill and a T-Note, this article should clear that up. More » -
aig bailout
Treasury Secretary Wants The Ability To Seize Insurance Companies, Hedge Funds
The Washington Post is reporting that Treasury Secretary Timothy Geithner will testify before the House Financial Services Committee today and argue that his agency needs broad powers to seize companies and "wind them down" without allowing them to enter bankruptcy. More » -
bailouts
Markets Leap On Treasury's Troubled Asset Purchase Details
Markets jumped after the Treasury presented the fleshed-out details of its plan to buy troubled bank assets. The need for getting toxic assets off bank books has been around for quite some time, but has stalled because banks and investors couldn't compromise on the price. Banks didn't want to sell for less than 60 cents on the dollar, investors didn't want to pay more than 30. The Treasury plan makes the two ends meet by providing $75-$100 billion in financing for buyers. For it to work, private investors will have to step up, but with the S&P leaping up 7.1% the street is betting they will and it will unclog the credit markets.
Geithner Relies on Investors for $1 Trillion Plan [Bloomberg] (Photo: {Guerrilla Futures | Jason Tester})
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foreclosure
What's In This New Obama Foreclosure Plan?
With the economic stimulus (or "e-stim," as we've been calling it) signed into law, President Obama turns his attention to the foreclosure crisis. At an event in Arizona today, he announced the following proposals to help homeowners. More » -
wall street bailout
Banking Bailout Party: New Details Emerge
The New York Times has details about the new bailout plan Treasury Secretary Tim Geithner is scheduled to talk about later today. Here's a rundown of what's on the menu: More »
treasury
Treasury Secretary Geithner is testifying before Congress, if you are interested. [
New York, 12:03 AM
Thu Nov 12
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