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- BNET Author Biography
Bob Reed has more than 25 years of journalism experience. He has been a reporter, editor, columnist and analyst for major publications and news organizations including, Bloomberg Business News, Crain- more about Robert Reed »
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- Financial Roundup: SEC Decides To Keep Mark-To-Market, Citadel Retreats, New Bank Failure, Mortgage Mess
- Mark-to-market sticking around - Despite protests from the banking industry, the Securities and Exchange Commission will not suspend the controversial mark-to-market accounting rule. Some in the banking industry have blamed the accounting rule for worsening the credit crunch. The SEC, however, is open to discussing ways to refine the rule's...
- Blog posts 2008-12-08
- Citadel's Top Hedge Fund, CEO Under Siege
- Citadel Investment Group, one of the world's largest hedge fund managers, is under heavy attack. And that's making Ken Griffin, the company's founder, fighting mad. Chicago-based Citadel, with nearly $20 billion under management, is reeling from what Griffin is labeling the "single-worse month, by far, in the...
- Blog posts 2008-10-16
- Bush's Bank Rescue Opens Door to Private Investors
- Would you invest in a bank that's partially owned by the Bush Administration? That's the question private investors worldwide will be exploring as they evaluate the impact of the federal government's decision to directly invest in the nation's largest banking concerns. In return for...
- Blog posts 2008-10-14
- Bailout Ultimatum: Uncle Sam Wants Chase, BofA, Goldman As Partners
- Under the U.S. government's economic rescue plan, the nation's biggest banks get richer. And the smaller banks? Well, they get to wait in line. The U.S. Treasury will quickly invest about $125 billion to purchase ownership stakes in nine of the nation's largest banks, including JP Morgan...
- Blog posts 2008-10-14
- Financial Roundup: Paulson Backs Mitsubishi, Bailout Takes Shape
- U.S. Treasury Secretary Hank Paulson couldn't stomach the possibility of Japan's Mitsubishi UFJ Financial Group walking away from its announced investment in wobbly Morgan Stanley. So Paulson made Mitsubishi an offer it couldn't refuse: The U.S. will back your play. Despite the mass infusion of taxpayer-backed funds...
- Blog posts 2008-10-13
- Paulson Edges Toward Cash Injections for Failing Banks
- The British bank rescue plan is coming! The British bank rescue plan is coming! Treasury Secretary Hank Paulson doesn't resemble Paul Revere, our country's famous midnight rider, but he's definitely signaling that a British-backed effort to resolve the banking and economic crisis is...
- Blog posts 2008-10-09
- BNET on 'Marketplace': Has the Fed Gone Too Far?
- The Federal Reserve's dramatic attempt to end the credit crunch was the topic of a recent radio report aired on the Marketplace business show, heard nationwide over many public radio stations. I was among those participating in this report by Washington Bureau Chief John Dimsdale, who explores...
- Blog posts 2008-10-08
- BofA, Wachovia Cut Prime: Impact On Lending Unclear
- It's going to take more than a mere interest rate cut to raise the banking industry's comfort level. In reaction to an unprecedented interest-rate cut by six central banks throughout the world, major U.S.-based commercial banks today began lowering their prime lending rate, a benchmark that lenders typically charge their best...
- Blog posts 2008-10-08
- Fed's Bernanke Bets Big On New 'Confidence' Game
- If you thought the federal government's $700 billion economic recovery plan was a huge gamble, then hang on. You ain't seen nothing yet. In a dramatic move aimed at breaking the credit crunch, the Federal Reserve is essentially agreeing to lend short-term money to major corporations -- a move that could also...
- Blog posts 2008-10-07
- Financial Roundup: Crisis Threatens Europe, Banks Fight, and More
- The sharks are circling Europe -- How does that goofy Disney song go? "It's a small world, after all..." Well, today's stock market plunge of nearly 800 points proves that point. It is a small world and we're in the midst of a full-blown global economic crisis....
- Blog posts 2008-10-06
- Credit Card Firms Tug On Customers' Leashes
- The ubiquitous credit card industry is getting squeezed by the country's economic pinch. Purveyors of plastic are tightening lending standards by lowering borrowing limits, raising interest rates, discouraging rolling over balances and boosting fee penalties on late payments. They're also diligently monitoring customer credit...
- Blog posts 2008-10-20
- Consumers Fret Over 'Mega-Banks' BofA, Chase and Wells
- A growing number of U.S. consumers, already depressed about the state of the economy, are beginning to worry that big banks are bad business. A recent Gallup Poll survey finds that two-thirds of Americans say they've been hurt by the credit crisis, stock market plunge and related...
- Blog posts 2008-10-21
- Financial Roundup: Bank Mergers, Fat Wall Street Bonuses, Paulson Backlash
- Big regional banks look like merger bait -- Non-megabanks such as National City, Fifth Third Bancorp and Keycorp all posted big losses in the third quarter, and that weak performance -- combined in some cases with low stock prices -- make them look a lot more like merger candidates. For...
- Blog posts 2008-10-22
- Advice To Team Obama: Keep FDIC's Bair
- Now comes word that Timothy Geithner, President-elect Barack Obama’s choice for U.S. Treasury Secretary, is trying to push Federal Deposit Insurance Corp. Chairman Sheila Bair out of office. So much for Obama's "team of rivals" governing philosophy. Apparently, Geithner worries that Bair is not a team player,...
- Blog posts 2008-12-04
- Financial Roundup: Chevy Chase Buyout, Credit Suisse Cuts, Obama Team Infighting, BofA Retirement Survey
- I'm Chevy Chase and you're not, anymore - Capital One Financial is acquiring backyard rival Chevy Chase Bank for $520 million in cash and stock. Bethesda, Md.-based Chevy Chase is the latest in a parade of regional banking comanies that have been acquired since the banking crisis bloomed earlier this...
- Blog posts 2008-12-04
- New Year's Resolution: Get Out Of Hedge Funds
- The hedge fund industry is bracing for a massive "end-of-the-year" sale as jittery investors opt to stash their cash in safer places. Hedge fund redemptions are expected to accelerate in December as many clients have already given the 30-day notice many hedgies require before exiting. ...
- Blog posts 2008-12-03
- Financial Roundup: GE Cuts, Credit Card Woes, Offshore Banking Probe, Crummy MBA Job Market
- GE's Focus: Fixing Financial Unit -- Conglomerate GE is chopping away at its giant GE Capital financing unit. GE will take a charge of up to $1.4 billion to speed up shrinking the financing group through cost cuts, discontinuing some operations and decreasing leverage with reduced borrowing. GE says a...
- Blog posts 2008-12-02
- Loan Fight: Deutsche Bank Vs. Donald Trump
- Once again, Donald Trump is going toe-to-toe with his banker. Deutsche Bank, a major backer of Trump's mammoth new condominium/hotel tower in downtown Chicago, is demanding the real estate mogul pay a $40 million personal guarantee connected to a $640 million construction loan the German bank made...
- Blog posts 2008-12-01
- First Bank & Trust Refuses Fed Bailout
- The way major financial institutions are feasting on taxpayer-backed bailouts, you'd think every bank in this country has on the feed bag. Not true. Just north of Chicago, dwelling in the People's Republic of Evanston, is First Bank & Trust -- a 13-year-old community...
- Blog posts 2008-11-30
- Bailout Buffet: Is Bank of America Ready For More?
- Now that Citigroup has gobbled up a second helping of taxpayer dollars, there's growing speculation that rival Bank of America is next in line for another bailout meal. At the time of Citigroup's new deal, President George Bush told the American people that more government-backed bank rescues...
- Blog posts 2008-11-25
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