Banks

Ken Lewis: They Made Me Do It

The Wall Street Journal is reporting that B of A CEO Ken Lewis testified to NY AG Andrew Cuomo that he was coerced into going through with the Merrill Lynch acquisition by Bernanke and Paulson, of the Fed and Treasury, respectively. Yeah, OK.  From Reuters: The Journal said Lewis testified that Bernanke and Paulson told…

CEO Dead Pool: Pandit Vs Lewis

            CEO     Vikram Pandit     Kenneth Lewis         Company               Going Against Him Slow to cut costs, snowballing losses, spins all results positively, voracious consumer of taxpayer funds Bad acquisition of Countrywide, worse deal for Merrill, bonus scandal, gorged on i-bankers at peak of market      Going For Him Engineering background, Suaveness. Southern…

BONY Mellon Spits the Bit

From Reuters: Bank of New York Mellon Corp (BK) lowered its dividend 63 percent to build capital, after a decline in fees resulting from falling equity markets caused first-quarter profit to decline more than expected.  Net income attributable to common shareholders declined 57 percent to $322 million, or 28 cents per share, from $746 million,…

Stress Test: Capitalism Without Competition?

We’ve removed competition from just about every facet of American life for our children: No dodgeball or football in elementary school for fear of the more aggressive kids dominating the meeker kids Everyone who shows up to a spelling bee or a sporting event gets a ‘participant” award, just for having a pulse There is…

Jamie Dimon For President

Jamie Dimon doesn’t just Beat the Street, he Owns the Street.  I read somewhere that 20% of the world’s money market funds were currently with JPMorgan Chase.  I can’t remember where I heard it, but if that’s even close to accurate, that’s a remarkable statistic and it shows you who’s going to be the big…

Get-Tarp Hero: Take This TARP and Shove It

More banks giving the money back.  Fabulous.  I dont care that their reasons are selfish, the point is that there are winners and losers again and someone out there still has some fight left in them. From the New York Times: Financial institutions that are getting government bailout funds have been told to put off…

Get-TARP Hero: Iberiabank

Where is the pride among the community bankers who had avoided the sub prime gold rush and have treated their balance sheets like they gave a damn? Apparently, the pride is in Lafayette, Louisiana, the home of Iberiabank Corporation.  Iberiabank (IBKC) has become the first financial institution out of over 440 to return TARP funds…

Who Else Could Become a Bank Holding Company?

General Motor’s GMAC unit had recieved approval to become a bank holding company…
But here’s the more interesting question…who else could/should apply to become a bank holding company? Below is my not-so-serious list of candidates as more companies and industries look for shelter in this, our Greatest Depression.