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It looks like the hammer finally fell. The Wall Street Journal and Bloomberg are reporting that the Fed has brokered a deal for JP Morgan to take over the bulk of WaMu's deposits, branches, and other operations. Of course, there is no mention of who is going to take the bad loans on WaMu's books.
Read →The rate on money market funds, not money market accounts, have spiked over the last couple of days due to the credit crisis.
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FDIC May Need $150 Billion to Pay for Rising Bank Failures
As the economic environment looks worse and worse for banks, many believe that the FDIC will need more money to continue insuring the bank deposits of failed institutions.
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US Household Debt Makes Any Bailout and Recovery Tough
The Paulson economic plan is designed to get banks lending again. The question is, to whom? Consumers are already saddled with record household debt and need time to work it down. And businesses are already sitting on records amount of... Read →
Unless You Own Berkshire Hathaway, You Are not Getting Warren Buffett's Deal on Goldman Sachs
Warren is getting a hell of a deal on Goldman. You aren't if you are buying Goldman on this news at 135.
Read →Washington Mutual (WaMu) has raised the rate on its online savings account from 3.75% APY to 4%. This is the top rate in the country according to the BestCashCow rate table.
Read →Many analysts and economists think that the US bank problems and bailout are going to weaken the dollar in at least the short to medium term. The Treasury has printed 1 trillion in new dollars over the last week. Combine that with the war in Iraq, growing entitlements, etc. and you have a lot of dollar bills circulating through the world.
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Manhattan Real Estate Brokers Say "Manhattan is Different" and they are right
but, not for the right reasons.
Read →Amboy Direct is offering a $50 bonus to open their eSavings Account. The account currently pays 3.25% APY.
Read →Nationwide bank is offering a $25 bonus to open a money market at the bank. The bank's current rate of 3.52% APY is competitive and the bank has a soundness rating of 4 stars according to Bauer Financial.
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Morgan Stanley and Goldman Sachs in Radical Shift to Become Bank Holding Companies
The NY Times is reporting that both Morgan Stanley and Goldman Sachs are planning to change their corporate structure and become bank holding companies. This will significantly reduce their risk and increase oversight. It will also allow them to seek customer deposit dollars to fund their business.
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Bankers Lobbying to Get Best Terms on Government Bailout
It's outrageous. The bankers, who have royally screwed up the system are now lobbying Congress hard to get the very best terms they can on the deal. It's a free county and that's there right, but Congress should realize whose money it's playing with.
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Dow Down 1000, Then Up 1000 - For the Week!
Is this the new paradigm?
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Powershares SKF is Halted
Christopher Cox, Chairman of SEC, has banned short-selling in financials until October 2. Through previous bans, investors were still able to trade the Powershares SKF, the 2x levered short financial fund. Today, however, it was halted.
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How to Make Sure Bankers Who Created Mess Don't Profit from Paulson Government Bank Bailout
Treasury Secretary Paulson discussed his plan today to shore up the banks by using public money to buy toxic real-estate assets from their balance sheets. Here's how I think it should be structured so the mega-millionaires on Wall Street don't continue to suck money out of our pockets.
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