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News Stories
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AIG Consumer Lender Cuts 300 Jobs, Shuts 25 Branches (Update1)
Bloomberg - 22 minutes agoNov. 10 (Bloomberg) -- American International Group Inc. ’s consumer lender said it eliminated about 300 jobs and shut 25 branches in the third quarter after the company lost access to its usual sources of funding.
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Washington in 5 Minutes
The Washington Times - 2 hours 37 minutes agoFEDERAL RESERVE GMAC flunks bank stress test The Federal Reserve said Monday that GMAC Inc. is the only one of 19 stress-tested banks that needs more capital to withstand losses if the economy softens. GMAC, a crucial player in the U.S. auto industry, has been unable to raise the $11.5 billion regulators said it needed after stress test results were announced in May. The Fed says the finance ...
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Fed says most banks have ample reserves
New York Post - Tue Nov 10, 2:11 am ETThe Federal Reserve said nine of 10 bank holding companies deemed short of capital in May have raised their reserves enough to withstand the risk of higher unemployment and slower economic growth. "The one exception, GMAC, is expected to meet its r...
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Moneyline
USA Today - Mon Nov 9, 9:40 pm ETA quick read on business news for Nov. 10, 2009
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Fed: Only GMACt needs more bailout money
Chicago Tribune - 52 minutes agoNine of the 10 institutions ordered to raise more capital after this spring's 'stress tests' have reached their goals, the central bank reports. GMAC is said to need up to $5.6 billion more. GMAC is the only major bank that will need additional bailout money after it was unable to raise enough capital on its own, government officials said Monday.
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Bill gives Fed new power to police risk
The Politico - Tue Nov 10, 5:40 am ETThe Federal Reserve stands to gain substantial new authority under financial reform legislation.
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Credit card terms toworsen,Fedsays
The Tampa Tribune - Tue Nov 10, 12:00 am ETBanks expect to tighten terms on credit cards in response to a new law that aims to protect consumers from sudden rate increases, the Federal Reserve said on Monday.
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Emerging Stocks May Rally Most Since 1989, Morgan Stanley Says
Bloomberg - 1 hour 41 minutes agoNov. 10 (Bloomberg) -- Emerging-market stocks are poised to gain 25 percent by the end of next year, for the steepest two- year rally since 1989, as earnings surge and investors boost holdings in the fastest-growing economies, Morgan Stanley said.
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Dodd Said to Propose Removing Fed, FDIC Bank Supervision Roles
Bloomberg - Mon Nov 9, 8:23 pm ETNov. 9 (Bloomberg) -- Senator Christopher Dodd will propose creating a single U.S. regulator that would strip the Federal Reserve and Federal Deposit Insurance Corp. of bank supervision authority as part of an overhaul of financial-industry rules, said a person familiar with the matter.
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News in brief | Treasury bill rates mixed
The Kansas City Star - Mon Nov 9, 11:32 pm ETRates mixed The Treasury Department on Monday auctioned $30 billion in three-month bills at a discount rate of 0.065 percent, up from 0.060 percent last week. An additional $31 billion in six-month bills was auctioned at a discount rate of 0.165 percent, down from 0.170 percent. The Federal Reserve said the average yield for one-year Treasury bills fell to 0.36 percent last week from 0.39 ...
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GMAC to receive more bailout money
The Kansas City Star - Mon Nov 9, 11:32 pm ETWASHINGTON | The Federal Reserve said Monday that GMAC is the only one of 19 stress-tested banks that needs more capital to withstand losses if the economy softens. GMAC, a crucial player in the U.S. auto industry, has been unable to raise the $11.5 billion regulators said it needed after stress test results were announced in May. The Fed says the finance company is expected to close the gap ...
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Rise in Short-Term Debt Puts Banks at Risk, Moody’s Says
Bloomberg - 2 hours 23 minutes agoNov. 10 (Bloomberg) -- Banks are carrying more short-term debt on their balance sheets than at any time in at least 30 years, exposing them to rising borrowing costs that could undermine profits, Moody’s Investors Service said.
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New law is prompting banks to tighten credit
The Columbus Dispatch - Tue Nov 10, 4:32 am ETWASHINGTON -- Banks expect to tighten terms on credit cards in response to a new law that aims to protect consumers from sudden rate hikes, the Federal Reserve said yesterday.
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Growth Driven by U.S. Factories as Spending Slows, Survey Shows
Bloomberg - 2 hours 42 minutes agoNov. 10 (Bloomberg) -- Economic growth in the U.S. will be stronger over coming quarters than previously anticipated as manufacturing, business spending and exports pick up while consumers cool off, a monthly economists’ survey indicated.
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BANKING: GMAC still lagging in capital, Fed says
The Olympian - Tue Nov 10, 3:08 am ETThe Federal Reserve said Monday that GMAC is the only one of 19 stress-tested banks that needs more capital to withstand future losses. GMAC, a crucial player in the U.S. auto industry, has been unable to raise the $11.5 billion regulators said it needed. The Fed says the finance company is expected to close the gap with more money from the $700 billion financial bailout.
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Fed again pledges to hold rates at record-lows
AP - Wed Nov 4, 5:10 pm ET -
Focus on the Fed
CNBC - Thu Nov 5, 8:12 am ET -
Fed Holds the Line
CNBC - Wed Nov 4, 3:22 pm ET -
Nov. 4: Stocks give up gains in last hour
AP - Wed Nov 4, 5:56 pm ET -
Postgame Interview: Sidney Lowe
WRAL Raleigh - Thu Nov 5, 11:04 pm ET
Bankrate.com: Fed Outlook Blog
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Another jobless recovery?
Wed Jul 22, 12:00 am EDT -
Mortgage modification the key?
Thu Jul 16, 12:00 am EDT -
What can the Fed do about mortgage rates?
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