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Dealbreaker: Opening Bell: 11.02.09
Reactions
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Pandit ‘Near Death’ Hoard Signals Lower Bank Profits - http://bit.ly/GlZFK 18 days ago |
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another crisis on the horizon? why so much cash? http://bit.ly/GlZFK 18 days ago |
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$C itigroup hoards cash: http://bit.ly/GlZFK #banking #finance 18 days ago |
Opening Bell: 11.02.09
Dealbreaker —
... Credits (WSJ)
Not so fast says Fannie's keeper: "A sale would bring some needed financial respite to Fannie Mae. But the administration is leery about approving a deal that would help Goldman reduce its tax bill, given the animus held by many lawmakers toward big Wall Street firms in general and Goldman in particular. The Obama administration is looking at the deal with a critical eye and could block it. Goldman, meanwhile, is hopeful it could win approval this week."
Pandit 'Near Death' Cash Hoard Signals Lower U.S. Bank Profits (Bloomberg)
Citigroup has ...
Passing Thru the Eye of the Storm
[ The Financial Ninja ] —
We've been in the eye of the storm for months now. The relative calm and tranquility had lulled everybody into complacency.... until last week, when the cracks became too large to ignore. On Friday 9 banks failed and were seized by the FDIC, the largest number of failures since ...
Passing Thru the Eye of the Storm
[ The Financial Ninja ] —
We've been in the eye of the storm for months now. The relative calm and tranquility had lulled everybody into complacency.... until last week, when the cracks became too large to ignore. On Friday 9 banks failed and were seized by the FDIC, the largest number of failures since ...
Swimming in Cash, But Still Feeling Poor
Minyanville —
The US economy appears to face a classic chicken-or-the-egg conundrum: The economy is slow because consumers aren t spending, and consumers aren t spending because the economy is slow, giving just about everyone a case of job-loss jitters. The result: personal savings are up while spending is down. Long term, this is important because consumer spending represents about two-thirds of the nation s Gross Domestic Product. Increased savings plays out against the current unemployment rate of 9.5% -- and many analysts expect it to top 10% before recovering. Consumers are stashing cash and hunkering down: Personal savings increased to $355.6 billion in September from ...
Contraction in Bank Credit Worse This Time Around
Minyanville —
A recent Bloomberg article was titled Pandit Near Death Hoard Signals Lower Bank Profits , and stated that Citigroup Inc. ( C ) and JPMorgan Chase & Co. ( JPM ) were hoarding cash as if another crisis were on the way. Also, a Wall Street Journal article entitled Jittery Companies Stash Cash showed that cash on the balance sheets of S&P 500 companies was the highest in 40 years. The chart below, courtesy of economist David Rosenberg of Gluskin Sheff & Associates, shows that credit is still contracting as banks go through the painful process of repairing their balance sheets. As indicated, bank lending has ...
