Bank of America spent $1.5 billion on legal fees in the last three months of 2010. Sometimes we have trouble imagining big numbers. In the US, our median household pretax income is about $50,000. If a household were to work for 300,000 years, it would earn $1.5 billion dollars. More on BofA writedowns is in [...]
Posts Tagged ‘PNC Bank’
The Purpose Of Treasury Auctions, Bank & Mortgage Earnings Roundup, Jobless Claims Up
Jobless Claims Up This morning’s weekly Jobless Claims showed an increase to 457,000, slightly higher than expected, and the 4-week moving average is up 2k to 456k. Non-farm productivity came in at +1.9%. Unit Labor Costs were -.1% after adjusting for productivity. After this news and the Fed announcement yesterday (see below), stocks and mortgage [...]
Jumbo Loan Comeback, Lower Stocks and Rates, Next Week’s Treasury Auctions, Deutsche & MetLife Earnings
Comeback For Jumbo Loans What is the American Securitization Forum? Darned if I know, exactly, but they were meeting in Washington DC and came out with a statement conjecturing that non-agency product (a $1.2 trillion market 4-5 years ago, $25 billion in ’08 and $44 billion in ’09) may start to be securitized again later [...]
Rates Rising On Economic Optimism, Jumbo-Conforming Spreads, Enough Writedowns-Now for Some Writeups
I was driving along the other day with my son and daughter, listening to the radio about yet another company that was laying-off employees. My son said, “The economy is so bad that McDonalds is now selling the ¼ ouncer, and parents in Beverly Hills fired their nannies and learned their children’s names.” Not to [...]
House Passes 90% Wall Street Bonus Tax Amidst AIG Hysteria
The House yesterday approved a 90% Wall Street bonus tax on a 328-93 vote. Below are excerpts from a WSJ report: The House measure was approved on a 328-93 vote and would impose a 90% surtax on bonuses granted to employees who earn more than $250,000 at companies that have received at least $5 billion [...]
List of Banks Who Have Received Treasury Funds As of October 27, 2008
Below is a summary from CNBC of the banks who have signed up for the Treasury’s $250b in re-capitalization plan that’s part of their Troubled Asset Relief Program. This is beyond the initial nine banks who got $125b to kick start the re-capitalization plan. The $700b TARP program was first designed to handpick illiquid MBS [...]
PNC Buys National City For $5.2b Using Treasury Funds
PNC Bank is showing other banks the advantages of capital infusion component of the Treasury’s TARP plan. They’re buying National City Bank for $5.2b which, it can be argued is fully-taxpayer funded since PNC received $7.7b in Treasury’s first round of bank re-capitalizations. This is exactly what Treasury wanted to happen: for banks to take [...]
