Monday 13 april 2009
1
13
/04
/Apr
/2009
07:24
US Government May Ask Bank CEOs To Resign
http://www.bizjournals.com/dayton/stories/2009/03/30/daily121.html
The US government is ready to take any step to stabilize the country’s banking and financial system. The top officials at several organizations including the mortgage giants Fannie Mae, Freddie
Mac and insurance giant American International Group (AIG) have already been removed. CEOs of several top banks could also be asked to go in the near future, government officials have said.
Treasury Secretary Timothy Geithener has said that the government’s aim is to ensure, taxpayer’s money is not wasted and is utilized to make the various companies stronger and more accountable.
Not only this, any further assistance to the banks or any other companies is likely to be conditional and linked to its usage and the results achieved.
By My Finance Blog
3
Monday 30 march 2009
1
30
/03
/Mar
/2009
07:38
AIG Employees Are Returning Bonuses!
http://finance.yahoo.com/news/AIG-CEO-says-employees-apf-14685347.html
How can the recession-hit Americans struggling for their daily bread accept the fact that Insurance company AIG, kept alive on a taxpayer-funded $180 billion lifeline, is paying out $165 million in
bonuses for its elite employees?
Now, under great pressure from the Obama administration and Congress, the head of bailed-out insurance giant AIG declared that some of the firm's executives have begun returning all or part of
bonuses. What shocks more is that some of the payments were made to the same executives whose dicey financial behavior caused the company's downfall.
Though Obama has defended his Treasury Secretary Timothy Geithner on the matter, Americans are still furious. How can such an act be even thought of in the wildest dreams with such a financial
crisis gripping the country?
By My Finance Blog
0
Monday 16 march 2009
1
16
/03
/Mar
/2009
07:32
US Program Aims To Stem Foreclosures
http://www.bizjournals.com/orlando/stories/2009/03/02/daily40.html
The US Department of Treasury’s Home Affordable Plan is expected to allow nine million borrowers to stay in their homes. The plan involves creation
of a $75 billion loan modification program to allow responsible homeowners to refinance at lower interest rates. Low cost refinancing is expected to result in a significant reduction in the
annual mortgage payments of thousands of families. The plan will help genuine homeowners and not just the speculators. As per the plan, lenders can modify their loans by reducing the mortgage to
no more than 38% of the borrower’s income. The Treasury Department would share the cost for lenders to cut the debt-to-income ratio to 31 percent. Loans which have originated before January are
eligible for this program while the homeowners whose unpaid principal balance is as much as $729,750 can participate in this program.
By Raj Kumar
1
Wednesday 4 march 2009
3
04
/03
/Mar
/2009
08:32
http://www.usatoday.com/money/industries/banking/2009-02-25-morgan-stanley-cancels-golf-events_N.htm
After Citigroup cancelled its order for a luxury jet, it is now Morgan Stanley’s chance to make amends. They have cancelled entertainment events at the golf tournaments to be held in June.
Like a hawk, the Congress is watching all those banks that have received or are set to receive bailout money. Really, on one side you (read banks) say that you are on the verge of bankruptcy while
on the other side you ask the government for bailout funds. It’s the tax payer’s money that you are wasting guys, don’t you see it?
Thank god, Morgan Stanley which is all set to receive $10 billion in bailout funds decided to have little to do with the Memorial Tournament other than sponsor it, else they would have dug their
own grave – may be they would have even had to reimburse the government for the cost of hosting events and pay a $100,000 fine. Now that’s an effective way to keep banks from going the wrong
path.
http://www.quickcashadvances.org
By Yogesh
0
Wednesday 4 march 2009
3
04
/03
/Mar
/2009
08:31
http://finance.yahoo.com/news/Crude-oil-is-getting-cheaper-apf-14367525.html
With crude oil getting cheaper, many people have started expecting a reduction in gas prices also. But, such expectations seem futile because where crude oil closed at its lowest point for 2009
(just under $34 a barrel), the national average price of a gallon of gas rose to its peak for the year ($1.95) on the same day. In fact, the price of gas is still rising, as on Friday, it again
went a penny higher.
It definitely sounds like some big conspiracy, but I don’t think so. It is true that the price of gas should come down with a reduction in the price of oil, but which oil? Whatever it is, it’s not
crude oil. So, if gas prices are rising, it has more to do with usual economic moorings rather than anything else.
By Yogesh
0
