Austria Appoints Overseer at Bank in Madoff Case
The move to name a supervisor to the board of Bank Medici is the first known case where a government has had to step in to help a bank cope with the Madoff fraud.
Feds Sell Off Failed IndyMac For $13.9B
Federal regulators say a group of investors has teamed up to buy the remnants of failed lender IndyMac Bank for $13.9 billion.
Flowers, Soros, Michael Dell team to buy IndyMac
WASHINGTON — A seven-member investor group including billionaire George Soros and Dell Inc. founder Michael Dell have agreed to purchase failed lender IndyMac Bank, one of the largest casualties of the housing bust, for $13.9 billion.
Companies Start Competing For Bailout Money
Insurers, automakers and American subsidiaries of foreign banks all want the Treasury Department to cut them a piece of the bailout.
Israel Stocks: Market higher; Shufersal faces inquiry, ends talks on a deal
Even amid continuing military action in Gaza, Israeli stocks rise on the first day of 2009, in their fourth straight winning day, led by gains in Israel Chemicals, Teva Pharmaceutical and the banks, plus double-digit leaps in the benchmark technology and real-estate indexes.
Lending rate ticks lower
Credit markets showed more signs of improvement Monday as one short-term bank-to-bank lending rate fell to a record low.
Few bright prospects either side of the pond
Investors looking for new year cheer will find little comfort in US housing data, while a UK recovery remains hamstrung by the reluctance of banks to lend despite rates cuts
Israel Stocks: Market higher; Shufersal faces inquiry, ends talks on a deal
Even amid continuing military action in Gaza, Israeli stocks rise on the first day of 2009, in their fourth straight winning day, led by gains in Israel Chemicals, Teva Pharmaceutical and the banks, plus double-digit leaps in the benchmark technology and real-estate indexes.
Few bright prospects either side of the pond
Investors looking for new year cheer will find little comfort in US housing data, while a UK recovery remains hamstrung by the reluctance of banks to lend despite rates cuts
Lending rate ticks lower
Credit markets showed more signs of improvement Monday as one short-term bank-to-bank lending rate fell to a record low.
U.S. Agrees to a Stake in GMAC
The Treasury Department took a stake of $5 billion in GMAC and agreed to lend $1 billion to to help it reorganize itself as a bank holding company.
Fannie and Freddie Pumped Up By Fed
The central bank will buy $500 billion in mortgage-backed securities beginning in January, as part of a program announced in November.
Banks report $6 billion in Q3 trading revenue
WASHINGTON (Reuters) - U.S. commercial banks reported $6 billion of revenue from trading foreign exchange, interest-rate and other derivative instruments in the third quarter as credit spreads deteriorated and accounting rules inflated results, the Office of the Comptroller of the Currency said on Monday.
Bank-to-bank lending eases
Bank-to-bank lending rates continued to march lower, as a trio of European central banks slashed their key interest rates, a move that markets had largely expected.
GM shares rally after financing division gets bank status
SAN FRANCISCO (MarketWatch) — General Motors Corp. shares jumped more than 19% to $3.87 in early trades Friday after its lending unit had its application to become a bank holding company approved earlier this week. GMAC Financial Services, of which GM holds a 49% stake, said Wednesday the approval means it will have “expanded opportunities for funding and access to capital, which will provide increased flexibility and stability.” GMAC had sought the designation in part because it wanted to tap the availability of federal bailout funds. Cerberus Capital Management, which also bought Chrysler, owns 51% of GMAC.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Cancer Drug Costs May Help Doctors Select a Treatment
Oncologists will soon be adding “financial counselor” to their job description. With an increasing number of cancer patients suffering economic hardships as a side effect of expensive therapy, most oncologists are finding that cost needs to be considered as part of treatment options. Leading cancer organizations are now working on incorporating cost into treatment guidelines and other materials. The change, which departs from the current American medical ethos, is fraught with thorny questions not only for cancer doctors and patients but also for the health care system at large.
The U.S. spends about $200 billion annually on cancer care; many new drugs cost several thousand dollars monthly. For patients, co-payments represent the most severe sappers of bank accounts. Increasingly, insurers are holding patients accountable for up to 20 percent of the prescription price. Covered drugs being used off-label (for an indication not formally approved but still medically appropriate) can carry co-pays of up to 30 percent.
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GM shares rally after financing division gets bank status
SAN FRANCISCO (MarketWatch) — General Motors Corp. shares jumped more than 19% to $3.87 in early trades Friday after its lending unit had its application to become a bank holding company approved earlier this week. GMAC Financial Services, of which GM holds a 49% stake, said Wednesday the approval means it will have “expanded opportunities for funding and access to capital, which will provide increased flexibility and stability.” GMAC had sought the designation in part because it wanted to tap the availability of federal bailout funds. Cerberus Capital Management, which also bought Chrysler, owns 51% of GMAC.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
GM shares rally after financing division gets bank status
SAN FRANCISCO (MarketWatch) — General Motors Corp. shares jumped more than 19% to $3.87 in early trades Friday after its lending unit had its application to become a bank holding company approved earlier this week. GMAC Financial Services, of which GM holds a 49% stake, said Wednesday the approval means it will have “expanded opportunities for funding and access to capital, which will provide increased flexibility and stability.” GMAC had sought the designation in part because it wanted to tap the availability of federal bailout funds. Cerberus Capital Management, which also bought Chrysler, owns 51% of GMAC.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
The Benefits Of Trading The Forex Market
Historically, the FX market was available most to major banks, multinational corporations…
The Russian Central bank devalued the ruble for a third time this week
The Russian Central bank devalued the ruble for a third time this week. The ruble is at its weakest level relative to the U.S. dollar since January 2006. The Korean Won was one of the best performing currencies this morning relative to the USD. It strengthened 3%, ending its two day slide against the dollar. The South African rand has also performed well this morning as platinum, a commodity of which South Africa produces 80% of the worlds supply, recovered from its four day slide. The Majors
Stock futures up slightly as investors eye GM
NEW YORK (Reuters) - Stocks futures rose on Friday as General Motors <GM.N>. shares rallied in pre-market trade, lifted by the move to turn affiliate GMAC into a bank holding company.
AP study finds $1.6B went to bailed-out bank execs
– Banks that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits in the calendar year 2007, an Associated Press analysis reveals.
