Bad Credit Loans

General Motors’ flotation plans will be heralded as a triumph for Barack Obama if they prove successful General Motors is expected to publish details of its flotation plans this week, shortly after America’s largest carmaker, which was last summer rescued from financial collapse by the Obama administration, revealed that it had returned to profit. In a [...]

• Revitalised carmaker anticipates raising up to $15bn• GM’s move should bolster Obama in congressional elections General Motors is gearing up for one of the biggest stock market flotations in US corporate history barely a year after emerging from bankruptcy. It hopes to raise $10bn to $15bn (£6bn to £10bn) and start to pay back government [...]

Traders at Bank of America rake in billions to turn loss into $2.8bn profit A return to the good old days on Wall Street pushed Bank of America back into the black with quarterly profits of $2.8bn (£1.8bn). The company reported today that its traders had cashed in on resurgent financial markets and an improved mood of [...]

As profits return to America’s investment banks, so does the confidence to protest at new federal regulation Blink and you’ll have missed the bankers’ fleeting interlude of repentance. Wall Street doesn’t do humble very well and a brief period of bowing to public outrage over multimillion dollar pay packages is conclusively over. As stock markets surge, debt [...]

Wall Street bank reporting season off to a strong start despite JP Morgan setting aside $7bn to cover bad loans to consumers JP Morgan got the US bank reporting season off to a bullish start today by reporting a profit of $3.33bn (£2.16bn) for the first three months of 2010, smashing analysts’ expectations. Despite setting aside $7bn [...]

• JP Morgan expects first quarter profits of $2.9bn• Goldman Sachs and Morgan Stanley anticipate solid figures Arguably the star performer to emerge from the financial crisis, JP Morgan is set to kick off the US banking industry’s earnings season today with a first quarter profit expected to be about $2.9bn (£1.8bn). Although a sharp increase [...]

Seattle-based Washington Mutual was seized by regulators at the height of the financial meltdown in September 2008 A cosy circle of American regulators and Wall Street executives operated a “too clubby to fail” policy of protecting huge investment banks at the expense of high street players, according to a bitter attack on the US government’s [...]

• Bob Diamond and rapper Jay-Z at ground-breaking ceremony• British bank hopes $300m deal will promote its image in America Seated alongside rap star Jay-Z, Barclays president Bob Diamond beamed cheerfully as a soul rendition of the US national anthem was partially drowned out by the din of circling helicopters and noisy protesters. In a marquee [...]

• Huge payouts will be a ‘bitter pill’ for many• Investment banks on track to make $55bn profit for 2009 Total Wall Street bonuses since 1985 (pdf) Despite calls for restraint in multi-million dollar pay packages, Wall Street bonuses jumped by 17% to $20.3bn (£13bn) for 2009 as America’s financial services industry rebounded swiftly from the credit [...]

John Stumpf, who came from a poor farming family, earned $18m last year, double the pay of Goldman Sachs boss A former Minnesota farm boy who began his working life as a baker has become America’s highest-paid banking boss by taking a sceptical view of Wall Street’s trading floors and scorning the financial industry’s penchant for [...]