Bad Credit Loans

Feeling too cheerful? In danger of irrational exuberance? Meet the finance man with a plan to depress you – a veteran market forecaster called Robert Prechter who is predicting a stockmarket slide of quite staggering proportions. Prechter, a cult figure in the finance world whose dramatic predictions have sometimes come true, reckons the Dow Jones Industrial [...]

Inquiry into bid to find whether banks cheated in hunt for high credit ratings includes Citigroup, Goldman Sachs, Merrill Lynch and Morgan Stanley An allegedly “cosy” relationship between top Wall Street banks and credit rating agencies is under investigation by New York’s attorney general, who has issued a flurry of subpoenas to examine whether leading financial [...]

Banks investigated via subpoenas include Citigroup, Goldman Sachs, Merrill Lynch and Morgan Stanley over inflated mortgage grades and misleading ratings agencies The New York attorney general is investigating whether eight Wall Street banks misled ratings agencies to inflate the grades of certain mortgage securities. The attorney general of New York, Andrew Cuomo, sent subpoenas to eight banks [...]

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 [...]

• Thain was criticised over expensive office refurbishment • Role as head of the troubled US lender could net him $6m The former Merrill Lynch boss John Thain, who was ousted a year ago amid a furore over lavish office expenditure, has won a chance to rehabilitate his career by landing a $6m-a-year (£3.8m) job as [...]

• Thain was criticised over bonuses and expensive office refurbishment • New role as head of CIT, troubled US lender, could net him $5.5m in shares John Thain, the former boss of Merrill Lynch, returned to the business world today when he was named as chief executive of troubled US commercial lender CIT Group. The company announced [...]

• $182bn AIG bailout a tragic choice, says Timothy Geithner • Congress furious at Geithner for repaying AIG’s bank loans The US treasury secretary Timothy Geithner was accused of incompetence, obfuscation and of making “lame excuses” during a furious hearing on Capitol Hill over the government’s contentious bailout of the sprawling insurer AIG. In an unusually [...]

Investment bank under fire again as investors protest at record bonuses of $717,000 each Goldman Sachs has had to defend itself from angry taxpayers, regulators, the government – and now its own shareholders. Some of the US investment bank’s largest investors are furious about the New York-based firm paying record bonuses to its staff – bonuses are [...]

The US government executed an emergency bailout of troubled AIG without sufficient planning, botching its initial $85bn (£50bn) effort to rescue the ailing business and further weakening the multinational insurer’s financial position, according to a critical official report into last year’s near collapse of the company. An inspector charged with overseeing the treasury’s bail-out efforts concludes [...]

A new ethnographic study by Karen Ho reveals the inner life of American bankers Anthropologists used to study the alien: pygmies in rainforests with blowdarts and more piercings than a knife-thrower’s assistant. Nowadays, however, few societies are more foreign than that found on Wall Street. After all, what could be more outlandish than the tribes of [...]