Bad Credit Loans

• 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 [...]

The megabanks could be split up – or might turn into footloose investment banks again More details please. On Thursday ­President Obama declared war on Wall Street – but what would ­victory look like? On day one, it seemed as if a break-up of JP Morgan, Morgan Stanley, Bank of America, Citigroup and Goldman Sachs [...]

Barack Obama’s proposal to curb Wall Street’s big banks could end up damaging the US economy – and the presidency For someone who has just had been honoured by the president, having had the latest bank-busting reform named after him, Paul Adolph Volcker looks as sad as Droopy Dog. Maybe he’s still long of the banks, [...]

The Dow Jones Industrial Average (DJIA) closed down more than 200 points on Thursday night – a drop of over 2% and its worst performance since October last year President Barack Obama’s attack on Wall Street’s cabal of banks has rattled investors across the globe with share prices across Europe and Asia tumbling, commodity prices falling [...]

Were Obama’s bank reforms a coincidence? Was it coincidence that Obama chose to announce his reforms on the day that Goldman Sachs announced its full-year figures? Almost certainly not. The timing, one assumes, was designed to illustrate how taxpayer-funded support programmes have inflated profits, pay and bonuses. Naturally, Goldman strained to show that, unlike Morgan Stanley, it [...]

Analysts predict big payouts despite political pressure Goldman Sachs bankers are forecast to enjoy an 81% rise in their pay and bonuses for 2009, even though the bank may be forced to respond to political pressure by reducing the amount of money it sets aside for employee payouts in the fourth quarter of the year. Goldman is [...]

• Tough-talking president wants ‘every single dime’• British banks operating in the US could face $1bn bill Britain’s banks face a $1bn (£612m) annual levy to meet Barack Obama’s 10-year “financial crisis responsibility fee”, which was announced today by a US president infuriated at Wall Street’s plans to pay out multimillion-pound bonuses. Three UK banks – HSBC, [...]

The benefits of Tarp and other bailouts for US banks are difficult to quantify – but they were essential Quote of the day from Capitol Hill came from John Mack of Morgan Stanley on the subject of duff mortgages: “We did eat our own cooking and we choked on it.” It’s a useful analogy because it [...]

Global markets were left disappointed today after worse than expected jobs data from the US Global markets were left disappointed on Friday after worse than expected jobs data from the US. Traders around the world expected official figures to show that the US economy had stopped shedding jobs in December, but the figures actually revealed that [...]

• Heads of nine leading banks go to Washington for summit• President airs irritation about lack of support for reform• Small business loans, mortgage relief and bonus payouts are among concerns covered in ‘very, very serious’ discussion The heads of the leading US banks were summoned to the White House yesterday for a “frank and candid” [...]