Goldman’s uphill buyback battleWhat if you announced a $10 billion stock buyback and drew a bunch of yawns in response? That’s where Goldman Sachs finds itself a week after its disappointingly soft second quarter. The torpid reaction is only the latest sign that a weak economy, creaky markets and tightening capital rules are squeezing the once mighty megabanks. […]- A new way to bet on JapanIf you’re thinking of rolling the dice on Japan, the betting just got a little easier. This month marks the debut of an exchange-traded fund that tracks Japan’s most widely followed stock index. The Maxis Nikkei 225 index fund, listed under ticker NKY, began trading last week. The launch is noteworthy because it gives investors […]
- Chewing on Dodd-Frank spaghettiToday is Dodd-Frank’s birthday. Not that you forgot, but now it’s time to celebrate with a late lunch of regulatory reform spaghetti, courtesy of the banking team at Deloitte: [cnnmoney-iframe src=http://money.cnn.com/2011/images/07/21/termsheet_iframe.html w=340 h=265] Just 206 items in the 2,000-page-plus legislation are awaiting next steps, the Deloitte chart shows. The thing where the Securities and Exchange Commission […]
- Wells Fargo’s big mortgage ripoffWhat do you have to do to get slapped with the Federal Reserve’s biggest-ever consumer-protection fine? You have to rip off mortgage borrowers by the thousand. The Fed alleges Wells Fargo did just that during the housing boom, bilking “possibly more than 10,000” out of sums reaching as high as $20,000 by slapping them with […]
- The Fed’s scary doomsday drillHoping Aug. 2 will come and go uneventfully? Read Wednesday’s comments from Philadelphia Fed President Charles Plosser and weep. Plosser (right) says the Federal Reserve is gearing up for a possible U.S. default should the loons in Congress fail to raise the debt ceiling. He stresses in an interview with Reuters that he isn’t predicting […]
- Bernanke’s pain point: a 17% stock dropHow low would stocks have to go to bring Ben Bernanke off the sidelines? A 17% drop in the U.S. blue chips would probably suffice, say big fund managers surveyed this month by Bank of America Merrill Lynch. The S&P 500 would have to hit 1100 to get the Fed buying more bonds to prop […]
- Goldman slumps on ‘disappointing’ quarterGoldman Sachs stock fell to its lowest level since April 2009 after the bank admitted it had a “disappointing” second quarter. The New York-based investment firm made $1.09 billion, or $1.85 a share. That’s up from the year-ago $613 million, or 78 cents a share, but those numbers were hit by a $550 million legal […]
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