Word: bankes
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...Wall Street Journal has reported that Citigroup (C) and Bank of America (BAC) have done poorly on their "stress tests". Each bank may be encouraged to raise more capital. As a number of analysts have pointed out, private equity has no interest in stakes in troubled banks even at a steep discount to their current market values. To help improve banks' capital bases, the Administration will almost certainly have to take the money it has given and is about to give to banks, and convert it into common stock. That will crush current shareholders and it will create the problem...
...Suddenly, the government is in the private equity business. Private equity has always had the advantage of leverage. It would buy a company by putting up 10% of its own capital and borrowing 90% from a bank. But, the government has no bank. It can only lend money to itself...
...says Marshall Cohen, an analyst at the NPD Group. Consumers are willing to pay for convenience, say the experts, especially when grabbing items that they really need. "Is it a good idea? It's the only idea," says Howard Davidowitz, chairman of Davidowitz & Associates, a retail consultancy and investment bank. "Mothers are going to the store with their children, and to the extent you give mothers another reason to shop, you win. I compliment them for reacting. Doing nothing is not an acceptable answer." (See 10 things to buy during the recession...
...Boston, the rate of home foreclosure has risen dramatically in the past three years. Faced with what seemed like no alternatives, many tenants who were foreclosed upon accepted “cash for keys” deals, in which the bank paid the occupant a small sum in return for the occupant signing away the legal right to remain in the home...
...Credit card leaders have powerful friends on Capitol Hill, though, and neither side expects a clean victory. Moderate Democrats and those with major banks with big presences in their states are receiving particular attention from the banking lobby. These include Tom Carper of Delaware and Tim Johnson of South Dakota: Johnson voted against Dodd's bill in committee and Carper is a longtime bank backer...