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November 2012

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TAG! You're Insured... for $1.4 trillion

November 27, 2012 – Comments (0) | RELATED TICKERS: WFC , USB , C

Was it even possible to keep up with all of the acronyms introduced during the financial crisis in the name of stability? Well, if you're a bank investor, one in particular ought to be on your radar right now: the Transaction Account Guarantee (TAG) program.  [more]

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The Goldman Conspiracy Strikes Again

November 27, 2012 – Comments (1) | RELATED TICKERS: GS

If you dig a good conspiracy, you can add the Bank of England's appointment of Mark Carney as its new head. Why? Well, as Mike De La Merced points out in Dealbook, he's yet another Goldman Sachs (NYSE: GS) alum in a powerful government position. As De La Merced notes:  [more]

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Caution: CyberWars in Banking Ahead!

November 27, 2012 – Comments (0) | RELATED TICKERS: BAC , JPM

Speaking in Germany, Atlanta Fed head Dennis Lockhart opined on some sources of financial instability that may be off the radar for some people. One key area he highlighted was cybercrime. Most folks reading this have probably at some point been the victim of identity theft ([hand raised], three or four times). But Lockhart is thinking bigger.   [more]

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Banking Deals On the Way?

November 27, 2012 – Comments (0) | RELATED TICKERS: TAYC

American Banker notes that Taylor Capital (Nasdaq: TAYC), Standard Bancshares, and Community Financial Services (OTC: CFIS) raised a combined $260 million in new capital. That could mean some banking deals on the way for Chicago (home to all three banks). Taylor's CEO said:  [more]

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Buffett and Taxes for the (800th??) Time

November 26, 2012 – Comments (17)

Warren Buffett was back at it again with the whole "rich people need to pay more taxes" thing. For those with trouble connecting the dots, well, The Fool's Morgan Housel is here to help out (http://www.fool.com/investing/general/2012/11/26/warren-buffett-on-taxes.aspx).   [more]

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MBIA Lives to Fight Another Day

November 26, 2012 – Comments (0) | RELATED TICKERS: MBI , BAC

MBIA (NYSE: MBI) is continuing to limp along, now getting the debt-term changes it was hoping for and Bank of America (NYSE: BAC) was vehemently fighting against. What is this big change? Essentially it lifts the provision that if MBIA Corp. (which did all the nasty structured-bond insuring) went into rehab or liquidation that the entire company would be considered in default. Instead, the healthier public-finance insurance arm is now on the hook for that.  [more]

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So That's What Happened to Countrywide and BAC...

November 26, 2012 – Comments (0) | RELATED TICKERS: BAC

Some research took me back to Countrywide's 2005 annual report today. It's funny looking back at it in retrospect because so much looks painfully obvious. Take this, for instance, from right at the beginning of the Management's Discussion section:  [more]

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Is a Smaller BAC a Better BAC?

November 26, 2012 – Comments (0) | RELATED TICKERS: BAC

My fellow Fool Amanda Alix has been skeptical on Bank of America's (NYSE: BAC) so-called "Project New BAC" and builds on that wary view today in her article on Fool.com. She's less than convinced that the "cut, cut, and cut some more" approach of BAC will transition smoothly back to the growth path that investors will want to see over the longer-run.   [more]

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One Hobbling Knight for Sale!

November 26, 2012 – Comments (0) | RELATED TICKERS: KCG , BX

In article on Fool.com earlier today, I opine on the potential for Knight Capital (NYSE: KCG) to get bought out -- which is a very real potential given the latest news reports. For individual investors, the goodness/badness of a Knight sale (or partial sale) depends an awful lot on when you bought and what your view is on the intrinsic value of the company. On the latter point, it may be time to abandon those unrealistically high valuation views because a buyer at this point just isn't going to be paying a massive premium.  [more]

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The Insurance Mess Over Sandy

November 26, 2012 – Comments (0) | RELATED TICKERS: ALL , TRV

Reading this Reuters coverage of post-Sandy insurance squabbles is sure to make you grit your teeth. Of course while it's easy to root for the homeowners that have been through hell -- and apparently still going through it -- versus the big insurance companies, it shouldn't be all that surprising that the insurers are pushing off the costs of flood damage. After all, insurance as a business doesn't work if you pay out settlements on risks that you didn't price into your coverage.  [more]

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Should JPMorgan Be Back on the Hook for Madoff?

November 26, 2012 – Comments (0) | RELATED TICKERS: JPM

Reuters notes that the trustee going after money for Madoff victims is hoping to reinstate $30 billion or so in claims against JPMorgan (NYSE: JPM) and other banks. According to Reuters:  [more]

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UBS Fined for Losing Money

November 26, 2012 – Comments (0) | RELATED TICKERS: UBS

From a certain perspective, you've got to chuckle at the idea that UBS (NYSE: UBS) is getting fined almost $50 million for allowing rogue trader Kweku Adoboli to lose $2.3 billion. It's a little like getting shot in the leg by a mugger and then having a police officer walk by and slap you in the face while you're writhing on the ground.  [more]

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Pondering a Barclay's IB Spin-Off

November 26, 2012 – Comments (0) | RELATED TICKERS: BCS , UBS , GS

The FT reported that Barclays (NYSE: BCS) might be getting a push from its shareholders to spin off its investment banking -- or, at least, cut back drastically. In terms of "good idea / bad idea," it might not be terrible, even if it is essentially a copy-cat move of UBS (NYSE: UBS) and a move that would be poorly timed from the perspective of selling low.   [more]

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