Banking

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    Gonzobanker.com

  • Five Things Gonzo Marketers Do

    Ted Thames
    16 Nov 2009 | 3:33 pm
    Being a bank marketing officer today is like standing on a shooting range with a target Scotch-taped to your chest. You’re constantly under attack: The CEO is not thinking about marketing – he’s thinking about survival – he’s on your back because new customer acquisition is flat and deposits are too expensive; The CEO thinks your budget should be “pared back” because earnings are in the tank and you can’t measure how effective your media expenditures are; The lenders have stiffened their underwriting standards four times since last November and they’re not approving new…

  • Bankers on the River Charles: BAI Retail Delivery 2009

    Quintin Sykes
    9 Nov 2009 | 12:50 pm
    With apologies to The Standells, sing along with your humble correspondent. “Dirty Water,” anyone? Yeah, down by the river Down by the bankers on the river Charles (aw, that’s what’s happenin’ baby) That’s where you’ll find me Along with vendors, techies, and VPs (aw, but they’re cool people) Well I love that dirty water Oh, Boston, you’re my home (oh, you’re the Number One place) “Change the World” was the theme of this year’s show, and why not with the upheaval so far and more change to come? How are banks and credit unions…

  • Fighting the Overdraft Privilege PR War

    Bill McFarland
    30 Oct 2009 | 8:30 am
    You have seen the news: more and more of the nation’s largest banks, including Wells Fargo, Bank of America, JPMorgan Chase and BB&T, are reforming their overdraft policies. Big whup! These changes are more window dressing than substantive, but they prove that banks—community banks and credit unions, not just The Big Guys—are losing the Public Relations war over overdraft protection fees. There has been a significant increase in ODP fees over the last few years, as has been widely reported by pro-consumer groups such as the Center for Responsible Lending. What is also true is…

  • The Dude Will Not Let This Technology Spending Aggression Stand

    Quintin Sykes
    23 Oct 2009 | 5:03 pm
    DISCLAIMER: There is no absolute amount that a financial institution should be spending on technology! Technology spending must be considered in the context of the value received from it. I had occasion this week to recall bank merger deals in the go-go days (back when they were unassisted by the government), where a major part of the justification consisted of scale economies. While espoused by many investment bankers, the only thing that seemed to scale well consistently were investment banking fees, as projected cost savings were rarely realized. The technology spending numbers in the…

  • Random Rants, Musings and Written Agreements

    Michael Croal
    19 Oct 2009 | 5:33 pm
    Give heed to my sighing. Listen to the sound of my cry –Psalm 5 David’s lament is appropriate given the trials today’s Gonzo Bankers are going through. There is no shortage of significant concerns on the minds in the corner offices of today’s c-level banking executives. Every week more banks are failing. In spite of the market rally, the economy is stagnant at best, and there is talk that commercial real estate may be the other size 13 headed for the linoleum. If you’re feeling a bit more stressed than ever before, GonzoBankers, it’s for good reason. Let me take through a quick,…
 
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    Google News: Banking

  • Malaysia issues China's ICBC local banking licence - AFP

    20 Nov 2009 | 9:35 am
    AFPMalaysia issues China's ICBC local banking licenceAFPKUALA LUMPUR — Malaysia's finance ministry has issued a commercial banking licence to China's largest bank, the country's central bank announced Friday. Malaysia Awards Commercial Banking License To ICBCWall Street JournalChina's biggest bank gets Malaysia license - c.bankReutersICBC Bags Commercial Bank Licence To Operate In MalaysiaBanking Business ReviewThe Malaysian Insiderall 50 news articles »

  • MARKET COMMENT: Banking Concerns Pressure Europe Stocks - Wall Street Journal

    20 Nov 2009 | 9:09 am
    MARKET COMMENT: Banking Concerns Pressure Europe StocksWall Street JournalPiraeus Bank ended down 4.2%, Alpha Bank shares fell 5.7% and National Bank of Greece, which reports results on Monday, fell 5.7%. and more »

  • Venezuela Takes Operational Control Of Four Small Banks - Wall Street Journal

    20 Nov 2009 | 8:46 am
    PRESS TVVenezuela Takes Operational Control Of Four Small BanksWall Street JournalLorena Labarca, a spokeswoman for the banking group headed by Fernandez, said he was not available to comment. Rodriguez said the banks didn't properly Venezuelan banks seized over irregularitiesPRESS TVVenezuela government intervenes in 4 bankseTaiwan NewsVenezuela government intervenes in 4 banksMSN Moneyall 35 news articles »

  • Princeton National Bancorp, Inc. & Citizens First National Bank Appoint Thomas ... - CNNMoney.com (press release)

    20 Nov 2009 | 8:06 am
    Princeton National Bancorp, Inc. & Citizens First National Bank Appoint Thomas CNNMoney.com (press release)Princeton National Bancorp, Inc. (NASDAQ: PNBC), the holding company of Citizens First National Bank today announced the appointment of Thomas D. Ogaard as and more »

  • European Markets Shrug Off ecb's 'Baby' Unwinding Steps - Wall Street Journal

    20 Nov 2009 | 7:30 am
    Washington PostEuropean Markets Shrug Off ecb's 'Baby' Unwinding StepsWall Street Journal"I understand that the mood in the financial system is one of relief," Trichet said in a speech at the Frankfurt European Banking Congress. Trichet warns banks risk addiction to supportReutersTrichet: time to withdraw some support measuresThe Associated PressTime for banks wean themselves off cheap money, ECB president saysguardian.co.ukWall Street Journal (blog) -Market News International -Exchange News Directall 303 news articles »
 
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    NetBanker

  • American Express Jumps on the Alt-Payments Bandwagon in a Big Way; $300 Million Acquisition of Revolution Money

    Jim Bruene
    19 Nov 2009 | 4:51 pm
    Frankly, I haven't got my head completely around the latest acquisition in the alt-payments space (and I'm not the only one I know that it makes my analyst life more interesting, but not sure what it means to the competitive landscape. Scott Loftesness over at Glenbrook Partners has the best analysis I've seen (also read the comments). I'll break it down here. Revolution Money has two products: 1. RevolutionCard: Alt-payment card for use at the point of sale, both online and in-store.(see inset below from SeattleLuxe.com where RevolutionCard logo is right below Visa; full screenshot below).

  • Happy 10th Birthday PayPal!

    Jim Bruene
    19 Nov 2009 | 12:45 pm
    In preparation for our upcoming report I was re-reading our first report on P2P payments published almost 10 years ago to the day (29 Nov 1999). Although, it was early in the game, I was very impressed with PayPal, a service launched two weeks earlier (15 Nov 1999) by Confinity, the original name of its parent company. We've made our share of incorrect predictions over the years, but this one we got right (note 1), anointing PayPal with one of the first OBR Best of the Web awards. Here's our take from that original report when PayPal was available as a payment option on just nine eBay…

  • Giving Thanks to our NetBanker.com November Sponsors

    Eric Mattson
    19 Nov 2009 | 11:35 am
    It's November and Thanksgiving is almost upon us here in the US. It's a great holiday, not only for the food, but also the concept that you should reflect and give thanks. And there are many things we're thankful for -- our families, our health, our country and our OBR/Finovate clients. We're also thankful for YOU, our loyal readers who make this blog great by reading the posts, sharing your thoughts in the comments and emailing us frequently with ideas. And last but certainly not least we're thankful for our sponsors for helping us keep NetBanker the high-quality and free resource that you…

  • The Financial Service that Made Ad Age's 40 Hottest Brands

    Jim Bruene
    18 Nov 2009 | 9:34 am
    The latest Advertising Age profiles the 40 hottest brands in the United States. In the current climate, I wasn't expecting to see a financial brand. But there was a one financial tech company that made the list. Intuit's TurboTax. It even made the cover photo montage (see inset), although you have to look carefully to see the box laying flat in front (note 1). Who would have thought tax prep software could be cool? Part of the reason: TurboTax's marketing VP, Andy Young, has been pushing the envelope looking for novel ways to market tax prep services. For example, last year TurboTax was the…

  • Bank of America's Launches Personal Finance Tips Site

    Jim Bruene
    17 Nov 2009 | 1:47 pm
    Bank of America's latest online effort is a personal finance educational site at <learn.bankofamerica.com> that includes consumer polls, money savings tips, videos and articles. Bank products are sprinkled throughout but the marketing is relatively restrained. It's a solid effort. Good, concise copy married to an attractive graphical layout. And for a bank the size of Bank of America, it makes perfect business sense. The site moves a little product, builds the brand, shows off the bank's consumer-friendly side, provides material for PR campaigns, and gains some CRA credit (note…
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    Glenbrook Partners-Payment News

  • Second Major US Card Issuer Ends Credit Card Arbitration

    Payments News Editor
    20 Nov 2009 | 10:39 am
    In an article titled "JPMorgan Chase Ends Credit Card Arbitration", Maria Aspan writes for the American Banker that JP Morgan Chase has joined Bank of America in abandoning mandatory arbitration clauses as part of their credit card agreements.

  • NY Times Editorial: A Gift to Credit Card Companies

    Payments News Editor
    20 Nov 2009 | 6:24 am
    In an editorial this morning, the New York Times chastises Sen. Thad Cochran for voting on Wednesday to block a bill by Sen. Chris Dodd that would have accelerated implementation of credit card reforms.

  • Headline News - November 20, 2009

    Payments News Editor
    20 Nov 2009 | 6:13 am
    The Red Tape Chronicles: After data loss, ID theft risk soars PC World Business Center: Banks on Watch After Suspected Card Breach Consumers Union Urges Fed to Stop New Credit Card Tricks and Traps NetBanker: American Express Jumps on the Alt-Payments Bandwagon in a Big Way; $300 Million Acquisition of Revolution Money CBC News - British Columbia: Massive B.C. fraud hits debit-card users BOKU Enables Mobile Payments for over 200 Million Gamers with 12 New Partners Forbes.com: American Express Eats Competitor First National Merchant Solutions To Offer Expanded American Express Processing…

  • Merchants Like Their Reading of the GAO Interchange Report

    Payments News Editor
    19 Nov 2009 | 4:19 pm
    The National Association of Convenience Stores (NACS) released the following statement in response to today's release of the U.S. Government Accountability Office (GAO) report, "Credit Cards: Rising Interchange Fees Have Increased Costs for Merchants but Options for Reducing Fees Pose Challenges.""The GAO confirmed key problems that we have raised about credit card interchange fees, also known as 'swipe' fees," said Lyle Beckwith, NACS senior vice president of government relations. "They found that the 10 largest banks have a stranglehold on this market, have used it to raise their fees,…

  • Industry Says GAO Finds That Consumers Could Be Harmed by Interchange Regulation

    Payments News Editor
    19 Nov 2009 | 1:47 pm
    The Electronic Payments Coalition has issued the following statement in response to today's release of a report on interchange fees from the Government Accountability Office:Today's GAO report concludes that consumers could be harmed if Congress acts to lower what merchants pay to accept debit and credit. As the GAO noted in its report, merchants receive myriad benefits when they accept debit and credit cards, including increased sales and reduced labor costs. But giant retailers have been lobbying Congress to pay less than their fair share, and have their customers pay for these fees…
 
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    The Bank Channel

  • 2019 Vision of Interface Design in the Office

    Rob Findlay
    5 Nov 2009 | 12:41 am
    From The Future of Interface Design

  • Match brand values with human values

    Rob Findlay
    4 Nov 2009 | 7:23 pm
    I've talked a lot in the past about creating human connections (by being respectful, contextual and simple), and of course when you create a brand, it too needs to create strong connections with your employees and customers.What are the brand values your business tries to live by - are they things we can relate to not just an organisation, but as individuals as well?Are they words like solutions, strategic, integrated, institutional;Or are they words like open, friendly, honest, quality? Are you expecting your people to take organisational attributes and try to relate them to their everyday…

  • A different way to describe your bank - Part 2 - The Answers

    Rob Findlay
    21 Oct 2009 | 9:50 pm
    As a close to the previous post, here are the sources of the list of slogans that you could apply to your bank -Isn't it nice when things just work? - the famous Honda AdConnecting people - NokiaThe Real Thing - CokeWhere do you want to go today? - MicrosoftJust Do It - NikeKeep walking - Johnnie WalkerThink different - AppleNever Follow - AudiThe power of all of us - eBayThe relentless pursuit of perfection - LexusLifes good - LGBecause you're worth it - L'OrealLive unboring - IKEAFor Life - VolvoExpect more. Pay less. - TargetSee what the future has in store - Future ShopLowest prices are…

  • A different way to describe your bank - Part 1 - The Challenge

    Rob Findlay
    18 Oct 2009 | 2:01 am
    Inspired by some of Jeffreys great work at The Financial Brand, I thought we could have a little fun. Slogans and taglines are such great ways to try to declare the essence of a company, sometimes they're as hard as the name of a company itself to create and live with. But what if we took the slogans from other companies, and indsutries, and then imagined if they were the slogan our customers and employees read in our advertising and collateral.Read below, and then imagine each one of these is your banks slogan - think hard, and imagine if thats what your company was famous for. Also, tell if…

  • Guest Post - Intel knows their customers & what the future holds

    Rob Findlay
    11 Oct 2009 | 7:20 pm
    A guest post from colleague and all round tech/gadget geek Veronique Whitaker - welcome V to The Bank Channel.A few weeks ago I attended a presentation from Dr. Genevieve Bell, the Director of User Experience at Intel, on the future of devices. I was expecting this to be a very techy presentation given the title, but instead it was more about what people are like now, and will be in the future, and how devices are likely to evolve to meet future people needs. This impressed me because it follows one of the basic rules of futurology and foresight – looking at how trends will impact and shape…
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    The Bankwatch

  • The ugly side of globalisation | security breach in Spain impacts German credit cards

    Colin Henderson
    19 Nov 2009 | 6:44 am
    Courtesy of Finextra. More than 100,000 German credit cards have been recalled by banks following a suspected security breech at an unidentified Spanish payment processor Posted in Uncategorized Tagged: Security

  • The coming media crisis and parallels with the financial crisis

    Colin Henderson
    12 Nov 2009 | 6:57 pm
    A general thread that has been building for me for some years now is highlighted in a few things I have seen recently. The thread is my hatred of advertising and in particular online advertising. For me it lies in the same category as junk (paper) mail except worse. I can simply throw paper junk mail out as one package, so it is not intrusive. Online advertising is horribly intrusive because it is pervasive. I use lots of things to ensure my online experience is minimally interrupted by ads In 2004 people were asking about blog business models. Now it is social network business models. I have…

  • On Bank Systemic Risk, International Integration and Capital Requirement | Turner Discussion Paper

    Colin Henderson
    2 Nov 2009 | 5:15 pm
    There has been much talk of systemic risk since the financial crisis hit. I see it more as a crisis of banking and banking confidence, and the debate on systemic risk is critical because it exists because of Government intervention and protections, implicit and explicit. The latest from Lord Turner of the FSA is a discussion paper, that reviews systemic risk and provides as good a discussion on that topic as I have seen. What it particularly interesting is how the insights raise the prospect of penalising globally integrated banks over nationally independent organizations with higher capital…

  • “Rally fuelled by cheap money brings a sense of foreboding” | ft.com

    Colin Henderson
    22 Oct 2009 | 11:34 pm
    Gillian Tett voices her concerns here, based on background discussions with bankers. We are not out of the woods yet, despite the equity markets. Rally fuelled by cheap money brings a sense of foreboding | FT Yet, if you talk at length to traders – or senior bankers – it seems that few truly believe that fundamentals alone explain this pattern. Instead, the real trigger is the amount of money that central bankers have poured into the system that is frantically seeking a home, because most banks simply do not want to use that cash to make loans. Hence, the fact that the prices of almost…

  • Is the utility bank/ risky bank model workable?

    Colin Henderson
    22 Oct 2009 | 10:51 pm
    Martin Wolf makes a persuasive argument that regulatory division between financial utilities and risk takers (casinos in his words) is impossible. Why curbing finance is hard to do | FT Martin Wolf First, the border between utility and casino banking is impossible to draw. For Mr Kay, the utility is the payment system and protection of deposits. This would leave all lending – including to households and businesses – inside the casino. For those in the US who hark back to the Glass-Steagall Act, the distinction is between commercial and riskier investment banking. … … Mr…
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    BankerVision

  • The task worker divide

    jagardner
    19 Nov 2009 | 9:58 pm
    I’m sitting here in London Heathrow airport, and scrolling through all last night’s Tweets on my Twitter client. I notice that, in addition to the Tweets I put up from #sdthinks, where I was speaking last night, there are lots of people I follow who were also at conferences doing live updates. There are lots of people who are at airports in work time and clearly do their work mobile, whilst keeping in touch with everyone else. They are lots who are arguing about Enterprise Architecture, or other professional stuff, in real-time. There are lots who, in time-zones opposite mine, are working…

  • Evidence of the chip

    jagardner
    17 Nov 2009 | 10:06 pm
    A week or so ago, I wrote about the “chip” that some Microsoft employees seem to have implanted in their brains. A couple of people contacted me to tell me the days of the “chip” were long gone. Apparently that’s not the case, however. And here is the evidence. Profile Microsoft evangelist Don Dodge was laid off, recently, in the latest round of cuts. As he says on his blog: Microsoft announced more layoffs today, and I was one of them. This was a total surprise to me, and management offered no explanation. This is pretty standard procedure, mostly for legal reasons, but none the…

  • Innovation backlash

    jagardner
    15 Nov 2009 | 11:40 pm
    One of the interesting things about the group I run at the DWP is that we’re accountable for both innovation and strategy. This, you might imagine, ought to be a nirvana that anyone who cares about innovation would dream about. Practically speaking, however, it introduces a few issues that you don’t expect. Consider this scenario. You use the tools of innovation to create a pile of new thinking that results in new prototypes or experiments getting built. Everyone is excited, and loves the new approach. New things start happening, so everyone declares the exercise a success. In the…

  • A window into Microsoft

    jagardner
    4 Nov 2009 | 9:51 pm
    One of the most interesting things to read on the web these days is the comment stream on a blog from Microsoft insider Mini-Microsoft. This is a blog based on the premise that Microsoft has grown too big, having hired too many people that don’t do very much except “play Microsoft”. Mini asserts this as the reason that many feel MS is unable to lead the market any more. Naturally, one takes this insiders perspective with a grain of salt, and even more salt is needed when reading the comment stream: as you’d expect, it attracts the disaffected in the company, those with an axe to…

  • Hiring a walk-on-water chief architect

    jagardner
    2 Nov 2009 | 10:38 pm
    So, things are moving along here at the DWP. So many people have asked me why I moved across from the private sector to here, and I have a simple answer: there are few IT organisations around that match the scale of things we do here. Practically every citizen in the UK is in our databases. We’re 25% of the UK government’s IT bill. There are thousands of technology professionals working for us directly, and thousands more permanently assigned to us from the supplier community. And we’re running a portfolio of IT assets that go beyond the department, servicing a range of cross-government…
 
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    Commercial Banking News

  • Fitch: Dousman senior facility still strong

    20 Nov 2009 | 12:07 pm
    Fitch Ratings affirmed its ‘A-’ rating and underlying rating on approximately $20 million in Wisconsin Health and Educational Facilities Authority revenue bonds issued in 2003 and 2004 for Three Pillars Senior Living Communities in Dousman.

  • Wells Fargo CEO sees hope in Atlanta

    20 Nov 2009 | 11:59 am
    The CEO of Wells Fargo & Co. sees hope, and a little pain, in the Atlanta market as early signs point toward a long and slow economic recovery. (WFC) (WFC) (STI)

  • Businessman admits $5.3M mortgage fraud

    20 Nov 2009 | 11:57 am
    A scheme that defrauded financial institutions and other mortgage lenders of more than $5.3 million will send an Albany, N.Y., man to prison for up to 20 years.

  • Rothstein lawsuit most detailed to date

    20 Nov 2009 | 11:49 am
    A lawsuit filed Friday in the scandal surrounding Scott Rothstein includes the most detailed account yet of the troubled Fort Lauderdale lawyer’s alleged Ponzi scheme.

  • Half of Ohio employers paid less in worker’s comp premiums

    20 Nov 2009 | 11:49 am
    Ohio’s Bureau of Worker’s Compensation rate reform, which includes premium cuts, appears to be having a positive impact on the state’s economic competitiveness.
 
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    Bankinfosecurity.com

  • The 7 Do's and Don'ts of Social Networking

    Recruiters Increasingly Use Sites to Recruit Candidates - and Screen Their BehaviorFaceBook, Twitter, LinkedIn -- Social-networking sites are now used both as recruitment tools for new talent and as screening sites for potential employees. As such, information security professionals should be careful to cultivate the right image on these and other popular sites.

  • NCUA Pushes for Corporate Credit Union Reforms

    New Rule Has Comprehensive Framework for Stronger OversightThe National Credit Union Administration (NCUA) board has proposed corporate credit union reforms to establish a comprehensive new framework for safety and soundness.

  • BAI Conference Preview - Debbie Bianucci, President, BAI

    This year's BAI Retail Delivery Conference & Expo is the 32nd annual event - and it very much will reflect the times that financial institutions have experienced over the past year.

  • NCUA Board Proposes Landmark Corporate Reforms

    The National Credit Union Administration (NCUA) Board today unanimously issued a proposed rule to reform the corporate credit union system by establishing a comprehensive new framework for safety and soundness. The proposed reforms are intended to enhance NCUA regulatory oversight and address deficiencies in the current rule.

  • Executive Order: Financial Fraud Enforcement Task Force Formed

    On November 17 President Barack Obama established by executive order an interagency Financial Fraud Enforcement Task Force. This task force's aim is to strengthen efforts to combat financial crime
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    Moreover Technologies - Banking news

  • AutoZone Official Site - Sponsored Link

    20 Nov 2009 | 12:07 pm
    Ad - Check Store Pricing & Availability. Visit AutoZone's Official Site Now

  • UPDATE 1-DEALTALK-Rothschild star, Buffett banker circle Cadbury

    20 Nov 2009 | 12:07 pm
    star, Buffett banker circle Cadbury Reuters adsrc 'reuters.co.uk;' ( typeof(AD_TRACKER) 'undefined' AD_TRACKER.globalAdSrcType null ) ((typeof (hideAllAds) 'undefined' hideAllAds false) (typeof (AD_TRACKER) 'undefined' !AD_TRACKER.isAdHidden('')) (typeof

  • Goldman Sachs' Shareholders Seethe

    20 Nov 2009 | 12:02 pm
    By matthew.yeomans - The Big Money You can add some of Goldman Sachs' (GS) most important shareholders to the growing list of agitators who do not approve of the firm's plans to pay out record bonuses this year. The Wall Street Journal scoops the field

  • Bank Enforcement Cease and Desist Actions Quickly Rising

    20 Nov 2009 | 12:02 pm
    The financial crisis is causing a dramatic rise in the number of cease and desist orders by bank regulators and should be a warning sign for bank managers and directors, according to analysis by the Regulatory Fundamentals Group. By Melanie Rodier

  • Sleeper Cost for Big US Banks Gaining Steam

    20 Nov 2009 | 12:00 pm
    As the biggest U.S. banks clamor to defeat Congressional measures that could break up their firms or slap a big tax on their transactions, another costly proposal is quietly gaining steam. A key House panel this week agreed to include in a broader
 
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    Moreover Technologies - Commodities news

  • Commodities drag TSX lower as US$ climbs; N.Y. negative on earns disappointments

    20 Nov 2009 | 9:17 am
    TORONTO - The Toronto stock market was lower for a second straight session Friday morning as commodity prices softened amid a stronger U.S. dollar. The S&P/TSX composite index lost 79.8 points to 11,520.5 after losing 52 points Thursday on another rising

  • Erase Bad Credit Legally - Sponsored Link

    20 Nov 2009 | 9:17 am
    Ad - Get A 700+ Credit Score Free Consultation. Sign up Online!

  • Oil prices mixed as inventories stay high

    20 Nov 2009 | 9:16 am
    ET LONDON (AFP) Oil prices dropped on Friday and were likely to stay under 80 dollars because of high energy inventories in the United States, the world's biggest energy-consuming nation, analysts said. New York's main contract, light sweet crude for

  • Fidelity buys 5.5m Aquarius Platinum shares

    20 Nov 2009 | 9:12 am
    Source: News BitesFidelity Investments bought a net 5,490,496 Aquarius Platinum shares on-market between September 5 and November 18, increasing from 28,086,553 shares (6.22%) to 33,577,049 shares (7.27%).STOCK DASHBOARD: November 20, 2009Aquarius

  • Gold falls from record high

    20 Nov 2009 | 9:12 am
    The small Nevada town has been able to dodge the recession. What's the secret of its success? Gold - and lots of it. Quick Vote How has the $787 billion stimulus package affected the economy? It has aided a recovery It has made the situation worse It has
 
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    Bank Lawyer's Blog

  • Another Day of Progress in D.C.

    Kevin Funnell
    19 Nov 2009 | 7:20 pm
    Whatever Mark Zandi's smoking, I want a toke. Testifying today before the Congressional Oversight Panel that "oversees" the Treasury Department's TARP, Mr. Zandi made a bold assertion. Mark Zandi, the chief economist and cofounder of Moody’s Economy.com, said that banks were “overcapitalized.” Zandi testified that the most effective aspect of the TARP program has been the use of funds to provide capital to the banking system. The Treasury committed $205bn through the Capital Purchase Program (CPP) to recapitalize the banking system and another $115bn to support AIG, Bank of America and…

  • To The Contrary

    Kevin Funnell
    18 Nov 2009 | 7:12 pm
    Former client and long time banker Pat Dalrymple (the subject of a previous post) has joined the world of banking bloggers with "Contrabanker: A Bank Contrarian's Blog"). If Pat's first post is any indication, he's going to provide a no-holds-barred, cranky (but amusingly so) read. That's what happens when you've been around the block so many times: nothing surprises you and you don't really give a hoot whose toes you step on when you tell us what you really think.After "dissing" himself for not being the "expert" he thought he was (modestly omitting the impact of an economic steamroller…

  • Talking Trash 'Bout TARP

    Kevin Funnell
    17 Nov 2009 | 7:19 pm
    Sheila Bair said last week that the TARP CPP program was, in retrospect, maybe not such a good idea. “I just see all the problems it’s created now,” she said in an interview with PBS economics correspondent Paul Solman. “The horrible public outcry — it’s had a terrible, terrible impact on public attitudes towards the financial systems, towards the regulatory community. It’s created all sorts of issues about government ownership of these institutions. What happens if they get in trouble again? Do we contain the bonuses and the compensation because they are partially taxpayer…

  • It's As Bad As You Think

    Kevin Funnell
    16 Nov 2009 | 7:36 pm
    Another astute observer of the banking scene jumped on the 1,000 bank failures band wagon today. James Dunne, senior managing principal of Sandler O'Neill, said he believes up to 1,000 banks will fail during the current crisis and the total bill will surpass the government's latest projection of $100 billion. "There are a couple absolutes in the crisis," Dunne told the Reuters Global Finance Summit in New York. "Whatever you thought it was going to cost, it has cost more." Dunne made a couple of other cogent points. He said that the process of cleaning the bad banks out of the system will…

  • Wal-Mart Marches On

    Kevin Funnell
    15 Nov 2009 | 7:42 pm
    Last week, the American Banker featured a story by Maria Aspan (paid subscription required) that looked at Wal-Mart's business of providing consumer financial services to its customers, two years after it finally gave up its quest to get the FDIC to move forward (as the law required it to do) on its application for approval of insurance of accounts for an industrial bank charter and withdrew the application. According to Aspan and expert observers she interviewed for the story, Wal-Mart has not only adapted well to a world without bank charters, it may have "dodged a bullet" by not owning an…
 
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    Wallet Pop: Banks

  • How to find a small bank or credit union

    Martha C. White
    20 Nov 2009 | 5:00 am
    Filed under: Banks, Saving MoneyWhen we wrote about sneaky bank practices, a lot of readers wrote in suggesting that fee-weary customers ditch the big bailout-recipient banks in favor of small community banks or credit unions. In fact, many professional personal finance advisers say exactly the same thing, so WalletPop talked to a few of them to get their recommendations and advice for how to go about finding one of these friendlier financial institutions. First, you'll need to find a place. While finding a bank can be as easy as driving down your local main street or commercial district,…

  • Fewer Americans using credit cards for the holidays

    Martha C. White
    18 Nov 2009 | 7:00 am
    Filed under: Banks, Budgets, Shopping, Credit cardsIn yet another sign that Americans are still cautious -- and growing more so -- about their spending, new research shows that fewer of us will be using credit cards to make our holiday purchases this year. According to a survey conducted by BIGresearch for the National Retail Federation (as reported here by Reuters), the number of consumers using credit cards for holiday purchases will drop more than 10% this year. Only 28.3% of shoppers say they'll use credit cards to buy presents, down from 31.5% last year. What are we doing instead? Paying…

  • New credit card data shows Americans still struggling

    Martha C. White
    17 Nov 2009 | 1:30 pm
    Filed under: Banks, Credit cardsA recent report shows that credit card charge-offs have dropped a bit from their highs, but delinquencies -- that is, payments more than 30 days overdue - are still on the rise. This article from MSNBC says that spells continuing trouble for Americans' personal finances and our nation's still-shaky economic recovery. While the drop in charge-offs -- meaning that the issuer writes off the amount owed as a loss -- was attributed to people funneling tax refunds into their credit card debt, the high and still rising level of unemployment triggered the growth in…

  • Overdraft protection coming ... at a snail's pace

    Martha C. White
    16 Nov 2009 | 6:00 am
    Filed under: BanksAs we told you earlier, the Federal Reserve just announced it would begin reigning in the scourge of debit-card users nationwide: overdraft charges. The good news is that the new ruling will prohibit banks from foisting this so-called protection on customers automatically; instead, consumers will have to voluntarily sign up (don't all line up at once, now!) The bad news: It's going to be another eight long months before this relief comes. The government is making Americans wait until July 1, 2010, to get the relief they've been literally begging for, even though Federal…

  • Faces of loan modification: Christine Attalla, Bolingbrook, Ill.

    Amy Pyle
    15 Nov 2009 | 7:00 am
    Filed under: Banks, Budgets, Credit, Real Estate, RecessionHow well is the government's loan modification working? WalletPop's four-part special report continues with profiles of some of those trying to get help. To read the overview, click here. Christine Attalla is among the lucky. The suburban Chicago homeowner not only got a temporary loan modification, but she's on track to convert it to a long-term adjustment before Christmas. She even calls herself lucky, although when she does there's a quiver in her voice. That's because in the process, her credit took a beating. For a solo…
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    AOL: Credit

  • Best Credit Cards

    30 Oct 2009 | 11:50 am
    With the help of two credit card experts, WalletPop sifted through oodles of cards to ferret out the best and the worst when it comes to rates, fees, rewards and perks. First, the best-in-show. Break out the noisemakers; these cards rise to the top when it comes to all the stuff you want.

  • Credit Card Offers 79.9% Rate!!

    16 Oct 2009 | 9:10 am
    Yes, it's true. It's not a joke or a misprint. First Premier Bank is offering a "Premier Card" credit card with a 79.9% APR. That's right, 79.9. And it's not just the interest rate that's outrageous. The fees are pretty hideous, too.

  • The Credit Crunch, Vol. 1: Five Useful Links

    8 Oct 2009 | 2:41 pm
    "Prepaid, but Not Prepared for Debit Card Fees": The New York Times "Credit Cardholder’s Bill Of Rights: Sooner Would Be Better": The Wall Street Journal "Investigating Old or Inaccurate Addresses on Your Credit Report and Why You Should": MasterYourCard.com "How to Improve Your Credit Score When Paying Down Debt": NoDebtPlan.net "Gen Y Faces Credit Hurdles": The Sydney Morning Herald

  • The Pitfalls of Prepaid Debit Cards

    7 Oct 2009 | 10:40 am
    Prepaid debit cards have stepped into the market for consumers who can't get a credit card, don't have a bank account and want the convenience (or the status) of whipping out a card. But beware, the fees on these cards will gobble up your cash.

  • Send Cash on Facebook With Facecard

    6 Oct 2009 | 8:07 am
    A new Facebook app from Facecard.com, a prepaid credit card company that caters mainly to parents of teens, could put the hurt on PayPal and on Facebook's million dollar virtual gift industry! Find out more.
 
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    Capital Solutions Bancorp Blog

  • Need Business Support? Build an Advisory Board

    Capital Solutions Bancorp
    19 Nov 2009 | 8:52 am
    I've heard from one-person businesses that they have advisory boards with people from different backgrounds. One might have financial smarts, another has experience in the industry and another is a pro with operations. These consist of volunteers who genuinely care about you and your business.read more

  • Credit Card Reforms Act Update

    Capital Solutions Bancorp
    18 Nov 2009 | 7:58 am
    Although President Obama signed the credit card reform into law in May, legislators are tackling the bill again in hopes to move up the effective date to December 1, 2009. As a result, some advocates are trying to get small businesses included in the bill so they'd have the same protection.read more

  • Almost Everything You Want to Know About Cash Flow Management

    Capital Solutions Bancorp
    10 Nov 2009 | 9:25 am
    A business can have everything going right for it except cash flow. Cash flow alone has the power to take out a business. We've posted lots of information on cash flow to help you ensure you always have it and at the right time. Here they are in one neat post so you can get just about everything you need to know about managing your cash flow.read more

  • Haynesville Shale News

    Capital Solutions Bancorp
    9 Nov 2009 | 9:37 am
    "The Haynesville Shale, is a black, organic-rich shale of Upper Jurassic age that underlies much of the Gulf Coast area of the United States. 'Haynesville Shale' is a driller's term for shale rock units within the Haynesville Formation." Source: Louisiana Oil and Gas Association's Haynesville Shale Education Center.read more

  • Natural Gas May Last up to 30 Years

    Capital Solutions Bancorp
    6 Nov 2009 | 7:27 am
    In a speech at the University of Texas at Dallas, T. Boone Pickens says that we have enough natural gas to last for about 30 years before it dries up. We'll need to find another solution like fuel cells or battery. It doesn't have to be bad news for companies in the natural gas business.read more
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    HomeATM Blog

  • China Online Payment Industry Report 2009

    20 Nov 2009 | 11:04 am
    ResearchInChina, the vertical portal for Chinese business intelligence, announces the release of a new report - China Online Payment Industry Report, 2009. For more information, please contact: report@researchinchina.com or at 86-10-82600893. http://www.researchinchina.com/Htmls/Report/2009/5786.html The global economic crisis has impacted on the majority of industries, but China online payment market is growing against the adversity, and has shown rapid growth trend in market scale and number of users. In 2008, the number of users registered 52 million, and in 2009 the figure will exceed 90…

  • EU Rules on eCommerce are "Counter-Productive"

    20 Nov 2009 | 11:01 am
    EU rules on eCommerce 'counter-productive' Published: Friday 20 November 2009    The EU is in corrective mode on eCommerce after it created a web of burdensome rules in order to inspire more consumer confidence, argues the author of a report examining European rules on online shopping. Background: At present, the contractual rights of EU consumers are set out in four separate directives on unfair contract terms, sales and guarantees, distance selling and doorstep selling respectively. These date from the 1980s and 1990s, while many EU countries have since adopted stricter rules…

  • Limbo 2 Trojan Bad News for Floating PIN Pads

    20 Nov 2009 | 10:42 am
    Accel Exchange recently announced they are launching an Internet PIN Debit platform by Acculynk, for the web. Here's how it works: PaySecure™ is simple to use. Just "type" in personal details, such as your debit card information at the merchant checkout as you normally would... card number, expiration date, and security code. If your debit card can be used with a PIN, the PaySecure™ graphical, scrambling PIN-pad will appear on your computer screen for the secure and easy entry of your PIN. Just enter your PIN using your mouse, click "Continue" and your transaction is processed. …

  • Tesco Bank Selects Fisev Platform

    20 Nov 2009 | 6:44 am
    Tesco Bank, the UK's largest supermarket bank, has selected Fiserv, Inc. and the Signature bank platform to provide its core banking solution. Tesco Bank plans to extend its financial services business from a collection of successful financial products to that of a full service retail bank offering more choice, innovation and value to customers. Tesco Bank Selects Fiserv Platform Brookfield, Wis., November 20, 2009 - Tesco Bank has selected Fiserv, Inc. (NASDAQ: FISV) and the Signature(TM) bank platform to provide its core banking solution. Tesco Bank is developing new products and services…

  • GAO Report on Interchange Fees

    19 Nov 2009 | 4:37 pm
    Click Here to Read the GAO Report on Interchange Fees (PDF) CREDIT CARDS Rising Interchange Fees Have Increased Costs for Merchants, but Options for Reducing Fees Pose Challenges
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    About.com: Banking

  • Understanding Annual Percentage Rate (APR)

    19 Nov 2009 | 1:55 pm
    Mortgage rates are back at the low levels, making home purchases and refinancing more attractive. What exactly do the low rates mean, and how can you compare rates? One way to compare loans is to look at the annual percentage rate (APR). APR is not perfect, but it gives you a starting point to compare costs on different options. See how APR works learn more about it, and how you can calculate it. Further reading: Get the Wrong Loan by Comparing APR Understanding Annual Percentage Rate (APR) originally appeared on About.com Banking / Loans on Thursday, November 19th, 2009 at 21:55:42.Permalink…

  • Reward Checking Squeezed by FDIC

    17 Nov 2009 | 9:46 pm
    Reward checking accounts have been under a lot of pressure lately. Banks are finding it harder to make a profit with the accounts, and they've made it harder for some customers to work the system. Bankdeals reports that the accounts are under even more pressure - this time from regulators.  The FDIC is limiting how much interest banks can pay if they're "less than well capitalized". The idea is that troubled banks may try to soak up assets by offering extremely high rates. If things don't work out, the FDIC has to cover all the funds that gushed into the bank (and stronger banks suffer when…

  • Text Your Way to Better Saving

    11 Nov 2009 | 10:26 pm
    Having a hard time building up that savings account? Text messages might help you - assuming you won't have to pay more to receive them. Economists studied how people behave when they receive text messages about their bank accounts.  If the texts pester and scold you for failing to save, not much will change.  However, more positive text messages that remind you of your savings goals are likely to help. If you think this would be useful, find ways to make it happen.  As Lifehacker points out, you can send yourself personalized, encouraging text messages.  Set up periodic reminders with an…

  • Banks Still Hesitant to Lend

    9 Nov 2009 | 9:12 pm
    The Federal Reserve just released the quarterly Senior Loan Officer Survey on Bank Lending Practices. The findings? Banks are still scared to lend money but there are glimmers of hope. Consumers and businesses alike have a tough time getting money.  We're not even asking for loans as much as we used to - either because we've given up or we don't want to take on the risks that come with more debt. The results of this survey might be described as "slightly less bad" than previous ones.  At least it's not as bad as it was one year ago. Banks also expect to tighten lending standards on credit…

  • FDIC Insurance on 529 Plans

    4 Nov 2009 | 11:56 pm
    529 college savings plans allow you to save for higher education, and you may qualify for some tax benefits. Most parents invest in mutual funds, hoping they'll be able to earn enough (combined with their contributions) to create a healthy college fund.  However, those accounts can also lose money. For a government guarantee, you'll need FDIC insurance on your 529 savings.  This is hard to find, but Virginia's 529 program recently added an FDIC insured option for conservative savers.  You don't have to live in Virginia to use the program, but you should investigate your home state's…
 
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    BankInnovation.net

  • The Social Entrepreneurship of Goldman Sachs

    James McCallum
    Goldman Sachs’ CEO Lloyd Blankfein and his largest investor, The Wizard of Omaha, Warren Buffett , descended from the mystical heights of Valhalla with some startling news. They were bearing a new mythical golden ring. As they held the ring aloft they made a bold proclamation. They would embark on one of the grandest social entrepreneurial programs of all time by offering some of the rings precious power, about $500 million worth, to capital starved small and mid-size enterprises (SMEs). The 10,000 Small Businesses Initiative will distribute $100 million per year over the next five years to…

  • SPREAD 'EM: Is the Thermometer Rising on Credit Prices?

    JJ Hornblass
    Credit prices have taken a sudden turn over the last two days, with spreads widening more than 20% since Tuesday. While there is some modulation in the TED spread today, down 1.671% to 25.71 at 9:38 a.m. ET, the measure of the difference between three-month Treasurys and the three-month Libor rate, jumped to 26.15 yesterday. On Tuesday the TED closed at 21.66. TED SPREAD What's going on here? There's new evidence of the erosion on the mortgage market, and discontent in Congress over the job done by Ben Bernanke and Timothy Geithner can't be helping the situation. You need only look at gold…

  • Geithner, Bernanke Face Increasingly Impatient Crowds

    Michael Gibb
    Has the honeymoon ended for Ben Bernanke and Timothy Geithner? The chairman of the Federal Reserve Board and the Treasury Secretary both endured strong rebukes yesterday, as more lawmakers called on Geithner to resign while a proposed amendment could severely limit the powers of the Fed, an amendment that Bernanke has been fighting off for some time. Democrats gave cover to the embattled pair, as Sen. Chuck Schumer rushed to the defense of Geithner, while Rep. Barney Frank pulled off the table a bill that would increase the amount of financial regulation after Rep. Ron Paul attached his…

  • How Many People Does It Take to Run Ginnie Mae and FHA? Answer: Not Enough

    JJ Hornblass
    Let's play "How Many People Work at Ginnie Mae?" Is it: a) 80 b) 800 c) 8,000 d) none of the above (there always have to be a "none of the above") The correct answer is A, 80. Considering that Ginnie Mae issuance is up 78% to $337 billion through the first nine months of 2009 compared to all of 2008, that is a paltry number of staff. Ginnie, which is essentially supporting the entire secondary mortgage market at this point, issued nearly $40 billion of MBS in September alone. I am just back from a financial services conference in San Diego, and three Ginnie employees were there manning the…

  • FHA Losses: What it Means to You

    Howard Bell
    What Do They Do FHA loan options make it easier to qualify for a home mortgage. Your loan is guaranteed by the government, making your application more attractive to lenders. The FHA mortgage requires a low 3.5% down payment, and that money can come from a variety of sources including HUD down payment assistance grants. Typical closing costs for FHA home loans are around 2% or 3% of the total mortgage. Loan Loss is Below Govt Mandate Its capital reserves have fallen below the threshold mandated by Congress. The FHA has no recourse but to find ways to reduce their portfolio risk. Generally,…
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    The Financial Brand

  • Pop Quiz: How strong is the heart of your brand?

    Editor
    18 Nov 2009 | 3:21 am
    At the heart of every brand rests a promise, a certain experience — good or bad — that people can count on. Some branding experts call it a “brand promise.” Others call it a “brand essence.” Or a “brand position.” You could even use the throwback term “Unique Selling Proposition.” Call it what you want. Your brand has one, whether you’ve defined one formally it or not. If you think you have an idea about what your brand stands for, here’s a short quiz you can take to see how compelling it is. 1. Is your brand differentiated? Is your brand position something…

  • Guerilla good deeds promote new branch

    Editor
    17 Nov 2009 | 3:21 am
    In the weeks leading up to the grand opening of AltaOne Federal Credit Union latest branch, the credit union sent out a street team to conduct random acts of kindness. The hitch? No one knew AltaOne was behind the good deeds. AltaOne waited to uncloak themselves until the night of the grand opening. For four weeks, the credit union’s street team traveled a 3-mile radius around the new branch location, anonymously conducting “good deeds,” such as paying a family’s dinner bill, or surprising a local fire department with a free lunch. The only information the street team provided was a…

  • ANZ Bank connects with students on their own terms

    Editor
    11 Nov 2009 | 3:21 am
    Reviewed and written by Jeff Stephens, CEO of Creative Brand Communications “The campaign doesn’t presume students want to engage with their bank.” – Rapp for ANZ ANZ Bank New Zealand recently launched a successful youth campaign, GettingUThru, which should serve as a model for other financial institutions pondering how to effectively target students and young adults. The campaign includes social media components and centers around a comprehensive microsite, GettingUThru.com. The site has five feature sections, including: Student Package – No-fee transaction…

  • ‘The Arrival Guide’ for Gen-Y (The Good, Bad & Ugly)

    Editor
    10 Nov 2009 | 3:21 am
    Reviewed and written by Tony Mannor, CEO of Andermahr & Company I always get excited when financial institutions venture out and try something new — to shrug off the hot and itchy grey flannel suit and put on some shorts, flops and sunglasses, and relax a little. This is the environment that marketers can really make their mark and prove their differentiation. That’s why I was so excited to review EDS Credit Union’s project, “The Arrival Guide.” I have never heard of EDS Credit Union before, so my breakdown and analysis will be entirely based on my 12 years of experience in…

  • Virgin should shock just about everyone

    Editor
    9 Nov 2009 | 3:21 am
    Some may question Sir Richard Branson’s timing. Why would he launch a bank now? Well, for starters, Branson is exceptionally good with money. Who better to run a bank than a guy who makes money almost faster than it can be printed? But there’s a more serious and strategic reason Branson is launching a new financial brand right now: Every financial institution established prior to the credit crisis has, in the consumer’s eyes, a somewhat tarnished brand. People are apt to lump most pre-2009 financial brands into the same category, at least to some degree, making them share equal bits…
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    Bank News, Bank Deals, My Bank Tracker

  • Savers Left With Fewer Options as Hudson City Savings Lowers Top CD Rates

    MyBankTracker.com
    20 Nov 2009 | 9:31 am
    Senior Federal Reserve official James Bullard said Thursday that he was “hopeful” of the country’s potential for strong economic growth as the year closes out. He was however, levelheaded enough to realize that as far as unemployment is concerned, things would remain tough at least before 2010. The US lost 190,000 jobs in October alone, bringing the jobless rate to a 26 year high of 10.2%. Yet even with Fed officials releasing statements that convey optimism, consumers still find it difficult to get a glimpse of that recovery in sight as news of more job losses, rising…

  • Wells Fargo Settles $1.4 Billion Lawsuit Regarding Auction-Rate Securities

    MyBankTracker.com
    20 Nov 2009 | 5:36 am
    Wells Fargo agreed to pay $1.4 billion to investors to settle a lawsuit by California Attorney General Jerry Brown that claims that the bank lied about the strength of its auction-rate securities. Wells Fargo A Settlement By agreeing to pay the settlement, Wells Fargo is not admitting to any wrongdoing, but instead simply reimbursing the investors who were unable to cash in their securities after the auctions markets froze back in February 2008. The bank will also pay the attorney generals office for its fees, but will not pay any civil fees or fines. For many investors, this money will be…

  • ‘Too Big To Fail’ Firms May Be Broken Down To Smaller Size

    MyBankTracker.com
    20 Nov 2009 | 5:19 am
    A proposal by Rep. Paul E. Kanjorski (D-PA) was voted for 38 to 29 in legislation on Wednesday. It would allow regulators to break up big companies deemed ‘Too Big to Fail’ before their failure becomes imminent. These massive financial firms pose a great potential risk to the economy if they fail. The Obama administration sees this as necessary to prevent another scenario like what happened when American International Group Inc (AIG) collapsed last year, when the firm needed to be bailed out for fears that their failure would cause a domino effect of economic chaos. Under this new…

  • TD Bank In the Holiday Spirit With Million Dollar Givaway

    MyBankTracker.com
    20 Nov 2009 | 4:59 am
    TD Bank wants to say thank you to its customers; one million thank yous, actually. From November 9th until December 4th, each of the more than 1000 TD Bank branches from Maine to Florida are giving away $250 dollars to a random customer who has signed up for their raffle. A Winner At Every Branch All you have to do to be eligible for the drawing is go into a TD Bank branch and sign up for the weekly drawing. If you can’t get to one of the TD Bank branches, you can also sign up online. TD will draw five $250 winners every week on Friday for four weeks. In addition to the weekly $250…

  • Visa Mobile Banking App for Android Now Available For U.S. Bank Customers

    MyBankTracker.com
    19 Nov 2009 | 12:23 pm
    US Bank and Visa announced yesterday that the new Visa Mobile app for phones carrying the Google Android mobile operating system.  Visa Mobile is the first mobile banking app to combine alerts, offers and a locator into one convenient app. Visa Mobile Visa Mobile made its debut in 2008, but was enhanced for the US Bank application, providing users with greater functionality, more information and an added layer of security. Some of the new features Visa Mobile offers are: Alerts – account holders can select from a list of preferences what they would like to be notified of, such as…
 
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    Obamanomics

  • Arizona borrows $700M line of credit for 2009| Phoenix Business Journal

    zyakaira
    19 Nov 2009 | 12:10 am
    zyakaira notes: To date the Jobs report at recovery.gov is showing jobs being created in non existent (congressional) districts, Arizona RE is still down 75-90% over 2007..it all happened here and they are borrowing more from a private bank, why doesn’t the Obama Administration print for them? We know ist is irreproachably above the law and all that but the stimulus has a lot of these funds still available!! Jobs are not really happening, mortgages are not being denominated in the numbers provided for.. and the Healthcare bill not fall short unless we find where the real money would be…

  • Wells Fargo Settles Lawsuit Over Auction-Rate Securities – DealBook Blog – NYTimes.com

    zyakaira
    18 Nov 2009 | 8:33 pm
    Wells Fargo said on Wednesday that it had agreed to buy back $1.4 billion in auction-rate securities it sold to investors before the market for those securities dried up last year.The decision settles a lawsuit brought against the firm by California’s attorney general for violating the state’s securities laws. Wells Fargo also agreed to pay the state’s expenses related to the lawsuit.The brokerage arm of the bank marketed the securities, which resemble corporate debt and whose interest rates were regularly reset by auctions, as an alternative to cash for years, even after analysts…

  • Paulson busy buying banks | MarketWatch

    zyakaira
    13 Nov 2009 | 5:00 pm
    As you see below, Paulson’s fund has added BAC, Citi, Indymac, GS and even State Street using the enhanced corpus from shorting the world’s top banks against the MBS boom in 2007 when we had tipped over in volumes and quality of MBS/Sub-Prime Interestingly, Dimon’s JP Morgan does not figure in this list.  In an earlier article we had also brought out media reports of his play on the Kraft Cadbury deal!  It wouldn’t be surprising if he gets a couple of ME And Asian investors in his hedge funds in a couple of months. He is sitting on a pretty pile and it will be much…

  • John Paulson Doubles Bet on Cadbury | DealBook (NYtimes)

    zyakaira
    11 Nov 2009 | 7:01 am
    zyaada notes: Also do follow the Cadbury’s valuation stories at Advantage zyaada’s http://advantages.us John Paulson, the hedge fund manager whose wagers against the United States housing market earned him billions last year, has doubled down on his bet on Cadbury, Bloomberg News reported.Mr. Paulson’s hedge fund, Paulson & Co., increased its stake in the British confectioner the same day that Cadbury rejected a $16.7 billion bid from Kraft Foods.According to a filing with Securities and Exchange Commission, Paulson & Co. now owns 28.5 million shares, or 2.08 percent, of…

  • Can Apple mark a Lifestyle return?

    zyakaira
    19 Oct 2009 | 11:07 pm
    The Advantage zyaada analysis follows later Here is the result and comparisons from Marketwatch.com Apple Inc. on Monday reported a 46% increase in its fiscal fourth-quarter earnings as the company posted higher revenue than a year ago led by better-than-expected sales of iPhones, Mac computers and iPods. Apple (AAPL 202.40, +12.54, +6.61%) said it earned $1.67 billion, or $1.82 a share, on revenue of $9.87 billion. During the same period a year ago, Apple earned $1.14 billion, or $1.26 a share, on $7.9 billion in sales. Apple’s results topped the estimates of analysts surveyed by…
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    Amongst the Stars

  • Islamic Finance

    Joshua Wong
    18 Nov 2009 | 3:22 pm
    Additionally in this Middle East International Study Tour class, we had professor Mohammad Fadel come in and describe the details, mechanics and rational of Islamic Finance.While most people are familiar with Islamic Finance as simply "not charging interest" there are many more details which make up the rich tapestry of Islamic Finance.The first note is that conformity with Islamic finance is voluntary. I think this might have been a point many members of my class (myself chief among them) got hung up on. Especially when we asked questions about how this law affected goodwill for M&A,…

  • Level 5 Marketing with Peter Drumond

    Joshua Wong
    18 Nov 2009 | 3:08 pm
    In our Middle East International Study Tour class, Peter Drummond from Level 5 came in to discuss how marketing affects strategy, which is particularly cructial to how we will conduct our market entry strategy projects for bringing companies into the Middle East.I was fortunate enough to ask him a question relating to how to focus our approach in bringing our company into Dubai. He focused on the emotional aspects of our company's product, which was particularly relevent and discussed Cirque de Soleil (our second choice) as an example.He talked about Second Cup, and how the core value of…

  • Strategy in The Atrium

    Joshua Wong
    18 Nov 2009 | 7:12 am
    We have a strategy quiz coming up on Thursday and our professor decided to book out the atrium yesterday evening in order to accommodate all four sections at once. This was probably one of the best lectures we've had in a while if only for the fact that this was the one time all 270 students were able to be in the "same" class.As with all Atrium speakers, there were some curious on lookers and some students were observing from the second floor and balcony areas.Anita went through all of the key take aways from each of the cases we've studied so far and reiterated how we are to look at and…

  • Lunch With Chad

    Joshua Wong
    17 Nov 2009 | 11:28 am
    If being outbid was a down point today, then lunch with Chad was certainly a good up point. We eventually decided to forego sushi and head out for lunch at Noodle Bowl on Bloor a little past Spadina.We had a great chat about what it's like to be in the MBA, what we want to do in the summer and when we are finished here. It was good to see a class mate outside of the class as too often we have hectic whirlwind lives bound within the Rotman bubble.It seems like this is the first week this quarter has been "reasonable" meaning a hectic pace rather than earlier this quarter (only two or three…

  • United Way Auction - Outbidding Maddness

    Joshua Wong
    17 Nov 2009 | 11:15 am
    The Outreach club at Rotman was running an auction to sell items in order to raise funds for the United Way. There were certainly interesting items being auctioned, most of which were meals with professors or second year students, gift sets or even a name card decorating session.I had put together a small syndicate of bidders to bid on the Capital Markets night out with a fairly healthy max bid. Just before 1 pm, it was pure chaos as there were groups of students sitting out in the atrium trying to outbid each other by different increments for different items. Unfortunately, we got booted…
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    Payments Views

  • A Revolution in Payments

    Scott Loftesness
    18 Nov 2009 | 7:56 pm
    Today’s announcement of American Express acquiring Revolution Money caught many of us industry pundits by surprise – especially given the $300 MM price tag that Amex paid for the deal. But, upon reflection, and after listening to the Q&A section of Amex’s conference call earlier today, you can see why they were motivated to do this deal. No question about it – Revolution Money was an innovator – indeed, they were such an extreme innovator that many payments experts dismissed what they were doing – in spite of the list of sterling investors and board…

  • Watch Out! Big Changes in Retail Bank Pricing Are Coming

    Carol Coye Benson
    13 Nov 2009 | 8:42 am
    The Fed’s announcement on Thursday of a new rule prohibiting overdraft fees on debit card and ATM transactions without consumer opt-in is an economic earthquake for retail banks. The Center for Responsible Lending has estimated that banks make $23.7 billion in overdraft fees annually; the New York Times said this morning that Fed officials had put the total at $25 to $38 billion, including check overdraft fees (which are not covered by the new rules).  In either case, it’s a large amount.  Perhaps of more concern, the CRL’s analysis also indicates that the burden falls…

  • PayPal Adaptive Accounts

    Russ Jones
    4 Nov 2009 | 5:34 pm
    I’m attending the PayPal Developers Conference this week and want to share some initial impressions about the Paypal platform and what it might mean in the world of payments. First off, the combined weight of the new products, partner demonstrations, and new applications is almost overwhelming. There’s a lot here competing for our collective attention. Do we start with the rollout of the “adaptive” platform, or the new 2010 pricing model? Should we focus on PayPal’s push into B2B payments with SAP as a launch partner? Or do we drill down into third-party…

  • Amazon PayPhrase – One Size Doesn’t Fit All

    Russ Jones
    29 Oct 2009 | 4:53 am
    Amazon.com fancies itself, with some justification, as a trialblazer in eCommerce. We spoke with Amazon recently to get a better sense of PayPhrase and how it might be used by today’s consumers. Amazon PayPhrase is a new checkout concept that is designed to provide consumers with a convenient way to use the payment and shipping details on file with Amazon. You’re probably thinking this sounds a lot like Checkout by Amazon. It does. Substitute some names and it also conceptually sounds like PayPal Express Checkout. Heck, it even conceptually sounds like Google Checkout! But…

  • Customer Engagement Through PFMs [ATM, Debit & Prepaid Forum 2009]

    Jacqueline Chilton
    28 Oct 2009 | 6:54 pm
    I am a strong proponent of using Web 2.0 to develop relevant offers. For a bank it can mean finding a relevant context to present offers to customers; moving from intrusive selling to customer goal realization.  Web 2.0 also allows for collective learning and an increased sense of engagement that transforms passive customers to advocates. At the ATM, Debit & Prepaid Forum 2009 conference, Wesabe, Mint (recently Acquired by Intuit) and Billeo shared a panel to discuss their value proposition for consumers and banks. These latest incarnations of personal financial management tools and…
 
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    ChexSystems and Second Chance Banking

  • StopChex Mentioned at the 2009 Kansas City Fed Conference

    admin
    16 Nov 2009 | 5:12 pm
    Should we be flattered… or concerned that they don’t get it? We were reviewing some of the presentations from the 2009 Payments Conference held by the Kansas City Federal Reserve, and saw a slide that mentioned StopChex.com. We were mentioned in a presentation called “Implications of the Changing Payments Landscape for Integrity of Retail Payment Systems” (that’s a mouthful!). The gist of the presentation was that “fraudsters” (like people who want to get off ChexSystems) can find a way around every fraud prevention system. What we want to know, is…

  • Will New Overdraft Rules Increase the Number of People on the ChexSystems List?

    admin
    13 Nov 2009 | 6:01 am
    Yesterday, the Board of Governors of the Federal Reserve announced a set of rules designed to prevent financial institutions from charging consumers fees for paying overdrafts on automated teller machine (ATM) and one-time debit card transactions, unless a consumer consents, or opts in, to the overdraft service for those types of transactions. The rules are designed to stop the practice where banks charge high overdraft fees for transactions which could have been prevented by issuing a “decline” message during the course of a point of sale or ATM transaction when a debit card is used.

  • Great New Prepaid Card Website

    admin
    10 Nov 2009 | 2:08 pm
    If you are looking for a good second chance bank account, chances are that you’ve checked out some of the prepaid debit cards that are available (we talk about these cards quite frequently on this site).  Prepaid debit cards can be a great alternative to a “regular” bank account.  However, there are so many of these cards that it can be difficult to pick the right one.  We’ve found a new website that makes it easy for you, with reviews and information about every major prepaid card on the market.The site is GetDebit.com, and it provides detailed reviews and…

  • A Great New Second Chance Bank — Probity Financial Services

    admin
    5 Nov 2009 | 1:59 pm
    Finding a good second chance bank that gives you a real checkbook and has all the features you need in a bank account has always been difficult (and it has been getting more difficult in recent years due to the banking crisis). We are very excited to have found a great new bank that has some amazing features for anyone looking for a new bank account. Probity Financial Services is a company based in Texas that came up with a great idea — provide great checking accounts with no hidden fees, and provide them to almost anyone (even people on the ChexSystems list). Their checking accounts…

  • Why a Prepaid Debit Card May be Better Than an Checking Account

    admin
    21 Sep 2009 | 8:44 am
    The problem with being on the ChexSystems list is that it makes it hard (if not impossible) for you to open a new checking account for several years. But what if checking accounts were not as useful as they used to be? If that were the case, being on ChexSystems might not be so bad after all. Here’s news about a trend that may make you rethink whether you really need a new checking account. There’s a great article in the Los Angeles Times, which discusses a recent trend among large grocery stores — the refusal to accept personal checks for purchases. One large grocery chain…
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    [Mobile] Commerce Insights

  • Notes from Cartes 2009 kick-off sesssion

    Manju Murthy
    17 Nov 2009 | 12:22 pm
    Notes from Cartes 2009 kick-off session held on Tuesday Nov 17, 2009 (lacks editorial polishing as this was captured as the session was in progress)Session participants included senior executives from Gemalto, Oberthur, Sagem Orga, G&D, Infineon, NXP, Hypercom, Ingenico, Visa Inc. and MasterCardMarket macro trends Credit is down, and will stay down- Debit and prepaid is still growing- Electronic payments will grow even though overall economic growth slows- Price pressure is converting volume growth to reduced top-line (near-term)- Reduced innovation dollars available- Customers are…

  • Indian Payments Card market analysis

    Manju Murthy
    13 Oct 2009 | 3:07 am
    In recent times, mention of the Indian economy evokes images of growth, opportunities and a new gold rush. However, when it comes to electronic payments systems, India is yet to break out. Payment card volume in India is a fraction of that of Singapore (KPMG Report). Let's take a look at the 2008-09 (April 08 - March 09) statisticsA few observations on the above stats:Though debit cards have higher circulation (as they double as ATM cards as well), their usage is significantly lower (even by India's standards) [less than 1 transaction per card per year!]Credit card transaction volumes are low…

  • If the US does not go down the EMV road...

    Manju Murthy
    1 Oct 2009 | 7:51 pm
    The debate over whether US should deploy EMV infrastructure or not has been intensifying of late. Some estimate the cost of deploying EMV in the US at $30B. Ms Baxley, retail payments management consultant, observed that Javelin Strategy estimates US EMV transition at a lower $5.5B. She also noted that, in lieu of EMV, leveraging contactless cards and readers [presently being deployed in the US] would adequately meet the payment card security needs while costing significantly less (even lesser than Javelin's estimates). As you might recall, contactless infrastructure being deployed in the US…

  • When selling shovels is more lucrative - Another look at Trusted Services Managers

    Manju Murthy
    6 Sep 2009 | 7:39 pm
    It has been a year since I last wrote about TSMs (Sep 14 '08). As you might be aware, TSM is a third-party Trusted Service Manager. This organization would secure manage the card data in a mobile wallet on behalf of a card issuer. In some markets, a TSM is also referred to as a TTP (Trusted Third Party). Since the last I posted about TSMs, some water has flowed under the bridge.No visible signs of progress in deployment of NFC in the USSubtle changes in the go-to-market strategies of TSMsIncumbents are showing their preferences for roles in the post-NFC worldI came across Carol Coye Benson's…

  • P2P use cases will get NFC started in the US

    Manju Murthy
    1 Sep 2009 | 8:44 pm
    I came across an interesting post by Celent on Mobile NFC. This report claims that cash displacement is the main motivation behind Mobile NFC deployment. The report claims that there will be an annual revenue increase of $1.83 per debit card for banks.I agree that cash displacement is a major driver. For small-value transactions, e.g., at a fast-food restaurant or at a drug store, both the merchant and the consumer would like to get thru' the checkout lines quickly. Eliminating cash handling, doing away with signatures for payment card authorizations are definitely desirable.If banks stand to…
 
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    The New Lending System

  • Running Down the Road to Promote Community Development & Better Loan Underwriting

    14 Nov 2009 | 7:37 pm
    I have literally been on the go for the past couple of weeks getting the word out on CCAF in five cities, the last of which was Orlando, where I spent several days attending RMA’s Annual Conference on Risk Management. Loan underwriting was the focus of much of the conversation, together with upcoming regulatory reforms and the economic outlook, at both the national and state levels. Next week finds me headed to South America. So, I wanted to catch-up before too much time passed by to let you know what I am hearing and thinking about! In the community development space, I heard some exciting…

  • CCAF: Driven by Data, Grounded in Reason

    22 Oct 2009 | 3:47 pm
    SAS has been conducting research on analytic frameworks that combine expert judgment with best science. We have observed that effective integration of comprehensive views, especially customer-centric ones, with financial performance and the evolving economic and market realities, offers significant competitive advantages. SAS has actually pioneered a new lending system that, compared with today’s typical loan underwriting systems, is: 1) simpler, yet more accurate, 2) thorough, yet concise, 3) becomes more, not less, predictive over time, and 4) is statistical in nature, yet is transparent…

  • Widening Credit Access Without Taking On Greater Risk: Fact or Fiction?

    19 Oct 2009 | 5:41 pm
    I call fact on that! I am in the process of preparing a keynote address entitled Credit Access And Risk Management: A Gap To Close, for an International Banking Conference sponsored by Asobancaria, Colombia's Banking and Financial Entities Association. The conference will take place in late November in Cartagena, Colombia. During the course of my research on the high cost of being poor in Latin and South America, I learned that it is estimated that perhaps a billion dollars is maintained under mattresses and in cookie jars where it earns no interest and provides no indication of the…

  • Implications of Significant Reduction in Consumer Credit--What to Do?

    12 Oct 2009 | 3:00 am
    In last Thursday's front page article in The Wall Street Journal, Tom Lauricella, Jason Zweig, and Conor Daugherty said that "A year after the U.S. economy was brought to its knees by the bursting of the housing bubble, credit fo consumers is still being ratcheted back." The Federal Reserve reported on Wednesday that total consumer credit outstanding contracted for the seventh straight month (which has not occurred since 1991), falling $12 billion in August. Lauricella, Zweig, and Daugherty go on to point out that some of the decline is due to lenders' exposure on thier real estate loans in…

  • Questions on Lender's Minds

    4 Oct 2009 | 2:10 pm
    As lenders asssess lending opportunities and risks in today's troubled economy, they must consider many factors, and unavoidably all sorts of questions pop into their minds. For example: Item: Congress is poised to enact new laws and regulations in the wake of the financial crisis and the banking industry is experiencing a great deal of FUD anticipating the outcome. Item: Banks are struggling to properly assess credit risk so that they can make profitable loans – the demand is there, but they are hesitant to lend. Item: It’s now the end of another quarter and lenders are looking at one or…
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