Sarkozy, Merkel: Plan Soon to Recapitalize Banks
After a weekend meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel, the two emerged with the announcement that they would proceed with devising a plan this month to recapitalize banks in the euro zone
Chinese Banks Take Beating by Investors
China’s credit boom appears to be on its way out, and it may take its banks along with it.
Why You Should Care About the Greek Crisis
Greek default fears are starting to infect Germany and its banks, which have significant holdings of Greek sovereign debt. And the infection is spreading to the U.S. because of close connections between U.S. and German banks.
Moody's Downgrades 2 French Banks
Moody's Investors Service cut the ratings of two French banks on Wednesday, citing their holdings of Greek sovereign debt as the reason. Crédit Agricole and Société Générale were both downgraded a single notch.
What’s Behind the U.S. Suing Big Banks Over Mortgage-Backed Securities?
More bank stock declines and less lending could be in store as financial institutions face another massive round of lawsuits. The Federal Housing Finance Agency sued 17 banks on Sept. 2, alleging that the financial institutions committed securities violations in the lead-up to the recent financial crisis.
Greece Worries Set Markets Tumbling
Worries that Greece might default on its mountain of sovereign debt sent global markets steeply downward on Monday, with bank stocks in France leading the plunge.
PIMCO’s El-Erian: ‘Bumpy and Volatile’ Week Ahead
Plunging European markets and a loss of control by the European Central Bank over the sovereign bond market in the euro zone foretell a difficult post-Labor Day market in the U.S., said PIMCO's Mohamed El-Erian in a commentary on Monday.
European Markets, Italian Bonds Down
Worries over the European debt crisis drove markets and Italy’s bonds lower on Monday, with gold and the dollar gaining over the euro. Angela Merkel’s party lost elections in Germany over the weekend as well, showing opposition to euro bailouts the German chancellor has advocated.
Buffett Puts $5 Billion Into BofA, Draws Criticism
Bank of America said Thursday that it was selling 50,000 shares of preferred stock with a liquidation value of $100,000 per share and a dividend that pays 6% per year to Berkshire Hathaway.
Gundlach: Banking Crisis Is ‘Just Like 2008’; Stay Away From Markets
The widely followed manager tells AdvisorOne that there are no opportunities to invest in markets, so investors should ‘stay conservative.’