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Friday October 30, 2009

DrStockPick.com Article

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Too big to fail, is still heavy in the derivative market, and primed for a gigantic collapse.

Congress needs a chimney sweep to clean the soot from the smoke they’ve been blowing. Our do nothing congress; well we can’t really say do nothing, they did bail out the banks, and they have raised more money for themselves this session from Insurance, health care and bank lobbyists than in any other one year period, and the year isn’t even over. Now they are spreading the word, the gospel of Obama, it’s time to

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Pursuant to the overdraft reforms pressed by Congress, Regions Bank, a subsidiary of Regions Financial Corporation (RF) announced changes to its overdraft fee policies. It announced to overhaul the overdraft fees on consumers in case the account is overdrawn by less than $5 dollars. The bank also announced that it has limited the number of overdraft fees to no more than four per day. It would also offer “opt out" ability to customers who prefer that the bank decline or return any transaction on their account, whenever possible, when they are presented against insufficient funds. The bank would also provide customers with a number of overdraft protection options as well as account monitoring services through online, mobile, ATM and telephone banking. The changes will take effect during the first quarter of 2010. The changes follow U.S. congressional leaders' criticism of bank account fees and come ...

US Bank, a subsidiary of Minneapolis-based U.S. Bancorp (USB), has recently announced easing of its overdraft penalties. The bank is modifying its service charge policies for checking accounts which will become effective in the first quarter of 2010. U.S. Bank will eliminate fees when a customer’s account is overdrawn by less than $10, regardless of the number of overdraft transactions that may have occurred. It will also limit the number of overdraft fees to three or fewer per day. Customers will also be permitted to "opt out" of a transaction, if possible, when the charge might overdraft their account. New customers will also be allowed to decide whether to allow the bank to overdraft their accounts if they have insufficient funds for transactions. The bank will also establish an annual cap on the amount of overdraft fees it can assess on a single account. Overdraft ...

Pursuant with the overdraft reforms pressed by Congress, BB&T Corporation (BBT) announced changes to its overdraft fee policies. The company announced on Sept. 28, 2009 to overhaul the overdraft fees on consumers in case the account is overdrawn by less than $5 dollars. The bank also announced that it will limit the number of overdraft fees to no more than four per day. It would also offer “opt out" ability to customers who prefer that the bank decline or return any transaction on their account, whenever possible, when they are presented against insufficient funds. The changes will take effect during the first quarter of 2010. The changes follow U.S. congressional leaders' criticism of bank account fees and come as the banks digest rule changes for credit card fees. The law sharply restricts credit card issuers' ability to raise interest rates on existing balances, to charge certain ...

On Wednesday, Wells Fargo (WFC) became the latest large financial institution to announce a reshuffle in its policy towards overdraft fees. The bank will eliminate overdraft fees for Wells and Wachovia customers when they overdraw their accounts by $5 or less. Wells will not charge customers more than four overdraft fees per day. In addition, customers will be able to opt out of overdraft coverage. Henceforth, customers can specify that they don't want their transactions authorized into overdraft if funds aren't available to cover the transaction. Wells Fargo is following the footsteps of other large banks, Bank of America Corporation (BAC) and JP Morgan Chase & Co. (JPM). While JP Morgan has decided to automatically remove all its customers from the overdraft service, and allow customers who want that protection to opt in; BofA and Wells Fargo will leave it to customers to opt ...

Citigroup, Inc. (C) plans to scale back its U.S. retail footprint to just six major metropolitan areas and limit lending mostly to wealthy customers. Citigroup, one of the biggest recipients of government bailout money, is looking to limit its overall consumer lending in the U.S. primarily to credit cards and "jumbo" mortgages, catering largely to well-heeled customers. The company’s executives are expected to present their plans to the board of directors in October to trim the retail branch network and concentrate mainly on the New York, Washington, D.C., Miami, Chicago, San Francisco and Los Angeles areas. Citi has a global footprint with its branches located internationally. The company currently operates about 1,000 U.S. branches, significantly lower than the 5,000-plus run by Bank of America Corporation (BAC), Wells Fargo (WFC) and JP Morgan Chase & Co. (JPM), which expanded its network with the ...

Tiny Texas Oil Company Hits $2.8 Trillion Discovery A microcap company from Dallas has discovered 40 billion barrels of crude oil. The haul is worth $2.8 trillion. It’s one of the biggest oil discoveries in history. And one company now owns the right to every drop. It’s about to bring this oil to market. Investors who get in beforehand could earn 4,620% gains. But the really amazing thing is where this oil is located. For complete details, please go here.

The U.S. trade deficit expanded at its fastest pace in more than ten years in July, accelerated by rising oil prices and increased demand for auto parts and industrial supplies.

The gap between imports and exports rose 16% – the largest percentage increase since February 1999 – to $32 billion in July from a revised $27.5 billion in June that was larger than previously reported, the Commerce Department said. After …

The U.S. trade deficit expanded at its fastest pace in more than ten years in July, accelerated by rising oil prices and increased demand for auto parts and industrial supplies.

The gap between imports and exports rose 16% – the largest percentage increase since February 1999 – to $32 billion in July from a revised $27.5 billion in June that was larger than previously reported, the Commerce Department said. After eliminating the influence of prices, which are the figures used to calculate gross domestic product (GDP), the trade gap widened to $38.8 billion from $35.8 billion.

Imports surged 4.7% to $159.6 billion, fueled by an increase in oil prices and strong demand for industrial materials. Crude oil prices rose to an average $62.48 a barrel from $59.17 in June. And imports of capital goods, which include cars and auto parts, jumped to $30.2 billion from $28.9 billion.

The government’s Car Allowance Rebate

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Wells Fargo & Company (WFC) and Bank of America Corporation (BAC) showed impressive improvements in their loan-modification rates in August 2009 after experiencing poor rates in July 2009.  However, both Wells Fargo and Bank of America still remain way behind their competitors such as JP Morgan Chase & Co. (JPM), but both have ramped up refinancing efforts significantly.  Wells loan-modification rates increased 64%, completing 33,172 modifications under the Home Affordable Modification Program (HAMP) by the end of August. On the other hand, Bank of America more than doubled its loan-modification rates, completing 59,891 modifications. HAMP is a Government-sponsored program that aims at helping people who can no longer afford to make their monthly mortgage payments.  Wells Fargo expects to exceed its goal under the program, which is about 60,000 modifications. The company has modified 251,244 home loans using its own programs, bringing the ...

China is Investing Billions in Renewable Energy One firm has already built China’s largest wind turbine manufacturing factory. And it’s working with the Chinese Science Academy to develop new wind, solar, and geothermal technologies… for which it will own 70% of the rights. But this company’s business reaches far beyond the Chinese border, with operations in Southeast Asia, the Middle East, Africa and Eastern Europe. It’s first quarter net income increased by 294% over a year ago. Click here for the full report.

The financial services industry in the United States and Europe is still reeling from the financial crisis, shedding tens of thousands of jobs each month – even a year after the crisis hit its apex.

However, recent evidence suggests that the financial services industry in Asia – particularly China, which was largely isolated from the toxic assets that caused the crisis – is starting to rebound.

Indeed, many …