Tag:
Accounting
Latest Headlines
Latest Headlines
Lehman Brothers' Hudson Castle helped mask problems
When people talk about the "shadow banking system" plaguing Wall Street, they are often referring to entities like Hudson Castle, a unit of Lehman Brothers ( Lehman Brothers news) that seemingly existed to provide crucial financing to the firm while also masking problems by giving the bank a pl
Is the worst over for Citi?
Everyone understands that the massive loss at Citi ( C ) was a result of an accounting charge for the TARP repayment. But is the worst now over? That's an open question. Some people say it is, including the ubiquitous Rochdale analyst Dick Bove, who has upgraded Citi to "neutral" from "sell."
Poor earnings boost pressure on Pandit
The conventional wisdom seems to be that 2010 will be a make-or-break year for Citigroup ( C ) CEO Vikram Pandit. He can thank his buddy Saudi Prince Al-Walid bin Talal for making that case to the media. But it makes sense: He's had two years, and some people think it's time to show some better
Blankfein's poor performance
When you're the CEO of Goldman Sachs ( GS ), you can expect some extra criticism and a whole lots of schadenfreude. It's kind of like being the New York Yankees. And so it was inevitable that at least one pundit would single out Lloyd Blankfein for his performance in the hearing the other da
Morgan Stanley bucks earnings trend
While most big banks reported earnings well in excess of analysts' expectations, Morgan Stanley reported just the opposite: A per-share loss of $1.10 for the second quarter vs. an average loss estimate of 49 cents. Investment banking was a strong point; underwriting revenues rose 19 percent to $85
Accounting for bank profits getting tricky
Should we be nervous about second quarter profits? It's fair to say that analysts have a lot to look at now from an accounting perspective. The perception seems to be growing that all the accounting upside--nothing illegal--may eventually backfire. To take an example, if banks are allowed to book
Be wary of rosy bank earnings estimates
The Federal Deposit Insurance Corp. has reported that the banking industry earned a $7.6 billion profit in the period from January to March--an ostensibly big rebound from the record loss of $36.9 billion in the fourth quarter. It would be easy to conclude that improved trading results and lower b
What to make of Citi's earnings?
People are buzzing about Citi's big first-quarter profit of $1.6 billion. However, if you account for the dividends on the preferred shares it paid the government, it posted a loss of $966 million. Still, with expected exchange offers to take place soon, it's reasonable to focus on the $1.6 billio
Fair value relief to help Citigroup?
The knee-jerk response to the new guidance on fair value rules has been that banks will see a significant bump in earnings, as mark-to-market losses lessen. But in the view of a TheStreet.com ratings analyst, that might not be the case with Citigroup. The argument starts with the fact that as
Hang on, yet another fund scandal
Arthur Nadel ran something called Scoop Management in Sarasota, but had run afoul of his investors, some of whom thought he defrauded them. Nadel was last seen Wednesday morning by his wife. She reported him missing later that day. According to the AP , Nadel, 75, left a note for his family tha
