Bloomberg news from FierceFinance
News
Exclusive school overexposed to hedge fund?
Moody's lowered it's rating on the exclusive Spence School's $15.3 million of municipal bonds by one level last month to A1, reports Bloomberg. The move was driven by the fact that after purchasing... Read more...
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... Read more...
Citigroup alone faces big government stake
Not too long ago, it seemed fait accompli that Uncle Sam would end up a large owner of the nation's biggest banks. But a favorable stock climate has allowed some big banks, notably Bank of America... Read more...
Banks benefit from accretable yield
Bloomberg weighs in with a look at "accretable yield," which will provide a $56 billion windfall to banks that cover ailing institutions. JPMorgan Chase, Wells Fargo and Bank of America are among... Read more...
Wall Street's middle class taking a beating
Ridgewood, New Jersey is not Greenwich, Conn., but it was home to lots of mid-tier Wall Street employees. And as such, the town of 24,300 people 25 miles from Wall Street makes for a good setting for... Read more...
Only six banks fail the stress tests
So, who passed and who failed the stress tests? The good news is that only six banks "failed," according to Bloomberg. The problem is that we don't know who. Obviously, Citigroup and Bank of America... Read more...
What to make of the merger market
There have been signs of life in the merger market as of late. The big drug and technology deals have people talking about the rise of strategic deals--just in time to save the market. But that could... Read more...
The new order on Wall Street
Bloomberg offers an interesting article that notes the big survivors on Wall Street--Goldman Sachs, Morgan Stanley and JPMorgan Chase--are benefiting from a return to tradition in a few ways: Spreads... Read more...
A just sentence for Madoff?
Bernard Madoff will not be sentenced until June 16. But there are plenty of people who are willing to voice what they consider just punishment. Nobel Peace Prize laureate Elie Wiesel, who saw his... Read more...
Citi, Bank of America bond holders to suffer?
The cost of credit default swaps to protect against bond defaults have been soaring for top banks, especially Citi and Bank of America. Those prices did not plunge even as the euphoria over Citi CEO... Read more...
