January 20, 2009 – 8:59 am
The Dow Jones industrial average plummeted during President George W. Bush’s time in office, in a way not seen since Herbert Hoover’s term during the Great Depression. That makes Bush the first president since Richard Nixon to preside over a declining Dow. In percentage terms, Bush’s 21.8 percent Dow drop is the worst showing since an 83.2 percent decline under President Herbert Hoover, whose term included the 1929 stock-market crash.
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January 15, 2009 – 10:14 am
“It’s not reassuring,” said Kenneth Scott, a professor of law and business at Stanford Law School and former general counsel of the Federal Savings and Loan Insurance Corp. “There are more losses to be realized, but the question is the extent to which they are already reflected in values that banks are recording on their books.” Scott said it is unclear whether Bank of America should have disclosed more, though “as long as you don’t say anything that’s incorrect,” it is often acceptable to wait on disclosing deterioration.
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January 15, 2009 – 9:44 am
A Wisconsin bank was hit by losses and took money from the TARP program. Now they are laying off. Marshall & Ilsley Corp., Wisconsin’s largest bank, is cutting 830 jobs and slashing its dividend after posting a fourth-quarter net loss on borrower defaults. The stock dropped 18 percent in early trading.
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January 15, 2009 – 9:25 am
Here is a list of the largest banks in the world at the end of 2008:
1. Industrial & Commercial Bank of China, ICBC (China)
2. Bank of America (US)
3. HSBC Holdings (UK)
4. China Construction (China)
5. Bank of China (China)
6. JPMorgan Chase (US)
7. Citigroup (US)
8. Wells Fargo (US)
9. Banco Santander (Spain)
10. Mitsubishi UFJ Financial, MUFG (Japan)
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January 15, 2009 – 8:56 am
Unfortunately more people are singing the mortgage blues as foreclosure filings increased 81 percent. Some people looked over the edge and recovered, because the statistics mean that homeowners received at least one foreclosure notice. Some homeowners may have recovered, but the news is grim. Statistics show the worst economic fallout since the great depression.
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