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Apr 25, 2010

Telegraph: Business News: Goldman Sachs wages war of words with US Senate. April 25th, 2010


Goldman Sachs wages war of words with US Senate

Tensions between Goldman and the US Senate have reached breaking point over sub-prime mortgage market claims.

Germany gets tough with Greece over aid package

Finance minister Wolfgang Schauble warns that Berlin will not transfer €40bn lifeline until Athens agrees to tougher terms.

Are metals prices heading for a fall?

As sector worries persist, is the relentless charge forward for miners sustainable – or are future earnings now fully priced in?

American Banking News: Former Executive Files Gender Bias Lawsuit Against JPMorgan Chase & Co (NYSE:JPM). April 25th, 2010

American Banking News

Former Executive Files Gender Bias Lawsuit Against JPMorgan Chase & Co (NYSE: JPM)

Posted: 25 Apr 2010 01:00 PM PDT
A former executive at JPMorgan Chase & Co (NYSE: JPM) filed a lawsuit against the company on Thursday arguing that she was fired after trying to start a family.
Marie Dzanis, a former vice president in the company’s funds and financial intermediaries’ wholesalers’ group, filed a complaint in Manhattan federal court. She joined the company in 2002 and by 2003 she oversaw 52 percent of the bank’s wholesale sales in the United States.
Dzanis alleges that JPmorgan had passed over her in favor of a less qualified male candidate for a promotion to be its national sales manager, a move which she referred in the suit as a “typical of JPMorgan’s ‘boy’s club’ atmosphere.”
She alleged that hew new boss excluded her from key meetings, stripped her of responsibilities in high-revenue states and questioned whether or not she planned to quit the company to have children.
Dzanis was fired in May of 2007 and JPMorgan provided her a reduced severance package that required her to waive certain legal rights.
The lawsuit seeks at least $4 million in total damages, including lost back pay and future earnings, as well as compensatory and punitive damages, and other remedies.
This article (Former Executive Files Gender Bias Lawsuit Against JPMorgan Chase & Co (NYSE: JPM)) was originally developed by and is property of American Banking News. Checkout American Banking News for up-to-date banking news and peer to peer lending news.

Posted: 25 Apr 2010 09:27 AM PDT
This article (American Banking News Twitter Updates for the Week of 2010-04-25) was originally developed by and is property of American Banking News. Checkout American Banking News for up-to-date banking news and peer to peer lending news.

Money Morning: The Week's Top Stories 4/19 - 4/23. April 25th, 2010

April 25, 2010

Pocket $240K From The US Company That Terrifies OPEC
Saudi Arabia's Oil Minister recently said $83 barrel oil is "beautiful." Morgan Stanley predicts $95/barrel by the end of the year - and OPEC can't wait. But one New Jersey company threatens trillions of OPEC's petrodollars. In fact, the higher crude's price goes, the more this company profits. And it's not even in the oil business!

See this free report for the details on how to siphon a barrel of this cash into your own bank account.

Bankster Gangsters: Global Commodities Grab Causes Major Bank Profits to Soar

By Peter Krauth, Contributing Editor, Money Morning
Major bank profits are up. Way up.

Goldman Sachs Group Inc. (NYSE: GS) just reported that its first-quarter earnings nearly doubled to $3.46 billion, the investment-banking giant's second-most-profitable quarter since going public a decade ago.

JPMorgan Chase & Co. (NYSE: JPM) recently said its first-quarter earnings came in at $3.3 billion, up 55% from a year ago.

And Bank of America Corp. (NYSE: BAC) reported that its earnings for the first three months of the year rang in at $2.83 billion.

For all three of these banking giants, the first-quarter results blew past analyst expectations. Their stock prices? Approaching levels not seen since the start of the financial crisis. In fact, JPMorgan's stock is within 10% of its five-year high.

Major bank profits are zooming - despite the fact that U.S. consumers are struggling to repay loans.

So how are these guys pulling this off? Well, if you dig, you'll find that the bulk of major bank profits are coming from stronger trading revenue and other segments that are enabling the largest banks to overcome weakness in the lending area, which decades ago was the banking sector's bread-and-butter business.

If you dig deeper still, as I've done, you unearth one of the key reasons these banking behemoths are booking such massive profits. They've been moving enormous amounts of capital into one area of the market.

I'm talking about commodities.

Read Full Article

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How the Goldman Sachs Fraud Case Could Accelerate Wall Street Reform

By Martin Hutchinson, Contributing Writer, Money Morning

When the U.S. Securities and Exchange Commission announced Friday that it had filed a fraud action against Goldman Sachs Group Inc. (NYSE: GS), the news hit the financial markets like a carefully targeted bomb.

The Goldman Sachs fraud case, which relates to the investment bank's subprime-mortgage business, caused the financial giant's shares to nosedive 12.8%. The fallout spread to the broader markets, too, causing the Dow Jones Industrial Average to drop 1.1% and the Standard & Poor's 500 Index to skid 1.6%.

That reaction wasn't overblown.

Depending on how rough the SEC wants to play it, the case has the potential to shut down the cartel known as Wall Street. It could even jump-start the kind of sweeping overhaul that legal or regulatory reformists have so far failed to launch.

Read the Full Story Here

Trading Economics: What to Expect This Week. April 25th, 2010

What to Expect This Week

This week, in the United States, the Federal Reserve meets but we don't expect any changes in current monetary policy. Also, after a significant inventory rebuilding spike in last three months of 2009, GDP for first quarter should show a moderate growth. In addition, consumer confidence is likely to go slightly up as there are signs that economy is getting better. In the Euro Area, Athens has asked officially for help and we are looking for more details on Greece's bailout by the EU and the IMF. Moreover, unemployment rate among EU members may spike higher to 10.1% and we also expect a rise in inflation as energy prices were higher in March. In Japan, interest rate is likely to stay unchanged and consumer prices to remain in deflationary territory. In Canada, GDP growth in February is expected to be above 0.5%. In Australia, inflation may rise in the first quarter of 2010. In New Zealand, after less than expected spike in consumer prices there is only a small chance the Reserve Bank of New Zealand will raise interest rates. Finally, in Brazil, it is likely the Monetary Policy Committee (COPOM) will increase its official interest rate by at least by 50 basis points.

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Last Week Headlines

British Economy Grows Half as Much as Forecast
The U.K. economy grew half as much as forecast in the first quarter, underscoring the fragility of the recovery as Prime Minister Gordon Brown struggles to convince voters that his party deserves a fourth term.

Japanese Exports Climb 43.5% in March
Japan’s exports grew for a fourth month in March, evidence that sustained gains in overseas demand are fueling the recovery as prices slump at home.

Bank of Canada Removes Commitment to Low Rates
The Bank of Canada said it would keep its overnight deposit rate at 0.25%. It also removed a commitment made at recent meetings to keep interest rates at current levels through the second quarter of this year.

New Zealand Inflation Rises Less Than Expected
New Zealand inflation accelerated less than expected in the first quarter, suggesting there's less need for Reserve Bank Governor Alan Bollard to rush to raise interest rates this year

UK March Inflation Accelerates to 3.4%
The U.K.’s inflation rate jumped more than economists forecast in March, breaching the government’s upper limit for the second time this year after energy costs rose within weeks of the election.