(English) Lloyds tops forecasts – Binary Options Hot Picks Feb 25
عفوا، هذه المدخلة موجودة فقط في English.
(English) S&P500 to Reach 1500 ? – Hot Picks Dec 22
عفوا، هذه المدخلة موجودة فقط في English.
(English) Weekly Outlook June 14 – 18
عفوا، هذه المدخلة موجودة فقط في English.
(English) Euro makes multi year low: June 7 – 11 Weekly Outlook
عفوا، هذه المدخلة موجودة فقط في English.
(English) Daily Binary Options Update – May 12, 2010
عفوا، هذه المدخلة موجودة فقط في English.
Greek Economy Spells Trouble For Eurozone – Market Weekly Outlook – February 15-19
عفوا، هذه المدخلة موجودة فقط في English.
StartOptions.com Market Weekly Outlook – January 25-29
عفوا، هذه المدخلة موجودة فقط في English.
Week Ahead: Earnings Will Call the Tune for Stocks
عفوا، هذه المدخلة موجودة فقط في English.
Banks Must Repay Taxpayers $90 Billion for Bailout: Obama
Declaring “We want our money back,” President Barack Obama wants to slap a tax on banks to recoup the money that the American public spent on bailing out large financial institutions on the brink of collapse.
The president said Thursday his goal is not to punish banks, but rather to prevent them from a behavior of excess, including new employee bonuses he called “obscene.” In brief comments at the White House, Obama took a deeply populist tone.
He said: “My commitment is to the taxpayer.” The president said big banks had shown irresponsibility, engaged in reckless risk for short-term profits, and had gotten themselves into a crisis of their own making.
Some firms would have to pay the fee even though many did not accept any taxpayer assistance.
Obama proposed that major financial firms pay the fee—expected to total $90 billion over 10 years—to protect taxpayers from up to $117 billion in losses on a bank bailout that has spurred fury at Wall Street excess.
Obama’s action comes amid mounting public anger over multi-million dollar bank bonuses while ordinary Americans struggle in the face of 10 percent unemployment.
“The fee that is put forward here is in many ways a minimum — a minimum of what is owed back for the rather significant costs that are borne in many aspects by the taxpayers,” an administration official told reporters.
The levy will recoup losses from a $700 billion taxpayer rescue of U.S. banks called the Troubled Asset Relief Program, or TARP, conceived in 2008 by Obama’s predecessor, George W. Bush, at the height of the global financial panic.
Forged after the collapse of U.S. investment bank Lehman Brothers and multi-billion dollar rescue of insurance giant American International Group
ARP helped stem the crisis by injecting public capital into the biggest U.S. banks and convincing investors no others would be allowed to fail.
The action, together with massive monetary and fiscal policy stimulus from the government and Federal Reserve, was unable to deflect the country’s worst recession since the Great Depression, which has pushed unemployment to a 26-year high.
However, that did not obstruct bumper profits on Wall Street as stock markets rebounded sharply in 2009 from crisis-lows.
This has helped many of the banks repay their TARP injections, freeing them of government rules on compensation and allowing them to now pay out major staff bonuses.
Banks that have already repaid TARP capital will not be spared the fee, and nor will firms that got no TARP money to start with, but nevertheless benefited from the stability it brought to the U.S. economy, the official said.
Full details of the fee proposal will not be laid out until Obama delivers his budget for fiscal 2011 in early February, and will then be subject to shaping by Congress. The plan will include a levy of 15 basis points, or 0.15 percentage point, on the balance sheets of big firms with assets of more than $50 billion.
The Obama administration expects to raise $90 billion over the first 10 years, and thinks this will ultimately cover all losses from TARP, although at the moment these losses are being projected at $117 billion.
“The banks that are in question were significantly responsible for an enormous degree of the reckless risk-taking that was borne throughout the entire economy,” the official said.
AIG will be subject to the fee. But mortgage lenders Fannie Mae and Freddie Mac, which are under government conservatorship, will be excluded, as will U.S. automakers who got bailout money.
Public rage at bankers, whom Obama chided in December for their “fat cat bonuses,” has taken on a deeper political dimension as Democrats who control Congress weigh sweeping financial regulatory reforms in the face of stiff industry opposition.
Wall Street chiefs were grilled Wednesday at the opening hearing of a special inquiry into the 2008 financial crisis and the resulting taxpayer bailout to save their industry.
The White House said Wednesday that an apology was the least the country expects to hear from the banks.
The heads of Goldman Sach, Morgan Stanley, JPMorgan Chase and Bank of America aced the first public hearing of the Financial Crisis Inquiry Commission.
It will convene throughout the year and is expected to issue a report by Dec. 15.
Stocks Shed Losses as Bank Stocks Gain
Stocks turned slightly positive as investors warmed to bank stocks, a day before the White House will announce its plans to charge the industry fees related to the industry’s bailout and as Congress probes the financial system’s collapse.
Major indexes faced pressure most of the morning after energy prices fell on an inventory surge and concerns persisted over global growth. But the mood turned a bit positive as Wells Fargo , Bank of America and others headed higher. BofA earlier was the biggest drag on the Dow.
Energy shares also fell after a report showed a larger than expected surge in inventories.
Oil prices dropped again, falling below $80 a barrel for the first time in 10 days even as the dollar continued to fade.
Chevron was the biggest loser on the Dow 30, which lost an early pop as the market sought to rebound from a losing day Tuesday.
Resource companies also fell, with Southern Copper dropping more than 2.5 percent.
Kraft Foods stoked some investor enthusiasm as it raised its outlook for the second time in two months. Investors even scooped up shares of Alcoa , which led the market lower yesterday after issuing disappointing earnings.
The market fell Tuesday on concerns over earnings and whether monetary tightening in China would stall the global economic recovery.
The China worries seemed to abate somewhat but remained a lingering concern.
“We don’t expect the effects of the current tinkering to be overly disruptive or derail the recovery trend,” Tinconderoga Securities analyst John Stoltzfus wrote in a morning research note that acknowledged a “steep selloff” remains possible. “Likely a look in the rearview mirror sometime down the road will tell us that China’s actions … were sensible and ultimately prudent.”
Technology continued to be a sore spot for the market, though, with chipmakers particularly weak and the Nasdaq lagging its counterparts. shares dropped for the second consecutive day as investors begin to take profits from an aggressive two-month rally in the group.
Google shares fell on news that it may pull out of China because of cyber attacks. Chinese search engine Baidu surged.
AstraZeneca was among the market’s big movers, rising after Credit Suisse upgraded the pharma leader to “neutral” from “underperform.”
Another snapshot of the economy comes at 2 pm New York time, when the Federal Reserve releases its Beige Book, the region by region assessment of economic conditions.
At the same time, the Treasury is out with the December budget statement, expected to show a deficit of $91 billion for the month, compared with a shortfall of $51.8 billion in December of 2008.
Sony gained as it postpones the launch of videogame Gran Turismo 5, citing production issues for the latest in that hot-selling videogame line.
