Boehner Gets Blasted for Tough ‘Punk’ Talk With Banker Pals
March 18, 2010
(ChattahBox)—House Minority Leader John Boehner (R-OH) knows who his true constituents are. They are certainly not the working families and struggling middle-class voters of Ohio. No, they are corporate lobbyists, Wall Street banks and insurance companies. And recently, the strangely orange-hued Congressman, has been working overtime to establish himself as a best friend forever to Wall Street, as he leads his Republican members to obstruct and delay financial reforms. Appearing at a meeting of bankers on Wednesday, Boehner assured them that the Republicans would do their part to impede reform and he encouraged the poor helpless bankers to stand up for themselves against the mean and punky Capitol Hill staffers, who are working on new banking regulations. And His tin-eared remarks were rightly lambasted today, by Rep. Barney Frank (D-MA) and White House National Economic Council Director Larry Summers. Read more
Jim Cramer’s TheStreet in Trouble With SEC
March 18, 2010
(ChattahBox)—- It seems the SEC is still not satisfied with the financial dealings of Jim Cramer’s financial Web site TheStreet.com. Due to accounting mishaps at a former subsidiary called Promotions.com, federal regulators took a keen interest in the business relationship between the two companies, delaying earnings results for TheStreet, as the investigation continued. But after dumping Promotions.com, the SEC is taking another hard look at Cramer’s accounting issues. Read more
Toyota’s Electronics May be Prone to Cosmic Ray Disturbances
March 16, 2010
(ChattahBox)— Despite recalls and fixes of Toyota’s floor mats and gas pedals, reports of sudden acceleration continue. And some researchers are looking into the possibility that the Japanese company’s electronics, especially its electronic throttle controls are more susceptible than other automakers to disturbances from cosmic rays. Read more
Report finds Lehman Brothers accounting gimmicks to delay collapse could open door for lawsuits
March 12, 2010
(ChattahBox) – A report released Thursday gives new insight into how Lehman Brothers fell into peril at the start of the financial crisis, and the details reveal “materially misleading” accounting gimmicks were among the factors. The collapse of the 158-year-old investment bank is widely credited with helping trigger the financial meltdown in Sept. of 2008 when it declared for bankruptcy.
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Bank Of America Apologizes For Parrot Snatching
March 11, 2010
Pennsylvania (ChattahBox) – A Pennsylvania woman is suing Bank of America for damages done to her home after they wrongfully attempted to kick her out for what they said was a defaulted mortgage.
Bank of America Lays Down the Gauntlet: Ends Overdraft Fees on Debit Cards
March 10, 2010
(ChattahBox)— In a bold move that has surprised many in the financial world, Bank of America announced on Tuesday that beginning this summer, debit card holders would no longer be charged with hefty overdraft fees, when they don’t have enough funds in their account to cover a purchase. This move comes ahead of new federal regulations that will soon force banks to obtain permission from its customers, before imposing overdraft protection. Many debit card customers found that when using their cash-poor card to buy a cup of coffee, they ended up paying $40.00 for the privilege of avoiding the embarrassment of having their card declined. Bank of America’s new policy will cause the nation’s largest issuer of debit cards, to lose billions of profits in overdraft fees. But the bank plans to make up for the loss of overdraft fees, by building customer goodwill and, by more evenly distributing bank fees. Now, the big question is: Will other banks follow suit? Read more
Terrified Driver of Runaway Toyota Prius Speeding Over 90 MPH, Calls 911
March 9, 2010
(ChattahBox)—-A terrified driver of a Toyota Prius called 911 in a panic on Monday, after the gas pedal on his hybrid vehicle became stuck and he raced along a California highway at speeds exceeding 90 miles per hour. This latest incident of lethal accelerator problems in Toyota vehicles, came on the same day that Toyota executives held a press conference to announce that they found no flaws in the company’s vehicle electronics and software. Toyota spokesman Mike Michels declared, “We’re confident in our electronic throttle control systems.” Good to know. It’s doubtful that the driver of the out of control Prius, James Sikes, 61, feels as confident as Toyota executives do. Thankfully, no one was hurt, and the California Highway Patrol was able to assist Sikes in slowing the vehicle, until he was able to safely coast to a complete stop. Read more
Toyota ‘Confident’ in Vehicle Electronics, as Runaway Toyotas Plague Roadways
March 9, 2010
(ChattahBox)—Toyota called a news conference on Monday to declare that the beleaguered automaker found no flaws in its vehicles’ electronics or software. The Japanese automaker’s announcement was hardly reassuring to millions of Toyota owners, as civil lawsuits against the company mushroom and more reports of out of control vehicles make it to the nightly news. And a U.S. congressional panel is continuing to exert pressure on Toyota executives to submit damaging internal documents to lawmakers, as they investigate the safety-related recalls. Read more
Google Nexus One Online-only Sales Model Failing
March 9, 2010
(ChattahBox) – Google hoped to revolutionize the smart-phone industry by selling its phone, the Nexus One, directly to consumers online. But so far that sales model has failed or it’s at least a lot weaker than Goldman Sachs analysts had originally expected. Read more
Fed Retains Oversight of Largest Banks, But Smaller Banks Howling
March 8, 2010
(ChattahBox)—After months of congressional Fed bashing, it looks like the Federal Reserve will retain oversight authority over the nation’s largest institutions. The original regulatory reform plan drawn up after the near collapse of the financial system, proposed granting the Fed greater powers to quickly step in and wind down failing banks. But many members of congress, distrustful of the Fed, opposed handing over more powers to a big government agency. Now, it appears a compromise has been reached with Republicans and Fed bashers, allowing the Fed to keep oversight control over 23 of the largest financial institutions. But, the smaller regional banks will fall under a new oversight plan and they are not happy about the prospect. Regional bank presidents have engaged in an aggressive lobbying campaign to keep their institutions within the Federal Reserve. Read more