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New York, March 04, 2009 -- Moody's Investors Service changed its rating outlook on JPMorgan Chase & Co and subsidiaries to negative from stable.
JPMorgan Chase & Co.'s (JPM) senior debt is rated Aa3 and the ratings on
its lead bank, JPMorgan Chase Bank N.A., are B for bank financial strength (BFSR) and Aa1 for long-term deposits.
Bair Says Insurance Fund Could Be Insolvent This Year (Update1)
March 4 (Bloomberg) -- Federal Deposit Insurance Corp. Chairman Sheila Bair said the fund it uses to protect customer deposits at U.S. banks could dry up amid a surge in bank failures, as she responded to an industry outcry against new fees approved by the agency.
“Without these assessments, the deposit insurance fund could become insolvent this year,” Bair wrote in a March 2 letter to the industry. U.S. community banks plan to flood the FDIC with about 5,000 letters in protest of the fees, according to a trade group.
“A large number” of bank failures may occur through 2010 because of “rapidly deteriorating economic conditions,” Bair said in the letter. “Without substantial amounts of additional assessment revenue in the near future, current projections indicate that the fund balance will approach zero or even become negative.”
Oh I remember...a Stander insight or yours?
Originally posted by redhatty
reply to post by Hx3_1963
Asia is reacting to news that China is considering a Stimulus.
Hence a pump. Buy the rumor, sell the news.
The small rally here was completely expected, go back a few pages :-)
It's the tanking AFTER this rally that is going to be painful
[edit on 3/4/09 by redhatty]
March 4 (Bloomberg) -- The Federal Reserve Board approved Intercontinental Exchange Inc. proposal to clear trades in the $27 trillion credit-default swap market.
Atlanta-based Intercontinental still needs the Securities and Exchange Commission to sign off on its plan. Intercontinental spokeswoman Sarah Stashak declined to comment on when the company may receive SEC approval. The Intercontinental plan has the backing of eight major dealers including JPMorgan Chase & Co. and UBS AG. It will compete with plans by four other clearinghouse owners in the U.S. and Europe.
Regulators on both sides of the Atlantic are driving separate plans to stabilize the market after American International Group Inc., once the world’s largest insurer, almost went bankrupt last year from its use of credit-default swaps. The unregulated, privately traded contracts stymied government efforts to assess bank credit risk because the full range of trades between dealers was unknown.
“For the Fed it’s a great step,” said Mark Williams, a finance professor at Boston University. “It’s another brick to rebuild credibility in the credit markets so we don’t have a future AIG.”
As industry after industry lines up for government handouts and large scale money printing to meet those demands escalates, the depressionary bought will, by mid year, turn into a raging inflationary bonfire. Savings will disappear over night. Add to this continued mass layoffs that will reach another 2 to 3 million people, and an unofficial unemployment rate of 15%+ (official US statistics are so doctored as to make them worthless), a series of wars that will continue to drain lives and treasure and the dashed hopes of tens of millions and the US is in for a very hot and horrid summer.