Text size First Republic shares closed down 47% in Monday trading. The stock is now down more than 90% so far in March. Eric Thayer/Bloomberg Shares of Bank of the First Republic are still in freefall even after the banking industry provided the lender with billions of dollars in cash. That money could be enough … Read more
The Federal Reserve will meet on Wednesday and, for once, the outcome is unclear. This is the most uncertain Fed meeting since 2008, said Jim Bianco, president of Bianco Research. Fed officials, starting with former Chairman Ben Bernanke, have perfected the art of having the market price in what the central bank will do – … Read more
Arrives within a week You’re here was a rotten credit rating at Moody’s, even though Tesla’s financial performance was much better by Moody’s own calculations. That changed Monday night after Moody’s upgraded its rating on the electric vehicle maker. Still, investors might wonder why the rating isn’t even higher. Elon Musk seems to be the … Read more
Jonathan Amy, a 74-year-old semi-retired neurologist in McLean, Va., is still awaiting a refund of nearly $10,000 on his 2020 taxes. His accountant electronically filed his extension statement in September 2021 and received a notification of acceptance from the Internal Revenue Service. Finally, last month, Mr. Amy contacted the Taxpayer Advocate Service, an independent watchdog … Read more
““We have a self-induced crisis of irresponsible fiscal monetary policy over the past decade.”” —Leon Cooperman, President of the Omega Family Office This was billionaire hedge fund manager Leon Cooperman commenting on the current banking crisis which has seen the closure of SVB Financial Groups SIVB, Silicon Valley Bank and crypto-friendly lenders Signature Bank and … Read more
US policymakers watched with suspicion the hasty rescue of Credit Suisse CS -6.94% Group AG this weekend, hoping that its takeover by UBS Group HER stem a fall in financial stocks triggered by the recent failure of two regional banks. Late Sunday, the Fed and five major central banks announced a coordinated effort to improve … Read more
One option would be to buy all of Credit Suisse and then turn its local Swiss operations into an independent entity, the sources said. UBS would retain Credit Suisse’s valuable wealth management business. Discussions are ongoing and the contours of the deal could still change as UBS and Swiss regulators flesh out the details of … Read more
Dear Marketwatch, I am 38 years old and I wonder if I will ever be able to retire. In 2020, I bought a house for $649,000 with a 25% down payment. In 2022 I sold it for $1.3 million, took that money and reduced the cash payment. My total monthly housing expenses are still $1,500 … Read more
The deal could be completed on Sunday if not earlier, the people said. Regulators have offered to waive the usual shareholder voting requirement to speed up the sale, one of the people said. Discussions were quick and a remaining sticking point was the ownership status of the major Swiss retail arm of Credit Suisse, the … Read more
But on Friday, shares of First Republic fell again, losing more than 30% and leaving analysts wondering if it has a future as a standalone bank. What happened to the First Republic Bank? First Republic was one of the banks to be swept away by the contagion that followed the March 10 bankruptcy of Silicon … Read more