“These banks are very mature banks, and they have to differentiate between a corporate loan and a sovereign loan,” Alwaleed, 54, said yesterday in an interview on Bloomberg Television. “When things go sour, you cant have some banks in the West going to Dubai and saying oops and crying wolf and saying, You should have guaranteed those loans.”
Dubai World, the state-controlled investment firm whose assets include a stake in Las Vegas casino company MGM Mirage, is seeking to reschedule payments on about $26 billion of debt. - - - - >

“These banks are very mature banks, and they have to differentiate between a corporate loan and a sovereign loan,” Alwaleed, 54, said yesterday in an interview on Bloomberg Television. “When things go sour, you cant have some banks in the West going to Dubai and saying oops and crying wolf and saying, You should have guaranteed those loans.”
Dubai World, the state-controlled investment firm whose assets include a stake in Las Vegas casino company MGM Mirage, is seeking to reschedule payments on about $26 billion of debt. - - - - >

A spokesman for the New York-based banks Chase Card Services unit confirmed the change after a law firm that sued banks over arbitration clauses announced a tentative settlement with JPMorgan Chase.
Chase decided to stop sending credit-card disputes to arbitration in July, and now is removing the arbitration clause, spokesman Paul Hartwick said.
Banks say arbitration is less costly for everyone than lawsuits. They also argue that banks increased legal costs would in turn be passed on to consumers. But consumer groups have criticized arbitration as tilted in favor of banks.
Hartwick said Chase believes its policy change “is the right thing for - - - - >

They walked out with a sobering conclusion, according to the accounts of two attendees who requested anonymity because the meeting was private. Not only was Kanjorski serious, he planned to offer the legislation as early as next week — and it just might pass.
Today marks a decade to the day that President Bill Clinton signed the repeal of the Depression-era Glass-Steagall Act that split investment-banking from lending and deposit-taking. The repeal allowed the creation of Citigroup Inc., the financial colossus now propped up by $45 billion - - - - >

Citigroup has almost doubled its cash to $244.2 billion in the year since Lehman Brothers Holdings Inc. filed for bankruptcy, the biggest such stockpile of any U.S. bank. The lender, which last year came so close to a funding shortfall it had to get a $45 billion government infusion, is under pressure from the Treasury Department and regulators to keep more money on hand for emergencies, even as markets improve.
The caution, which may help restore confidence in the financial system, offers little comfort to shareholders, who - - - - >

Led by Chief Executive Officer Jamie Dimon, the New York- based lender took in $1.26 billion in advisory fees in the first nine months of the year, topping Goldman Sachs for the first time since 2000, when Chase Manhattan Corp. bought J.P. Morgan & Co., data compiled by Bloomberg show. The bank also extended its lead in underwriting equity and debt offerings, earning $4 billion in the same period, twice as much as Goldman Sachs.
JPMorgan, which posted net income of $8.45 billion for the nine months, - - - - >

Bank of America Corp., JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. wrote up the value of the contracts, known as mortgage-servicing rights or MSRs, by 26 percent in the quarter as mortgage rates climbed by about 0.35 percentage point. Net gains on the contracts added more than $1 billion to Wells Fargos record earnings in the quarter and $1 billion to JPMorgans first-quarter profit.
Mortgage rates fell about 0.26 percentage point in the third quarter, according to Freddie Mac, and servicing costs are - - - - >

Earnings at JPMorgan may have almost quadrupled to $2.05 billion from the height of the financial crisis a year earlier, according to analysts average estimates in a survey by Bloomberg. Goldman Sachss profit probably almost tripled to $2.3 billion. Citigroups expected $2.58 billion loss would mark its sixth unprofitable quarter in the past eight.
“Were seeing a bifurcation of the banking industry between the haves and the have-nots,” said Matt McCormick, a banking-industry analyst at Bahl & Gaynor Inc. in Cincinnati, which manages $2.5 billion. - - - - >

The decision by the 62-year-old Bank of America Corp. chief executive officer to purchase Merrill in January for $29 billion already is generating more than 25 percent of the banks profits — along with charges by government officials that he misled investors about the extent of losses and bonuses.
When he announced last week that he would step down by the end of the year, Lewis could take some comfort from making the Charlotte, North Carolina-based bank, the largest in the U.S. by assets, less reliant on - - - - >

Alabama banking regulators closed Montgomery, Ala.-based Colonial and appointed the Federal Deposit Insurance Corp. as receiver. The federal agency approved the sale of Colonials $20 billion in deposits and about $22 billion of its assets to BB&T Corp. The failed banks 346 branches in Alabama, Florida, Georgia, Nevada and Texas will reopen at the normal times starting on Saturday as offices of BB&T, the FDIC said.
Colonial was a major lender to developers in Florida and Nevada and was hit hard by the collapse of the real estate market in those states. It was the sixth-largest bank to fail in U.S. - - - - >