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We learned today that GMAC has been looking for a third round of bailout money from the Treasury—and they may have gotten it. Latest news is that the company has just put $2.9 billion of junk bonds (rated by Moody’s “two notches above default”) on the market. However, these bonds are backed by the Federal Deposit Insurance Corporation, thus giving them a triple-A rating. And because of the FDIC backup, these bonds will sell! This is but the latest in a series of sand-bagging moves on the par

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Random Feed wrote an interesting post today on
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By Bob Blandeburgo Associate Editor Money Morning As the number of bank failures grows, the Federal Deposit Insurance Corp. (FDIC) is falling deeper into the red, but deposits at insured banks keep growing. Six banks failed on Friday, bringing the total number of banks failed this year to 106. That’s more than four times the amount of bank failures in 2008, and it’s only October. Still, the number is dwarfed by the 534 failures seen in 1989 at the height of the savings-and-loan crisis.

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Random Feed wrote an interesting post today on
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StanCorp Financial Group Inc.’s ( SFG ) third quarter earnings of $1.21 per share were just a penny ahead of the Zacks Consensus Estimate of $1.20 per share. The company had earned $1.46 per share in the year-ago quarter. High unemployment rate and rising joblessness continue to impact the company’s earnings. Quarterly results reflect higher-than-expected claims activity and reduced premiums in the group insurance business. However, the company benefited from the expense reduction initiatives

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Random Feed wrote an interesting post today on
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Kingfish has a long post (involving extensive reporting he’s done) involving a Madison County mortgage fraud case against two lawyers, Jon and Charles Evans. One owned a series of LLCs holding real estate, and the other issued title certificates and obtained Mississippi Valley Title insurance for bank loans on the property. The key word here is “loans”– lots and lots of loans– as in multiple first deeds of trust on the same property at once with different banks. And this apparently involved

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Random Feed wrote an interesting post today on
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Even as the health insurance companies draw down on health care reform, another showdown is just beginning in Washington. On Wednesday, the House Financial Services Committee will begin marking up the first legislation to try to curb Wall Street’s casino. And if you think the health insurance companies are packing heat, wait till you see the firepower the banks will unleash to frustrate reform. The Committee will focus on two core reform measures. The first, the regulation of derivatives, g

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