Mr. Chairman, Ranking Member Bachus and members of the Committee, thank you for inviting me to testify today regarding the participation of State Street Corporation ('State Street') in the Treasury Department’s Capital Purchase Program ('CPP').
'Mr. Chairman, Mr. Bachus, Members of the Committee. My name is Bob Kelly and I’m Chairman and CEO of The Bank of New York Mellon. I appreciate the opportunity to speak with you about our participation in the Capital Purchase Program. I’d like to briefly tell you about our Bank, explain how we came to participate in the program, and tell you how we’re using the capital we received to help expand the flow of credit in this extraordinarily difficult environment.
'Chairman Frank, Ranking Member Bachus, Members of the Committee, my name is Jamie Dimon, and I am the Chairman and Chief Executive Officer of JPMorgan Chase & Co. I am pleased to be here today to assure the Committee that we at JPMorgan Chase are doing everything we can to help restore confidence in the U.S. financial system and to ensure that we are fulfilling our responsibilities under the Troubled Asset Relief Program (TARP) as Congress intended: to restore liquidity and stability to the U.S. financial system, to ensure the continued flow of credit to consumers and businesses, and to encourage modification of residential mortgages.
'Chairman Frank, Ranking Member Bachus, and Members of the Committee:
Bank of America's CEO Ken Lewis prepared a statement for the Committee on Financial Services. Lewis spoke to the committee Wednesday. His statement is below.
At last staff over at UBS Investment Bank have some (relatively) good news. Despite the fact that the unit faces the prospect of further job cuts, the Swiss bank has confirmed that investment banking remains an important part of its business going forward, and that, subject to a return to profitability and not having to go back to the Swiss government for more bailout funds, investment banking staff will be rewarded competitively in 2009.
Reuters reports that Credit Suisse has posted a bigger-than-expected fourth-quarter loss of $5.2bn, taking its 2008 full-year net loss to a record $7.05bn.
'Credit Suisse Group reported a loss from continuing operations of CHF 7,687 million in the full year 2008 compared with income from continuing operations of CHF 7,754 million in 2007. Excluding costs after tax from the accelerated implementation of the strategic plan, the full-year 2008 loss from continuing operations was CHF 7,100 million. Core net revenues were CHF 11,862 million in 2008 compared with CHF 34,539 million in 2007.
US Treasury Secretary Tim Geithner is not going to talk about the bank plan that is no plan.
US Treasury Secretary Tim Geithner stepped up to the plate Tuesday, and his unconvincing performance explaining what was trailed as a 'comprehensive' plan on the subject of the bank rescue package caused the Dow to bomb 382 points.