Analyst: JPMorgan may actually benefit from trading loss

Submitted by admin on Sun, 05/20/2012 - 22:08

JPMorgan Chase's $2 billion blunder not only fanned the fires of tighter bank regulation, it led Monday to the resignation of the bank's chief investment officer, Ina Drew.

JPMorgan Chase CEO Jamie Dimon.

By Jennifer S. Altman, for USA TODAY

JPMorgan Chase CEO Jamie Dimon.

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By Jennifer S. Altman, for USA TODAY

JPMorgan Chase CEO Jamie Dimon.

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Those fighting for stricter rules to curb excessive risk-taking by big U.S. banks now have 2 billion more reasons to say, "I told you so."

Facebook shareholders are wedded to the whims of Mark Zuckerberg

Submitted by admin on Sun, 05/20/2012 - 09:58

So, against all odds, you managed to get your hands on a few shares of Facebook stock via one of the most hyped initial public offerings of all time and managed to survive its messy first day of trading. Congratulations. You're now married to Mark Zuckerberg.

Michael Hiltzik

Michael Hiltzik

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Facebook trading debut disappoints investors

Facebook's lackluster debut hurts other social media stocks

Facebook's lackluster debut hurts other social media stocks

Citizens Advice joins forces with Wonga for debt research

Submitted by admin on Sun, 05/20/2012 - 06:56

Wonga offices
Wonga has joined with Medway Citizens Advice bureau to research the finances of consumers. Photograph: David Levene

A Citizens Advice bureau is joining forces with the payday lender Wonga to research the finances and borrowing experiences of consumers.

The controversial and high-profile lender is providing technological support and paying for Citizens Advice employees in the Medway area of Kent to be trained by a professional research company to question between 6,000 and 10,000 people about their employment, income status and debts.

The partnership will seem strange to those who have followed the debate about the dubious business methods of some payday lenders and the extremely high charges on their loans. Wonga has been criticised for charging interest rates of 4,214% APR.

Backers of health insurance rate regulation edge closer to ballot

Submitted by admin on Sat, 05/19/2012 - 09:29

Supporters of a proposed ballot measure seeking tighter regulation of health insurance rates in California turned in 800,000 petition signatures, confident that they will qualify for the Nov. 6 election.

In the coming weeks, county election offices and the California secretary of state will determine whether the measure meets the requirement for 504,760 valid signatures of registered voters. The deadline to qualify is June 28.

The initiative is expected to spark an expensive campaign battle over rising health insurance rates, which have angered thousands of California consumers in recent years. This measure seeks to regulate rate increases for health policies sold to individuals and small businesses, which cover about 5 million people. It doesn't affect plans purchased by larger employers that cover about 15 million Californians.

Money Watch: Receiving a lump sum? How to invest it

Submitted by admin on Sat, 05/19/2012 - 09:29

Chelsea Logan was a month and a half away from her 21st birthday when her father died suddenly from a heart attack. As her family struggled to cope with the loss, she received another shock: Her father, a longtime federal government worker, had left her $167,000.

Chelsea Logan, 23, inherited $167,000 when her father passed away suddenly three years ago. She has since invested the money and used some of it to start her own business, Satissimi, selling yoga wear and offering life coaching.

Joe Brier, for USA TODAY

Chelsea Logan, 23, inherited $167,000 when her father passed away suddenly three years ago. She has since invested the money and used some of it to start her own business, Satissimi, selling yoga wear and offering life coaching.

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Experts say now's not the time to buy Facebook

Submitted by admin on Sat, 05/19/2012 - 03:25

SAN FRANCISCO
–
Facebook is about to burst out of the IPO gate Friday, with a blistering initial public offering that is expected to raise billions — not to mention the eyebrows of some investors on Wall Street.

Facebook IPO could raise more than $18 billion.

Illustration by Kris Kinkade, USA TODAY; photo resource by Siri Stafford, Getty Images

Facebook IPO could raise more than $18 billion.

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Illustration by Kris Kinkade, USA TODAY; photo resource by Siri Stafford, Getty Images

Facebook IPO could raise more than $18 billion.

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Facebook shares jump, then fade as trading opens

Submitted by admin on Fri, 05/18/2012 - 18:04

Ask about the Facebook IPO

Is the Facebook IPO a potential bonanza for investors? Join USA TODAY stocks writer and "Ask Matt" columnist Matt Krantz (@mattkrantz) in a deep dive into the IPO of Facebook, the biggest technology initial public offering in history, and see if it might fit into your portfolio.

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Set a reminder to join the discussion in the window above, submit your comments and questions in the comment section or pose your question on Twitter using the #IPOchat hashtag. Matt will provide answers on Friday, May 18 at noon ET.

'Credit virgins' struggle to build borrowing histories

Submitted by admin on Fri, 05/18/2012 - 11:50

Young adult workers
Parents helping their adult children out financially could actually be hampering them, a study claims. Photograph: Linda Nylind for the Guardian

Parents are inadvertently placing their adult children at a financial disadvantage by taking out credit and paying essential bills on their behalf.

Increasing numbers of parents are trying to help their adult children out financially. But by putting credit agreements, mobile phone contracts, call loans, credit cards and even mortgages in their own names they are preventing their children from developing a credit record, the free credit report service Noddle has warned.

Searching for a way to get a human being on the phone at Google

Submitted by admin on Fri, 05/18/2012 - 08:44

If there's one issue that consistently cheeses off consumers, it's being unable to get a human being on the phone when you have a problem with a company.

And few companies make this tougher than Google.

David Lazarus

David Lazarus

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Steve Gillette, 61, in southern Orange County, recently found himself receiving strange text messages and calls from the Silicon Valley search giant. They seemed to be prompting him to disclose personal information.

Wansbeck named bankruptcy capital of the UK

Submitted by admin on Fri, 05/18/2012 - 08:44

A broken piggy bank
The Insolvency Service has named the areas with the most bankruptcies. Photograph: /Getty

The Wansbeck area of Northumberland has officially been named the bankruptcy capital of England, in a list that also features parts of Cornwall and the seaside town of Eastbourne, considered well-heeled by many.

Meanwhile, the City of London, which includes the flat-dwellers of the Barbican, tops the list of areas with fewest bankruptcies, closely followed by St Albans in Hertfordshire and affluent London boroughs such as Richmond upon Thames and Camden.

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