What the Fed?: TALF Makes Me Ralph (at TheStreet.com) and Ultra-Wealthy Donors Looking for More Advice, More Sophisticated Ways to Give (at The Wall Street Journal Online)

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City of Industry, CA --(www.USEquityNews.com)-- 11/26/2008 - Money Center Banks industry alert provided by U.S. Equity News. The federal government's latest effort to jump start the stalled credit markets conveniently helps credit card issuers, but not their ripped-off customers. In theory, the TALF program is intended to provide liquidity to the system, allowing big pocketed investors like hedge funds to buy up debt and allow lenders will make more loans. Moreover, the government loans are non-recourse, meaning if anything happens -- if the borrower goes bust -- taxpayers are on the hook. Not a bad deal for the lenders. They make more loans and collect more interest from borrowers, and the government shoulders the risk. But as the lenders get sweetheart deals from the government, they are playing games with their customers. [Read the full article]


The username entered is already associated with another account. Please enter a different username Philanthropy is getting more sophisticated and the ultra-wealthy are getting more serious on how they structure their giving, according to a new study out this week. The 2008 Bank of America Study of High Net-Worth Philanthropy, conducted by the Center on Philanthropy at Indiana University, found that wealthy folks these days are increasingly seeking financial advisors, attorneys and accountants for advice on charitable giving. That's a big change from the 2006 study, which found these donors getting most of their information directly from nonprofits. The 2008 study found accountants (43.2%), attorneys (41.7%) and financial or wealth advisors (32.6%) to be among the leading sources of charitable advice. Compare that to 2006, when the study found that non-profit personnel (41.2%) and wealthy donorsâ€(TM) peers (35.9%) led the way in advice-givers. [Read the full article]

After Citibank (C) confirmed to me that it was reducing the interest rates on its checking accounts to qualify for unlimited FDIC insurance, it's now put out a big email to that effect -- without quite coming out and saying so: Dear FELIX SALMON, We previously communicated that through December 31, 2009 all of your non-interest and interest bearing checking deposit account balances are fully guaranteed by the FDIC for the entire amount in your account. We wanted to send a clarification as to why your interest bearing checking accounts at Citibank are and will continue to be covered to an unlimited extent through December 31, 2009. Citibank interest checking accounts are classified as Negotiable Order of Withdrawal (NOW) accounts and will pay an interest rate within the guidelines set by the FDIC through December 31, 2009. [Read the full article]

TORONTO, Nov. 26 /CNW/ - RBC Royal Bank today announced that it is
decreasing its residential mortgage rates effective November 26, 2008 and is
introducing three new mortgage rate offers."RBC is committed to providing Canadian homeowners and buyers with timely advice and mortgage flexibility," said Karen Leggett, head, RBC Home Equity Financing. [Read the full article]

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