| Cramer Rages on Banks: 'Where's the SEC?!'
Editor: There's been so much viewer response to Cramer's reaction to Merrill Lynch's earnings yesterday, we decided to repost CNBC.com's coverage of it here on the Madcap blog. Enjoy.
Why isn't the Securities and Exchange Commission getting more involved in the whole banking sector writedown situation? Especially since the numbers are likely to get worse, not better? That's what Jim Cramer, CNBC's resident stock guru, wants to know. .
Ambac: Dividends No, Credit Rating Yes
Ambac Financial Group is the latest company to sacrifice its common stockholders to defend its credit rating in the wake of the sub-prime mortgage crisis. The second-largest bond insurer Tuesday announced that it will slash its dividend by two-thirds, to seven cents per share, as part of a wider plan to boost cash. It also said it would issue at least $1 billion of equity and equity-linked securities in a determined bid to maintain its triple-A financial strength. advertisement "By raising at least $1 billion in capital, Ambac is expected to meet or exceed Fitch Ratings’ current triple-A capital requirements for the company," the company said in a statement. It added that its existing capital position currently meets or exceeds the triple-A capital requirements of both S&P and Moody’s.
50 WAYS TO MAKE YOURSELF RICHER
In general, the less likely you are to pay a loan back, from a lender's point of view, the more you will be charged in interest. 11 Shop around for payment protection... ... That's if you even need it in the first place. Payment protection insurance is designed to give you a means of paying your mortgage, or any other loan for that matter, if you are made redundant, fall sick and are unable to work, or if you have an accident. Unfortunately, the policies often sold by lenders alongside mortgages are not good value. They can be hard to claim against if the worst should happen, and as far as monthly payments go can be very draining on the purse. If you feel you really need this cover, take advice, and yes, read the small print carefully as there are usually any number of exclusions.
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