Banking Crisis Could Go On For Another 3 or 4 years: S&P -  Despite the cautious optimism  creeping into the financial markets, in light of what some believe are better-than-expected results from the government stress testing of 19 large banks, Standard & Poor’s Ratings Services believes that “banks are far from a recovery, and the banking crisis has merely entered a new phase.” - Research Recap
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GMAC Bank re-brands itself as Ally Bank -  Charlotte, N.C. — The banking arm of ailing auto finance company GMAC is taking on a new name, hoping to smooth its image and entice new customers as it works to drive deposit growth.  As of Friday, GMAC Bank has become Ally Bank, which will offer a variety of savings products, including no-penalty certificates of deposits, online savings accounts and money market accounts.  “We are launching a new brand with a new approach of treating customers with total transparency,” said GMAC Chief Executive Al de Molina in a statement. - AP LA Times
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JPMorgan Sells $1 Billion of Credit-Card Bonds Without TALF -Sarah Mulholland - … The top-rated securities yield 115 basis points more than the benchmark swap rate, according to a person familiar with the transaction who declined to be identified. … - Bloomberg
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Banks - Three trillion dollars later… - There is no single big remedy for the banks’ flaws. But better rules—and more capital—could help - … The bonanza is intentional. Governments and regulators want the banks to make profits so that they regain their health faster after roughly $3 trillion of write-downs. … -   The Economist print edition