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  • 11:46 PM » Goldman’s and Morgan’s New Take on Being a Bank
    Published Mon, Sep 22 2008 11:46 PM by dealbook.blogs.nytimes.com
    The move by Goldman Sachs and Morgan Stanley to change their designation from investment banks to bank holding companies is being touted as a big step toward bringing stability to these icons of Wall Street. Lloyd Blankfein, Goldman’s chief executive, said in a news release Sunday that the change could give Goldman “full prudential supervision and [...]
    Click Here to Read the Full Article

    Source: dealbook.blogs.nytimes.com
  • 11:45 PM » Cramer: Sell, Sell, Sell This Market
    Published Mon, Sep 22 2008 11:45 PM by CNBC
  • 11:44 PM » Dollar Gets Biggest Hit in 7 Years on Bailout Plan
    Published Mon, Sep 22 2008 11:44 PM by CNBC
  • 11:43 PM » Commodities Boom Is Back, Thanks to Bailout
    Published Mon, Sep 22 2008 11:43 PM by CNBC
  • 11:42 PM » Oil Soars to Near $130 as Bailout Weighs on Dollar
    Published Mon, Sep 22 2008 11:42 PM by CNBC
  • 11:41 PM » Plea to extend shorting ban
    Published Mon, Sep 22 2008 11:41 PM by www.ft.com
    More companies in the UK and the US have been appealing to regulators for protection from short selling after the practice was banned or restricted for banks and other financial stocks in many countries last week
  • 11:40 PM » Oil price jumps $25 in a day
    Published Mon, Sep 22 2008 11:40 PM by www.ft.com
    Crude oil prices jumped $25 a barrel – the largest one-day rise – as financial investors betting on falling oil prices were forced to cover their positions ahead of the expiry of the current benchmark futures contract
  • 11:39 PM » Update on Paulson Plan
    Published Mon, Sep 22 2008 11:39 PM by Calculated Risk Blog
    The WSJ reports: Stronger Oversight Gets Nod in Talks The administration agreed to allow tougher oversight over the cleanup and provide fresh assistance to homeowners facing foreclosure, two Democratic priorities. In addition, negotiators neared agreement on allowing the government to take equity stakes in companies that participate in the rescue, a measure Treasury had wanted to avoid. But
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 11:39 PM » Update: The Ten Trillion Dollar Man!
    Published Mon, Sep 22 2008 11:39 PM by Calculated Risk Blog
    Several years ago I predicted that the National Debt would reach $10 trillion by the time President Bush left office. For a short period (thanks to the housing bubble), it looked like the deficit would be less than I projected. Back in March, with the housing bust starting to hit government revenues, it started looking like the $10 trillion projection had a chance. So here is an update: The
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 11:39 PM » CNBC: No Deal Reached on Paulson Plan
    Published Mon, Sep 22 2008 11:39 PM by Calculated Risk Blog
    Headline Only: Treasury Says No Deal With Democrats on Government Taking Equity Stake in Financial Firms
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:02 PM » Fed makes it easier to take stakes in banks
    Published Mon, Sep 22 2008 10:02 PM by Washington Post
    WASHINGTON -- The Federal Reserve made it easier Monday for private equity firms and other types of investors to take minority stakes in banks, a move that could usher new capital infusions to cash-hungry banks and help them cope with credit stresses.
    Click Here to Read the Full Article

    Source: Washington Post
  • 10:01 PM » Henry Paulson's Magic Eight Ball
    Published Mon, Sep 22 2008 10:01 PM by feeds.feedburner.com
    by Paul Petillo. "Henry Paulson’s Magic Eight Ball has been hard at work. For those of you unfamiliar with Mattel’s fortune telling toy, a fellow named Al Carter of Abale Crafts invented it back in the forties. "
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 10:00 PM » The Paulson Manifesto Will Fail Because it Fails American Households
    Published Mon, Sep 22 2008 10:00 PM by feeds.feedburner.com
    by Bob McHugh, Ph.D. "As a trader, I stopped getting disgusted at government manipulation of markets several years ago, didn’t pretend it wasn't happening, just tried to find when it was coming. "
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 9:59 PM » Freddie and Fannie bank losses grow
    Published Mon, Sep 22 2008 9:59 PM by www.ft.com
    US regulators have underestimated potential bank losses on preferred stock issued by Fannie Mae and Freddie Mac, the American Bankers Association said
  • 9:58 PM » New York to Regulate Some Credit Default Swaps
    Published Mon, Sep 22 2008 9:58 PM by feeds.feedburner.com
    I'm glad someone is trying to keep his eye on the ball. With serial bailouts artists Paulson and Bernanke working full bore on their showstopper, they've somehow managed to overlook the most obvious culprit for a systemic crisis, namely, the credit default swaps market (yes, rescuing AIG was an effort to keep that market from imploding, but that one-off did nothing to address its inherent wobbliness). While creating an exchange for CDS will enable new contracts to be handled with procedures that will help promote greater safety (the biggie being posting of collateral), existing contracts cannot be migrated to an exchange, so that threat will hang over our collective heads until the maturation of existing contracts brings their value down in magnitude. We've written repeatedly about the risks that CDS pose, and other bloggers who have been attuned to the risks are repeating and updating their warnings. From : The plan to buy distressed mortgage related assets and derivative products, referred to by some as TARP (the Troubled Asset Relief Program) and by others as MOAB (the Mother of All Bailouts), may provide some short term relief to the global financial markets, which perhaps will suffice to head off greater disaster. However, putting aside the concerns raised regarding the wisdom and efficacy of the proposal, the larger question remains as to how to mitigate the threat posed by the still-completely-unregulated $62 trillion credit default swap market.... The financial markets may not be so lucky the next time a company whose debt is the subject of over $1 trillion in CDSs goes into default. If, for instance, one of the Big Three automakers were to seek bankruptcy protection, its bonds will almost certainly be worth substantially less than par, and the settlement amounts owed by CDS sellers to CDS buyers could be overwhelming. While most trades will net out, the failure of a financial institution or hedge fund to make good on its obligations as a protection...
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 9:57 PM » AIG CEO expects "for sale" list next week
    Published Mon, Sep 22 2008 9:57 PM by Reuters
    NEW YORK (Reuters) - American International Group Inc should have a list of assets it wants to sell by next week, its new chief executive said on Monday, as the company prepares to split itself up to repay an emergency bailout loan.
  • 9:57 PM » Phone And Fax Numbers For All US Senators; More On What To Do
    Published Mon, Sep 22 2008 9:57 PM by feeds.feedburner.com
    Here is a list of phone, fax, and email address for all US senators: Here is a second . I am told this list is more current. It was used to formulate the fax contact table below. Here is the . Here is a comma separated list for those of you with access to to a program that allows block faxing. You may need to modify that list slightly for your application. The bulk of the work is done. Formatted Fax List 12022243416,Sen. Richard Shelby 12022243149,Sen. Jeff Sessions 12022242354,Sen. Ted Stevens 12022245301,Sen. Lisa Murkowski 12022242207,Sen. Jon Kyl 12022282862,Sen. John McCain 12022281371,Sen. Blanch Lincoln 12022280908,Sen. Mark Pryor 12022282382,Sen. Barbara Boxer 12022283954,Sen. Dianne Feinstein 12022246471,Sen. Wayne Allard 12022285036,Sen. Ken Salazar 12022241083,Sen. Christopher Dodd 12022249750,Sen. Joeseph Lieberman 12022240139,Sen. Joseph Biden 12022282190,Sen. Thomas Carper 12022282183,Sen. Bill Nelson 12022285171,Sen. Mel Martinez 12022240103,Sen. Saxby Chambliss 12022280724,Sen. Johnny Isakson 12022242126,Sen. Daniel Akaka 12022246747,Sen. Daniel Inouye 12022281067,Sen. Larry Craig 12022281375,Sen. Michael Crapo 12022280400,Sen. Durbin 12022285417,Sen. Barack Obama 12022281377,Sen. Evan Bayh 12022280360,Sen. Richard Lugar 12022246020,Sen. Charles Grassley 12022249369,Sen. Tom Harkin 12022281265,Sen. Sam Brownback 12022243514,Sen. Pat Roberts 12022281373,Sen. Jim Bunning 12022242499,Sen. Mitch McConnell 12022249735,Sen. Mary Landrieu 12022285061,Sen. David Vitter 12022242693,Sen. Susan Collins 12022241946,Sen. Olympia Snowe 12022248858,Sen. Barbara Mikulski 12022241651,Sen. Ben Cardin 12022242417,Sen. Edward Kennedy 12022248525,Sen. John Kerry 12022280325,Sen. Debbie Stabenow 12022241388,Sen. Carl Levin 12022241152,Sen. Norm Coleman 12022282186,Sen. Amy Klobuchar 12022249450,Sen. Thad Cochran 12022242262,Sen. Roger Wicker 12022248149,Sen. Christopher Bond 12022286326,Sen. Claire McCaskill 12022244700,Sen. Max Baucus 12022248594,Sen. John Tester 12022245213...
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 9:57 PM » How Congress Intends To Waste $1.8 Trillion
    Published Mon, Sep 22 2008 9:57 PM by feeds.feedburner.com
    The size of the bailout is growing by leaps and bounds. Inquiring minds are asking —Up to $700 billion to buy assets from struggling institutions. The plan is aimed at sopping up residential and commercial mortgages from financial institutions but gives Treasury broad latitude. —Up to $50 billion from the Great Depression-era Exchange Stabilization Fund to guarantee principal in money market mutual funds to provide the same confidence that consumers have in federally insured bank deposits. —The Fed committed to make unspecified discount window loans to financial institutions to finance the purchase of assets from money market funds to aid redemptions. —At least $10 billion in Treasury direct purchases of mortgage-backed securities in September. In doubling the program on Friday, the Treasury said it may purchase even more in the months ahead. —Up to $144 billion in additional MBS purchases by Fannie Mae and Freddie Mac.The Treasury announced they would increase purchases up to the newly expanded investment portfolio limits of $850 billion each. On July 30, the Fannie portfolio stood at $758.1 billion with Freddie's at $798.2 billion. —$85 billion loan for AIG, which would give the Federal government a 79.9 percent stake and avoid a bankruptcy filing for the embattled insurer. AIG management will be dismissed. —At least $87 billion in repayments to JPMorgan Chase (JPM) for providing financing to underpin trades with units of bankrupt investment bank Lehman Brothers (LEH). —$200 billion for Fannie Mae and Freddie Mac. The Treasury will inject up to $100 billion into each institution by purchasing preferred stock to shore up their capital as needed. The deal puts the two housing finance firms under government control. —$300 billion for the Federal Housing Administration to refinance failing mortgage into new, reduced-principal loans with a federal guarantee, passed as part of a broad housing rescue bill. —$4 billion in grants to local communities to help them buy and...
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 9:43 PM » White House Agrees to Some Concessions
    Published Mon, Sep 22 2008 9:43 PM by feeds.feedburner.com
    Officials at the White House have agreed in principle to at least some of the proposals being floated by Congressional Democrats surrounding the Treasury’s request for historic bail-out authority; various published reports suggested Monday afternoon that Treasury secretary Henry Paulson agreed to a proposal that would see the government receive stock warrants in return for [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 8:22 PM » Authorities struggle to determine what is toxic
    Published Mon, Sep 22 2008 8:22 PM by www.ft.com
    It is the uncertainty as well as the size of the losses that is causing such reluctance among institutions to trade with each other
  • 8:21 PM » Lehman bondholders could lose $110bn
    Published Mon, Sep 22 2008 8:21 PM by www.ft.com
    Investors owning Lehman Brothers bonds face potential losses of close to $110bn, reflecting the sharp reductions in the value of assets that are likely to be left to be paid out to creditors
  • 8:20 PM » Morgan Stanley to sell Mitsubishi 20 percent stake
    Published Mon, Sep 22 2008 8:20 PM by Washington Post
    NEW YORK (Reuters) - Morgan Stanley (MS.N) agreed to sell an equity stake of as much as $8.5 billion to top Japanese bank Mitsubishi UFJ Financial Group Inc (8306.T), speeding up its transformation into a commercial bank and improving its survival prospects in turbulent times.
    Click Here to Read the Full Article

    Source: Washington Post
  • 8:19 PM » Fannie Mae Rumor
    Published Mon, Sep 22 2008 8:19 PM by feeds.feedburner.com
    A rumor has surfaced of some heightened resentments towards Freddie Mac from those at Fannie Mae.
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 8:18 PM » Fixing Housing & Finance: 30/20/10 Proposal
    Published Mon, Sep 22 2008 8:18 PM by The Big Picture
    A Modest Proposal : The housing crisis worsened over the summer of 2008, prompting Congress to debate various bailout proposals. But the housing market worsened, raising the default rate on mortgages. The entire inverted pyramid of derivatives built on top of the mortgage market further worsened, adding yet more pressure to the credit crisis. The bankruptcy of Lehman Brothers and the nationalization of AIG were the results. The response to this financial crisis from the Treasury Secretary Hank Paulson borders on Insanity: An outrageous trillion dollar plus bailout, with the potential for unlimited expenditures at the behest of the Treasury Secretary. It is a terribly expensive plan, one that prevents judicial or administrative or budgetary review. It is fraught with moral hazard, rewarding bad judgment and excessive risk taking. It punishes the prudent and rewards the profligate.It focuses on all the wrong issues. Worst of all, it is unlikely to work. Most of the current solutions under discussion amount to throwing obscene amounts of money at the problem, rather than recognizing what the key issues are. These approaches have several fundamental problems. The goals are less than desirable: 1) they attempt to keep people in homes they cannot afford; 2) The Paulson plan takes bad loans off of the books of poor lenders, and dumps them onto taxpayers; 3) They maintain price supports for homes that remain significantly over-priced. At the heart of the $700 billion dollar unlimited finance Paulson bailout is the desire to move weak performing or poorly made loans off of the books of the lenders who made them and onto the taxpayers back (likely via the FHA). To understand the folly of the this housing bailout, one must grasp the magnitude of the prior housing boom, as well as the historical norms that exists in the American housing market. The current proposal moves bad mortgages from the irresponsible lenders to the innocent. It punishes every taxpayer who was prudent, and...
    Click Here to Read the Full Article

    Source: The Big Picture
  • 8:17 PM » Still blissfully unware of the real root causes of the problem
    Published Mon, Sep 22 2008 8:17 PM by themessthatgreenspanmade.blogspot.com
    Two reports in major newspapers today provide compelling evidence that we are a long, long way from correcting what ails financial markets and the economy these days. Some writers seem to think they have identified the root causes of recent problems as falling home prices and a skittish consumer when, in fact, these are just symptoms of the real root causes. In this LA Times , Michael A. Hiltzik seems to think that if we could just get home prices to stop falling, the world would be a much better place. The government's $700-billion plan to bail out the banking system may calm panicked financial markets, but its real value may be in buying time to address the root problem: the continuing slide in housing values . ... The rescue plan does nothing in itself to shore up the housing market. Rising defaults and foreclosures on home loans, spurred partially by declines in home values, are the cause of the collapse in price and tradeability of the mortgage-backed securities on the books of banks and investors. But without government action to aid battered banks, financial experts say, mortgages would remain difficult to get and the housing market's recovery would be further delayed . The most recent sales figures for Southern California show that median prices were down 34% last month compared with a year earlier. About half the homes sold were foreclosures. No. Falling home prices are not the root cause of the current mess. The root cause of the problem in housing today is that, for the last twenty years, the U.S. has had a "bubble economy" where money flows from one asset class to another, inflating prices beyond any reasonable measure of fair value. By any historical standard, home prices are still too high. To think that if we can just stop home prices from falling and then, maybe, get them to go back up is a child-like view of the fundamental problems facing us today. Until more people realize this, progress toward real solutions will not be made. In...
    Click Here to Read the Full Article

    Source: themessthatgreenspanmade.blogspot.com
  • 8:16 PM » We're All Banks Now
    Published Mon, Sep 22 2008 8:16 PM by www.portfolio.com
    T he investment bank, which created unprecedented wealth in the last two decades and helped make the United States the world's financial capital, died at home in New York on Sunday night from injuries sustained in the credit crunch. It was 75 years old. The by and to convert to bank holding companies, regulated by the Federal Reserve instead of the Securities and Exchange Commission, is indeed an epochal moment. It is the final nail in the coffin of the Glass-Steagall Act, the 1933 law that split investment banks from commercial banks. And it is a sign that the price of federal help in navigating through the credit storm will be increased regulation. More important, it means that the Wall Street as a huge financial casino, where brash cowboys place outsize bets in the hopes of rich year-end bonuses, is over. No more big, swinging you-know-what. Banking will become more conservative. "The last two big investment banks have traded in their Ferrari-like business models to become Buick-like bank holding companies," Jeffrey Goldfarb on Breakingviews.com. Goldman and Morgan Stanley were the last independent investment banks left after the collapses of Bear Stearns and Lehman Brothers and the sale of Merrill Lynch. The firms took the proactive steps themselves, the New York Times , even as the Bush administration and congressional leaders are in a negotiations over . Becoming a bank holding company will mean that both firms will need to sharply reduce their leverage, or debt, to come under regulatory compliance. The firms have already started that process, but a further throttling down will be needed. Morgan Stanley has $1 of capital for nearly every $30; Bank of America's ratio is less than 1 for 11. And while that may mean greater stability, it will also mean smaller profits in the future. The firms will also be able to take deposits and tap the Fed's credit facility. They will also be able to change the accounting on some of their assets, being able...
    Click Here to Read the Full Article

    Source: www.portfolio.com
  • 8:16 PM » Ex- Wells Fargo Loss Mitigation Employee Says Operation is Unethical, Unprofessional and Unfair
    Published Mon, Sep 22 2008 8:16 PM by ml-implode.com
    "Ex-Wells Fargo Employee - I have witnessed unethical practice, unprofessional, and lack of management during my short time at Wells Fargo. Has Wells Fargo asked themselves that this is the reason why they are in this horrible housing crisis and it seems that they cannot dig themselves out of this mess due to corrupted managers/some lazy employees/and training?"
    Click Here to Read the Full Article

    Source: ml-implode.com
  • 8:16 PM » Industry lobbyists open next phase in campaign
    Published Mon, Sep 22 2008 8:16 PM by Washington Post
    WASHINGTON -- Financial industry lobbyists joined the Bush administration Monday to press for swift action on the government's planned bailout of the financial markets instead of adding consumer-friendly proposals supported by congressional Democrats.
    Click Here to Read the Full Article

    Source: Washington Post
  • 7:28 PM » Bankrupt Lehman Bros. To Pay Staffers $2.5 Billion in Bonuses
    Published Mon, Sep 22 2008 7:28 PM by www.associatedcontent.com
    Barclays Bank to Acquire Failed Investment Bank; Will Pay Tens of Millions in Salary to Top 30 Staffers
    Click Here to Read the Full Article

    Source: www.associatedcontent.com
  • 6:55 PM » Money market funds suffer huge outflows
    Published Mon, Sep 22 2008 6:55 PM by www.ft.com
    Money market funds in the US suffered an estimated $197bn of net outflows last week as confidence in their safe-haven status weakened after one fund "broke the buck" and others closed
  • 6:55 PM » BofA's big challenge seen keeping Merrill advisers
    Published Mon, Sep 22 2008 6:55 PM by Washington Post
    NEW YORK (Reuters) - Merrill's "thundering herd" may be stampeding into the sunset.
    Click Here to Read the Full Article

    Source: Washington Post
  • 5:08 PM » The Death of Wall Street
    Published Mon, Sep 22 2008 5:08 PM by feeds.feedburner.com
    The party is officially over. Wall Street as we have come to know it in the mortgage banking industry is now dead and gone — both Morgan Stanley (MS: 27.09 -0.44%) and Goldman Sachs (GS: 120.78 -6.95%), the last two independent investment banks standing, have become commercial bank holding companies. The Federal Reserve first announced the [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 4:19 PM » Fed Statement on Morgan Stanley, Goldman Sachs
    Published Mon, Sep 22 2008 4:19 PM by feeds.feedburner.com
    Below is the full statement from the Federal Reserve on a historic change to the status of Goldman Sachs and Morgan Stanley: The Federal Reserve Board on Sunday approved, pending a statutory five-day antitrust waiting period, the applications of Goldman Sachs and Morgan Stanley to become bank holding companies. To provide increased liquidity support to these firms [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 4:12 PM » Ambac, MBIA: Moody's strikes again
    Published Mon, Sep 22 2008 4:12 PM by Seeking Alpha
    submits: Moody's recently announced that it is placing the ratings of Ambac (ABK) and MBIA (MBI) on review for possible downgrade. I was disappointed but hardly surprised, given Moody's history of constantly moving the goalposts. This article provides a brief critique of Moody's action and the rationale behind it, followed by a discussion of the probable and possible extent of the economic damage to MBIA, Ambac, and the municipal bond market. Finally, I update my investment thesis and tactics on my holdings in the two companies. Moody's action – the rationale behind the review lies in Moody's increased estimates of cumulative loss rates on 2006 sup-prime first lien mortgages. These have been raised from 14-18% to 22%. The corresponding stress case estimates are now in excess of 30%. Moody's expects these changed assumptions to have a significant impact on the firms' capital positions and states that multiple notch downgrades are possible.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 4:04 PM » Dodd Offers Counterpoint to Treasury Proposal
    Published Mon, Sep 22 2008 4:04 PM by feeds.feedburner.com
    The Democrats’ response to a request from Bush administration officials to speed historic authority for the Treasury to buy up bad financial assets is taking shape, and as expected, the Democratic response is looking to tack on a few key measures. A 44-page draft of a proposal offered by Senate Banking Committee chairman Chris Dodd [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 3:33 PM » Crude oil futures jump record $16
    Published Mon, Sep 22 2008 3:33 PM by feeds.feedburner.com
    This bears watching around mortgage markets as well — crude oil futures soared on Monday. Per MarketWatch: Crude futures leaped more than $16 per barrel Monday to score their biggest daily gain in dollar terms since 1984 — when crude began trading on the New York Mercantile Exchange. Crude futures rallied to a high of $130 [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 12:52 PM » Number Twelve: West Virginia’s Ameribank Shut Down by FDIC
    Published Mon, Sep 22 2008 12:52 PM by feeds.feedburner.com
    Lost in the shuffle of a historic proposal from the Treasury to bail out the financial markets was yet another small bank failure in West Virginia. Ameribank, Inc. was shut down Friday by the Office of Thrift Supervision and placed into Federal Deposit Insurance Corp. hands; the small bank had total assets of $115 million [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 12:19 PM » WaMu Needs a Deal This Week: Source
    Published Mon, Sep 22 2008 12:19 PM by feeds.feedburner.com
    Troubled thrift Washington Mutual (WM: 3.47 -18.35%) needs to ink a deal to sell itself or merge before the end of this week or face a likely government action, a source close to the bank told HW on Monday morning. The troubled thrift has been actively seeking a buyer for well over a week now, [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 12:15 PM » Last of Investment Banks to Become Bank Holding Companies
    Published Mon, Sep 22 2008 12:15 PM by www.thetruthaboutmortgage.com
    It’s the end of an era on Wall Street. Late Sunday, the Federal Reserve Board approved applications to allow Goldman Sachs and Morgan Stanley to convert to bank holding companies. Under supervision by the Federal Reserve, the pair will be afforded a number of benefits, including FDIC deposit insurance and access to the Federal Reserve Bank Discount [...]
    Click Here to Read the Full Article

    Source: www.thetruthaboutmortgage.com
  • 11:41 AM » Did Lehman Brothers Steal $8 Billion?
    Published Mon, Sep 22 2008 11:41 AM by Seeking Alpha
    submits: My from last week has finally been : Lehman moved more than $8 billion between Lehman's European headquarters in London and New York, where Lehman collects money from its global units and then disperses it daily. On the Friday before Lehman filed for bankruptcy, Lehman's London office was surprised to find that billions of dollars it expected in its accounts weren't there, according to a person familiar with the situation. Lehman's London insolvency administrator PricewaterhouseCoopers is seeking to have it repaid. The issue took on political momentum over the weekend when U.K. Prime Minister Gordon Brown said he is working with U.S. authorities to get billions of dollars returned to the London unit... While a large bank with offices around the world would be expected to transfer money among its operations, Lehman's moves appear to go beyond that, people familiar with the matter said.
    Click Here to Read the Full Article

    Source: Seeking Alpha
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