September 2008 - Around The Web

Understanding the TED spread

Published Thu, Oct 02 2008 3:38 PM by www.econbrowser.com

One measure that is being used to summarize the strain in financial markets is the TED spread. This is calculated as the gap between (an average of interest rates offered in the London interbank market for 3-month dollar-denominated loans) and the 3-month...
1,900 more pink slips coming at UBS

Published Wed, Oct 01 2008 10:25 AM by wallstfolly.typepad.com

More layoffs are on the way at UBS. 1,900 people will be axed from investment banking, equities and fixed income with the announcement said to be made at the upcoming October 2 annual meeting. Support staff will also be among...
Questions Arise Over Citigroup’s Mortgage Exposure

Published Wed, Oct 01 2008 10:24 AM by feeds.feedburner.com

In the wake of Citigroup Inc.’s (C: 20.51 +15.55%) acquisition of the banking operations of Wachovia Corp. (WB: 3.50 +90.22%), moves by major rating agencies on Tuesday attempted to put investors’ focus back on Citi’s own existing book of business. CFO...
An interview with Alan Greenspan

Published Wed, Oct 01 2008 10:22 AM by themessthatgreenspanmade.blogspot.com

[This was originally published about a year ago - it's worth another look...] After repeated requests, at great personal expense, and after a series of logistical obstacles were somehow miraculously overcome, former Federal Reserve Chairman Alan Greenspan...
Wall Street rallies on bailout revival hopes

Published Tue, Sep 30 2008 9:52 PM by Reuters

NEW YORK (Reuters) - Wall Street roared back on Tuesday, a day after its worst sell-off in 21 years as investors bet Washington would revive a plan to stabilize the U.S. financial sector following its surprising defeat on Monday on Capitol Hill.
How the U.S. Saved Europe's Banking System

Published Tue, Sep 30 2008 5:02 PM by Seeking Alpha

submits: Good description in a recent CEPS report of how the U.S., via its AIG bailout, temporarily saved the over-leveraged European banking system. But the AIG case shows the importance of another link across financial markets, namely massive regulatory...
Regions Financial: Guilt by Association?

Published Tue, Sep 30 2008 5:01 PM by Seeking Alpha

submits: Hard to take any CEO for face value considering Wachovia (WB) CEO was on Mad Money two weeks ago saying "it's all good" - and then yesterday was brokered in an emergency deal at $2 a share... ... Birmingham-based Regions Financial...
Delinquencies of Subprime RMBS Climb, But Jumbos Drop

Published Tue, Sep 30 2008 5:00 PM by Seeking Alpha

Delinquencies among recent vintages of subprime mortgage securities continued to rise in August, but in the prime jumbo sector, delinquencies leveled off, latest data from Standard & Poor’s shows. Delinquencies among U.S. subprime residential mortgage...
Lehman staffers clog banks' hiring pipelines

Published Tue, Sep 30 2008 5:00 PM by Reuters

NEW YORK (Reuters) - Wall Street banks are seeing a glut of resumes from Lehman Brothers, as staff there are contacting colleagues at other firms directly to find new jobs after their investment bank went bankrupt.
Banking's crisis of confidence deepens

Published Tue, Sep 30 2008 5:00 PM by www.ft.com

Wall Street rebounded even as the global banking system was gripped by a worsening crisis of confidence as the leaders of the US Congress struggled to salvage the administration's $700bn bail-out plan
As much as $3.5 billion in NY State tax revenue could evaporate

Published Tue, Sep 30 2008 2:48 PM by wallstfolly.typepad.com

Tough times in NY: How much pain will Wall Street losses mean to New York? As much as $3.5 billion in tax revenue and 40,000 financial industry jobs according to state comptroller Thomas DiNapoli. Historically, around 20% of the state's...
Housing bust may not bottom till 2010: Moody's

Published Tue, Sep 30 2008 2:48 PM by Reuters

NEW YORK (Reuters) - The U.S. housing market bust may not bottom until 2010, later than previously thought, and more home builders may fail before the housing market recovers, Moody's Investors Service said in a new report.
New Bank Data: Latest Lending

Published Tue, Sep 30 2008 12:50 PM by Seeking Alpha

submits: were released Monday from the Federal Reserve on bank loan volume through September 17 (for weekly data and August for monthly data), showing that "Total Loans and Leases at All Commercial Banks" reached an all-time high of $7.026 trillion...
Foreclosure Prevention Efforts Worsen

Published Tue, Sep 30 2008 12:49 PM by www.thetruthaboutmortgage.com

Efforts to keep at-risk borrowers in their homes have actually worsened over the past year, according to a report released by the State Foreclosure Prevention Working Group. As of the end of May 2008, 305,000 subprime loans were in the process of foreclosure...
Genworth says it may spin off mortgage insurance business

Published Tue, Sep 30 2008 12:49 PM by www.marketwatch.com

Genworth Financial says it may spin off its mortgage insurance business as the insurer tries to reduce its exposure to the housing crisis.
The $55 trillion question

Published Tue, Sep 30 2008 12:49 PM by rss.cnn.com

As Congress wrestles with another bailout bill to try to contain the financial contagion, there's a potential killer bug out there whose next movement can't be predicted: the Credit Default Swap.
Historical Perspective on Bank Consolidation

Published Tue, Sep 30 2008 12:35 PM by Seeking Alpha

submits: The graphic below depicts the history of various I-Banks over the years: Graphic courtesy of the WSJ So the obvious takeaway from all of this is that the lines between I-Banks and Commercial banks were established in the aftermath of the great...
Uncle Sam Realty and Loans Inc.

Published Tue, Sep 30 2008 12:34 PM by loanworkout.org

Sadly, recent events in Washington suggest that this optimism of some kind of meaningful rescue plan for Main Street may have been misplaced and that politicians, never the most economically intelligent of mankind, may be working towards constructing...
Banks in miser mode send borrowing rates soaring

Published Tue, Sep 30 2008 12:34 PM by www.washingtonpost.com

NEW YORK -- Bank-to-bank lending rates jumped Tuesday and Treasury bill demand remained high, a day after Congress' rejection of the bank bailout plan cast an even deeper freeze over the barely operational credit markets.
Call it a longstanding debt, not a bailout

Published Tue, Sep 30 2008 12:34 PM by rss.cnn.com

Over the weekend, Congress formally approved a continuing resolution that included $25 billion in low-interest loans for the auto industry to speed its transition to more fuel-efficient vehicles.

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September 2008 - Around The Web

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