November 2008 - Around The Web

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19,000 WaMu Employees Will Be Synergized Out Of A Job

Published Sun, Nov 30 2008 8:25 PM by feeds.feedburner.com

Forbes is reporting . Up to 19,000 employees of Washington Mutual face being laid off this weekend as JPMorgan Chase turns up the synergy on its recent acquisition. On Friday, JPMorgan Chase (JPM) said it expects to retain the 22,000 employees who work...
Report: Trump Entertainment to Miss Payment

Published Sun, Nov 30 2008 8:25 PM by Calculated Risk Blog

From MarketWatch: Trump Entertainment Resorts will have to skip a $53.1 million interest payment scheduled for Monday on its 8.5% senior secured notes due 2015 in order to maintain sufficient liquidity. The casino operator has a 30 day grace period to...
CB Richard Ellis: CRE "Conditions have deteriorated" Rapidly

Published Sun, Nov 30 2008 4:46 PM by Calculated Risk Blog

"Conditions have deteriorated on a scale and with a speed that no one could have predicted just a few months ago. Market conditions of unprecedented strength are roiling the world's financial markets. The global economy is either in, or close...
Rubin says not to blame for Citi's troubles: report

Published Sun, Nov 30 2008 4:46 PM by Reuters

NEW YORK (Reuters) - Former U.S. Treasury secretary Robert Rubin said the near-collapse of Citigroup Inc , where he is a senior counselor, was due to the buckling financial system and not his own mistakes, according to an interview published on The Wall...
Rubin: ‘Nobody Was Prepared’ for Crisis of ‘08

Published Sun, Nov 30 2008 4:31 PM by feedproxy.google.com

“What came together was not only a cyclical undervaluing of risk [but also] a housing bubble, and triple-A ratings were misguided. There was virtually nobody who saw that low-probability event as a possibility.” > With that line, former Treasury Secretary...
Bailout Gravy Train

Published Sun, Nov 30 2008 4:31 PM by feedproxy.google.com
No Real Estate Bubble in Central U.S.

Published Sun, Nov 30 2008 2:57 PM by Seeking Alpha

submits: The top chart above (click to enlarge) shows the OFHEO House Price Indexes for , , and , just recently updated through the third quarter 2008.
The ownership society takes another hit

Published Sun, Nov 30 2008 2:57 PM by themessthatgreenspanmade.blogspot.com

It is not at all clear how (or if) the investing public is going to recover from the 2008 plunge in equity markets following the ongoing plunge in home prices that began in 2006. Many were led to believe that, in a worst case scenario, stock appreciation...
Shiller: Crisis May Run for `Years and Years'

Published Fri, Nov 28 2008 9:12 AM by Calculated Risk Blog

This is in three parts (each part 10 minutes). The other .
AIG Plans to Pay Retention Bonuses to Executives

Published Fri, Nov 28 2008 9:12 AM by feedproxy.google.com

How can you give cash compensation to an executive, yet claim it is not a salary or bonus? You call it a "retention bonus," No, I am not making this up. Note that AIG chose to make this disclosure the day before Thanksgiving, clearly choosing...
Meltdown far from over, new mortgage crisis looms

Published Fri, Nov 28 2008 8:59 AM by www.washingtonpost.com

WASHINGTON -- Black Friday's retail shoppers hunting for holiday bargains won't be enough to stave off what's likely to become the next economic crisis. Malls from Michigan to Georgia are entering foreclosure, commercial victims of the same...
Banks face headache on reform of bonuses

Published Fri, Nov 28 2008 8:58 AM by www.ft.com

The world's biggest banks are grappling with how to change their bonus schemes after criticism from regulators and shareholders for encouraging excessive risk-taking
Treasury Urged to Provide No Bailout Benefit to Private Student Lenders

Published Fri, Nov 28 2008 8:57 AM by www.washingtonpost.com

Student advocacy groups are urging the Treasury Department to prevent a new $200 billion consumer-lending program from benefiting private student lenders, which they say are largely unregulated and prey on students with risky, high-interest loans.
Give Bankruptcy Judges the Power to Alter Mortgages

Published Fri, Nov 28 2008 8:56 AM by www.washingtonpost.com

I watched a middle-aged widow lose her home recently.
Thieves Stole Identities to Tap Home Equity

Published Fri, Nov 28 2008 8:56 AM by www.washingtonpost.com

Federal authorities this week announced a series of arrests and convictions in connection with a global identity theft ring that stole millions of dollars by hijacking home-equity lines of credit issued to thousands of consumers.
From Bust to Broom: Foreclosure cleanups bustling

Published Fri, Nov 28 2008 8:56 AM by www.washingtonpost.com

FORT EDWARD, N.Y. -- Several men wordlessly carry out furniture, broken computers and boxes of garbage from a large blue house on a quiet upstate street on a brisk autumn morning. Rusting bikes and an old grill lay discarded in the overgrown backyard...
Did Citi Suffer a Run on Deposits?

Published Wed, Nov 26 2008 3:47 PM by Seeking Alpha

submits: Vikram Pandit was on Charlie Rose last night, and was asked point-blank whether there was a run on Citi's deposits last week. Here's the exchange, at around the 10:40 mark: Charlie Rose : So you go to them and decide that we need to do...
Summers to replace Bernanke?

Published Wed, Nov 26 2008 3:47 PM by themessthatgreenspanmade.blogspot.com

At the end of Steven Pearlstein's excellent on the world-wide bailout juggernaut that he aptly labels "Keynes on steroids" can be found this little gem. What wasn't particularly helpful this week was the published leak from the Obama...
A conversation with Vikram Pandit, CEO of Citigroup

Published Wed, Nov 26 2008 3:47 PM by feedproxy.google.com
Mortgage Rates Drop! It Does Not Mean What it Used to

Published Wed, Nov 26 2008 12:55 PM by mrmortgage.ml-implode.com

Ok - I have heard enough of the rampant speculation about how a 50bps drop in mortgage rates are going to save the housing market - I wish it were that simple. We don’t have a lack of liquidity in the mortgage market, we have a lack of qualified borrowers...

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November 2008 - Around The Web

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