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November 2008 - Around The Web



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  • Why Can't Bank Executives See in the Mirror?
    Published Mon, Nov 24 2008 8:56 AM by Seeking Alpha
    submits: Recent complaints by Citi's (C) Pandit and Bank of America's (BAC) Lewis can only leave investors shaking their heads. Vikram Pandit said Friday that "rumor mongering" was at the heart of the company's stock slide and called...
  • Statements by Fed, FDIC, Treasury on Citi Bailout
    Published Mon, Nov 24 2008 8:56 AM by Calculated Risk Blog
    Form the Fed: The U.S. government is committed to supporting financial market stability, which is a prerequisite to restoring vigorous economic growth. In support of this commitment, the U.S. government on Sunday entered into an agreement with Citigroup...
  • Obama: "Act Swiftly and Boldly"
    Published Sat, Nov 22 2008 8:08 PM by Calculated Risk Blog
    From the NY Times: Mr. Obama said he would direct his economic team to design a two-year stimulus plan with the goal of saving or creating 2.5 million jobs, “a plan big enough to meet the challenges we face that I intend to sign soon after taking office...
  • Soros says U.S. needs billions more in aid measures
    Published Sat, Nov 22 2008 10:29 AM by Reuters
    BERLIN (Reuters) - The U.S. economy needs additional support measures of between $300 billion and $600 billion to help it withstand the financial crisis, U.S. billionaire investor George Soros was quoted as saying by a German weekly.
  • FDIC Seizes Three Banks, Expanding Its Mortgage Modification Program
    Published Sat, Nov 22 2008 10:29 AM by www.washingtonpost.com
    Federal regulators seized three banks last night, including Downey Savings and Loan Association, a large California mortgage lender, expanding what is by far the most expensive crop of bank failures in modern American history and indicating that the pace...
  • Citigroup talking to U.S. government as shares dive: source
    Published Sat, Nov 22 2008 10:29 AM by Reuters
    NEW YORK (Reuters) - Citigroup Inc has begun talks with the U.S. government as its plummeting share price raises doubts about the bank's ability to survive, a person familiar with the matter said.
  • Citigroup Under Siege Eyes Government Rescue
    Published Sat, Nov 22 2008 10:18 AM by feeds.feedburner.com
    Shares of Citigroup fell another 20% today to $3.77 and touched a new low at $3.05. Billed as "too big to fail" . Citigroup Inc. will probably get rescued by the U.S. government after a crisis in confidence erased half its stock-market value...
  • Graphs: FDIC Bank Failures
    Published Sat, Nov 22 2008 10:17 AM by Calculated Risk Blog
    Three banks were closed by the FDIC yesterday. To put these failures into perspective, here are two graphs: the first shows the number of bank failures by year since the FDIC was founded, and the second graph shows the size of the assets and deposits...
  • Federal Authorities Seize Newport Beach-Based Downey Savings and Loan
    Published Sat, Nov 22 2008 10:16 AM by yourmortgageoryourlife.wordpress.com
    "Downey Savings and Loan finally drew it's last, painful breath, then released it in a sigh of utter relief as one of the longest, most painful bank insolvencies to date. The body has been claimed by US Bank, which means if they don't get...
  • Carlton Sheets - They Are Still Selling This Stuff?
    Published Sat, Nov 22 2008 10:15 AM by feeds.feedburner.com
    Which is more unbelievable: that “How to Get Rich Quick in Real Estate” courses are still actively being marketed or that people might still be buying them? LEARN FROM THE AUTHORITY IN REAL ESTATE INVESTING Looking to jump into the realestate...
  • Do We Need to Cancel ALL CDS Contracts?
    Published Sat, Nov 22 2008 10:14 AM by feedproxy.google.com
    Last night, I gave a presentation to the New York Chapter of the Risk Management Association regarding the US banking sector and the long-term issues facing same. You can read a copy of my slides by As part of the presentation (Page 17-21), I argued that...
  • Buffett: Unemployment will hit "New Heights"
    Published Sat, Nov 22 2008 10:14 AM by Calculated Risk Blog
    Here are some excerpts, via the , of a Fox News interview with Warren Buffett to be aired this afternoon. On unemployment: “There are going to be more people unemployed ... Five months from now ... it will be considerably higher ... It will happen eventually...
  • Kedrosky: The Option ARM Non-Bomb?
    Published Sat, Nov 22 2008 10:14 AM by Calculated Risk Blog
    Paul Kedrosky writes: (hat tip Brett) I just had someone email me something interesting today about their adjustable-rate mortgage resetting –- but to considerably lower levels. How widespread is this phenomenon? Or, asked differently, what percentage...
  • S&P Set To Launch New Indexes of Condo Prices
    Published Fri, Nov 21 2008 1:19 PM by Seeking Alpha
    submits: Standard & Poor's, publisher of the closely watched S&P/Case-Shiller Home Price Indices, is set to launch on Nov. 25 new indexes that track condominium prices in five major metropolitan markets—Boston, Chicago, Los Angeles, New York...
  • The Monster That Ate Wall Street
    Published Fri, Nov 21 2008 11:48 AM by www.newsweek.com
    How 'credit default swaps'—an insurance against bad loans—turned from a smart bet into a killer.
  • Credit Default Swaps the Next Crisis
    Published Fri, Nov 21 2008 11:30 AM by www.financialsense.com
    Sub-prime or high-risk Collateralized Mortgage Obligations, CMOs as they are called, are only the tip of a colossal iceberg of dodgy credits which are beginning to go sour. The next crisis is already beginning in the $62 TRILLION market for Credit Default Swaps. You never heard of them? It’s time to take a look, then.
  • Credit Crisis Indicators
    Published Fri, Nov 21 2008 11:12 AM by Calculated Risk Blog
    Yesterday saw a stunning flight to treasuries across the board. The 3-month yield fell to zero. The 2 year yield was at a . Even the 30 year yield decreased sharply. The 3-month at zero can be explained as a flight to quality and another crisis in the...
  • Banks Forgiving Mortgage Principle: Reward for Bad Behavior?
    Published Fri, Nov 21 2008 11:12 AM by Seeking Alpha
    submits: In a rather disturbing trend, some banks are beginning to forgive portions of the principle owed on mortgages in arrears: ( From the WSJ ): "As home prices slide and loan defaults pile up, some mortgage companies are slashing the amount...
  • Pimco's El-Erian says GDP falling off cliff: CNBC
    Published Fri, Nov 21 2008 11:12 AM by Reuters
    (Reuters) -: Pimco's Mohamed El-Erian on Friday said fourth-quarter GDP is falling off a cliff, in an interview on CNBC. Highlights:
  • Goldman Slashes GDP forecast
    Published Fri, Nov 21 2008 9:54 AM by Calculated Risk Blog
    From Bloomberg: In a research note released this morning, Goldman Sachs slashed their Q4 GDP forecast from a decline of 3.5%, to a decline of 5% in Q4 (at an annual rate). They are now forecasting unemployment will reach 9% by Q4 2009. They are also forecasting...
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