Archive for the ‘writedowns and distress’ Category
Monday, June 30th, 2008
2008-06-30 They Eat Cake:
Barclay's is having its name bantered about as a possible buyer for the distressed Lehman Brothers. But Barclay's is still struggling under the vast weight of indulgences racked up during subprime better times and finds itself unmercifully pursued by a wealthy sovereign state. In the aftermath of ...
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Thursday, May 29th, 2008
2008-05-29 Royal Write Downs Up:
The Royal Bank of Canada reported more reported profit declines and increased write downs on subprime back debt.
Royal Bank had C$854 million in pretax writedowns on investments tied to U.S. subprime mortgages and other debt securities, in line with its May 14 estimate.
The bank said ...
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Monday, May 19th, 2008
2008-05-19 - Off Balance:
Banks are not writing down their write downs and getting away with it. Instead they are writing them down in the balance sheet and there is a distinction.
Bayern was hiding $3.1 billion on the balance sheet, but we will balance thing out for them by ...
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Monday, May 19th, 2008
2008-05-19 - Off Balance:
Banks are not writing down their write downs and getting away with it. Instead they are writing them down in the balance sheet and there is a distinction.
WestLB AG was hiding $1.6 billion on the balance sheet, but we will balance thing out for them ...
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Monday, May 19th, 2008
2008-05-19 - Off Balance:
Banks are not writing down their write downs and getting away with it. Instead they are writing them down in the balance sheet and there is a distinction.
Natixis was hiding $0.2billion on the balance sheet, but we will balance thing out for them by adding ...
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Monday, May 12th, 2008
2008-05-22 Write Downs Count of a Different Sort:
We have been keeping a running tally of write downs and other credit related distress taken by the major banks since 2007. But here come a write down count of a different sort, how much in writedowns and credit losses firms have ...
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Wednesday, April 9th, 2008
2008-04-09:
The Bank of New York Mellon Corporation slammed head on into the credit crunch in it’s 2007 fiscal fourth quarter, when profits fell 68%. The cliff dive
primarily reflects a $200 million loss on CDOs recorded in the
fourth quarter. Based on deteriorating conditions in
the U.S. housing market, we recognized a pre-tax ...
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Tuesday, April 8th, 2008
2008-04-08:
For it’s fiscal fourth quarter ending December 31, 2007 Sovereign Bancorp, the second-largest U.S. savings and loan, announced $1.58 billion of write-offs. The bank also took write downs which included
$600 million of goodwill tied to consumer lending
$800 million of goodwill related to its 2006 purchase of Independence Community Bank Corp
$180 ...
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Friday, March 7th, 2008
2008-03-07:
The rating agencies are getting around to doing their job of diagnosing the patient before it is dead, but seem reluctant to say anything is wrong.
Moody's Investors Service said it has changed its outlook on the 'C-' bank financial strength rating (BFSR) of DZ Bank AG Deutsche Zentral-Genossenschaftsbank and DZ ...
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Wednesday, March 5th, 2008
2008-03-05:
FT Alphaville has a great piece called "HSBC's involuntary asset growth" which discusses the bank's dealings with its off-balance-sheet vehicles (SIVs, money market funds, conduits). The upshot is that the bank has taken back on its books tens of billions of these vehicles, likely without significant market write-downs at ...
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