- A Departure From Our Usual Programming
by Yves Smith 11:12 pm
Monthly Archives: September 2008
September 30, 2008
- Links 10/1/08
by Yves Smith 8:36 pm
- How AIG Facilitated European Banks Circumventing Minimum Capital Requirements
by Yves Smith 7:16 pm
- Calls to Congressmen Running in Favor of Bailout Bill
by Yves Smith 4:31 pm
- Why The Bailout Bill Will Not Solve the Credit Crunch (And What Could)
by Yves Smith 1:24 pm
- The Dark Bailout
by Yves Smith 11:28 am
- Libor Surges to Nearly 7% But US Stock Futures Rise on Bailout Bill Revival Hopes
by Yves Smith 7:27 am
- Merrill: Low Treasury Yields to Go Even Lower
by Yves Smith 2:43 am
- Signs of Contagion: Interest Rates Rise in Asia
by Yves Smith 1:33 am
- Links 9/30/08
by Yves Smith 12:09 am
- An Assessment of Bailout Bill Options from a Former Congressional Staffer
by Yves Smith 12:03 am
September 29, 2008
- Mitsubishi UFJ Loses $500 Million on Morgan Stanley Stake
by Yves Smith 11:03 pm
- Krugman: "OK, we are a banana republic"
by Yves Smith 3:51 pm
- Credit Stress: Repos Behaving Badly
by Yves Smith 3:08 pm
- Fed Adds $300 Billion to Term Auction Facility
by Yves Smith 1:48 pm
- Fearful Consumers Cut Spending in August
by Yves Smith 1:35 pm
- Fed Increases Dollar Swap Facilities by $330 Billion, More than Double
by Yves Smith 10:03 am
- Treasury Money Market Guarantee Finally Launched
by Yves Smith 9:58 am
- Citi Will Buy Wachovia Operations
by Yves Smith 8:54 am
- Are Banks Too Big to Save?
by Yves Smith 7:56 am
- Banks May Invoke “Market Disruption Clause” to Raise Rates
by Yves Smith 6:48 am
- Nouriel Roubini Really, Really Hates the Bailout Plan
by Yves Smith 5:00 am
- Links and Quick Takes 9/29/08
by Yves Smith 4:14 am
- Congressional Charade: Changes in Bailout Bill Cosmetic, and Everyone Knows That
by Yves Smith 1:08 am
September 28, 2008
- Baltic Dry Index Tanks
by Yves Smith 11:43 pm
- Hypo Bank Gets Emergency Credit Facility
by Yves Smith 9:07 pm
- Fortis Rescued, but Hypo Bank May Go Bankrupt Monday
by Yves Smith 6:51 pm
- Hedge Funds Take Big Losses Due to Lehman Collapse
by Yves Smith 4:47 pm
- TARP Draft is Out
by Yves Smith 3:38 pm
- "Hedge funds face record redemptions"
by Yves Smith 3:10 am
September 27, 2008
- Maybe a Deal, Maybe Not (Update: Deal Appears On)
by Yves Smith 11:39 pm
- Bailout Talks Do Not Appear to Be Going Well
by Yves Smith 9:28 pm
- AIG Bailout Saved Goldman From Major Loss
by Yves Smith 7:49 pm
- Bailout Scare-Mongering: "Another Bank Teetering on the Edge"
by Yves Smith 3:51 pm
- Links 9/28/08
by Yves Smith 4:16 am
- New IMF Study of Banking Crises Contradicts Bailout Bill Premise and Details
by Yves Smith 2:47 am
- Links 9/27/08
by Yves Smith 2:19 am
- "Even Hank Paulson’s bail-out plan cannot detox global banking"
by Yves Smith 1:22 am
September 26, 2008
- Even Top Corporates Having Trouble Raising Short-Term Funding
by Yves Smith 9:50 pm
- On the Level of Thought and Care That Went into the Paulson Plan
by Yves Smith 5:21 pm
- Neo-Con/Israeli Venture Behind 28 Million Anti-Obama DVD Campaign
by Yves Smith 5:16 pm
- WaMu Purchase Puts JP Morgan at 15% Share of Bank-Broker Market
by Yves Smith 5:06 pm
- Wachovia Sale Talks On
by Yves Smith 4:35 pm
- Marc Faber: US Needs as Much as $5 Trillion Financial Rescue
by Yves Smith 9:53 am
- Credit Markets Predictably Not Happy Right Now
by Yves Smith 9:22 am
- Europe Opens Ugly
by Yves Smith 3:35 am
- Tim Duy: Economy Downshifting, Bailout or No
by Yves Smith 3:05 am
- Links 9/26/08
by Yves Smith 2:13 am
- German Minister: US Over as Financial Superpower
by Yves Smith 12:01 am
September 25, 2008
- Asian Central Banks Throw Money at Seized-Up Credit Markets
by Yves Smith 11:32 pm
- Dallas Fed’s Richard Fisher Worries About Cost and Effectiveness of Bailout Bill
by Yves Smith 9:11 pm
- CNBC: JP Morgan to Acquire WaMu’s Deposits and Branches (Updated)
by Yves Smith 6:41 pm
- Is the Plan Still in Play? (Updated Further, Yes There May Be No Deal As of Now)
by Yves Smith 4:13 pm
- "A Bailout We Don’t Need"
by Yves Smith 3:37 pm
- More Clarification of Bailout Details (Updated)
by Yves Smith 2:46 pm
- Goal of Paulson Plan: Restore Mark-to-Myth Accounting
by Yves Smith 2:00 pm
- Paulson Plan Officially On
by Yves Smith 1:07 pm
- "Asia Needs Deal to Prevent Panic Selling of U.S. Debt"
by Yves Smith 3:45 am
- The New York Times Spreads Disinformation About the Paulson Plan
by Yves Smith 2:53 am
- Links 9/25/08
by Yves Smith 2:41 am
- Short Selling Ban May Raise Cost of Selling Convertible Bonds
by Yves Smith 1:35 am
September 24, 2008
- Democrats Say "Breakthrough" Enables Them to Pass Bailout Bill Tomorrow
by Yves Smith 10:14 pm
- Marc Faber Calls the Fed a "Liquidity Drug Dealer"
by Yves Smith 9:38 pm
- Credit Default Swaps Outstanding Shrinks as Dealers Tear Up Agreements
by Yves Smith 9:26 pm
- Republican Congressmen Tell Paulson Ballout Won’t Pass
by Yves Smith 4:27 pm
- Lie of the Day
by Yves Smith 11:41 am
- Libor Rises as Banks Hoard Cash
by Yves Smith 9:44 am
- Banking Expert: Bailout Not Necessary, Industry Can Take Losses
by Yves Smith 2:01 am
- "Corporate America sits on its cash"
by Yves Smith 1:37 am
- Guest Post: The Inside-the-Beltway Take on the Bailout Bill
by Yves Smith 1:13 am
- Links 9/24/08
by Yves Smith 12:50 am
September 23, 2008
- On the Dishonest Sale of the Bailout Bill
by Yves Smith 9:53 pm
- Protests Against Bailout Bill Registering With Congress
by Yves Smith 9:29 pm
- Berkshire to Invest $5 Billion in Goldman
by Yves Smith 6:16 pm
- $5 Trillion Needed to Stop Bank Crisis, Says Japanese Expert
by Yves Smith 4:04 pm
- SEC’s Cox Calls for Authority to Regulate Credit Default Swaps
by Yves Smith 3:49 pm
- Credit Crunch Hitting the Oil Patch
by Yves Smith 3:09 pm
- Bernanke Tells Congress Economy Will Contract if Bailout Bill Not Passed (Updated)
by Yves Smith 1:53 pm
- Banks Take Bigger-Than-Estimated Hit on Freddie, Fannie Conservatorship
by Yves Smith 1:22 am
- Links 9/23/08
by Yves Smith 12:01 am
September 22, 2008
- "Hedge funds suffer mass redemptions"
by Yves Smith 11:11 pm
- New York to Regulate Some Credit Default Swaps
by Yves Smith 5:25 pm
- Some (Sort of) Encouraging News on the Bailout Bill
by Yves Smith 4:30 pm
- Hedge Fund Customer Assets Stuck for "Months" at Lehman
by Yves Smith 1:25 pm
- China’s Sinopec to Cut Oil Imports
by Yves Smith 12:03 pm
- Mitsubishi UFJ to Aquire Up to 20% of Morgan Stanley
by Yves Smith 9:54 am
- Links 9/22/08
by Yves Smith 12:30 am
September 21, 2008
- LBO Loan Prices Continue to Fall
by Yves Smith 11:06 pm
- Morgan Stanley, Goldman to Become Banks
by Yves Smith 9:25 pm
- Updates to Bailout Bill Fracas Plus Post Your Letters/E-Mails Against the Bailout Bill
by Yves Smith 9:07 pm
- Quelle Surprise! Traders Say Dollar May Be "Crushed" By Bailout Plan
by Yves Smith 8:25 pm
- Why You Should Hate the Treasury Bailout Proposal
by Yves Smith 3:29 am
- Links 9/21/08
by Yves Smith 2:45 am
- Key Lehman Employees to Get $2.5 Billion in Bonuses
by Yves Smith 12:07 am
September 20, 2008
- Links 9/20/08
by Yves Smith 12:49 am
September 19, 2008
- New Bailout Proposal Costs Estimated at $500 Billion to $1 Trillion
by Yves Smith 11:46 pm
- Hedge Funds Taking Pain From Government-Orchestrated Squeeze of Financial Shorts
by Yves Smith 11:01 pm
- Ban on Short-Selling Will Hurt Rather Than Help Broker-Dealers
by Yves Smith 8:27 am
- US to Implement "Temporary" Backstop to Money Market Funds (Updated)
by Yves Smith 7:02 am
- Financial Censorship PR At Work
by Yves Smith 3:45 am
- Retail Customers on High Alert About Bank Safety
by Yves Smith 3:30 am
September 18, 2008
- Moody’s Revised RMBS Loss Forecasts Threaten MBIA, Ambac Ratings
by Yves Smith 11:05 pm
- Links 9/19/08
by Yves Smith 9:16 pm
- Bloomberg and Financial Times Running Contradictory Reports on Interest in WaMu
by Yves Smith 5:31 pm
- Stocks Rally on Plan for Government Equity Infusions, Continued Pursuit of Evil Shorts
by Yves Smith 3:22 pm
- Fed, ECB, Bank of Japan, Others Offer $247 Billion; Money Market Rates Ease
by Yves Smith 7:51 am
- Links 9/18/08
by Yves Smith 12:27 am
September 17, 2008
- The Great Unwind Has Begun
by Yves Smith 11:38 pm
- Bernanke: "We Have Lost Control"
by Yves Smith 10:03 pm
- Banks Now Permitted to Count Goodwill as Capital
by Yves Smith 8:07 pm
- Morgan Stanley Stock Hammered; Firm Has Talked With Wachovia About Possible Merger
by Yves Smith 4:37 pm
- TPG Makes Concession to Facilitate WaMu Raising Capital
by Yves Smith 4:17 pm
- Search on for WaMu Buyer
by Yves Smith 10:17 am
- Credit Markets Roiled Despite AIG Rescue
by Yves Smith 10:09 am
- Oil Bull Goldman Slashes Forecast for Crude Prices
by Yves Smith 9:45 am
- Helicopter Ben Starts the Printing Press (Updated)
by Yves Smith 9:32 am
- Lehman Collateral Damage: Some Hedge Funds Have Assets Frozen
by Yves Smith 12:16 am
September 16, 2008
- Links 9/17/08
by Yves Smith 11:17 pm
- Comic Relief: "You’ve Got the Fed"
by Yves Smith 8:38 pm
- Lehman Collateral Damage: Reserve Money Market Fund Drops Below $1 NAV
by Yves Smith 8:11 pm
- Fed Ponders Provides $85 Billion Rescue for AIG (Update: Now Official)
by Yves Smith 6:49 pm
- Fed Considering Lending to AIG (Update: Or Treasury Conservatorship)
by Yves Smith 3:28 pm
- $138 Billion Post-Bankruptcy JP Morgan Advance to Lehman; At Least $87 B Repaid by Fed
by Yves Smith 3:13 pm
- Irony Alert: "Lehman is Tops in Fixed Income"
by Yves Smith 11:49 am
- Fed Adds $50 Billion to Banking System After $70 Billion Injection Yesterday
by Yves Smith 8:14 am
- Goldman Profit Falls 70%
by Yves Smith 8:07 am
- Inflation Slows; Overall CPI Drops in August
by Yves Smith 7:44 am
- White-Knuckle Market Updates and Quotes (Updated)
by Yves Smith 7:26 am
- A Former Regulator on the Fed Allowing Deposits to Fund Investment Banking Operations
by Yves Smith 12:05 am
September 15, 2008
- Links 9/16/08
by Yves Smith 11:13 pm
- The Fire Sales Begin: Lehman Unloading $852 Million of LBO Loans (Updated)
by Yves Smith 8:48 pm
- Brace for the Tsunami: Fitch, S&P Downgrade AIG (Updated Again)
by Yves Smith 6:49 pm
- WaMu Downgraded to Junk by S&P
by Yves Smith 5:42 pm
- Treasury: "Honey, I Just Shot the Banks"
by Yves Smith 3:00 pm
- Fed Makes Biggest Reserve Addition Since 9/11
by Yves Smith 2:39 pm
- AIG Stay of Execution: Holding Company Can Access $20 Billion of Subsidiary Capital
by Yves Smith 11:44 am
- Fitch Downgrades AIG to A
by Yves Smith 10:15 am
- Banks Can Now Use Deposits to Fund Investment Banking Operations?
by Yves Smith 7:31 am
- Oversea Market Update
by Yves Smith 7:18 am
- WaMu Failure Could Trigger Extension of Deposit Guarantees
by Yves Smith 3:37 am
- Links 9/15/08
by Yves Smith 1:40 am
- Creditors May Be Able to Claw Back Lehman 2007 Bonuses
by Yves Smith 1:19 am
September 14, 2008
- WSJ: Fed Expands Liquidity Facilities to Include Equities
by Yves Smith 8:54 pm
- AIG Asks the Fed for Help
by Yves Smith 8:20 pm
- Bank of America Buys Merrill For $29 a Share
by Yves Smith 7:58 pm
- NY Times: Lehman Filing For Bankruptcy (Update: Gross Sees "Tsunami")
by Yves Smith 5:49 pm
- AIG: "Rush Is On to Prevent Big Insurer From Failing" (Even More Scary Updates)
by Yves Smith 4:03 pm
- Bank of America, Merrill in Merger Talks (Updated)
by Yves Smith 3:32 pm
- Comic Relief Courtesy Don Luskin
by Yves Smith 3:14 pm
- NY Times: Barclays, Most Likely Lehman Suitor, Walks from Deal
by Yves Smith 12:25 pm
- Links 9/14/08
by Yves Smith 1:03 am
- Ike Forces Shutdown of 20% of US Refineries; $4 Gas May Result
by Yves Smith 12:46 am
- CNBC: Lehman Bad Bank Deal Drafted; Firms Expected to Kick in $3 Billion Each
by Yves Smith 12:42 am
September 13, 2008
- AIG Plans $20 Billion Asset Sale
by Yves Smith 9:25 pm
- Lehman Options Limited; Firm Hires Bankruptcy Attorneys
by Yves Smith 7:40 pm
September 12, 2008
- AIG: Stock Falls 30%, Bonds and Credit Default Swaps Trading at Distressed Levels
by Yves Smith 11:11 pm
- Emergency Fed Meeting: Paulson and Fed Attempt to Jawbone Wall Street to Rescue Lehman
by Yves Smith 11:01 pm
- Links 9/13/08
by Yves Smith 8:34 pm
- Financial Times: BofA, JC Flowers, CIC Joint Lehman Bidders
by Yves Smith 10:03 am
- Moody’s Cuts WaMu Senior Debt to Junk; Bank May Sell Branches, Deposits
by Yves Smith 7:13 am
- Michigan (And Maybe Ohio): Lose Your Home, Lose Your Vote
by Yves Smith 12:08 am
September 11, 2008
- China and Japan Post Deteriorating Growth
by Yves Smith 11:29 pm
- Lehman: Deal Sought Before Monday; BofA Most Likely Suitor (Updated Again)
by Yves Smith 11:02 pm
- Quick Lehman Update: Possible Buyers Going Over Books
by Yves Smith 11:50 am
- Central Banks Anticipate "Mother of Year-Ends" ‘Liquidity Crunch
by Yves Smith 10:03 am
- Lehman End Imminent
by Yves Smith 8:54 am
- Lehman Death Watch: Are Fuld’s Days Numbered?
by Yves Smith 12:52 am
- Links 9/11/08
by Yves Smith 12:22 am
September 10, 2008
- More Evidence of Pre-Olympic Stockpiling Contributing to the Oil Price Spike
by Yves Smith 11:56 pm
- Freddie, Fannie Credit Default Swap Woes for Insurers, Hedge Funds
by Yves Smith 11:17 pm
- Emerging Markets Outflows Highest Since 1995
by Yves Smith 11:01 pm
- Sign That Fed is Pushing on a String?
by Yves Smith 8:18 pm
- Preferred Shared Whacked in the Wake of Freddie, Fannie Bailout
by Yves Smith 8:07 pm
September 9, 2008
- Links 9/10/08
by Yves Smith 11:04 pm
- Lehman Death Watch: Will Paulson Let Lehman Fail?
by Yves Smith 11:01 pm
September 8, 2008
- Rogoff: Central Banks At Risk of Sinking Along With Banks
by Yves Smith 11:26 pm
- Links 9/9/08
by Yves Smith 11:20 pm
- Merrill. Lehman Trading Operations Valued at Zero by Market
by Yves Smith 11:06 pm
- Paulson Gives Fannie and Freddie a Tax Break Too
by Yves Smith 11:01 pm
- Oil Bulls Unbowed
by Yves Smith 9:50 pm
- $1.4 Trillion of GSE Credit Default Swaps Triggered by Bailout
by Yves Smith 9:10 am
- Links 9/8/08
by Yves Smith 12:42 am
- Poole: GSE Bailout is "Stopgap", Expects Up to $300 Billion of Losses
by Yves Smith 12:33 am
September 7, 2008
- Paulson Sanity Check
by Yves Smith 11:34 pm
- Freddie, Fannie Notable Comments (Mainly Not Pretty)
by Yves Smith 11:03 pm
- Initial Negative Indicators on the GSE Bailout
by Yves Smith 10:09 pm
- Freddie, Fannie and (Sort of) Federal Home Loan Bank Bailout
by Yves Smith 11:02 am
- Bye Bye Banks: Freddie and Fannie Preferred Holders to Take Big Hits?
by Yves Smith 1:17 am
September 6, 2008
- Links 9/7/08
by Yves Smith 11:59 pm
- Trichet: "Reasonable Conjecture" That Investors Distorted Commodity Markets
by Yves Smith 11:37 pm
- Lehman Fundraising Talks "Stall"; Firm Looking to Split Into Two
by Yves Smith 11:17 pm
- NY Times: Freddie Overstated Its Capital
by Yves Smith 10:07 pm
September 5, 2008
- Links 9/6/08
by Yves Smith 11:22 pm
- Two Surprisingly Costly Bank Failures in Two Weeks
by Yves Smith 11:16 pm
- NY Times: Fannie, Freddie Nationalization (aka Conservatorship) Imminent
by Yves Smith 11:13 pm
- Foreclosures and Delinquencies Reach Record Highs
by Yves Smith 11:33 am
- Daily Show on the Gender Card
by Yves Smith 9:34 am
- Unemployment Hits 6.1%
by Yves Smith 8:32 am
- Merrill Downgraded to "Sell" by Goldman
by Yves Smith 2:19 am
- Links 9/5/08
by Yves Smith 12:34 am
- "China’s Central Bank is Short of Capital"
by Yves Smith 12:12 am
September 4, 2008
- Euro Banks Tank as ECB Tightens Rules on Liquidity Facilities
by Yves Smith 11:02 pm
- Lehman May Put $32 Billion of Dubious Debt in "Bad Bank"
by Yves Smith 2:24 pm
- Bill Gross Says Nothing is Going Up, So Treasury Must Intervene
by Yves Smith 1:51 pm
- Stephen Roach: China Needs to Get Tough About Inflation
by Yves Smith 2:22 am
- Links 9/4/08
by Yves Smith 12:55 am
- CFTC Investigating Whether Big Traders Lied About Oil Inventories
by Yves Smith 12:11 am
September 3, 2008
- OPEC to Keep Production at Current Levels to Combat Slowdown
by Yves Smith 11:01 pm
- Setser: "If trends continue…..Agencies won’t be able to rollover their debt"
by Yves Smith 12:35 am
September 2, 2008
- Links 9/3/08
by Yves Smith 11:44 pm
- UBS: UK Banks May Have Used £200 Billion in Emergency Funds
by Yves Smith 11:10 pm
- HSBC, Chinese Bank Reported To Be Interested in Lehman
by Yves Smith 11:02 pm
- More Bank Woes: Spreads on Credit Card Securitizations Rise
by Yves Smith 6:30 pm
- Quote du Jour
by Yves Smith 4:52 pm
- Korea: On Verge of a Currency Crisis?
by Yves Smith 1:15 pm
- Faber: Oil, Commodities to Decline Further Near-Term
by Yves Smith 7:36 am
- Links 9/2/08
by Yves Smith 12:31 am
- Hedge Funds Continuing to Take It on the Chin
by Yves Smith 12:00 am
September 1, 2008
- KDB Talks With Lehman Still Live
by Yves Smith 11:25 pm
- Troubling Signs From Fed’s Jackson Hole Conference
by Yves Smith 3:31 am
