Writedown news: 30 Sep 2008

By Edward Harrison On Sep 30, 2008

For me, the most important events of late have been the European banking sector meltdown. Just last week, German officials were lecturing the UK and the U.S. about their banking systems and now we see a number of European institutions falling prey to the credit crisis. No one should feel their banking system is safe in this environment. After all the Swiss bank UBS is amongst the biggest losers in the banking crisis to date.

Below are the latest major credit crisis stories over the past several days. Most of these stories have more to do with raising capital, merging, and bankruptcy than actual writedowns. In view of the recent market turmoil, I have decided to provide a framework of the types of articles you should see here. This list will not include rumor, speculation or negotiations. The list only includes actual events in the financial services sector after they have occurred and includes the following categories:

Writedowns of assets
Capital raising
Job cuts
Bankruptcies
Ratings changes
Managerial changes
Earnings reports
Lawsuits
Some significant stock price changes

For the full timeline of news, visit my credit crisis timeline.

Also see my list of Bankrupt Global Financial Institutions.

2008 09 21 As Goldman and Morgan Shift, a Wall St. Era Ends
2008 09 22 Nomura buys Lehman Brothers Asia units
2008 09 23 Nomura Acquires 2 More Lehman Units
2008 09 23 Citing writedowns, Washington Federal to report first-ever loss
2008 09 23 Japan’s biggest bank to buy 20% stake in Morgan Stanley
2008 09 24 HSH Nordbank Posts EU500 Million in Third-Quarter Writedowns
2008 09 24 WaMu Cut Again by S&P as Pressure Rises to Reach Deal
2008 09 24 AIG slumps after signing up for $85 billion Fed loan
2008 09 24 Fitch: Partial Sale Increasingly Likely for WaMu; IDR Downgraded to ‘B-‘
2008 09 25 Swiss Re Sees Further SF277 Million CDS Writedowns
2008 09 25 WaMu Seized by U.S., Assets Sold to JPMorgan in Record Failure
2008 09 25 WaMu’s 42-Story Seattle Headquarters Acquired in JPMorgan Deal
2008 09 26 Greenberg Sells 40 Million AIG Shares, Cutting Stake in Insurer
2008 09 29 B&B nationalisation is confirmed
2008 09 29 Iceland nationalises Glitnir bank
2008 09 29 Hypo shares crash after loan deal
2008 09 29 Fortis rescued but bank woes spread
2008 09 30 NAB to take $400m hit over CDO writedowns
2008 09 30 Governments to Inject Capital in Dexia; Chairman, CEO Step Down