November 2008

Reuters is reporting that persons familiar with the matter have indicated that Citigroup began talks with the U.S. Government as contingency planning. With Citigroup's share price having plunged dramatically in recent days, rumors have…

In direct conflict with the statements in Washington by its Chief Executive Rick Wagoner, the General Motors Board of Directors is willing to consider bankruptcy as one of many options. The Wall Street Journal released a story late last…

Another Friday and another three FDIC Friday Night Specials. This time, the notables were Downey Savings and Loan Association and PFF Bank & Trust which were seized by the FDIC. Downey is especially notable as it has been in the news…

So I go away for a few hours and the whole world changes? Apparently Barack Obama has made a decisive move to fill out his cabinet and we are about to witness three appointments: Tim Geithner at Treasury, Hillary Clinton at State, and…

Bloomberg is reporting that Obama's transition team is exploring a pre-packaged bankruptcy filing for the US automakers as a solution to the stand-off in Washington. Apparently, Obama has some pretty savvy people in his transition team…

Today's round-up is going to principally be about the three CCC's of Countries, Citigroup and Corporates.  But I also have some tidbits on other topics as well.  So let's jump right in. Yesterday sucked. Markets fell everywhere from…

Since everyone and his sister can become a bank, why not a central banker cum professor and his wife? Willem Buiter understands the absurdity of granting any financial institution in America bank holding status. He understands this is one…

The issue of GM cannot be divorced from the broader issue of health care. Companies like Honda operate out of countries that made health and retirement benefits a national responsibility. And the perennially high price of gasoline, a…

Things were actually looking fairly good during midday given how horrible the credit markets (high yield, asset-backed and corporate) have become.  Sure, the bank stocks sold off, but the stock market in the U.S. was holding its own after…

Recently, deficit hawks have been pushing a nefarious line of argument that I need to debunk right here and right now. The line goes as follows: we need to spend government monies now to get the economy back on its feet. In a couple of…