2008

This morning, I posted a blog entry regarding KeyCorp's wise decision to cut its dividend and to raise capital. They paid the price in the market today, sinking to a 17-year low below $12.00 a share and down 24% on the day. Shares of…

Fifth Third, the Cincinnati-based regional lender, has been tanking of late. Today, it was down another 4% to close at a 12-year low. "Shares of Fifth Third Bancorp touched a 12-year low Thursday as capital concerns continued to swirl…

Stephen Roach is one of the best financial commentators in the business. In the aftermath of the bubble in the late 1990s, as Chief Economist of Morgan Stanley, he was quite bearish and warned of the downside risks for the global economy.…

The website immobilienblasen has a good entry today that alerted me to an interactive map about oil-related issues on the FT website. It's a great resource.

The latest move by a regional bank comes from KeyCorp, based in Cleveland. In order to preserve capital ahead of the impending troubles headed for the regionals, KeyCorp has taken the prudent step of both raising capital and cutting its…

Argentina too has a government statistics problem. Their new inflation index is seen as unbelievable.(see FT article here.)

In the wake of downgrades from AAA to AA status, MBIA has pulled support for its bond insurance subsidiary. In a letter to shareholders, CEO Jay Brown said:"We confirmed to the market today that we will not be making capital contributions…

The U.S. Department of Labor just released the weekly report for unemployment insurance claims. Initial claims were 384,000, while continuing claims rose to 3.139 million. The 4-week average moved up to 3,099,250. This is 593,000 more…

On Monday, I asked, "which homebuilder will go bankrupt next?" The answer came on the very next day: Legend Homes, an Oregon-based homebuilder. The Oregonian newspaper reports:"Legend Homes, one of Oregon's largest home builders, filed…

The following are the links regarding the global credit crunch that have been recently added to the Credit Crisis Timeline. The full timeline is accessible hereLatest Additions2008 06 02 Wall Street May Face $460 Bln in Losses, Goldman…