2008

UPDATE 26 SEP 2008: I have a new story on Fortis and its troubles. Please click here. The Times of London is reporting that Fortis, a Belgian-Dutch bank is issuing an 'urgent' cash call of €1.5 billion. Fortis has been hard hit by the…

In Ireland, the papers are very much focused on how to deal with the bust after the boom. In the wake of the big fat no on the Lisbon Treaty and after 15 long years of upswing, it is readily apparent to anyone that the bust is happening.…

This is yet another chart from Perot Charts. I intend to highlight a number of these charts in my coming 'chart of the day' series because they present a comprehensive picture of the challenges the U.S. Federal Government faces. Also,…

Today, American Express said that consumers are increasingly falling behind on payments. This suggests that credit card charge-offs at banks are about to go much higher in the coming quarters.A story by Bloomberg News reads:American Express…

This comes from the AP via the Globe & Mail.U.S. is in recession, and getting worse: BuffettAlso, note that Buffett in this blurb suggests he buys into the peak oil supply and demand argument for oil prices.Related articlesPerceptions…

Troubled regional Financial Fifth Third is looking to sell assets along with cutting its dividend and raising capital in order to shore up its balance sheet. The company announced it was looking into asset sales when it announced its…

The suits are piling up. Angelo Mozilo is looking like the new Ken Lay for Washington.California's attorney general has filed a civil lawsuit alleging that Countrywide Financial Corp. engaged in deceptive advertising and unfair…

Today's economic data releases were for durable goods and new home salesDurable GoodsStrong export growth has been keeping U.S. factories busier than they would normally be during a period of falling domestic demand. Orders had fallen for…

The wage-price spiral is now underway in core Europe as German wages are on the rise. The ECB will surely act as it has no other choice with inflation now the dominant economic concern across the Eurozone.Today, German daily Der Spiegel…

Of all the merger decisions in the banking industry of late, BofA's decision to back Countrywide Financial is the most risky. The fallout from Countrywide only gets worse day by day. I am astounded that this deal is on track. BofA…