February 2009

Royal Bank of Scotland just reported a record loss for a Britsh company of £24.1 billion pounds. That's about £400 for every living soul in the country:

The Nationwide has released its latest house price survey, showing a very large 1.8% fall in British house prices between January and February 2009. This brings the yearly decline to a record 17.6%. Yet, incongruously, the Nationwide…

Citigroup close to reaching deal with government: report - Reuters The Banks's Rigged Stress Test - Dean Baker Renters Lose Edge on Homeowners - WSJ.com TARP Said to Be Ripe for Fraud - WSJ.com £650,000 pension for former RBS chief Sir…

The overall stock market may be declining, but that does not mean there are no bargains to be had.  Witness this article about John Paulson, the famed hedge fund manager who made billions shorting stocks over the past years. Distressed…

Citigroup is looking to raise capital and shed assets in order to deleverage and prevent a worst-case outcome for the financial institution. Case and point is the fact that the company is putting its Brazilian subsidiary Redecard on the…

Since everyone seems to be talking about nationalization and pointing to Sweden as a model for the future, one should ask whether Sweden actually nationalized anything. No one is talking about outright Hugo Chavez-style expropriation here.…

Teed Off at Northern Trust - Deal Book German CDS debt spreads hit record as economy crumbles Japan exports drop 45% to new low - BBC News Citigroup May Sell Nikko Citigroup Unit in Japan, Mainichi Says - Bloomberg.com Hearst May Sell…

The TALF is a way for any and all comers, domestic and foreign, with toxic asset-backed securities, to dump those assets on to the U.S. government at taxpayers expense. This is happening right now right under your noses. At least the Fed…

Yesterday, Latvia was downgraded to junk. Despite its diminutive size, this is a big deal. Fist, it is a harbinger of what is to come for the rest of Eastern Europe. But, more importantly it is a signal that Western European banks…

The S&P Real Estate Index is down 60%. This segment gives a good overview of how commercial real estate is doing and what to expect going forward.