Author

Edward Harrison 7783 posts 575 comments

Edward Harrison is a senior Editor at Bloomberg. He is also the founder of Credit Writedowns newsletter, a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

Economy

JPMorgan has record revenue and $2.7 billion in profit

Edward Harrison Jul 16, 2009

While Citi and BofA are getting taken to the woodshed for double secret probation, JPMorgan Chase is showing record revenue of $25.6 billion and a large profit of $2.7 billion. As profit is up 36% from a year earlier and 27% from just…

Economy

Seasonally-adjusted jobless claims way down but…

Edward Harrison Jul 16, 2009

On the surface this week’s jobless claims data look very good. Initial claims came in at 522,000, the best since the first week of the year and pulling the 4-week average below 600,000 for the first time in about six months. Moreover,…

News

Links: 2009-07-16

Edward Harrison Jul 16, 2009

Finance and Economics US group calls Fed 'tarnished,' demands risk monitor - Reuters Donaldson and Levitt don't want the Fed as SiRR. Securitization Group Wants Greater Risk Disclosure by Lenders - HousingWire What Wall Street owes…

Political Economy

Bhagwati: The U.S. is underestimating inflation risk

Edward Harrison Jul 15, 2009

I have highlighted comments by famed Columbia University economist Jagdish Bhagwati before (see “Jagdish Bhagwati: Obama is a protectionist”). Bhagwati has since gotten with the program and sees Obama in a much more favourable…

Political Economy

Investors’ Working Group says no to Fed as SiRR

Edward Harrison Jul 15, 2009

The Investors' Working Group, an independent coalition of leading lights in economic policy and finance has issued a final paper of recommendations on regulatory reform in the United States. They do NOT want the Federal Reserve as…

Economy

No bailout for CIT

Edward Harrison Jul 15, 2009

This comes from the Wall Street Journal: Small-business lender CIT Group Inc. said "there is no appreciable likelihood" that it will receive fresh government support, suggesting that the company might instead seek to file for…

Business

Insurance companies’ secret files on your house

Edward Harrison Jul 15, 2009

This comes via Liz Pulliam Weston of MSN Money. You probably know that it's not a good idea to make too many claims on your homeowners insurance policy, because your insurer could drop you. What you might not know is that a claim…

Business

Calpers sues ratings agencies over SIVs

Edward Harrison Jul 15, 2009

Reuters is reporting that the ratings agencies are about to get into some serious legal problems. You see,during the bubble years, the ratings agencies gave a gold-standard AAA rating to what now seems to be dubious investment…

Jon Stewart on Lenny Dykstra

Edward Harrison Jul 15, 2009

Here is a clip from the Daily Show with Jon Stewart that highlights Lenny Dykstra, the former baseball player turned financial guru. To my mind, it really puts the bubble years into perspective. By the way, I am a Boston Red Sox…

Economy

Wells sells $600 million in distressed assets at 35 cents on dollar

Edward Harrison Jul 15, 2009

I got a tip from a friend Andrew about a sale of assets by Wells Fargo (WFC) which raises a number of interesting questions. He sent me the following 14 July article from the Milwaukee Business Journal. Wells Fargo sold $600…

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