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

Is the economic contraction peaking?

Edward Harrison Mar 25, 2009

I believe we may be seeing the bottom here. Marc Chandler of Brown Brothers Harriman does as well. Here is what he has to say: Our baseline expectation is that the pace of contraction of the US economy probably peaked in the horrific…

Political Economy

Roubini: Nationalization “fully on the table” in Geithner’s Plan

Edward Harrison Mar 25, 2009

This is yet another semi-positive post about the Geithner plan. To reiterate, I think the plan is inadequate because it assumes illiquidity instead of insolvency and is a huge gift to the financial sector. But, that does not mean it will…

Economy

2003

Edward Harrison Mar 25, 2009

Yesterday, I posted an item on Naked Capitalism about the bankruptcy of Yamaichi Securities in 1996 as testament to lingering weakness in a country's financial sector if sick financial institutions are not dealt with swiftly. In essence,…

Business

A conversation about the film ‘Duplicity’ on Charlie Rose

Edward Harrison Mar 24, 2009

I saw this film at the weekend and thought it was brilliant. I highly recommend seeing it. And if you are in an especially ornery frame of mind because of AIG and the bailouts, the film does have a nice villanous corporate angle as well.…

Political Economy

Goldman: Quote of the day – “Leopards change spots”

Edward Harrison Mar 24, 2009

If you haven't noticed, I think the Geithner Plan, while far from perfect, has a reasonable chance of success. Marshall, too, believes the plan could work as he has suggested in his last post. The optics of it are another matter.…

Markets

Fitch: Prime RMBS loss estimates way too low

Edward Harrison Mar 24, 2009

This comes from Angus Robertson of Research Recap. Expect some major writedowns here going forward: A dramatic rise in delinquencies has led Fitch Ratings to raise its average loss estimates for recent vintage jumbo prime mortgage pools…

Political Economy

Bernstein: America is turning Japanese

Edward Harrison Mar 24, 2009

I do believe the U.S. policy response to this financial crisis is very much like the Japanese response to their crisis in the 1990s. I have a post up at "naked capitalism" making this point. I would add, however, that America is in a…

Economy

Credit Suisse and UBS have hands out for more capital

Edward Harrison Mar 24, 2009

This comes from Swiss daily Le Temps (my translation): Credit Suisse will request the creation of additional conditional capital of 3.98 million at the General Meeting of April 24. The operation is to guarantee to the bank the "strategic…

Business

David Rosenberg and Richard Bernstein to leave BOA

Edward Harrison Mar 24, 2009

Merrill's Economic Research team has been top notch for years under the leadership of Richard Bernstein and David Rosenberg. Unfortunately for Bank of Aerica, these two gentlemen are jumping ship now that Merrills has been taen over by…

Economy

Remittances to Eastern Europe to slow dramatically

Edward Harrison Mar 24, 2009

The remittanc income from Mexican and Central American immigrants working in the United States bck to their home nations is not the only huge remittance flow in the world. One of significant import is in Europe, where millions of indivuals…

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