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

Creeping Nationalization

Edward Harrison Mar 2, 2009

Banks do not have enough tangible common equity to make the grade on Tim Geithner's stress tests. That means the government will have to step in and bail them out. I will call this creeping nationalization. Paul Miller of FBR Capital…

News

Links: 2009-03-02

Edward Harrison Mar 2, 2009

Happy snow day!

Economy

Savings in America hit 5%, up from nil last year

Edward Harrison Mar 2, 2009

Predictions that the savings rate would increase as the Depression in America took hold are coming true. The Bureau of Economic Analysis reported that the savings rate in the U.S. hit 5%.

Markets

Pre-market update: 2009-03-02

Edward Harrison Mar 2, 2009

We should expect a very negative open to the markets today. The Dow Futures are pointing to an open under 7000, with key support levels to be tested. As usual, the reason is the financial sector with AIG and HSBC making headlines. AIG…

Economy

AIG: the biggest quarterly loss in corporate history

Edward Harrison Mar 2, 2009

A massive $61.7 billion loss for AIG - that is the quarterly loss for the insurance giant, a record for the world. That comes to a loss of $465 $465,000 every minute of every day in that quarter. The full-year loss comes in over $100…

Economy

U.S. government near deal on another AIG bailout

Edward Harrison Feb 28, 2009

This is in via Reuters: American International Group Inc is close to a deal with the U.S. government that would ease the terms of its bailout, provide a further equity commitment and help it pay down debt, a person familiar with the matter…

Economy

BofA carrying loans on books for $44 billion above fair value

Edward Harrison Feb 27, 2009

This news comes via Reuters: Bank of America Corp is carrying loans on its balance sheet marked at more than $44 billion above their fair value, the company said in its annual report filed with U.S. regulators on Friday. The bank said it…

Economy

Banks seized by FDIC in Nevada and Illinois

Edward Harrison Feb 27, 2009

Two more Friday night specials - story via Reuters U.S. regulators closed Security Savings Bank in Henderson, Nevada, and Heritage Community Bank in Glenwood, Illinois, the Federal Deposit Insurance Corporation said on Friday. Heritage,…

Economy

General Electric to cut dividend by over 67%

Edward Harrison Feb 27, 2009

Now GE has finally cut, but will they be able to maintain their AAA rating?

Economy

My take on the latest Citigroup bailout

Edward Harrison Feb 27, 2009

The big news other than GDP falling off a cliff is the confirmation that the Obama Administration is going to bail out Citigroup for a third time. The market reaction this morning was quite negative, causing index futures to sell off even…

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