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

Level Three Assets: banks are hiding the ball on credit writedowns

Edward Harrison Dec 11, 2008

Yves Smith has a good post over at Naked Capitalism that brings attention to the fact that banks are hiding potential losses in Level Three assets. Ultimately, these losses are going to have to be recorded and that means more credit…

Political Economy

Sweden: competitive auto bailouts begin with Saab and Volvo

Edward Harrison Dec 11, 2008

Yesterday, I mentioned an article I caught in the German newspaper Die Welt which outlined the desire for VW and Daimler Benz to receive bailouts in response to the state aid being offered to American car makers. I warned that a competitve…

News

Links: 2008-12-10

Edward Harrison Dec 10, 2008

So we have gotten our auto sector bailout. Let's see how this shakes out. I am already hearing rumblings that this will not be easy as bondholders are not playing nice. See the link to Felix Salmon's comments below. My own view is that bond…

Political Economy

Volkswagen: if the American carmakers can get bailout funds, so can we

Edward Harrison Dec 10, 2008

It seems that the bailouts are now turning into a "Beggar Thy Neighbor" policy of aid for specific sectors of the global economy. First, it was finance as the banks were savaged by massive writedowns to their property and derivative…

Markets

Irish equities suffer largest losses in 215 years

Edward Harrison Dec 10, 2008

You think things are bad where you were. Well, then, take a look at Ireland. Irish punters are really taking it on the chin. Stocks are down 75% from their peak in February 2007. This makes 2008 the worst year for Irish equities since…

News

Links: 2008-12-09

Edward Harrison Dec 9, 2008

On the financial scene, I see the biggest news as being the fact that the yield on 3-month treasuries have now gone negative. This is an absolute first. This means the U.S. government is being paid by investors to borrow. Given the fact…

Markets

Treasury yields go below zero

Edward Harrison Dec 9, 2008

The yield on he three-month U.S. treasury bill went below zero for the first time ever. This seems to be an unprecedented move where investors are actually paying the U.S. Government to borrow money. In my estimation, this is not just a…

Economy

Illinois governor Blagojevich’s dumb press conference

Edward Harrison Dec 9, 2008

This video is a good laugh given what we now know about the alleged criminal activity going on in Illinois Governor Blagojevich's office. Here is Blogojevich yesterday at a press conference. The man is smug and obnoxious. Now, he is going…

Economy

Illinois governor in custody for trying to sell Obama’s Senate seat

Edward Harrison Dec 9, 2008

I have seen this all over the political blogosphere. Blagojevich is reputed to have been under investigation for corruption and wire-tapping charges for quite a while. They finally decided to pull the trigger and arrest him over this.…

Markets

Martinsa Fadesa: Asset value drops 30%, liabilities much larger

Edward Harrison Dec 9, 2008

FT Alphaville is reporting that Martinsa Fadesa, the bankrupt Spanish property developer, has seen the value of its drop 30% this year alone. Spain has largely slipped from view as the credit crisis has reached global dimensions. However,…

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