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.

News

News round-up: 26 Nov 2008 – Politics, Economy and Markets

Edward Harrison Nov 26, 2008

Politics As the time for Barack Obama to take office moves ever closer, his policy team is coming into view. Obama has appointed a slew of economic advisors including Tim Geithner, Larry Summers and Paul Volcker. In addition, he looks to…

Economy

The Citigroup Bailout: a blogosphere post-mortem

Edward Harrison Nov 24, 2008

When a bank with $2.2 trillion in assets is saved from potential ruin, it is big news. So, as you can imagine, every one and his brother has a take on what went wrong at Citigroup and whether the solution to 'fix' Citi was the right one.…

Political Economy

The problem with comprehensive banking crisis solutions

Edward Harrison Nov 24, 2008

I have come down on the side of sweeping change when it comes to the banking system in the United States. Basically, I fear a further downward spiral due to the fear and panic that the banking crisis has unleashed. In my view, this…

Economy

The Citigroup Bailout

Edward Harrison Nov 24, 2008

It looks like we have a solution to Citi's crisis. The U.S. Government agreed to bailout Citigroup, backing $306 billion of debt in exchange for preferred equity and warrants plus a host of other details I will enumerate below. On the whole…

Monetary System

Citigroup: Panics, Banking Confidence, Bailouts and Fractional Reserves

Edward Harrison Nov 23, 2008

Citigroup is in serious trouble. The storied institution with $2 trillion in assets has seen its shares collapse and its reputation is in tatters as it goes cap in hand to the U.S. government for a bailout. Indeed, a solution must be…

Economy

Obama White House: Add Larry Summers and Robert Gibbs

Edward Harrison Nov 22, 2008

Yves Smith at Naked Capitalism is reporting that Larry Summers is to be tapped to head Barack Obama's National Economic Counsel. Summers had been considered for the Treasury position, one that looks likely to go to Tim Geithner, the head…

Economy

Citigroup talks with US Government as bankruptcy looms

Edward Harrison Nov 22, 2008

Reuters is reporting that persons familiar with the matter have indicated that Citigroup began talks with the U.S. Government as contingency planning. With Citigroup's share price having plunged dramatically in recent days, rumors have…

Political Economy

GM Board: Bankruptcy is an option we will consider

Edward Harrison Nov 22, 2008

In direct conflict with the statements in Washington by its Chief Executive Rick Wagoner, the General Motors Board of Directors is willing to consider bankruptcy as one of many options. The Wall Street Journal released a story late last…

Economy

Bankruptcies: US Bancorp takes over at Downey and PFF

Edward Harrison Nov 22, 2008

Another Friday and another three FDIC Friday Night Specials. This time, the notables were Downey Savings and Loan Association and PFF Bank & Trust which were seized by the FDIC. Downey is especially notable as it has been in the news…

Economy

Geithner is the man at Treasury, Richardson and Clinton also in

Edward Harrison Nov 21, 2008

So I go away for a few hours and the whole world changes? Apparently Barack Obama has made a decisive move to fill out his cabinet and we are about to witness three appointments: Tim Geithner at Treasury, Hillary Clinton at State, and…

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