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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

Quote of the day: Gordon Brown, get your bazooka

Edward Harrison Sep 8, 2008

Today, David Wighton over at the Times Online referenced U.S. Treasury Secretary Hank Paulson's quip that the U.S. Government had a bazooka ready to us in the case of the Frannie and Freddie Nightmare on Wall Street in saying:Helping to…

Random musing: slip in the bad news now

Edward Harrison Sep 8, 2008

While everybody's focused on the 'good' news about the Fannie-Freddie bailout and they are partying like it's 1999, it might be a good time to slip in that bad news you were going to announce next week. Let's see if any company is crafty…

Economy

CDS Market: Did Fannie and Freddie Default?

Edward Harrison Sep 8, 2008

Apparently, the answer is yes. Thirteen "major" dealers of credit-default swaps agreed "unanimously" that the rescue constitutes a credit event triggering payment or delivery of the companies' bonds, the International Swaps and Derivatives…

News

News round-up: 8 Sep 2008

Edward Harrison Sep 8, 2008

The news of the day is obviously the fact that the U.S. government now owns Fannie Mae and Freddie Mac, and thus controls over half of the U.S. mortgage market. This is a step unprecedented since the Great Depression and should remind us…

Economy

Nationwide merger with Cheshire and Derbysire now a done deal

Edward Harrison Sep 8, 2008

I posted yesterday that Nationwide had confirmed it was in advanced talks with both Cheshire and Derbyshire. Now, it seems the mergers are complete. However, it should be noted that these deals were done under duress (see post mentioned…

Economy

Gateway Financial and Midwest Banc have one-third of capital in Fannie and Freddie Preferreds

Edward Harrison Sep 7, 2008

If you are looking for the fallout from the Fannie and Freddie Nightmare on Wall Street, look no further than Gateway Financial and Midwest Banc. These two regional banks have nearly one-third of their tangible net worth tied up in GSE…

Economy

Freddie and Fannie taken over by US government

Edward Harrison Sep 7, 2008

The U.S. government has finally stepped in to stop the bleeding. Fannie Mae and Freddie Mac, the two giant government sponsored enterprises have been taken into conservatorship and are now government property. As I consider this move a…

Economy

Nationwide looking to buy targets in UK mortgage market

Edward Harrison Sep 7, 2008

Nationwide Building Society, the largest not to demutualise, is taking full advantage of the troubles in the mortgage market and looking for rivals to snap up on the cheap. Multiple news outlets are reporting that Nationwide is in talks…

Economy

Freddie and Fannie are getting nationalized

Edward Harrison Sep 5, 2008

A prediction I first broached here in May in my post Question: How is Fannie Mae a AAA company? is finally coming to pass: Freddie Mac and Fannie Mae are getting nationalized. UPDATE: The U.S. Government takeover is now a done deal. See…

Economy

Silver State Bankruptcy: Another FDIC Friday Night Special

Edward Harrison Sep 5, 2008

This time it is Silver State Bank of Henderson, NV to go bankrupt. Read the press release below. This one is pretty large with assets of $2 billion and it has ties to Republican Presidential nominee McCain.See my list of Bankrupt global…

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