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: 30 Jul 2008

Edward Harrison Jul 30, 2008

Bank losses shame disgruntled Swiss - BBC NewsStarbucks cuts 1,000 jobs, COO post and retreats from Australia - National PostSantander revenues rise 16% - FTAustralia faces worse crisis than America - Ambrose Evans-Pritchard,…

Markets

Case Shiller Time Machine: May 2008

Edward Harrison Jul 29, 2008

The Case Shiller Index is out again and a number of areas are looking a bit better including Denver, Atlanta, Boston, Minneapolis, Portland, and Dallas. Overall, it seems the acceleration in house price falls has come to an end.…

Economy

Refiners as a canary in the coalmine

Edward Harrison Jul 29, 2008

I am on record for expecting a drop in oil prices in the very near future due to demand destruction. Regarding the super spike, I believe much of the end rally in oil prices had little to do with fundamentals and everything to do with…

Economy

Goldman looking to buy a bank

Edward Harrison Jul 29, 2008

Merrill Lynch analyst Guy Moszkowski says that Goldman Sachs is looking to buy a deposit-taking bank to avoid the liquidity problems that were Bear's downfall and may now hit Merrill Lynch itself. Goldman’s chief financial officer, David…

Political Economy

Covered bonds: German Pfandbriefs are the new US solution

Edward Harrison Jul 29, 2008

Hank Paulson, the U.S. Treasury Secretary has decided that the German Covered Bond is a solution to many of the woes of the U.S. housing market meltdown. He is backed by four large U.S. banks: Bank of America, Citigroup, JP Morgan Chase…

Markets

Jeremy Grantham: “I am officially scared”

Edward Harrison Jul 29, 2008

"I am officially scared. In 2000, we had a technology bubble. But this is massive, a massive credit crisis and a bubble in global housing, global equity and global land." -Jeremy Grantham as quoted by Chicago Tribune

Economy

The global credit crunch hits New Zealand institutions

Edward Harrison Jul 29, 2008

Last week, we heard that Australia's NAB had to take a massive writedown due to American CDO exposure (apparently triggered by Merrill Lynch). Yesterday, we heard about Australia's ANZ Bank taking it on the chin to the tune of $1.2 million…

News

News round-up: 29 July 2008

Edward Harrison Jul 29, 2008

Japan Jobless Rate Rises to 4.1%, Highest Since 2006 - BloombergPlan to revive mortgage lending - BBC News (Is an American-style bailout in the offing in the UK?)Merrill's $5.7B Write-Down, $8.5B Share Issuance - Big Picture (interesting…

Economy

Two IndyMac customers lost unsecured deposits

Edward Harrison Jul 28, 2008

In further proof that we're back to the Great Depression again, everyone is talking about unsecured bank deposits. Basically, if you have less than $100K at an FDIC institution, you're good to go. If you have more, you'll need to spread…

Economy

Didn’t Merrill just write down over $9 billion?

Edward Harrison Jul 28, 2008

I swear Merrill just wrote down $9.4 billion and sold its stake in Bloomberg two weeks ago. So why are they in the news AGAIN writing down another $5.7 billion? It's frightening to think this company is still a going concern. The company…

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