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

Merrill and Citi are the big losers this season

Edward Harrison Jul 18, 2008

With the earnings season only halfway done, it is clear who the big losers are: Merrill Lynch and Citigroup. They have reported over $15 billion in additional writedowns for the quarter. What is increasingly clear is that those who had…

Political Economy

Bloomberg’s Caroline Baum picks up on Bunning

Edward Harrison Jul 18, 2008

Senator Jim Bunning's classic line, "when I picked up my newspaper yesterday, I thought I woke up in France," was delivered before the Senate Banking Committee as Ben Bernanke, the Fed Chair, gave testimony. He was rightfully upset that…

Markets

Quality financials are out there

Edward Harrison Jul 18, 2008

Just because the financials are in for a few further rounds of pain doesn't mean that quality financial institutions in the U.S. don't exist. There is a stark difference in the level of risk some institutions took during the heydays of the…

Markets

Sovereign wealth funds cut exposure to U.S.

Edward Harrison Jul 18, 2008

Sovereign Wealth Funds (SWFs), which played such a vital role in the recapitalization of U.S. financial institutions during the first go around, are looking to cut their U.S. exposure.Basically, the U.S. is running an extremely inflationary…

Economy

What do Merrill’s financial results tell us?

Edward Harrison Jul 18, 2008

Merrill Lynch reported abysmal financial results yesterday, in marked contrast to JP Morgan Chase. The company was forced to take $9.5 billion in writedowns, leading to a loss in excess of $4.5 billion. The writedowns also forced Merrill…

Markets

Prime looks terrible

Edward Harrison Jul 17, 2008

"Prime looks terrible." Those are the words of Jaime Dimon, CEO of JP Morgan Chase regarding the future of prime mortgage loans. Wall Street analysts were ecstatic at the largely positive news in JP Morgan's earnings report even though…

Economy

Writedown News: 17 Jul 2008

Edward Harrison Jul 17, 2008

Below are the latest writedown stories from the web. For the full timeline of news, visit my credit crisis timeline.Also see my list of Bankrupt Global Financial Institutions.2008 07 08 IndyMac Falls After Regulators Say It Isn't `Well…

Economy

Low savings, high debt and interest rate policy

Edward Harrison Jul 17, 2008

As you know, the CPI registered a whopping 5% yesterday. Year-on-year inflation hasn't been this high since the Gulf War. So much for the 'Great Moderation.' But the increase in inflation begs another question: why are interest rates so…

News

News Round-Up: 17 Jul 2008 – the blogs entry

Edward Harrison Jul 17, 2008

Should William Poole Say "I Told You So"? - Economist's ViewUnderwriters braced for hit as HBOS slides - FT AlphavillePhony Accounting on Fannie, Freddie Rescue Legislation - Naked CapitalismEuropean Storms - Market MoversTo Walk Away or…

Economy

Who compiles the inflation index?

Edward Harrison Jul 16, 2008

The LA Times got a front row seat with one of the Bureau of Labor Statistics staffers as she drove some of her 850 miles per month to record all of the prices that eventually make their way into the CPI. This is a nuts and bolts look into…

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