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

Unscathed Japanese banks on the prowl

Edward Harrison Jun 22, 2008

Now that it's come to light that Barclays went hat in hand to Japan to recoup some of the losses from its credit writedowns, one begins to understand that the Japanese banks are in a much better position today than their western…

Economy

How Goldman profits from the credit crunch

Edward Harrison Jun 22, 2008

Interesting post on Goldmans in the Guardian today. In the aftermath of another stellar quarter from the investment bank, the Guardian is asking "how does Goldman Sachs do it?" Their conclusion is that its a mix of good risk management…

Economy

Credit crunch changing Britons’ holiday-making

Edward Harrison Jun 22, 2008

The Times of London says that holiday tour operators in the UK are sensing a shift in consumer behaviour because of the credit crunch. Just as the holiday season is getting under way, the strains are clear. Operators are preparing for…

Economy

22 Jun 2008: Latest Writedown News

Edward Harrison Jun 22, 2008

The following are the links regarding the global credit crunch that have been recently added to the Credit Crisis Timeline. The full timeline is accessible here2008 06 09 Lehman Brothers to post $3 bln loss; sets $6 bln stock sale2008 06 09…

Economy

Banco Santander is very confident

Edward Harrison Jun 21, 2008

Banco Santander, to date, has looked very robust as a financial institution in weathering the credit crisis. Despite significant exposure to bubble markets Spain and the UK, the company has not been required to write down a large amount of…

Economy

Lloyds TSB considering bid for Germany’s Dresdner

Edward Harrison Jun 21, 2008

The word on the street is that Lloyd's TSB, one of the major British banks not hit hard by the mortgage crisis, may be considering a bid for Germany's Dresdner Bank, now owned by the insurance company Allianz. If this sale does in fact…

Monetary System

Deflation has already arrived

Edward Harrison Jun 21, 2008

For those of you who have been reading my blog for some time, you'll know that I believe deflation is the longer term threat to the global economy despite the temporary inflationary pressures. However, I did believe that the Federal…

Economy

Chart of the day: real hourly earnings

Edward Harrison Jun 20, 2008

Hourly wages in the U.S. have not kept pace with inflation in the past 35-40 years. To the degree that U.S. households have been able to maintain higher real household earnings, it is all due to the influx of women into the workforce.…

Economy

S&P downgrades BofA

Edward Harrison Jun 20, 2008

You kind of saw this one coming. Bank of America is crazy to take Countrywide Financial's balance sheet onto its books. Apparently, S&P Equity Research agrees and correctly downgraded BofA to a sell rating because of the risk. Note:…

Economy

Battersea: £4 billion overhaul

Edward Harrison Jun 20, 2008

The defunct power plant that gave us one of the most famous album covers of all time (Pink Floyd, "Animals") is back. Battersea Power Station is going to get an overhaul to the tune of £4 million.With the price of fossil fuels so high, the…

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