Economy

This comes via Brown Brothers Harriman. I have highlighted the parts of particular note. Macroeconomic Update: The economy has slowed along with the rest of the world, as China has become much more dependent on trade as it integrates…

Back in April, I mentioned a story about BTA, a bank in Kazakhstan that had been nationalized by the state in February.  The interesting bit about the story was that interested parties from abroad (including Morgan Stanley) had…

Every country has a problem child or two in the financial services sector. America has Citigroup and Bank of America. Britain has RBS and HBOS/Lloyds.  And Germany has Hypo Real Estate.  I have been chronicling problems at the…

For quite some time now I have been of the view that there are a number of striking similarities between the goings on in Ireland and those in California, none of them good.  Both locations have seen extraordinary rises in home prices turn…

These two seizures are going to be costly. The first one here, Vineyard Bank in California  is going to cost the taxpayer an estimated $579 million.  The second, Temecula Valley Bank in North Carolina, is estimated to cost $391…

The first bank failure is in Georgia, a state where many FDIC seizures have taken place. On Friday, July 17, 2009, First Piedmont Bank, Winder, GA was closed by the Georgia Department of Banking and Finance, and the Federal Deposit…

I just read a CNBC story which fails to mention CNBC’s involvement in the apparently erroneous report that Nouriel Roubini has suddenly become more bullish. Is this omission justified?  The controversy centers on statements Roubini…

While Citi and BofA are getting taken to the woodshed for double secret probation, JPMorgan Chase is showing record revenue of $25.6 billion and a large profit of $2.7 billion.  As profit is up 36% from a year earlier and 27% from just…

On the surface this week’s jobless claims data look very good. Initial claims came in at 522,000, the best since the first week of the year and pulling the 4-week average below 600,000 for the first time in about six months.  Moreover,…

This comes from the Wall Street Journal: Small-business lender CIT Group Inc. said "there is no appreciable likelihood" that it will receive fresh government support, suggesting that the company might instead seek to file for…