Economy

Apparently the credit crisis is claiming victims in the financial sector everywhere including this New London, CT credit union and its investment manager. Obviously, credit unions aren't immune either.The 82-year-old broker who handled…

For those of you who actually care about anything international, there is an Emerging Markets crisis brewing right now in the Baltics. After reading posts from Alpha Sources, naked capitalism, Market Movers, and Bronte Capital on the…

Remember how the impartial accountancies lost their way during the tech bubble? The most egregious case was Arthur Andersen's wrongdoings at Enron, which eventually bankrupted both Enron and Arthur Anderson. Well in this particular crisis…

The blog site EconomPic Data has some nice pictures of Citi's writedowns to date. Here is one. Check out the site for another nice breakdown.According to Bloomberg, Citigroup has written down over $50 billion so far. Click here for a full…

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 21 Earnings Fall 44% at Bank of America2008 07 22…

Caroline Baum is one of the more insightful financial market pundits around. In her column she takes aim at Fannie and their private reward, public risk corporate setup. Basically, the Fannie-Freddie bailout is a simple case of "heads and…

Lloyds TSB announced first half results, a 70% fall in pre-tax profits. Yet, Lloyds' management was confident enough to raise the dividend 2p a share to 11. 4p. This strikes me as completely out of touch with market conditions. In the…

Further evidence that the housing slump has spilled over into the real economy in Ireland comes from Irish unemployment numbers today, up the most in 41 years of data. Ireland looks to be one of the hardest hit countries in Europe. In all…

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…

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…