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Economy
Spanish unemployment up
Spain had an unemployment rate of 10.4% in the second quarter of 2008, up sharply from 9.6 in the first quarter. The Spanish National Statistics Market said employment in construction jobs were particularly weak as the housing bust in…
$467 billion in writedowns and counting
This reporting season, there have been some major, major writedowns from the likes of WaMu, Citi, Merrill, and Wachovia. Most analysts see this quarter as the last quarter of major writedowns from the credit crisis. Haven't we heard that…
Security concerns create EU-US diplomatic row
America's security concerns due to terrorism are having unwanted side effects in relations with the EU. Handelsblatt, the German newspaper is reporting that visa requirements for some EU citizens is causing the EU to retaliate with visa…
Security concerns boomerang on the US
America's security concerns due to terrorism are having unwanted side effects in relations with the EU. Handelsblatt, the German newspaper is reporting that visa requirements for some EU citizens is causing the EU to retaliate with visa…
Costco getting hit by energy costs
Costco is getting hammered today because it warned earnings will fall short due to higher inflation.Costco Wholesale Corp., which had been one of the few bright spots in retailing, said today that its earnings will miss Wall Street…
George W. Bush: “There is no question about it. Wall Street got drunk”
Talking about the financial markets and the housing mess, George W. Bush offered up these pearls of wisdom:"There is no question about it. Wall Street got drunk.... That’s one reason I asked you to turn off your TV cameras.... got drunk and…
UBS: New York Attorney General to file suit
As the downturn gathers steam, lawsuits against financial firms are going to rise. Below is the latest in lawsuits. The associated WSJ article is available only to subscribers.New York state Attorney General Andrew Cuomo is preparing to…
Too big to fail?
Recently, the SEC restricted short selling on a list of 19 stocks because of turmoil following the Fannie-Freddie worries last week. In effect, the SEC was signaling that these institutions are too big to fail because a number of these…
Regional banks are suffering
In the aftermath of the Meltdown of the GSEs and the heavy-handed regulatory solution used to stem the tide, regional banks are in focus for investors as they stand to the take the brunt of short-selling.
Financial services bears know full…
Writedown News: 22 Jul 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 15 Regional Banks Take It on the Chin As Fallout…