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Monetary System
Expect continued losses from Nordic bank exposure outside home market
Moody’s anticipates continued losses at Danske Bank, SEB, and Swedbank due to large exposure outside of the Nordic markets. In particular, exposure in the Baltics is likely to lead to continued writedowns for Nordic banking…
AmTrust Bank seized by regulators after asset stripping
You kind of knew this was going to happen. Given the fact that AmTrust Financial, the holding company filed bankruptcy (see my story here) after a bit of asset stripping, the FDIC was forced to come in and seize the banking subsidiary…
FDIC Friday night: Three more bankruptcies in Georgia
Yesterday I wrote how bank bankruptcies are crushing small business and households in Georgia. Today we got three more to bring the total to 23 this year, 29 since the subprime crisis began. The Buckhead Community Bank, Atlanta, Georgia…
Reaching for yield in the post-TARP era
When I read Yves Smith's recent comments on Bank of America's repayment of its TARP funds, I couldn't help but think of a post I wrote six months ago called "Asymmetric information and corporate governance in bank bailouts." The…
Bank failures in Georgia crushing small business and home owners
Recently, I have been writing a lot about regional banks and the capital problems they have been having. This is having a direct impact on lending capacity available to small and medium sized businesses (SMEs) and households. As a result, a…
Are we pushing on a string or crowding out?
This is an important question which Brad DeLong asks (Hat tip Mark Thoma). Here’s the logic: Right now, if you ask the decisive members of congress—by which I mean the Blue Dog Democrats in the House, or the most conservative Democrats…
Australian Professor in Japan makes case for protectionism against China
As I indicated earlier today, I generally see protectionism not as a second-best argument like Paul Krugman, but as something to avoid entirely. Nevertheless, calls for more protectionism are being heard everywhere. Gregory…
Quantitative easing is not the cure to what ails Europe
"This is definitely a threat on the horizon," said Blaise Ganguin, the agency's European credit chief. Some 75 companies large enough to be rated face likely default in 2010 as the slow-burn effects of the crisis hit home.…
Privately-owned AmTrust’s bankruptcy a bad sign for regionals
AmTrust Financial, a privately held regional bank holding company based in Cleveland, has just filed for bankruptcy. With well over $10 billion in assets, AmTrust Bank is fairly large. The circumstances surrounding its failure are unusual…
S&P cuts Bank of Ireland’s rating while Goldman says buy
After going bullish on bank stocks in April, two months ago I said most of the upside in bank shares was priced in. Since that time, shares have traded sideways to down. I expect this trend to continue as headwinds like another wave…