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CRE: GMAC-related Capmark Financial near bankruptcy
A sign that the commercial real estate (CRE) market continues to cause headaches comes this weekend in the form of news of Capmark Financial’s imminent demise. Capmark is one of America’s largest commercial property lenders with about $10…
Did Gordon Gekko inspire Wall Street or the other way around?
This contribution from Daniel Berger is a letter to Michael Smerconish in response to a commentary Smerconish wrote on 10 May 2009 in the Philadelphia Inquirer “Head Strong: Did Hollywood inspire the meltdown men?” A shorter version of…
News from around the web: 2009-10-24
US Treasuries: "Risk free" for How Long? - Megan McArdle This is the widely-believed default canard. Latin America nations defaulted because of foreign currency debt. Japan issue debt in their own currency. They cannot…
Seven banks seized by FDIC
This is the biggest weekend for FDIC seizures yet. Seven banks have been shut down. Below is the list of banks. Partners Bank, Naples, Florida (Stonegate assumes assets) As of September 30, 2009, Partners Bank had total assets of…
Why do bankers make so much money?
The following post is a re-post from Rick Bookstaber’s blog. Bookstaber is a market veteran who has long and storied history of achievement. He worked at Bridgewater Associates, ran the Quantitative Equity Fund at FrontPoint Partners and…
Links: 2009-10-23
The Problem is Not TBTF, but TDTR - Yves Smith TDTR means Too Difficult to Resolve Economist's View: "The Death-Defying Dollar" Long-term weakness but no collapse. Paul Krugman - The Chinese Disconnect - NYTimes.com…
How much money is Wells Fargo really making?
The positive earnings announcement by Wells Fargo on Wednesday was marred by a sell recommendation from Dick Bove and a lot of chatter about credit writedowns and mortgage servicing rights (MSRs). I wanted to add a few words about the…
What are the legal rights of lenders and homeowners in foreclosure?
After I published the recent story on the case against servicing agent MERS in the Kansas Supreme court, I noticed a lot of chatter about some mortgage servicing line items in Wells Fargo’s earnings report. So I wanted to quote a few blurbs…
Debtflation
Morgan Stanley has an interesting piece out this morning called Debtflation. In the past, they have raised alarm bells over what they see as embedded inflation in the loose monetary policy presently being followed by most central…
How many medical bankruptcies were there in Switzerland last year?
The number is zero. According to a recent Harvard study, two of every three bankruptcies in the US are medical-related. That’s why at least catastrophic coverage for everyone is the real purpose of healthcare reform. Why some…