Browsing Tag

accounting

Credit Unions in trouble

I wish it were not so, but it is increasingly obvious that every part of the financial sector in the United States is infected by this menacing plague of credit losses and writedowns. Now it comes to light that the five biggest U.S. credit…

UBS reports Tuesday: brace yourself

Let's hope the UBS earnings report is not as bad as Merrill. If you recall, Citi, Merrills and UBS are the three worst offenders when it comes to writedowns. Given the recent asset sales by RBS and Merrill, one would expect to see some…

What is a credit writedown?

A credit writedown is a reduction in the value of an asset as it is carried on a company's balance sheet. As these losses must also be reflected on the income statement, credit writedowns result in massive losses.

Writedowns hit $500 billion

After RBS's writedowns on Friday, Bloomberg estimated that we have had nearly $500 billion in writedowns in the so-called 'sub-prime' crisis to date.Barclays, Britain's third-biggest bank, had first-half writedowns of 2.8 billion pounds, it…

What AIG’s losses mean

AIG has long been one of the largest and best-capitalized insurance and financial-services organization in the world. Before recent scandals, it was one of a few S&P 500 corporations in the U.S. with a AAA rating. Yet, it just reported…

Writedown News: 07 Aug 2008

After a week's holiday, I have a huge backlog of stories on offer. Below are the latest writedown stories from the web that I have seen. For the full timeline of news, visit my credit crisis timeline.Also see my list of Bankrupt Global…

Writedown News: 30 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 21 Earnings Fall 44% at Bank of America2008 07 22…

Lloyds has a decent first half

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…

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