accounting

Below are the latest writedown stories from the web. For the full timeline of news, visit my credit crisis timeline.2008 06 23 Citigroup and Goldman Sachs cut more staff as effect of credit crunch lingers2008 06 26 Fortis launches urgent…

$1.6 trillion! This is the figure that a Bridgewater Associates study has come up with. I caught this article when I was looking for the original German-language version of a story that MarketWatch exposed regarding the Swiss banks' need…

This is a big story coming from the Swiss German-language paper Sonntagszeitung. I originally saw this story in a derivative report from MarketWatch and then again at Calculated Risk. It's not getting enough play as yet in the…

UBS has announced that it expects further massive hits from the credit crisis and subprime meltdown to affect its quarterly earnings to be released soon. However, after raising a huge amount of equity capital, the company is…

When lenders violate the U.S. federal lending disclosure laws, they may get stuck with the loan losses. This is the case now being argued before the courts in Wisconsin, with major implications on the number of cases to be filed and the…

The following are the links regarding the global credit crunch that have been recently added to the Credit Crisis Timeline. The full timeline is accessible hereLatest Additions2008 06 18 Subprime Losses Top $396 Billion on Brokers'…

It looks like AIG is poised to join the ranks of UBS, Citigroup, and Merrill in leading the write-offs by financial institutions. Bloomberg is reporting that AIG is ready to write off another $5 billion. June 27 (Bloomberg) -- American…

UPDATE 26 SEP 2008: I have a new story on Fortis and its troubles. Please click here. The Times of London is reporting that Fortis, a Belgian-Dutch bank is issuing an 'urgent' cash call of €1.5 billion. Fortis has been hard hit by the…

Today, American Express said that consumers are increasingly falling behind on payments. This suggests that credit card charge-offs at banks are about to go much higher in the coming quarters.A story by Bloomberg News reads:American Express…

Ross Perot is making a comeback! The Texas billionaire has come back into the political fray with his website Perot Charts. I recommend taking a stroll through it. You will definitely be a wiser person for it. Today's chart comes from…