accounting

This via the FT blog FT Alphaville:The latest downgrades from S&P - testament to the fact that the structured finance unwind isn’t yet unwound: 330 U.S. CDOs put on credit watch negative80 second lien RMBS cut to ‘D’65 Alt-A RMBS…

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 here 2008 06 05 MBIA, Ambac, $1 Trillion of Debt, Lose S&P AAA Rating2008 06 05…

The Financial Times' blog Alphaville is reporting today that those investors who ponied up for shares in financial institutions after the financials wrote down billions and needed additional capital - those investors - lost $10 billion!…

The latest move by a regional bank comes from KeyCorp, based in Cleveland. In order to preserve capital ahead of the impending troubles headed for the regionals, KeyCorp has taken the prudent step of both raising capital and cutting its…

In the wake of downgrades from AAA to AA status, MBIA has pulled support for its bond insurance subsidiary. In a letter to shareholders, CEO Jay Brown said:"We confirmed to the market today that we will not be making capital contributions…

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 02 Wall Street May Face $460 Bln in Losses, Goldman…

The Telegraph reported that UBS, the giant Swiss Bank, had its shares suspended twice yesterday as it tried to mount a share rights issue while its shares plummeted to a 52-week low. UBS is trying to raise 16 billion Swiss Francs (about $16…

My blog title comes from the title of an article, "Bank failures to surge in coming years" by MarketWatch on 23 May 2008. I highly recommend reading the full article. It mentions that only 3 banks have actually failed so far in…

Citigroup, Merrill, UBS Face Further Writedowns, Whitney SaysBy Jeff KearnsJune 9 (Bloomberg) -- Citigroup Inc., Merrill Lynch & Co. and UBS AG may post further writedowns of $10 billion on their debt holdings after the two biggest bond…

RBS failed to get all the money it needed for its rights issue with 300 million shares still in the hands of its underwriters, reports the FT. These shares are to be sold today. This massive $24 billion (£ 12 billion) shows the limits of…