bankruptcy

At the end of last week, the warning came. The Chinese officially warned Hank Paulson et al. that they better get their act together on Fannie and Freddie. The Chinese own a ton of GSE paper and they would be hopping mad to see their…

PIMCO, the brainchild of Bill Gross and now owned by the German insurance giant Allianz, is concerned enough about the bankruptcy of Roskilde Bank in Denmark to have sent the following e-mail out to its clients. I have put important parts…

Over the weekend the Danish Central Bank took over bankrupt Roskilde Bank, wiping out shareholders. Tiny Denmark has had a bankruptcy on its hands that is following the script of Northern Rock in the UK to a tee: After lending too much…

The bankrupt Danish Bank Roskilde received no bidders as the Central Bank of Denmark looked to unload the bank as quickly as possible. Roskilde got into trouble after the Danish economy turned down and loans it had made to home builders…

Yesterday and overnight, there was a ton of news in Europe, in banking and in geopolitics. So, I am going to alter the format of the round-up slightly and give you a rundown with links mixed in.The long and short is that the banking sector…

Below are the latest writedown stories from the web that I have seen. For the full timeline of news, visit my credit crisis timeline. Bloomberg recently updated their tally of writedowns to arrive at $503.8 Billion to date. That is on…

From where I sit, today was a complete disaster for U.S. finance. Fannie and Freddie imploded -- their shares quickly approach zero. Lehman admitted it is scared witless and has tried to line up foreign governments to bail it out. States…

Lehman Brothers is obviously desperate to avoid Bear Stearns' fate. The FT is reporting that Lehman held secret talks with foreign investors to sell up to 50% of the company. Previously, I thought one investor might be the Korea…

Talk about ugly, American Home Mortgage, an outfit which went bust two days before the credit crunch hit a year ago, is now liquidating. We knew equity holders were going to get zippo, nada, zilch, but what about creditors of the mortgage…

Kenneth Rogoff, the Harvard Professor and former IMF Chief Economist shares my view that another large U.S. financial institution will go bust. I predicted this will happen before the end of 2008. He gives no specific date, but he does go…