banks

This comes from the Sydney Morning Herald. I will have a comment on this post later today.UPDATE: combined with the news out of the EU regarding bank backstops and interbank guarantees, the news from Australia is now being greeted quite…

Given the historic nature of the Lehman Brothers bankruptcy, it bears explaining how the credit default swaps market work and why it matters.

They did it again. The FDIC closed down two banks on Friday night after the market had closed. The two bans in question are Meridian Bank of Eldred, Illinois and Main Street Bank of Northville, Michigan. As always seems the case for the…

This comes via Credit Fixings. The auction process to settle Credit Default Swap trades on Lehman Brothers bonds put the value of the debt at 9.75 cents on the dollar. That is much lower than one would have expected (12 cents on the…

In July, I made my ten predictions for the markets and global economy for the rest of the year. Some of my predictions were pretty pedestrians, and some were fairly bold. Let's take a look and see how I'm doing.Here's what I originally…

Prime Minister Gordon Brown has finally pulled the trigger. In the most momentous move yet in the credit crisis, the UK government is effectively partially nationalising the UK banking system. For months, I have maintained that the…

As I do every week, I am updating you with links to important news in the credit crisis. These links are compiled in my credit crisis timeline, which is the most comprehensive list credit crisis links on the Internet.However, one big hole…

In a move widely anticipated for months by many analysts, Meredith Whitney amongst others, Bank of America has finally cut its dividend. Releasing its earning report two weeks early, BofA said it would cut the dividend 50%. I view the…

The Guardian is reporting that Gordon Brown and his Labour Government are increasingly on the defensive as the number of governments in Europe guaranteeing deposits increases.The first problem for the Prime Minister was that Building…

EU governments have woken up to the need to defend the banking system by guaranteeing all or some of their citizens' bank deposits. After Germany, Ireland and Greece, Denmark is the latest to do so. And Denmark may also be the one country…