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From the Wall Street Journal: Florida Sues CountrywideThe Florida attorney general has filed a lawsuit against Countrywide Financial Corp. and its chief executive, Angelo Mozilo, alleging that the company engaged in deceptive and unfair…

The Vancouver Sun is on a roll today. They have another post on ICBC that makes for interesting reading. Frankly, I don't know what to make of it. But it makes for a good read. Chinese bank has market cap twice that of JPMorgan First,…

In this weeks Barron's, Louise Yamada writes that financials in the U.S. have not fallen nearly enough in respect to their meteoric rise in the U.S. indices. She predicts further pain in the sector to where they represent less than a…

Peter Schiff, the investor and author, is a controversial figure. He tells of an America that has lost its way through shedding manufacturing and its habit of saving money. His conclusion is that the U.S. is not a place where he wants his…

Perot Charts is Ross Perot's attempt to reintroduce himself into politics in the US. From his standpoint, the U.S. is running an irresponsible fiscal policy that will only lead to ruin. His chart on the U.S. national debt, now over $9…

The suits are piling up. Angelo Mozilo is looking like the new Ken Lay for Washington.California's attorney general has filed a civil lawsuit alleging that Countrywide Financial Corp. engaged in deceptive advertising and unfair…

This from the National Post.The note from Blackmont analyst Brad Smith followed news late on Friday that Moody's Investors Service had downgraded XL Capital Assurance. CIBC has exposure to XL Capital since the bond insurer provides it with…

The Washington Post has a story on regional and healthy banks that I highly recommend. Essentially, we are past the first wave of writedowns and are moving into phase two where it won't be about derivatives and RMBS's as much as underlying…

I am pretty well satisfied that the subprime mess has reached its pinnacle. While there may yet be many more defaults, much of the disaster in subprime is baked into the cake. It's time to move on. But, move on to what? Most analysts say…

and cut dividend. Regionals across the country are now suffering. The second leg down for financials has truly begun. I warned on Fifth Third this past Thursday in What's happening at Fifth Third? See new story here. Update: 9:19 EDT…