crisis

Updated 535PM EST on 16 Sep 2008 to reflect information from this press release:National City Completes $7 Billion Capital RaiseWhile all eyes were focused on Lehman Brothers this weekend, many other players were making their moves to shore…

Don't think that it is just the U.S. that has to worry about systemic risk. The Europeans have their own problems and the weaker financial institutions are getting absolutely killed in European trading right now. RBS is down nearly 13%.…

In case you missed it, the financial system in the U.S. is near collapse. This weekend was unbelievable. Lehman Brothers filed for bankruptcy. The world's largest insurer AIG is looking for the Fed to help it avoid collapse and Merrill…

It has now been confirmed that Bank of America has bought Merrill Lynch for $44 billion. Originally, Bank of America had been in the running to buy Lehman Brothers but balked at Lehman's black hole of a balance sheet. The U.S. Government…

I just spotted an interview in L'Express with George Soros while he is in France plugging his book on the credit crisis. His overall point is that markets are not efficient. They tend to excess. Present regulatory controls and banking…

George Soros recently released an interesting book called "The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Means." The book critiques the new 'efficient markets' paradigm that has come to both control the…

Below are the latest writedown stories from the web that I have seen. Quite honestly, I have been a little behind in updating all of the stories on the timeline, so please call me out on anything important I failed to add.For the full…

Today's punishing session on Wall Street just ended down over 280 points. The glee of yesterday is well and truly over. Lehman Brothers in particular, was punished today as news of its stalled talks with the Korean Development Bank…

You would think that after the biggest bailout in financial history, one could breathe a sigh of relief. However, as I write this post, the markets are getting pummeled, financial stocks in particular. What is clear from the TED spread is…

Another Friday afternoon massacre claims another failed U.S. bank. This time the bank was in Georgia. Integrity Bank of Alpharetta, GA had $1.1 billion in assets. As is FDIC custom, the announcement wasn't made until after markets had…