Category: Financial Institutions
Full text: Moody’s reviews five Spanish covered bond programmes for downgrade
The following is the press release Moody’s issued in putting the covered bonds of five Spanish banks on review for credit ratings downgrades
Bernanke’s 29 Trillion Dollar Fog of Deceit
Congress should immediately call Chairman Bernanke in for testimony on the veracity of the Fed’s response to the Bloomberg report. It should demand a comprehensive accounting for all the Fed’s commitments, by institution that benefitted. Bernanke should explain what the Fed did, when it did it, why it did it, and in whose interests it has been operating since the GFC began. No more obfuscation. No more secrecy. No more fog of deceit
Bank run in Latvia
Rumors of an impending bank failure in Latvia over the weekend led to a run on bank machines. In many places it was impossible to get money
The four most surprising things about the European bank stress tests
On Thursday the European Banking Authority released the results of the latest European stress tests showing a total capital need of €114.7 billion across 71 banks. While German banks might argue that they got the worst of the surprises, there are plenty more in store for everyone
In Honor of Jon Corzine
Here’s what I’m listening to right now. Prince rocks the house in the video below. Eat your heart out, Jon Corzine
William K. Black on MF Global
Bill Black was on Capital Account talking to Lauren Lyster about MF Global. As usual, Capital Account delves deep into the real issues. Black never disappoints. Video below
Time to Demand Transparency and Accountability of Our Public Stewards
When will we begin to reign-in the Fed and hold it accountable? And will we let the Fed bail-out Wall Street without Congressional approval of funding the next time it crashes? We need to answer these questions soon, because it is beginning to look like the next crash is on its way
The SEC’s Day in Court
Judge Jed S. Rakoff of the United States District Courts of the Southern District of New York struck a blow against the Securities and Exchange Commission and in support of the “public interest.” The Securities and Exchange Commission had asked the Court to approve a Consent Judgment between Citigroup and the S.E.C. Judge Rakoff (cutting to the chase) wrote he could not do so
Full text: Moody’s reviews European banks’ subordinated, junior and Tier 3 debt for downgrade
“While the need to preserve confidence may imply some continuing (though potentially declining) support for senior debt — given the potential for contagion across the banking system — the rationale for continuing to assume the willingness and ability to provide support for subordinated debt holders is much weaker.”
FDIC-Insured Institutions Earned $35.3 Billion in The Third Quarter of 2011
Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported an aggregate profit of $35.3 billion in the third quarter of 2011, an $11.5 billion improvement from the $23.8 billion in net income the industry reported in the third quarter of 2010. This is the ninth consecutive quarter that earnings registered a year-over-year increase
What’s underneath the TARP?
The GAO says that issues with the TARP are not “material” and chooses instead to go with the less damning term of “significant”. A three-year record of getting it wrong would seem to suggest otherwise. We get that the $470 billion TARP was thrown together in a hurry. But to have “significant” issues with this extremely high-profile and unpopular corporate welfare program for three years running speaks of deliberate carelessness. Why on earth should we believe all the trumpeting about how profitable TARP has been when they can’t get the numbers right? In fact this all leaves me wondering: what’s really underneath that