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This via the FT blog FT Alphaville:
The latest downgrades from S&P – testament to the fact that the structured finance unwind isn’t yet unwound:
330 U.S. CDOs put on credit watch negative80 second lien RMBS cut to ‘D’65 Alt-A RMBS ratings cut 28 European synthetic CDOs on credit watch negative
It’s also worth noting that more [...]

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The following are the links regarding the global credit crunch that have been recently added to the Credit Crisis Timeline. The full timeline is accessible here
2008 06 05 MBIA, Ambac, $1 Trillion of Debt, Lose S&P AAA Rating2008 06 05 MGIC, PMI Downgraded by Fitch on Poor Underwriting2008 06 05 Frank-Dodd Rescue Prolongs Housing [...]

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The Financial Times’ blog Alphaville is reporting today that those investors who ponied up for shares in financial institutions after the financials wrote down billions and needed additional capital – those investors – lost $10 billion! Basically, its like throwing good money after bad. Investments in many of these institutions is dead [...]

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The latest move by a regional bank comes from KeyCorp, based in Cleveland. In order to preserve capital ahead of the impending troubles headed for the regionals, KeyCorp has taken the prudent step of both raising capital and cutting its dividend.
KeyCorp on Thursday said it would raise about $1.5 billion in new equity and [...]

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In the wake of downgrades from AAA to AA status, MBIA has pulled support for its bond insurance subsidiary. In a letter to shareholders, CEO Jay Brown said:
“We confirmed to the market today that we will not be making capital contributions to MBIA Insurance Corporation given the changes in ratings status last week, especially [...]

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The following are the links regarding the global credit crunch that have been recently added to the Credit Crisis Timeline. The full timeline is accessible here
Latest Additions2008 06 02 Wall Street May Face $460 Bln in Losses, Goldman Says2008 06 02 Washington Mutual’s Killinger Steps Down as Chairman2008 06 02 Morgan Stanley, Merrill, Lehman [...]

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The Telegraph reported that UBS, the giant Swiss Bank, had its shares suspended twice yesterday as it tried to mount a share rights issue while its shares plummeted to a 52-week low. UBS is trying to raise 16 billion Swiss Francs (about $16 billion) to shore up its balance sheet after the Swiss banking regulators [...]

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My blog title comes from the title of an article, “Bank failures to surge in coming years” by MarketWatch on 23 May 2008. I highly recommend reading the full article. It mentions that only 3 banks have actually failed so far in 2008. But that number will go much higher as distress from [...]

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Citigroup, Merrill, UBS Face Further Writedowns, Whitney Says
By Jeff Kearns
June 9 (Bloomberg) — Citigroup Inc., Merrill Lynch & Co. and UBS AG may post further writedowns of $10 billion on their debt holdings after the two biggest bond insurers were stripped of their AAA rankings, according to Oppenheimer & Co. analyst Meredith Whitney.
-Bloomberg News, 9 [...]

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RBS failed to get all the money it needed for its rights issue with 300 million shares still in the hands of its underwriters, reports the FT. These shares are to be sold today. This massive $24 billion (£ 12 billion) shows the limits of banks’ ability to raise capital and underscores that [...]