Credit Writedowns » Gillian Tett

Hugh Hendry ‘I would recommend you panic’

Edward Harrison — Thu, 27 May 2010 18:30:00 +0000

Below is a video of the conversation on News Night last night in the UK about the European Credit Crisis. Participants were Hugh Hendry, Gillian Tett and Jeffrey Sachs.

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News from around the web: 2009-10-20

Edward Harrison — Tue, 20 Oct 2009 21:15:16 +0000

Android 2.0 gets Facebook integration and a car mode With the 4G iPhone coming, will it be enough? FT.com – Apple leaps ahead with 47% profits surge No one’s complaining about this, are they? RUMOR: Verizon and Apple Already Testing 4G iPhone Wow. I’d like to see this phone. Big news. AT&T is unhappy. FT.com

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Weekend Links: 2009-09-19

Edward Harrison — Sat, 19 Sep 2009 04:00:00 +0000

FT Alphaville – Is all well at Wells Fargo? Wells Fargo is starting to pay for its tight-lipped limited disclosure policy. From Bear to Bull: James Grant on Recession and Recovery – WSJ.com I don’t agree with Grant , but here it is. "James Grant argues the latest gloomy forecasts ignore an important lesson of

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Barclays and Protium: back to the future

Edward Harrison — Fri, 18 Sep 2009 12:38:47 +0000

I am astounded at how quickly we have returned to the pre-crisis days of yore. Credit spreads are down, the stock market is up, volatility is down, earnings are up and bonuses are up. It looks like happy days are here again. But, I can’t help thinking this is all too much and too soon.

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News from around the web: 2009-09-11

Edward Harrison — Fri, 11 Sep 2009 13:25:28 +0000

Follow the money – BBC News "Find out how the money was spent and what it means for the taxpayers who have funded it" To the victors, the spoils: a post-Lehman scorecard | Reuters A year after their high-speed takeovers, Britain’s Barclays is confident it is on course to fulfill long-held ambitions now it has

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News from around the web: 2009-08-08 8 Aug 2009
News from around the web: 2009-08-26 26 Aug 2009
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Night time Links: 2009-08-28

Edward Harrison — Sat, 29 Aug 2009 03:00:00 +0000

FDIC: Failed Bank Information – Bank Closing Information for Affinity Bank, Ventura, CA As of July 10, 2009, Affinity Bank had total assets of $1 billion and total deposits of approximately $922 million. In addition to assuming all of the deposits of the failed bank, Pacific Western Bank agreed to purchase essentially all of the

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Links: 2009-03-17 17 Mar 2009
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News from around the web: 2009-08-08

Edward Harrison — Sun, 09 Aug 2009 03:00:00 +0000

The liquidity pipes remain clogged – Gillian Tett Parallels to Japan yet again As Economy Turns, Washington Looks Better – David Leonhardt, NYTimes.com Could July’s employment report be a boon for Obama? What If the Captain of the Titanic Managed to Get Three Quarters of the Passengers on Life Boats? – Dean Baker A different

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Edward Harrison — Sat, 18 Jul 2009 04:46:00 +0000

Peter Brimelow: Wall Street-Washington collusion? – MarketWatch Just my kind of article. Hat tip Marshall Auerback. Yao Ming likely out next season – NBA – Yahoo! Sports No Tracy McGrady or Ron Artest either Dismantling the Temple – William Greider The Fed is in deep trouble from the financial crisis. Hat tip Scott. America’s 10

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Hugh Hendry: “China is Santa Claus”

Edward Harrison — Tue, 07 Jul 2009 16:52:24 +0000

In talking to the FT’s Gillian Tett, Hugh Hendry of The Eclectica Fund makes the hilarious metaphor of China as Santa Claus bringing gifts to a world constrained by excessive Western government debt issuance. But, Hendry thinks the Asian surplus countries are the most exposed and most vulnerable because they are excessively dependent on foreign

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Links: 2009-06-19

Edward Harrison — Fri, 19 Jun 2009 04:41:00 +0000

After Pilot Dies, Jet Lands Safely in Newark – NY Times EU sets basis for finance reform – BBC News "EU ministers have agreed in principle on a framework for enhanced oversight of the financial sector, with the UK winning key concessions to the plans." When it comes to global banks, size matters – Gillian

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Fool’s Gold: Gillian Tett lectures on shadowy world of derivatives

Edward Harrison — Sat, 02 May 2009 16:37:53 +0000

From the London School of Economics website: Below is an audio recording of approximately 78 minutes where Gillian Tett takes us inside the shadowy world of complex finance and derivatives and explains how the business of slicing and dicing debt led us to the devastating global credit crunch. Gillian Tett has worked as a journalist

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Links: 2009-05-02

Edward Harrison — Sat, 02 May 2009 08:43:06 +0000

Berkshire’s Munger Favors ‘100% Ban’ on Credit Swaps – Bloomberg.com Berkshire Hathaway Inc. Vice Chairman Charles Munger said he supports an outright ban of credit- default swaps to prevent speculators from profiting on the failure of companies. The Mess That Greenspan Made: Mortgage lender blowback I was wondering when the man with a tan was

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CDS contracts and the implosion of several Eastern European economies

Edward Harrison — Thu, 30 Apr 2009 20:56:41 +0000

Today I saw two blurbs about Eastern Europe which I want to pull together with a bit of added commentary about the automakers in the U.S. The first blurb had to do with the Baltics and their probable downgrade to junk by the ratings agencies. This is what Win Thin, a Senior Currency Strategist at

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Links: 2009-04-25

Edward Harrison — Sat, 25 Apr 2009 12:14:39 +0000

Markets Cheer Stress Test Double Speak – Yves Smith I think the title speaks for itself. Auctions for Troubled Property Loans Jump to the Web – NY Times Perhaps this additional channel for the loans will help clear the underlying housing inventory. Interesting development in any event. Not for the faint of heart. Funds try

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Links: 2009-04-24

Edward Harrison — Fri, 24 Apr 2009 10:36:46 +0000

FT.com – German business confidence rebounds A surprisingly sharp rise in German business confidence has provided further evidence that Europe’s largest economy is over the worst of its recession and is closer to returning to growth than previously thought. U.S. may remove Citi’s Pandit: report It’s about goddamn time. U.S. regulators who are concluding ”stress

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Is Obama considering nationalisation?

Marshall Auerback — Fri, 20 Mar 2009 18:00:42 +0000

You may have seen Ed's post "Gillian Tett: Washington is talking to Swedes about banking crisis solutions" a week back about how the U.S. government was getting ready to talk to Swedish officials regarding the banking crisis. This is a very important development and I have a lot more to provide below on the issue as it pertains to today's events and Japan's crisis early this decade

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Links: 2009-03-17

Edward Harrison — Tue, 17 Mar 2009 12:57:30 +0000

Happy St. Patrick’s Day. I hope you have a good one. Going forward in the links I will have a main link section of up to 15 links. But I will also add a few extra sections on: Blogs I have started following Technology (I am a tech nut, but sometimes the tech stories d

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Gillian Tett: Washington is talking to Swedes about banking crisis solutions

Edward Harrison — Thu, 12 Mar 2009 21:00:46 +0000

Gillian Tett has written in the Financial Times that the Obama Administration is no talking to the Swedes directly about their solution to the credit crisis, suggesting a openness to potential banking crisis solutions. Next week, Bo Lundgren, now head of the Swedish debt office, but formerly a Deputy Finance Minister under Carl Bildt, is scheduled to meet with American officials in Washington. For those of us who see positives in the Swedish crisis solution, this is positive news

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News round-up: 14 Oct 2008

Edward Harrison — Tue, 14 Oct 2008 03:00:00 +0000

Now that we have seen our massive 1000-point rally, we can come back down to earth and worry about the real economy effects that the credit crisis has already wrought and ho well money markets are going to respond to all this monetary stimulus. While I wholeheartedly support, many of the financial manoeuvres in the

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News round-up: 10 Oct 2008

Edward Harrison — Fri, 10 Oct 2008 04:00:00 +0000

Did you see that coming? What a train wreck of an end we had yesterday in the States. Things started off well enough with gains in Asian trading. The Europeans were a bit jittier, but it was within the bounds of reason. New York? That was whole different ball game. The first story about people

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The Swedish roots of the UK bailout plan

Edward Harrison — Wed, 08 Oct 2008 18:38:00 +0000

Gillian Tett makes a good point in today's FT about the clear benefits of a systemic solution to crisis. Where the UK policy makers were bumbling along until today, they have taken the problem firmly in hand, finally recognizing the systemic risk. Tett sees this sensible policy as one hearkening back to the Swedish solution last decade. The U.S. would do well to take notice

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News Round-up: 26 Sep 2008

Edward Harrison — Fri, 26 Sep 2008 03:00:00 +0000

I am going to do this round-up of news early because the news cycle is very fast. Top billing today is the WaMu bankruptcy and asset seizure by the FDIC and immediate asset purchase by JP Morgan Chase. Please see my synopsis here. There is the Economic Patriot Act proposed by Hank Paulson and the

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Jim Chanos: short sellers are heroes

Edward Harrison — Thu, 25 Sep 2008 17:05:00 +0000

I just watched a great clip of an interview Jim Chanos, the famous head of hedge fund Kynikos Associates, did with the FT’s Gillian Tett (Hat tip FT Alphaville). Chanos does a very good job of arguing hat short sellers are being unfairly victimized by government. Basically, he and other hedge fund managers like John

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Lessons from Japan’s Bank Crisis

Edward Harrison — Wed, 13 Aug 2008 02:43:00 +0000

The Wall Street Journal has a good piece from Yuka Hayashi about lessons that can be learned from Japan’s experiences with its bank crisis in the 1990s. While I do take issue with a number of the article’s assertions, on the whole it sheds light on what Japan did in order to shore up its

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The Japanese Problem is now ours

Edward Harrison — Fri, 13 Jun 2008 13:55:00 +0000

Ben Bernanke claims to be an expert student of the Great Depression and its causes. Therefore, many feel comforted that he knows what to do should in order to avert a repeat of 1929. But does he know how to prevent a repeat of the Japanese Problem

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