Credit Writedowns » nationalization

How not to resolve a banking crisis

Guest Author — Thu, 27 Oct 2011 17:00:52 +0000

Much of macroeconomic policymaking is trial and error. This column discusses calamitous error on the part of Iceland’s policymakers, in the hope that others can at least try something else

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Dexia is seeking a new brand name

Edward Harrison — Tue, 25 Oct 2011 20:17:31 +0000

Belgian newspaper De Standarad reports that the folks at twice bailed out Franco-Belgian bank Dexia are looking for a new name for the company. Apparently, the Dexia brand has been tarnished. Dexia is Belgium’s version of NCNB, now Bank of America, a small bank that grew enormously through expansion and acquisition

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Full Text: Moody’s downgrades Spanish savings bank CAM to B3;

Edward Harrison — Mon, 17 Oct 2011 19:49:19 +0000

On Friday, I asked why CAM’s credit default swaps were soaring. This is why? Clearly someone had inside information

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“Dexia was not a bank but a hedge fund”

Edward Harrison — Mon, 10 Oct 2011 18:20:57 +0000

If you recall Global Macro Monitor’s post on Europe's Bank Problem last week, the IMF chart showed very well how banks were struggling to wean themselves from short-term funding sources and increase tangible common equity. The Belgians had made Herculean strides in this effort. But it has not been enough

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Belgium will nationalise Dexia this weekend

Edward Harrison — Fri, 07 Oct 2011 18:26:36 +0000

Franco-Belgian bank Dexia is being officially nationalised according to two Belgian newspapers

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Zulauf: 20% downside risk from the market’s intraday May high

Edward Harrison — Sat, 11 Jun 2011 09:47:06 +0000

Point for point, I agree with the commentary from Felix Zulauf in this week’s Barron’s mid-year roundtable discussion. For long-time Credit Writedowns readers, you will recognize almost every one of these points from previous posts. It is nice to see it all distilled so cogently in one place. This is a must-read. Subscribe if you must. Much more at the link below

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Car Sales Rise $23 Billion

Annaly Salvos — Sun, 21 Nov 2010 00:00:57 +0000

by Annaly Capital Management Okay, so this wasn’t the exact headline after GM’s record setting capital raise this week. Including over-allotment option, the offering of common and preferred stock should bring the total dollars raised to $23 billion, making it the biggest IPO ever done. Of that amount, approximately $4.8 billion will be netted by

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Gross Urges ‘Full Nationalization’ of Housing Finance

Edward Harrison — Wed, 18 Aug 2010 12:00:29 +0000

From Bloomberg: Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., said the U.S. should consider “full nationalization” of the mortgage- finance system as the Obama administration plots the revival of a market that was at the center of the 2008 credit crisis. “To suggest that there’s a large place

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CajaSur nationalization makes fragility of Spain’s banks topical

Edward Harrison — Mon, 24 May 2010 21:23:43 +0000

Last spring and summer I wrote a series of articles on the bleak situation in Spain, centred on the Spanish Cajas (savings banks), the imploded housing market and the high level of unemployment. The gist of these posts was that Spain faced an uphill battle since the jobs market was in a world of hurt

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Sweden did not nationalize its entire banking system

Edward Harrison — Wed, 14 Apr 2010 02:48:00 +0000

I hadn’t intended to write this post, but I caught the back end of a lot of chatter about the Swedish banking crisis response and needed to set the record straight on what actually happened in Sweden. Andrew Ross Sorkin wrote what I would consider to be a full-throated defense of the Geithner-Obama bailouts earlier

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Sheila Bair blames the Fed for the credit crisis

Edward Harrison — Thu, 14 Jan 2010 20:26:34 +0000

Sheila Bair is a straight shooter. And as such, she laid it on the line today in her prepared remarks before Congress. Her remarks were on the money on several counts. I will highlight just a few with commentary followed by the relevant quotes. A link to the testimony is provided at the end. Notice

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Fire Geithner Now!

Randall Wray — Sun, 10 Jan 2010 17:42:31 +0000

This is a post which originally appeared at New Deal 2.0 by Randall Wray on why President Obama needs a new economic team, starting with Tim Geithner. L. Randall Wray, Ph.D. is Professor of Economics at the University of Missouri-Kansas City, Research Director with the Center for Full Employment and Price Stability and Senior Research

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The year in review at Credit Writedowns: Crisis Solutions

Edward Harrison — Mon, 28 Dec 2009 17:41:03 +0000

As we head into the New Year, I am trying to look back at the last one with some semblance of a coherent interpretation of events that leads to a strategic vision of the future. I have already touched on stimulus, kleptocracy and crony capitalism as dominant themes for the year 2009. These posts have

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On releasing Citi from TARP and banking by accounting subterfuge

Edward Harrison — Thu, 17 Dec 2009 16:54:41 +0000

Credit Writedowns has made it clear how little will there is in Washington for substantive reform in financial services. But, let’s be more explicit in this post about what policy makers are doing. I will use the recent Citigroup TARP brouhaha and changes to the implementation timetable of accounting rules as the vehicle for this

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The less optimistic view of Treasury’s handling of the crisis

Edward Harrison — Fri, 06 Nov 2009 19:01:05 +0000

The Obama Administration is captured. To understand why it has acted as it has, one doesn’t have to take the view that its efforts to save the banking industry were a deliberate attempt to line bankers’ pockets by transferring money from taxpayers to the banking industry. One need merely read the last post I wrote

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Lloyds to raise 21 billion pounds in biggest rights issue ever

Edward Harrison — Tue, 03 Nov 2009 12:57:06 +0000

Lloyds are looking to avoid the embrace of government by going to existing shareholders to raise capital and sidestep the draconian break-up solution foisted upon RBS by Neelie Kroes. According to Bloomberg, this is the largest rights issue ever for a British company and equates to $34 billion. All of this must be excruciating for

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UK: Darling confirms government to break up too big to fail banks

Edward Harrison — Mon, 02 Nov 2009 04:30:15 +0000

In a clear break with US economic policy, the UK government have decided that too big to fail is too big to exist. As a result, three large financial institutions now owned at least in part by government are to be dismantled. Moreover, talk of Tesco’s or Virgin getting the assets is yet another momentous

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GMAC has been nationalized

Edward Harrison — Thu, 29 Oct 2009 12:22:37 +0000

And you thought the bailouts were over and market discipline might be restored. Not a chance – the bailouts will continue, come hell or high water. The latest demonstration of this is GMAC, where the government will now be majority owner. GMAC has officially been nationalized. Now the government is running auto financing in addition

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Nationalized Citi Mexicana Redux

Edward Harrison — Tue, 20 Oct 2009 22:17:08 +0000

Back in March when the US Government felt compelled to bail out out Citigroup, Tracy Alloway over at FT Alphaville noticed a curious thing – Citigroup had effectively been nationalized. No, they were not seized by government, but Citi was controlled by government. The Feds had 36% of shares outstanding, which in many cases is

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Keep your hands off Goldman’s bonuses

Edward Harrison — Tue, 20 Oct 2009 16:13:15 +0000

The title of this post is somewhat misleading – designed to be provocative to get you to read what I have to say. Indeed, I am going to defend Goldman Sach’s right to pay what it likes to its employees. But, I am also going to defend your right to be outraged and to look

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Government banking Irish edition

Edward Harrison — Mon, 31 Aug 2009 20:53:44 +0000

The Irish government today announced that, if necessary, it is prepared to take majority shareholding in ailing Irish banks. However, it has ruled out full-scale nationalisation. But, what is a majority share by government except nationalisation? This is a duplicitous parsing of words that hides a more sinister interpretation of what is happening in Ireland.

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Germans must get their head out of sand on banks

Edward Harrison — Thu, 23 Jul 2009 00:31:56 +0000

Germany never participated in the upswing of the housing bubble. This fact has led German politicians of all stripes to mistakenly believe their banking system was somehow immune to the problems infecting bubble markets like the US or Spain. Unfortunately, it has not worked out that way because the globalization of finance has shifted risk

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The RBS and HBOS sinkholes

Edward Harrison — Mon, 13 Jul 2009 14:42:45 +0000

This comes via the Telegraph: UK Financial Investments (UKFI) said in its annual report that its loss on the two stakes – 70pc of RBS and 43pc of Lloyds Banking Group – had reached £10.9bn at the end of June. The losses, which are not yet realised, have been wracked up since Gordon Brown was

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Is the new affordable FHFA loan program predatory lending?

Edward Harrison — Thu, 02 Jul 2009 20:06:50 +0000

Let’s say you’re an American named Maria living in Southern California. The year is 2006. You make $45,000 and your husband David makes another $40,000. You have two children aged six and four and your two-bedroom apartment is getting too small. So you decide to consider buying a house. Eventually, you and your husband find

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Can I borrow the full amount and an extra 25% too?

Edward Harrison — Wed, 01 Jul 2009 21:08:46 +0000

Apparently the answer to this question is yes. CNBC is reporting that home ‘owners’ who refinance their mortgages through loans backed by Fannie and Freddie will be able to borrow up to 125% of their homes’ value (hat tip Marshall Auerback). That’s not a typo: we’re talking no-money down and 25% cash back. Sign me

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What the stress tests reveal about Obama’s thinking on banks

Edward Harrison — Sat, 23 May 2009 11:39:19 +0000

Kyle, a long-time reader, recently asked why I think mark-to-market accounting actually matters. After alI, savvy investors know that accounting does not necessarily change cash flows. I think his question has a lot to do with not just accounting, but also with the stress tests. Kyle writes: My point is that it has really NOT

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Fannie Mae: a bottomless pit for U.S. taxpayers

Edward Harrison — Fri, 08 May 2009 18:11:37 +0000

Bloomberg has the goods on Fannie and they’re not good. Fannie’s regulator wants $19 billion from the U.S. government because the firm has negative capital. Fannie Mae had $23.2 billion in losses last quarter alone. And it says losses in 2009 will be worse than 2008. Nice. Here’s the money quote: “Fannie says it does

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HRE: defusing the German financial time bomb

Edward Harrison — Thu, 30 Apr 2009 13:00:21 +0000

The first bank nationalization in German history is about to take place. At issue is Hypo Real Estate (HRE), a troubled Munich-based company that lends to commercial property developers and to build offices, hotels, roads, airports, you name it. This issue has been building for nearly 7 months. Back in late September, just after Lehman

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Weekend Video: A Conversation with Tim Geithner at CFR

Edward Harrison — Sat, 28 Mar 2009 06:00:31 +0000

This video from yesterday’s Council on Foreign Relations symposium gives Treasury Seretary Tim Geithner a chance to explain why he has constructed his bailout plan in the way he has. Rather than editorialize the video, I will provide it without comment. I do suggest you watch it if you want to develop a well-informed view

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Are Citi and BofA gaming the Geithner Plan already?

Edward Harrison — Thu, 26 Mar 2009 15:12:45 +0000

Here we are just days out from the announcement by Treasury Secretary Tim Geithner that the Obama Administration will be buying up so-called toxic assets as originally planned by Henry Paulson during the Bush Administration. The initial reaction has been one of euphoria as most asset markets responded positively to the news.

Now that the dust has settled somewhat, another reaction is taking place behind the scenes and it looks an awful lot like banks -- specifically Citigroup and Bank of America -- are gaming the system. Note my highlighting

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Roubini: Nationalization “fully on the table” in Geithner’s Plan

Edward Harrison — Wed, 25 Mar 2009 11:00:49 +0000

This is yet another semi-positive post about the Geithner plan. To reiterate, I think the plan is inadequate because it assumes illiquidity instead of insolvency and is a huge gift to the financial sector. But, that does not mean it will definitely not work in conjunction with other moves by Obama. In fact, to the

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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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It’s the writedowns, stupid

Edward Harrison — Thu, 19 Mar 2009 18:11:33 +0000

Today, I want to make the case for seeing writedowns as central to this global downturn. To do so, we need to rewind and compare what is going on today with what we have experienced in the past. Drawing on this comparison, I can demonstrate that traditional policy tools are likely to be ineffective today. Moreover, the present course of action will also prove inadequate. Other more aggressive means must be applied in order to ensure a more stable banking system and a path to recovery. Likely remedies will include a reorganization of large swathes of the U.S. banking system.

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A few thoughts about the banking crisis response in the United States

Edward Harrison — Wed, 18 Mar 2009 03:18:11 +0000

This is a post I wrote last week on naked capitalism. In any banking crisis, the central question always is: which financial institutions now operating are insolvent, how can we identify them and remove them from the system, and how can we recapitalize the remaining institutions in a way that restores confidence to the system generally? Therefore, any response by policy makers must address three separate issues

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A few thoughts about the banking crisis response in the United States originally appeared on Credit Writedowns

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Related Posts

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The problem with comprehensive banking crisis solutions 24 Nov 2008
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It’s the writedowns, stupid

A few thoughts about the banking crisis response in the United States