Credit Writedowns » private equity

The Giant 21st Century Asset Grab

Michael Hudson — Fri, 02 Mar 2012 13:56:11 +0000

The financial plan is basically an asset grab. They want to load the whole economy down with debt. A consumer will come in and say, I’d like to take out a loan. They’ll say, how much do you earn? Everything over subsistence they’ll want as a loan

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Ted Forstmann

Frederick Sheehan — Wed, 23 Nov 2011 21:00:10 +0000

Ted Forstmann was a sterling example in a tarnished field

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Borders on the verge of bankruptcy

Edward Harrison — Mon, 23 Nov 2009 14:46:09 +0000

After British chain WHSmith backed out of a deal with Borders, the British retailer, formerly a subsidiary of the U.S. megastore bookseller, is desperately looking to stave off bankruptcy and Chapter 7 liquidation. I love Borders and have been an avid shopper at countless Borders stores near where I have lived in D.C., L.A., New

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Corus Bank assets: And the winning bidder is…

Edward Harrison — Tue, 06 Oct 2009 23:20:03 +0000

Starwood Capital Group gets the assets in a consortium with TPG capital, Perry Capital and WLR LeFrak (another Wilbur Ross company – this guy is cleaning up in the FDIC private equity bonanza). Here’s the press release: The Federal Deposit Insurance Corporation (FDIC) has signed a bid confirmation letter to sell a 40 percent equity

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Sheila Bair and the case against a super-regulator

Edward Harrison — Thu, 03 Sep 2009 08:20:33 +0000

There is an effort underway to install the Federal Reserve as super-regulator for all banks and financial institutions, concentrating power in one institution. I find these efforts one of the most disturbing outgrowths of the financial crisis we have been witnessing. Such a system is sure to increase the power of too big to fail

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The FDIC to draw on its line of credit at Treasury soon

Edward Harrison — Thu, 27 Aug 2009 14:17:25 +0000

The FDIC has just released a press statement outlining the second quarter results for the fund and the financial institutions it regulates. What was particularly notable in the statement was the decrease in funds available to deal with failed institutions and the increase in the number of problem institutions to 416. This surely indicates that

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The FDIC and the socialization of banking losses

Edward Harrison — Wed, 26 Aug 2009 15:50:21 +0000

With the Federal Deposit Insurance Corporation (FDIC) about to release its latest figures for banks it regulates and its own financial condition, now is a good time to review its role in this crisis. This post is about the FDIC’s role in the credit crisis, how it seizes banks and why I believe this matters.

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Guaranty is bankrupt: BBVA gets its FDIC-seized assets

Edward Harrison — Fri, 21 Aug 2009 23:11:02 +0000

It’s official: Guaranty Bank is the second-largest bank seized by the FDIC in 2009. BBVA, through its American subsidiary Compass, is increasing its profile in the US. And now it can do so, not only through merger, but through FDIC asset seizure too. Here is the announcement that was leaked just yesterday: Guaranty Bank, Austin,

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BankUnited goes bust and is replaced by BankUnited

Edward Harrison — Fri, 22 May 2009 02:40:51 +0000

I was heading to dinner with Marshall Auerback when the news of the BankUnited bust came into my inbox. I see this as fairly big new for what it represents. We are witnessing a sea change in how FDIC seizures are done here with private equity companies ready to get in on the profits. Let

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Putting the shadow banking system back in vogue

Marshall Auerback — Mon, 09 Mar 2009 13:34:48 +0000

Let's talk a little about the data released on Friday. On the plus (contrarian) side, everybody is talking about the unemployment number and NOBODY happened to mention that consumer credit was UP on Friday, even before TALF. I think we are very close to the bottom. I think that New York Fed President Dudley is screaming to the investment funds, hedge funds, private equity to do these deals with

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