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Writedown News: 12 December 2008

Edward Harrison — Fri, 12 Dec 2008 20:51:34 +0000

It’s been a month since I updated my list of writedowns and other credit crisis-related news, so I am sure that this list is filled with holes and missing information. Here it goes, nonetheless.

Below are the writedowns from the previous month. These links are compiled in the credit crisis timeline. This list is long.

December

2008 12 12 HBOS takes $11.9 billion hit as UK economy worsens
2008 12 12 Santander cuts 1,900 UK bank jobs
2008 12 11 Bank of America says to cut up to 35,000 jobs
2008 12 11 South Africa Central Bank Cuts Key Rate by Half Point
2008 12 11 Swiss Central Bank Cuts Rate to 0.5%, Recession Looms
2008 12 11 Bank of Korea reduces rates to 3%
2008 12 09 Landsbanki, Seized Icelandic Bank, Enters Bankruptcy
2008 12 09 Citigroup to Cut 1,000 Jobs at Japan’s Nikko Cordial
2008 12 09 Bank of Canada Cuts Lending Rate to Lowest Since 1958
2008 12 07 India Unveils 3 Trillion Rupee Spending Plan By March
2008 12 06 ANZ Cuts 800 Workers, 2% of Workforce, on Economic Downturn
2008 12 06 India slashes rates to shore up growth
2008 12 05 Georgia-based Bank Becomes 23rd Failure This Year
2008 12 05 Royal Bank Drops Forecast as Writedowns Cut Profit
2008 12 05 Legg Mason to Cut 8%, or 200 Jobs, as Assets Fall
2008 12 05 Capital One to Acquire Chevy Chase Bank

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2008 12 04 Credit Suisse to cut 11% of staff
2008 12 04 CIBC, Toronto-Dominion Profits Lowered by Writedowns
2008 12 04 Nomura to Cut 1,000 London Jobs as Lehman Costs Mount
2008 12 04 Sweden cuts interest rates to 2%
2008 12 04 U.K. Pound Trades Near Record Low Versus Euro as BOE Cuts Rate
2008 12 04 Is the ECB dragging its heels?
2008 12 03 NZ central bank makes record rate cut
2008 12 02 Citigroup, Wells Fargo, GE Selling FDIC-Backed Debt
2008 12 02 GAO Urges Treasury to Toughen Oversight of TARP
2008 12 02 Scotiabank Fourth-Quarter Profit Falls on Writedowns
2008 12 02 Australia: Rates slashed again, more cuts expected
2008 12 01 JPMorgan to cut 9,200 Washington Mutual jobs
2008 12 01 Countrywide Sued by Fund Over $8.4 Billion Loan Deal
2008 12 01 BayernLB will cut staff by 5,000
2008 12 01 HSBC confirms 500 UK jobs to go
2008 12 01 Westpac complete $15b St George takeover

November

2008 11 29 German regional bank seeks huge bailout
2008 11 28 Commerzbank seals Dresdner deal early
2008 11 28 Goldman Sachs Wins New York State Approval for Banking License
2008 11 28 RBS Shareholders Cede Control to British Government
2008 11 27 Helaba Says Profit Falls on Writedowns; Scraps 2008 Outlook
2008 11 26 National Bank to take $158-million writedown
2008 11 26 Lehman’s Asia risk is revealed
2008 11 26 Iceland’s Glitnir seeks protection from U.S. creditors
2008 11 26 SocGen to pay Manulife $611-million to settle Portus lawsuit
2008 11 26 China makes biggest rate cuts for decade
2008 11 25 Downey Financial files for Chapter 7 bankruptcy
2008 11 25 Bank of Montreal Profit Rises on Consumer Banking
2008 11 24 RBC takes $1.6-billion hit amid credit crisis
2008 11 24 Hungary Unexpectedly Cuts Key Rate as Inflation Eases
2008 11 23 Standard Chartered prepares $3bn rights issue
2008 11 22 Fitch downgrades credit ratings for nine building societies
2008 11 21 AIB raises €2bn by tapping the bond market

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2008 11 20 Bank of NY Mellon to cut 1,800 jobs
2008 11 20 RBS issues sweeping apology to shareholders
2008 11 20 GMAC Latest to Seek Bank Status, Access to Treasury Funds
2008 11 20 Six Japanese banks announce heavy fall in profits
2008 11 20 Barclays shares collapse to 14-year low
2008 11 20 Switzerland cuts rates by 100 basis points
2008 11 19 Deutsche Bank to sack around 900 staff
2008 11 19 Citigroup to Buy $17.4 Billion in SIV Assets
2008 11 19 Scotiabank to take $595-M in Q4 charges
2008 11 18 Macquarie, MUFG profits dive
2008 11 17 HSBC Cuts 500 Jobs in Asia on Deteriorating Economies
2008 11 16 Genworth in deal to buy bank, seeks TARP money
2008 11 16 Writedowns to hit Macquarie profits
2008 11 15 RBS to slash 3,000 banking jobs worldwide
2008 11 13 Credit Agricole Net Falls on Writedowns, Provisions
2008 11 13 CBA to take $1b hit over bad debts
2008 11 13 Ranieri’s Franklin Bank files Chapter 7 bankruptcy
2008 11 13 Mizuho to sell $3.2bn of preferred securities
2008 11 12 ING Posts Its First-Ever Loss
2008 11 12 Heavy losses at Hypo Real Estate
2008 11 12 Swiss Life warns on profit, ING posts first loss
2008 11 12 Natixis’s Investment Banking Arm Took a Hit in Oct.
2008 11 12 Downey Raises the Red Flag
2008 11 12 Morgan Stanley Plans Additional Layoffs
2008 11 12 AmEx Seeks $3.5 Billion From Government, Report Says
2008 11 12 Barclays shareholders revolting over Middle East fundraising
2008 11 12 GE says gets FDIC backing for $139 billion in debt
2008 11 12 Deutsche Bank sues Lehman for $US72.5m
2008 11 12 AmEx Seeks $3.5 Billion From Government, Report Says
2008 11 11 Dresdner Had EU650 Million Third-Quarter Writedowns
2008 11 11 Fannie Mae Loses $29 Billion on Write-Downs
2008 11 11 Goldman urged bets against bonds it sold: paper
2008 11 11 Russia lifts rates to 12pc to save rouble as crisis deepens
2008 11 11 Swiss Central Bank Cuts Rate to 0.5%, Recession Looms

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Author: Edward Harrison; Tags: banking, financial crisis, Financial Institutions, financial statements, timeline

Writedown News: 12 November 2008

Edward Harrison — Wed, 12 Nov 2008 21:00:00 +0000

The big news this week is that writedowns have moved near trillion dollar territory. As all of the banks report earnings and come clean about losses, the figures are staggering. The largest writedowns came from the GSEs with Fannie Mae losing a staggering $29 billion. AIG was close behind. See my post, “Financial sector losses near $1 trillion” for more details.

Below are the writedowns from the previous week. These links are compiled in the credit crisis timeline. We are now also running a news feed on the site. You can access it here. If you are interested in just the banking news stories, this is a good feed of only the stories tagged ‘banks.’

Enjoy.

2008 11 12 ING Posts Its First-Ever Loss
2008 11 12 Heavy losses at Hypo Real Estate
2008 11 12 Swiss Life warns on profit, ING posts first loss
2008 11 12 Natixis’s Investment Banking Arm Took a Hit in Oct.
2008 11 12 Downey Raises the Red Flag
2008 11 12 Morgan Stanley Plans Additional Layoffs
2008 11 12 AmEx Seeks $3.5 Billion From Government, Report Says
2008 11 12 Barclays shareholders revolting over Middle East fundraising
2008 11 11 Dresdner Had EU650 Million Third-Quarter Writedowns
2008 11 11 Fannie Mae Loses $29 Billion on Write-Downs
2008 11 11 Goldman urged bets against bonds it sold: paper
2008 11 10 HSBC’s Profit Up on Year, Takes $4.9 Billion Hit
2008 11 10 £37bn bail-out will encourage reckless banks, says HSBC boss
2008 11 10 Goldman cuts 10 percent of bankers in Tokyo: sources
2008 11 10 NAB plans to raise $2b with share sale
2008 11 10 Latvia takes over Parex after run on bank
2008 11 10 Nationwide profits dive on 17% mortgage drop
2008 11 10 American Express to Become Bank Holding Company
2008 11 10 Santander to Raise $9.2 Billion in Rights Issue
2008 11 10 Sweden’s Carnegie to Raise $152 Million
2008 11 10 Former UBS Chief to Forego $10 Million in Exit Pay
2008 11 10 Wells Sells $11 Billion in Stock for Wachovia Deal
2008 11 06 Hannover Re Scraps Dividend Amid Writedowns, Storms
2008 11 06 Belgium’s KBC Swings to 3Q Loss on Writedowns
2008 11 06 Itau Leads Brazilian Banks Higher on Consolidation
2008 11 05 MBIA, Ambac Losses Widen on Higher Claims Forecast
2008 11 05 Banking crisis wipes 56% off BNP Paribas profits
2008 11 04 Swiss Re reports surprise deficit
2008 11 04 UBS says money outflows slowing, wary on fourth quarter
2008 11 04 RBS sees more writedowns, eyes 2010 dividend restart
2008 11 04 WestLB becomes latest bank to tap German state’s bailout fund
2008 11 03 Profits slump at Societe Generale
2008 11 03 Lloyds TSB urges takeover of HBOS, despite £5bn of writedowns
2008 11 03 17th Bank Failure Could Cost $104 Million: Why?
2008 10 31 Citigroup loses $1.4 bln on securitizations
2008 10 30 Generali Profit Falls on Writedowns, Life Insurance

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Writedown News: 5 Nov 2008

Edward Harrison — Wed, 05 Nov 2008 18:50:00 +0000

This past week I have been particularly distracted by the political headlines in the run-up to the U.S. Presidential election, so I apologize if I have missed a few stories in the financial press.

The writedowns do continue unabated and we have now seen over $670 billion in losses and writedowns since the beginning of last year according to Bloomberg News. I fully expect this state of affairs to continue until the end of the Bush Presidency and well into the Obama Presidency because a number of harbingers of things to come are cropping up in the news, credit cards being the most obvious sign.

Now, it does bear remembering that we had only crossed the $500 billion writedown threshold in August. So, the bungled Lehman collapse and its aftermath has caused a torrent of banking losses.

Below are the writedowns from the previous week. These links are compiled in my credit crisis timeline, which now includes government actions as well as financial institution events.

However, let me make a few comments before you see the list. We have entered the stage where real economy effects are going to take center stage. Last month I said:

Despite what the monetary authorities have done, the credit markets are seizing up, letters of credit which control trade are being rejected, and stock markets are plunging. What will all of this mean?

First and foremost, this means that the real economy effects of the credit crisis will be much more severe than previously anticipated. Recessions have already been noted in places as far afield as Denmark, Singapore, the UK, and New Zealand. In all likelihood, Japan, the U.S. and Eurozone will all suffer major recessions due to the credit crisis. Few of the real economy effects from this have yet been felt. In recession, businesses go bust, people lose their jobs, consumers spend less, and credit defaults increase for businesses and individuals.

All of this translates into further credit writedowns from the following categories of debt, where credit excesses are concentrated in both North America and Europe:

Residential Property (like Alt-A, Payment Option, Negative Amortization Mortgages)

Commercial Property (Commercial Real Estate and Construction Loans)

Leveraged Loans and High Yield Bonds (from Private Equity LBOs)

Credit Card Receivables and Asset Backed Securities

Auto Loan Receivables and Securitized Auto Loan Bonds

But, in addition, the following categories will see increased losses due to the real economy recession in Europe and North America:

Bank Loans (general loan quality will sour)

Corporate Debt (As recession hits, some previously credit worthy corporates will fail)

Prime Residential Real Estate Loans (this is all ready occurring)

As far as Asia and Emerging markets go, it bears keeping in mind that demand for commodities is slowing rapidly as major industrialized economies slow. Therefore, Asia, Latin America, New Zealand, South Africa and Australia will not be immune. We have recently seen enormous currency moves in Australia and South Africa that are harbingers of impending recession there. Moreover, signs of slower export growth are evident all over Asia from Japan to China to South Korea. Other economies in Latin America that are highly dependent on commodity exports like Mexico, Venezuela, Argentina, Chile or Brazil will not decouple. They too will see a slowing in their economies.

Much of the turmoil in the Emerging markets has come to pass, but the other areas are in the headlines too. Chief among these is credit card debt.

Credit card companies were shut out of the market for bonds backed by customer payments in October for the first time in more than 15 years, as investors shunned the debt amid the global credit freeze.
A weakening job market and a looming recession are making it harder for consumers to make monthly payments, eroding confidence among investors about the safety of credit-card-backed bonds. It’s the first month since April 1993 that there have been no sales, according to Wachovia Corp. data. Issuers sold $17.1 billion of the debt in October 2007, the data show.

“Nobody is eager to put money to work given the uncertainty in the market,” said James Grady, a managing director at Deutsche Bank AG’s asset management unit. “When you think it can’t get worse, it continues to get worse. There is not a demand” for these bonds.

Top-rated credit card-backed securities maturing in three years traded at a gap, or spread, of 475 basis points over the London interbank offered rate during the week ended Oct. 30, JPMorgan Chase & Co. data show, 25 basis points higher than the previous week. The debt was trading at 50 basis points more than Libor in January.

This is not good. Expect to hear more from me on credit cards because they are tied to asset-backed securities and FAS 157 demands writedowns. Therefore, I anticipate his to be a category of debt to cause some financial pain in the very near term. Citigroup started the show on Oct. 31st with a $1.4 billion writedown – see the story below.

2008 11 05 Banking crisis wipes 56% off BNP Paribas profits
2008 11 05 MBIA, Ambac Losses Widen on Higher Claims Forecast
2008 11 04 Swiss Re reports surprise deficit
2008 11 04 UBS says money outflows slowing, wary on fourth quarter
2008 11 04 RBS sees more writedowns, eyes 2010 dividend restart
2008 11 03 Lloyds TSB urges takeover of HBOS, despite £5bn of writedowns
2008 11 03 Profits slump at Societe Generale
2008 10 31 Citigroup loses $1.4 bln on securitizations
2008 10 30 Generali Profit Falls on Writedowns, Life Insurance
2008 10 29 Fed Cuts Rate to 1% to Avert Prolonged Recession
2008 10 29 Norway cuts rates by half a point
2008 10 29 Sumitomo Mitsui First-Half Profit Falls on Bad Loans
2008 10 29 Lazard Posts Loss on Asset-Management Unit Purchase
2008 10 29 Citigroup, Credit Suisse Link Loans to Swaps in Shift
2008 10 29 GMAC Added to Commercial Paper Plan, May Become Bank
2008 10 29 Legg Mason Beats Estimates, Rises Most in 25 Years
2008 10 29 Kuwaiti Parliament Passes Law Guaranteeing All Bank Deposits
2008 10 29 HRE taps bailout fund for €15bn
2008 10 28 Bank of England estimates world credit loss at ‘£1.8 trillion’
2008 10 28 Nomura on Course for Record Loss on Lehman, Iceland
2008 10 28 Danske Cuts Outlook After Net Slumps on Loan Losses
2008 10 28 Santander buoyed by robust retail business
2008 10 28 Provident sees $5.4 million loss over portfolio devaluation
2008 10 28 EU approves German bail-out scheme
2008 10 28 Aegon gets €3bn in government capital
2008 10 28 Iceland raises rates sharply, others poised to cut
2008 10 27 Agricole brokerage arm takes pay cut

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Credit crisis timeline updates

Edward Harrison — Wed, 29 Oct 2008 18:22:00 +0000

I have not posted all day because I have been spending most of the day doing site maintenance — importing the data from the credit crisis timeline into a database, which will make it a lot easier to update, backfill and make changes to the timeline. We now have about 700 discrete events catalogued in the database.

What’s been interesting about doing this site maintenance is that it has given me a good 30,000 foot view of the entire credit crisis and I wanted to share a few thoughts with you.

First, the data are almost entirely US-based through about this summer. So, from February 2007 to this past summer, most of what we saw were global players with a significant profile in the U.S. or in U.S. subprime assets marking down assets. There were some pretty hefty writedowns in the U.K., Germany, and Switzerland to name a few places — but all of these losses were based almost exclusively on losses from exposure to U.S. subprime assets.

But, in the Spring, I started to pick up a lot more stories on U.K. financial institutions getting into trouble. The whole lot of large UK banks seemed to be hemmoraging losses: RBS, Barclays and HBOS in particular. And things got a lot worse in the U.S. after the bankruptcy of IndyMac, which took everyone by surprise. The U.S. regional banks started to hit the wall at that time too.

Apparently, this confluence of events caused investors, especially sovereign wealth funds to stop investing in financial instiutions. It was then, in the summer, that I also noticed a discernible halt in capital raising stories. The spread of problems to the U.K. and the U.S. regionals and the IndyMac bankruptcy closed the window for raising equity capital. The nationalization of Fannie and Freddie were only confirmation of the trend – not the cause of the credit crisis – as some obnoxious commentators with an ideologivcal axe to grind have suggested.

So, as we headed into the Fall, for most observers, this looked like an Anglo-American problem. However, the equity window was shut and the news flow still showed a drip-drip of writedowns. Translation: equity cushions were declining and many U.S. and non-U.S. players were looking poorly capitalized.

When Lehman was allowed to fail — a major, major policy error without having a workout framework in place — all of the dominoes started to fall. The news flow from this point forward picked up tremendously. It became a virtual avalanche of information coming from everywhere: Germany, Ireland, Spain, Denmark, Australia, Kuwait, Hungary, South Korea you name it.

My take on things, having just combed through the data, is that an ideological bias toward no regulation in the U.S. was directly responsible for Paulson’s not having a plan in place to deal with the after affects of a failure of Lehman’s size. It was obvious from the news sources that the crisis was becoming more acute over time, yet Lehman was allowed to fail – with no systemic respose plan in place. History may identify this as the crucial error in this whole financial crisis.

In any event, the initial news flow from that point forward pointed as much to Europe as it did to the U.S. So, the Lehman bankruptcy exposed the inherent weakness of the European banking system. The news flow suggests that the Irish deposit guarantee rallied the Europeans into a systemic bailout response. It was only when Gordon Brown announced his bailout plan for the U.K. that the U.S. got onboard. Again, the only conclusion I can draw fom this is that the ideological bias in the U.S. prevented any systemic response as it would be seen as “socialist.”

After the U.S. got onboard, almost immediately, the news flow started to show an easing — not everywhere initially. But, the flow of news stories started to become more positive. Then, a few weeks ago, the news flow started to take on a decidely global bent. It was then that one knew this was a global crisis and that the emerging markets could not decouple.

Personally, I started to question whether this was another leg down in the credit crisis, but having looked at the flow of stories, I think the coast is clear for the near term.

My analysis based on all of this says we are out of the woods for the time being and that should be a boon to the investing climate. I see a bear market rally in the offing for the next few months. At that point, one can re-evaluate.

In any event, it was a very useful exercise to comb through the data and clean it up for my database. I figure you may also find it useful, so I have made another list of all of the news sources in reverse chronological order. You can access the list here.

As always, I will be updating and backfilling these sources to make it easier to navigate.

Enjoy.

Source posts
Credit Crisis Timeline
Banking Crisis Timeline

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Author: Edward Harrison; Tags: blog, financial crisis, Financial Institutions, financial statements, timeline

Writedown News: 28 Oct 2008

Edward Harrison — Tue, 28 Oct 2008 19:00:00 +0000

This week, I can practically repeat what I said last week verbatim – so, I will.

Writedowns continued unabated despite the easing global credit markets. While we should see a bear market rally due to this easing, the ill effects of a global recession and new concerns in emerging markets and Asia will cause writedowns to mount for quite some time.

Below are the writedowns from the previous week. These links are compiled in my credit crisis timeline, which now includes government actions as well as financial institution events. (Note: I am still updating the financial institution index. So it is not all inclusive. See the full list of writedown news, if a specific large financial institution is missing in the index.)

2008 10 21 Sun Life posts Q3 loss of $396M
2008 10 21 Bank of Canada cuts key rate
2008 10 21 National City has big loss, to cut 4,000 jobs
2008 10 21 Hannover Re Abandons Profit Target After Writedowns
2008 10 21 Fifth Third Posts Loss on Fannie Mae, Freddie Mac
2008 10 21 NAB full-year earnings drop 10.7% on bad debts
2008 10 21 National City, Fifth Third, KeyCorp Report Losses
2008 10 21 ING Groep’s Senior Debt Rating Cut to Aa3 by Moody’s
2008 10 22 Wachovia reports $23.9 billion loss
2008 10 22 Netherlands EU200 Billion Bank Guarantee Will Last Through 2009
2008 10 23 ANZ Bank’s Second-Half Profit Drops 35% on Provisions
2008 10 23 Sweden Cuts Key Rate to Stimulate Lending, Economy
2008 10 23 Credit Suisse Posts Third-Quarter Loss on Writedowns
2008 10 23 SunTrust Net Income Falls 26% on Higher Loan Losses
2008 10 27 Agricole brokerage arm takes pay cut
2008 10 28 Bank of England estimates world credit loss at ‘£1.8 trillion’
2008 10 28 Iceland raises rates sharply, others poised to cut
2008 10 28 Aegon gets €3bn in government capital
2008 10 28 Santander buoyed by robust retail business
2008 10 28 EU approves German bail-out scheme
2008 10 28 Danske Cuts Outlook After Net Slumps on Loan Losses
2008 10 28 Nomura on Course for Record Loss on Lehman, Iceland

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Writedown news: 21 Oct 2008

Edward Harrison — Tue, 21 Oct 2008 18:30:00 +0000

2008 10 15 Iceland Cuts Key Interest Rate to 12% From 15.5%
2008 10 15 S&P says may cut KBC ratings on news of expected loss
2008 10 15 Wells Fargo’s Net Earnings Down 25 Percent for Q3: Report
2008 10 15 European central banks pump $250bn liquidity
2008 10 15 EU backs emergency accounting changes
2008 10 16 ECB gives Hungary €5bn credit line
2008 10 16 ECB Widens Collateral Rules, Slashes Required Ratings
2008 10 16 BOE Curbs Disclosure, Cuts Penalty to Quash Stigma
2008 10 16 JPMorgan to grant WaMu access to $4.4 billion in funds
2008 10 16 Swiss banks raise emergency funds to fight crisis
2008 10 16 Merrill Lynch Posts $5.2 Billion Loss
2008 10 16 Bank of America’s Merrill Deal Is Approved by F.T.C.
2008 10 16 Citi Posts $2.8 Billion 3rd-Quarter Loss
2008 10 20 ING Gets $13.4 Billion Injection From the Netherlands
2008 10 20 Caisse d’Epargne chairman resigns after trading loss
2008 10 20 Sweden launches financial rescue package
2008 10 20 India cuts key interest rate
2008 10 21 Sun Life posts Q3 loss of $396M
2008 10 21 Bank of Canada cuts key rate
2008 10 21 National City has big loss, to cut 4,000 jobs
2008 10 21 Hannover Re Abandons Profit Target After Writedowns
2008 10 21 Fifth Third Posts Loss on Fannie Mae, Freddie Mac
2008 10 21 NAB full-year earnings drop 10.7% on bad debts
2008 10 21 National City, Fifth Third, KeyCorp Report Losses

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Writedown news: 15 Oct 2008

Edward Harrison — Wed, 15 Oct 2008 20:00:00 +0000

My last post’s title “The panic is over” was a bit cheeky given the Dow was down an astounding 700-some points today. The crux of the matter is continued economic weakness due to slowing consumer spending. And that means more writedowns to come.

Rather than belabor this point, I will note that the monetary authorities have done everything they can think of to reflate the global economy and stave off the worst. Given their efforts, I have decided to add government responses to my list of writedown-related news. I expect to back fill on these activities back to August 2007 as time goes on.

As inflationary as government efforts are, I do anticipate further writedowns and more financial bankruptcies, but I also expect the panic-like situation we have had in the recent past to ebb.

2008 10 04 Hypo Real fights for life after rescue collapses
2008 10 05 The Citi Restraining Order and Supporting Motion
2008 10 05 BNP Paribas to Purchase Fortis’s Units in Belgium, Luxembourg
2008 10 05 Hypo Real Gets EU50 Billion Government-Led Bailout
2008 10 05 Germany Guarantees Private Deposits in Bid to Calm Bank `Panic’
2008 10 05 Denmark Guarantees Deposits in $6.4 Billion Pact
2008 10 06 BofA earnings tumble, cuts dividend
2008 10 06 Countrywide to Set Aside $8.4 Billion in Loan Aid
2008 10 07 Iceland gets $7.6b Russian loan to halt meltdown
2008 10 07 Spain announces emergency fund
2008 10 07 UK makes massive rescue plan for banks
2008 10 07 Zurich Write-Downs Total $615 Million
2008 10 08 Federal Reserve, ECB and Bank of England make emergency interest rate cuts
2008 10 08 Fed Will Lend Directly to Corporations
2008 10 08 Austria Guarantees All Deposits, Stops Short Selling
2008 10 12 Australia to guarantee bank deposits for three years: PM
2008 10 13 Manulife Discloses C$250 Million of Credit Losses
2008 10 13 Spain’s Santander Buys Sovereign for $1.9 Billion
2008 10 13 Fed Says ECB, Others to Offer Unlimited Dollar Funds
2008 10 13 Germany Pledges EU500 Billion in Bank Rescue Plan
2008 10 13 EU Nations Commit 1.3 Trillion Euros to Bank Bailouts
2008 10 15 Iceland Cuts Key Interest Rate to 12% From 15.5%

These links are compiled in my credit crisis timeline.

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Writedown news: 7 Oct 2008

Edward Harrison — Tue, 07 Oct 2008 19:23:00 +0000

As I do every week, I am updating you with links to important news in the credit crisis. These links are compiled in my credit crisis timeline, which is the most comprehensive list credit crisis links on the Internet.

However, one big hole in this list is that it does not include major central bank and government actions like interest rate cuts or passing bailout packages. Over time, I will look to back fill these actions too and add them to the links.

For now, I am covering the following categories:

Writedowns of assets
Capital raising
Job cuts
Bankruptcies
Ratings changes
Managerial changes
Earnings reports
Lawsuits
Some significant stock price changes

Note: I do not include any links to rumors, just events that actually occur.

2008 09 29 B&B nationalisation is confirmed
2008 09 29 Iceland nationalises Glitnir bank
2008 09 29 Hypo shares crash after loan deal
2008 09 29 Fortis rescued but bank woes spread
2008 09 29 Citigroup Acquires Most of Wachovia; “Not a Failure,” FDIC Says
2008 09 30 NAB to take $400m hit over CDO writedowns
2008 09 30 Governments to Inject Capital in Dexia; Chairman, CEO Step Down
2008 10 03 Swiss bank UBS to cut 2,000 jobs
2008 10 03 Dutch part of Fortis is nationalised
2008 10 03 CIBC gets $1-billion cash injection from Cerberus
2008 10 03 Wells bids $15 billion for Wachovia; scuffles with Citi
2008 10 03 Goldman Hit With Auction-Rate Securities Suit
2008 10 03 Fitch lowers National City’s debt ratings
2008 10 04 Hypo Real fights for life after rescue collapses
2008 10 05 The Citi Restraining Order and Supporting Motion
2008 10 05 BNP Paribas to Purchase Fortis’s Units in Belgium, Luxembourg
2008 10 05 Hypo Real Gets EU50 Billion Government-Led Bailout
2008 10 06 BofA earnings tumble, cuts dividend
2008 10 06 Countrywide to Set Aside $8.4 Billion in Loan Aid

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Writedown news: 30 Sep 2008

Edward Harrison — Tue, 30 Sep 2008 15:28:00 +0000

For me, the most important events of late have been the European banking sector meltdown. Just last week, German officials were lecturing the UK and the U.S. about their banking systems and now we see a number of European institutions falling prey to the credit crisis. No one should feel their banking system is safe in this environment. After all the Swiss bank UBS is amongst the biggest losers in the banking crisis to date.

Below are the latest major credit crisis stories over the past several days. Most of these stories have more to do with raising capital, merging, and bankruptcy than actual writedowns. In view of the recent market turmoil, I have decided to provide a framework of the types of articles you should see here. This list will not include rumor, speculation or negotiations. The list only includes actual events in the financial services sector after they have occurred and includes the following categories:

Writedowns of assets
Capital raising
Job cuts
Bankruptcies
Ratings changes
Managerial changes
Earnings reports
Lawsuits
Some significant stock price changes

For the full timeline of news, visit my credit crisis timeline.

Also see my list of Bankrupt Global Financial Institutions.

2008 09 21 As Goldman and Morgan Shift, a Wall St. Era Ends
2008 09 22 Nomura buys Lehman Brothers Asia units
2008 09 23 Nomura Acquires 2 More Lehman Units
2008 09 23 Citing writedowns, Washington Federal to report first-ever loss
2008 09 23 Japan’s biggest bank to buy 20% stake in Morgan Stanley
2008 09 24 HSH Nordbank Posts EU500 Million in Third-Quarter Writedowns
2008 09 24 WaMu Cut Again by S&P as Pressure Rises to Reach Deal
2008 09 24 AIG slumps after signing up for $85 billion Fed loan
2008 09 24 Fitch: Partial Sale Increasingly Likely for WaMu; IDR Downgraded to ‘B-’
2008 09 25 Swiss Re Sees Further SF277 Million CDS Writedowns
2008 09 25 WaMu Seized by U.S., Assets Sold to JPMorgan in Record Failure
2008 09 25 WaMu’s 42-Story Seattle Headquarters Acquired in JPMorgan Deal
2008 09 26 Greenberg Sells 40 Million AIG Shares, Cutting Stake in Insurer
2008 09 29 B&B nationalisation is confirmed
2008 09 29 Iceland nationalises Glitnir bank
2008 09 29 Hypo shares crash after loan deal
2008 09 29 Fortis rescued but bank woes spread
2008 09 30 NAB to take $400m hit over CDO writedowns
2008 09 30 Governments to Inject Capital in Dexia; Chairman, CEO Step Down

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Writedown news: 23 Sep 2008

Edward Harrison — Tue, 23 Sep 2008 23:30:00 +0000

Below are the latest major credit crisis stories from the web that I have seen. Most of these stories have more to do with raising capital, merging, and bankruptcy than writedowns. Quite honestly, I have been caught up in the bailouts so I may have missed a few, so please call me out on anything important I failed to add.

For the full timeline of news, visit my credit crisis timeline.

The timeline includes the following categories:

Writedowns of assets
Capital raising
Job cuts
Bankruptcies
Ratings changes
Managerial changes
Earnings reports
Lawsuits
Some significant stock price changes

Also see my list of Bankrupt Global Financial Institutions.

2008 09 07 Paulson Engineers U.S. Takeover of Fannie, Freddie
2008 09 08 Fannie, Freddie Credit-Default Swaps May Be Settled
2008 09 08 WaMu’s New Chief Prepares To Dive In Amid Skepticism
2008 09 08 BankUnited Sees Regulatory Capital Status Downgraded
2008 09 09 Counterparty credit risks climb on Lehman, WaMu
2008 09 09 KDB’s Attempt to Invest In Lehman Appears Over
2008 09 10 Lehman Sees $3.9 Billion Loss and Plans to Shed Assets
2008 09 10 Lehman to Sell Neuberger Stake, Spin Off Real Estate
2008 09 10 Fannie to Pay Third-Quarter Preferred Stock Dividends
2008 09 11 Gateway Bank to take writedown on Fannie, Freddie shares
2008 09 15 Lehman Files Biggest Bankruptcy After Suitors Balk
2008 09 15 Lehman Bankruptcy Summons Drexel Ghost 18 Years Later
2008 09 15 AIG’s Ratings Cut by S&P, Moody’s, Threatening Fund Raising
2008 09 15 Wells Fargo takes Lehman Related Charge
2008 09 16 WaMu Falls as S&P Cuts Lender’s Credit Rating to Junk
2008 09 16 Goldman Sachs net plunges
2008 09 16 Wells Fargo Takes Another Hit
2008 09 16 Morgan Stanley profit falls 3 percent
2008 09 16 Fed to lend $85 billion to AIG, take 80 percent stake
2008 09 18 Lloyds TSB seals £12.2bn HBOS deal
2008 09 18 Bradford & Bingley insists it is safe as credit rating falls
2008 09 18 BoE to extend emergency scheme for inter-bank lending
2008 09 18 Banking crisis: Central banks pump billions in to ease the strain
2008 09 21 As Goldman and Morgan Shift, a Wall St. Era Ends
2008 09 22 Nomura buys Lehman Brothers Asia units
2008 09 23 Nomura Acquires 2 More Lehman Units
2008 09 23 Citing writedowns, Washington Federal to report first-ever loss
2008 09 23 Japan’s biggest bank to buy 20% stake in Morgan Stanley

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Danish banking crisis the worst in Europe

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Writedown news: 10 Sep 2008

Edward Harrison — Wed, 10 Sep 2008 14:00:00 +0000

Below are the latest writedown stories from the web that I have seen. Quite honestly, I have been a little behind in updating all of the stories on the timeline, so please call me out on anything important I failed to add.

For the full timeline of news, visit my credit crisis timeline. The last Bloomberg table I have from August 27th on their tally of writedowns has $506 billion in writedowns but Wells Fargo’s preferred announcement and Lehman’s huge writedown will put this up at least $6 billion more. I will be looking to make some serious updates to the table shortly.

Also see my list of Bankrupt Global Financial Institutions.

2008 08 26 Housing slump hits BMO’s bottom line
2008 08 26 Scotiabank earnings slip 2%
2008 08 27 CIBC profit squeezed by $885-million credit hit
2008 08 28 Agricole, Natixis earnings plunge on market turmoil
2008 08 28 C.Agricole Q2 profit plunges on Calyon loss
2008 08 28 TD’s profit drops, but bank hikes dividend
2008 08 28 National Bank profit rises
2008 08 28 U.S. operations bite into Royal Bank’s profit
2008 09 01 Commerzbank buys ailing Dresdner
2008 09 02 Price of Dresdner Deal Worries Commerzbank Investors
2008 09 03 What Now For Dresdner Kleinwort?
2008 09 07 Paulson Engineers U.S. Takeover of Fannie, Freddie
2008 09 08 Fannie, Freddie Credit-Default Swaps May Be Settled
2008 09 08 WaMu’s New Chief Prepares To Dive In Amid Skepticism
2008 09 08 BankUnited Sees Regulatory Capital Status Downgraded
2008 09 09 Counterparty credit risks climb on Lehman, WaMu
2008 09 09 KDB’s Attempt to Invest In Lehman Appears Over
2008 09 10 Lehman Sees $3.9 Billion Loss and Plans to Shed Assets

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Writedown news: 28 Aug 2008

Edward Harrison — Thu, 28 Aug 2008 18:30:00 +0000

Below are the latest writedown stories from the web that I have seen. For the full timeline of news, visit my credit crisis timeline. Bloomberg recently updated their tally of writedowns to arrive at $503.8 Billion to date. That is on the timeline as well.

Also see my list of Bankrupt Global Financial Institutions.

Some of the Financial Post pictures accompanying the earnings reports are pretty funny: it’s like they rolled across the street in Toronto and snapped a Polaroid of the Bank’s building logo. Check out the BMO, TD and RBC photos to see unwilling photo participants. At least the CIBC photo has no people in it.

2008 08 20 JPMorgan Warned California as Auction Market Neared Collapse
2008 08 20 Fed’s Lacker Clashes With Paulson on Fannie-Freddie Strategy
2008 08 20 FDIC Releases Details on IndyMac Loan Mods; Questions Remain
2008 08 20 California mulls probing senator over IndyMac crash
2008 08 20 Possible Lehman asset management sale portends pain
2008 08 20 Lehman’s secret talks to sell 50% stake stall
2008 08 20 Fannie Mae and Freddie Mac shares fall on fears of size of potential losses
2008 08 20 Wachovia Unloads Troubled Loans
2008 08 21 Fed Acted on Lehman Rumor
2008 08 21 Lone Star Funds to take over IKB
2008 08 24 Danish Central Bank, Grouping Acquire Roskilde Bank
2008 08 26 Housing slump hits BMO’s bottom line
2008 08 26 Scotiabank earnings slip 2%
2008 08 27 CIBC profit squeezed by $885-million credit hit
2008 08 28 Agricole, Natixis earnings plunge on market turmoil
2008 08 28 C.Agricole Q2 profit plunges on Calyon loss
2008 08 28 TD’s profit drops, but bank hikes dividend
2008 08 28 National Bank profit rises
2008 08 28 U.S. operations bite into Royal Bank’s profit

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Writedown news: 21 Aug 2008

Edward Harrison — Thu, 21 Aug 2008 17:30:00 +0000

Also see my list of Bankrupt Global Financial Institutions.

2008 08 12 UBS Posts Loss on Debt Writedowns, Settlement Costs
2008 08 12 JP Morgan Takes $1.5 Billion Mortgage-Backed Hit in July
2008 08 12 Wachovia Increases Second-Quarter Loss
2008 08 13 Zions lead financials lower at open
2008 08 15 Fannie, Freddie debt faces confidence crisis overseas
2008 08 18 Bradford & Bingley shareholders shun £400m cash call
2008 08 18 Huntington shares slide after client warns of loss
2008 08 19 American Home to pay fraction of bankruptcy claims
2008 08 20 JPMorgan Warned California as Auction Market Neared Collapse
2008 08 20 Fed’s Lacker Clashes With Paulson on Fannie-Freddie Strategy
2008 08 20 FDIC Releases Details on IndyMac Loan Mods; Questions Remain
2008 08 20 California mulls probing senator over IndyMac crash
2008 08 20 Possible Lehman asset management sale portends pain
2008 08 20 Lehman’s secret talks to sell 50% stake stall
2008 08 20 Fannie Mae and Freddie Mac shares fall on fears of size of potential losses
2008 08 20 Wachovia Unloads Troubled Loans
2008 08 21 Fed Acted on Lehman Rumor
2008 08 21 Lone Star Funds to take over IKB

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Copyright © by Credit Writedowns
Author: Edward Harrison; Tags: banking, bankruptcy and foreclosure, financial crisis, Financial Institutions, financial statements, mortgages, timeline

Writedown news: 13 Aug 2008

Edward Harrison — Thu, 14 Aug 2008 00:11:00 +0000

Below are the latest writedown stories from the web that I have seen. For the full timeline of news, visit my credit crisis timeline. Bloomberg recently updated their tally of writedowns to arrive at $501 Billion to date. That is on the timeline as well.

Also see my list of Bankrupt Global Financial Institutions.

2008 08 04 Fortis Second-Quarter Net Drops 49% After Writedowns
2008 08 04 BNP Paribas Dodges Bullet a Year After Freezing Funds
2008 08 04 Fannie’s Mudd Soothed Asian Investors as Bonds Rose
2008 08 04 HSBC’s profits drop as economies slows
2008 08 05 Swiss Re Second-Quarter Net Falls 53% on Writedown
2008 08 06 Munich Re Second-Quarter Profit Falls on Writedowns
2008 08 06 Morgan Stanley Said to Freeze Home-Equity Credit Withdrawals
2008 08 06 Freddie Mac Posts Fourth Straight Loss, Cuts Dividend
2008 08 06 Ambac Posts $823 Million Net Income; CDO Losses Rise
2008 08 06 A.I.G. Posts a Large Loss as Housing Troubles Persist
2008 08 06 Northern Rock losses hit almost £600m
2008 08 06 Allianz Posts Lower Earnings, Cuts Growth Forecast
2008 08 07 Barclays’ profits drop a third
2008 08 07 Citigroup reaches SEC settlement on auction rate securities
2008 08 08 RBS slumps to loss after £5.9bn writedown
2008 08 08 Fannie Mae Posts Fourth Straight Loss, Cuts Dividend
2008 08 08 UBS is latest bank to settle auction-rate probe
2008 08 08 MBIA reports surprise profit of $1.7 billion
2008 08 08 Morgan Stanley to Pay $1.5 Million in Auction-Rate Settlement
2008 08 08 Auction-Rate Buybacks: The Bottom Line
2008 08 12 UBS Posts Loss on Debt Writedowns, Settlement Costs
2008 08 12 JP Morgan Takes $1.5 Billion Mortgage-Backed Hit in July
2008 08 12 Wachovia Increases Second-Quarter Loss
2008 08 13 Zions lead financials lower at open

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Bloomberg: $500 billion in writedowns by firm

Edward Harrison — Tue, 12 Aug 2008 23:02:00 +0000

(See my Credit Crisis Timeline for the news stories associated with the writedowns and related events during the crisis, the most recent of which you can find here.)

Yalman Onaran at Bloomberg News has tallied the writedowns in the credit crisis to date at $501 billion. More importantly, Bloomberg has broken out the writedowns by firm. These are the most complete statistics available on the writedowns by individual bank and Onaran has kept this tally available since late December last year. More stats are available on the Bloomberg terminal at WDCI, but below is what Bloomberg has that is publicly available on the web.

The collapse of the U.S. subprime mortgage market last year has saddled banks worldwide with $501 billion of losses from declining values of securities tied to all types of home loans and commercial mortgages as well as leveraged-loan commitments.

Banks and brokers have raised $353 billion of capital to cope with the writedowns, according to data compiled by Bloomberg. The gap between losses and capital infusions, which now stands at $148 billion, has regularly narrowed to about $80 billion as capital raising follows writedown announcements.

The following table shows the asset writedowns and credit losses as well as the capital raised in response. All numbers are in billions of U.S. dollars, converted at today’s exchange rate if reported in another currency. For quarterly breakdowns for each bank and region, click on WDCI.(on your Bloomberg terminal)

Firm               Writedown & Loss      Capital Raised

Citigroup                 55.1               49.1

Merrill Lynch             51.8               29.9

UBS                       44.2               28.3

HSBC                      27.4                3.9

Wachovia                  22.5               11

Bank of America           21.2               20.7

IKB Deutsche              15.3               12.6

Royal Bank of Scotland    14.9               24.3

Washington Mutual         14.8               12.1

Morgan Stanley            14.4                5.6

JPMorgan Chase            14.3                7.9

Deutsche Bank             10.8                3.2

Credit Suisse             10.5                2.7

Wells Fargo               10                  4.1

Barclays                   9.1               18.6

Lehman Brothers            8.2               13.9

Credit Agricole            8                  8.8

Fortis                     7.4                7.2

HBOS                       7.1                7.6

Societe Generale           6.8                9.8

Bayerische Landesbank      6.4                -

Canadian Imperial (CIBC)   6.3                2.8

Mizuho Financial Group     5.9                  -

ING Groep                  5.8                4.8

National City              5.4                8.9

Lloyds TSB                 5                  4.9

IndyMac                    4.9                -

WestLB                     4.7                7.5

Dresdner                   4.1                -

BNP Paribas                4                  -

LB Baden-Wuerttemberg      3.8                -

Goldman Sachs              3.8                0.6

E*Trade                    3.6                2.4

Nomura Holdings            3.3                1.1

Natixis                    3.3                6.7

Bear Stearns               3.2                -

HSH Nordbank               2.8                1.9

Landesbank Sachsen         2.6                -

UniCredit                  2.6                -

Commerzbank                2.4                -

ABN Amro                   2.3                -

DZ Bank                    2                  -

Bank of China              2                  -

Fifth Third                1.9                2.6

Rabobank                   1.7                -

Bank Hapoalim              1.7                2.4

Mitsubishi UFJ             1.6                1.5

Royal Bank of Canada       1.5                -

Marshall & Ilsley          1.4                -

Alliance & Leicester       1.4                -

U.S. Bancorp               1.3                -

Dexia                      1.2                -

Caisse d'Epargne           1.2                -

Keycorp                    1.2                1.7

Sovereign Bancorp          1                  1.9

Hypo Real Estate           1                  -

Gulf International         1                  1

Sumitomo Mitsui            0.9                4.9

Sumitomo Trust             0.7                1

DBS Group                  0.2                1.1

Other European banks*      7.2                2.3

Other Asian banks*         4.6                7.8

Other U.S. banks*          2.9                1.9

Other Canadian banks*      1.8                -                      ____               ____

TOTAL**                  501.1              352.9

Source
Banks’ Subprime Losses Top $500 Billion on Writedowns – Yalman Onaran, Bloomberg News

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Writedowns hit $500 billion

Edward Harrison — Sun, 10 Aug 2008 12:37:00 +0000

After RBS’s writedowns on Friday, Bloomberg estimated that we have had nearly $500 billion in writedowns in the so-called ’sub-prime’ crisis to date.

Barclays, Britain’s third-biggest bank, had first-half writedowns of 2.8 billion pounds, it reported yesterday. Its net income declined a less-than-estimated 34 percent to 1.72 billion pounds in the first six months of the year. Banks and brokerages have posted $497 billion in losses and raised $357 billion in capital since the credit crunch started.
-Bloomberg News, 8 Aug 2008

The capital raising deficit leaves financial institutions collectively with $140 billion less capital than when this crisis occurred, meaning that it has been difficult for them to de-leverage because they have had to write down so much capital. Through June, Bloomberg kept a running list of writedowns and capital raised by global financial institutions.

The biggest writedown losers have been UBS, Merrill Lynch and Citigroup, all having written down well over $40 billion each.

Since Bloomberg’s June 18th table, banks have written down an additional $99 billion and raised an additional $55 billion in capital. As a result they have had to resort to asset sales to make up the shortfall in capital. This $44 billion shortfall of capital and the asset sales suggest that capital raising is becoming increasingly difficult as this crisis continues and an increasing number of undercapitalised firms could come under pressure if they report more losses.

Below is a chronological list of all the Bloomberg writedown estimates since December 2007, rising from $100 to now $500 billion — truly breathtaking.

See my credit crisis timeline for a rundown on all the writedown news since the credit crisis began a year ago.

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Copyright © by Credit Writedowns
Author: Edward Harrison; Tags: banking, Economy, financial crisis, financial statements, timeline

Writedown News: 07 Aug 2008

Edward Harrison — Thu, 07 Aug 2008 15:50:00 +0000

After a week’s holiday, I have a huge backlog of stories on offer. Below are the latest writedown stories from the web that I have seen. For the full timeline of news, visit my credit crisis timeline.

Also see my list of Bankrupt Global Financial Institutions.

2008 07 30 Postbank Second-Quarter Net Falls 21% on Writedowns
2008 07 31 HBOS Gains After First-Half Earnings Exceed Estimates
2008 07 31 Deutsche writes down 2.7bn euros
2008 07 31 Mizuho’s Profit Advances 14% as Bad-Loan Costs Fall
2008 07 31 GMAC Reports $2.5 Billion Loss on Auto, Housing Slump
2008 07 31 Carlyle to Shutter Blue Wave Hedge Fund After Losses
2008 08 01 Credit crunch leaves Alliance & Leicester’s profits in tatters
2008 08 04 Fortis Second-Quarter Net Drops 49% After Writedowns
2008 08 04 BNP Paribas Dodges Bullet a Year After Freezing Funds
2008 08 04 Fannie’s Mudd Soothed Asian Investors as Bonds Rose
2008 08 04 HSBC’s profits drop as economies slows
2008 08 05 Swiss Re Second-Quarter Net Falls 53% on Writedown
2008 08 06 Munich Re Second-Quarter Profit Falls on Writedowns
2008 08 06 Morgan Stanley Said to Freeze Home-Equity Credit Withdrawals
2008 08 06 Freddie Mac Posts Fourth Straight Loss, Cuts Dividend
2008 08 06 Ambac Posts $823 Million Net Income; CDO Losses Rise
2008 08 06 A.I.G. Posts a Large Loss as Housing Troubles Persist
2008 08 06 Northern Rock losses hit almost £600m
2008 08 06 Allianz Posts Lower Earnings, Cuts Growth Forecast
2008 08 07 Barclays’ profits drop a third

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Writedown News: 30 Jul 2008

Edward Harrison — Wed, 30 Jul 2008 17:05:00 +0000

Below are the latest writedown stories from the web. For the full timeline of news, visit my credit crisis timeline.

Also see my list of Bankrupt Global Financial Institutions.

2008 07 21 Earnings Fall 44% at Bank of America
2008 07 22 Wachovia Has Record $8.9 Billion Loss, Cuts Dividend
2008 07 22 KeyCorp Posts First Loss Since 2001 After Tax Case
2008 07 22 Fifth Third Reports $202 Million Loss on Higher Loan Defaults
2008 07 22 SunTrust Profit Declines as Borrowers Fall Behind
2008 07 22 Regions Cuts Dividend as Profit Falls on Missed Loans
2008 07 22 BankAtlantic Sues Analyst for Defamation
2008 07 22 Wachovia ends wholesale mortgages
2008 07 22 IKB in new sub-prime write downs
2008 07 22 American Express Declines as Earnings Fall Short of Estimates
2008 07 22 WaMu Has $3.3 Billion Quarterly Loss on Delinquencies
2008 07 23 CIBC sued over subprime investments
2008 07 24 Credit Suisse Profit Falls 62%, Beating Estimates
2008 07 24 WaMu Slumps as Gimme Credit Cites Liquidity Concern
2008 07 24 San Diego Sues Bank of America Over Foreclosures
2008 07 25 Munich Re Drops Most Since 2003 on Asset Writedowns
2008 07 25 Hannover Re Drops Most Since 2001 After Saying Goals Difficult
2008 07 25 NAB rating outlook revised to negative
2007 07 25 National Australia Bank tumbles on new $830m provision
2008 07 25 Wachovia’s Finance Chief Resigns
2008 07 25 National City Posts $1.76 Billion Loss
2008 07 25 Downey inches up after report of possible investor interest
2008 07 28 ANZ hit by credit costs
2008 07 28 Merrill Has $5.7 Billion of Writedowns, Sells Shares
2008 07 30 Northern Rock unveils job losses
2008 07 30 Postbank Second-Quarter Net Falls 21% on Writedowns

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Writedown News: 22 Jul 2008

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$467 billion in writedowns and counting

Edward Harrison — Thu, 24 Jul 2008 04:11:00 +0000

This reporting season, there have been some major, major writedowns from the likes of WaMu, Citi, Merrill, and Wachovia. Most analysts see this quarter as the last quarter of major writedowns from the credit crisis. Haven’t we heard that every quarter? Wachovia’s share price even rallied after it reported an outsized $8.9 billion loss for the quarter.

But, far from representing the last of a slew of writedowns, these writedowns represent the last sub-prime writedowns. Many more writedowns are to come in Alt-A, Option Arm and even Prime classes of mortgages.

To date, there have been over $450 billion in credit writedowns by the world’s financial institutions. Bloomberg has done an amazing job in summing up the writedowns in the financial services sector as they are reported. Below is the chronological list of tallies as presented by Bloomberg starting right before New Year’s 2008.

The credit writedown tallies have unexpectedly increased dramatically every quarter since Q4 2007 (see entries in red). With the European banks still left to present Q2 2008 results, one can imagine the tally easily reaching $500 by September.

Note that companies have also raised $345 billion. So, net-net, we’re looking at a capital loss of $117 billion globally.

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Writedown News: 22 Jul 2008

Edward Harrison — Tue, 22 Jul 2008 12:49:00 +0000

Below are the latest writedown stories from the web. For the full timeline of news, visit my credit crisis timeline.

Also see my list of Bankrupt Global Financial Institutions.

2008 07 15 Regional Banks Take It on the Chin As Fallout Spreads
2008 07 15 Washington Mutual Drop Wipes Out Most of TPG Holding
2008 07 15 U.S. Bancorp Profit Falls on Higher Credit Losses
2008 07 15 Scramble Led to Rescue Plan on Mortgages
2008 07 15 Meredith Whitney Cuts Wachovia on `Bleak’ Prospects
2008 07 15 First Horizon reports quarterly net loss
2008 07 16 Wells Fargo Profit Exceeds Estimates; Shares Jump
2008 07 16 Marshall & Ilsley posts second-quarter loss of $394 million
2008 07 16 Japan mortgage exposure seen over $95 billion
2008 07 17 J.P. Morgan Chase’s profit off 53%, tops target
2008 07 17 JPMorgan Profit Falls 53% Amid Higher Charges
2008 07 17 Huntington shares gain in wake of results
2008 07 17 Merrill reports $4.65 billion quarterly net loss
2008 07 17 Merrill Lynch hit by $9.4bn writedown
2008 07 18 Capital One Falls After Profit Misses Estimates on Defaults
2008 07 18 Citi Posts Smaller-Than-Estimated Loss on Writedown
2008 07 18 Barclays Investors Buy 19% of Shares on Sale in Offer
2008 07 18 B&B Shareholders Approve Rights Issue
2008 07 18 Barclays and HBOS cash calls shunned
2008 07 21 Earnings Fall 44% at Bank of America
2008 07 22 Wachovia Has Record $8.9 Billion Loss, Cuts Dividend
2008 07 22 KeyCorp Posts First Loss Since 2001 After Tax Case
2008 07 22 Fifth Third Reports $202 Million Loss on Higher Loan Defaults
2008 07 22 SunTrust Profit Declines as Borrowers Fall Behind
2008 07 22 Regions Cuts Dividend as Profit Falls on Missed Loans
2008 07 22 BankAtlantic Sues Analyst for Defamation
2008 07 22 Wachovia ends wholesale mortgages
2008 07 22 IKB in new sub-prime write downs
2008 07 22 American Express Declines as Earnings Fall Short of Estimates

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Writedown News: 17 Jul 2008

Edward Harrison — Thu, 17 Jul 2008 15:00:00 +0000

Below are the latest writedown stories from the web. For the full timeline of news, visit my credit crisis timeline.

Also see my list of Bankrupt Global Financial Institutions.

2008 07 08 IndyMac Falls After Regulators Say It Isn’t `Well Capitalized’
2008 07 09 Fannie Mae Pays Record Spreads on Two-Year Note Sale
2008 07 09 Freddie Mac Dips Below $10 a Share for First Time Since 1992
2008 07 10 U.S. Mulls Future of Fannie, Freddie
2008 07 10 Wachovia’s Capital `Solid’ After Quarterly Loss, Smith Says
2008 07 11 Fortis Ousts Chief Votron After ABN Amro Deal Depletes Capital
2008 07 11 IndyMac Bancorp Is Seized By Federal Regulators
2008 07 11 IndyMac Seized by U.S. Regulators Amid Cash Crunch
2008 07 11 Fannie Sinks, Freddie Recovers in Biggest Trading Day on Record
2008 07 11 Fannie, Freddie Turmoil May Hike Rates, Slow Recovery
2008 07 12 Worst Fears Ease, for Now, on Mortgage Giants’ Fate
2008 07 14 Santander’s takeover of Alliance & Leicester spells shake-up of high street banks
2008 07 14 Alliance & Leicester takeover angers unions and shareholders
2008 07 14 M&T Bank Falls After Second-Quarter Profit Slumps 25%
2008 07 14 National City says not experiencing unusual activity
2008 07 15 Regional Banks Take It on the Chin As Fallout Spreads
2008 07 15 Washington Mutual Drop Wipes Out Most of TPG Holding
2008 07 15 U.S. Bancorp Profit Falls on Higher Credit Losses
2008 07 15 Scramble Led to Rescue Plan on Mortgages
2008 07 15 Meredith Whitney Cuts Wachovia on `Bleak’ Prospects
2008 07 15 First Horizon reports quarterly net loss
2008 07 16 Wells Fargo Profit Exceeds Estimates; Shares Jump
2008 07 16 Marshall & Ilsley posts second-quarter loss of $394 million
2008 07 16 Japan mortgage exposure seen over $95 billion
2009 07 17 J.P. Morgan Chase’s profit off 53%, tops target
2009 07 17 JPMorgan Profit Falls 53% Amid Higher Charges

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Writedown News: 12 Jul 2008

Edward Harrison — Sat, 12 Jul 2008 15:10:00 +0000

For a complete list of prior news on writedowns see my Credit Crisis Timeline. Also look at the new list of Bankrupt Global Financial Institutions for information on large global financial institutions that have gone to the wall.

2008 06 30 Florida Sues Countrywide
2008 06 30 IndyMac to Trim Operations, Not Shut Down, Perry Says
2008 07 01 IndyMac Chief Financial Officer A. Scott Keys Resigns
2008 07 01 Subprime Losses Hit Development Bank of Japan
2008 07 03 Marshall & Ilsley Announces 2008 Q2 Provision of up to $900 Million
2008 07 04 UBS Says It May Avoid Loss, Doesn’t Need More Capital
2008 07 04 Bradford & Bingley Investors on the Hook as TPG Walks
2008 07 05 UBS piles $7.5bn on to its writedown bill
2008 07 06 Credit Suisse cuts cost of top team in Europe
2008 07 06 Grossbanken werden massiv eingeschränkt (translation here)
2008 07 07 Regulator watching troubled UK bank Bradford and Bingley
2008 07 07 Freddie Mac, Fannie Mae Plunge on Capital Concerns
2008 07 07 IndyMac Cuts Half its Staff as Mortgage Losses Mount
2008 07 08 IndyMac Falls After Regulators Say It Isn’t `Well Capitalized’
2008 07 09 Fannie Mae Pays Record Spreads on Two-Year Note Sale
2008 07 09 Freddie Mac Dips Below $10 a Share for First Time Since 1992
2008 07 10 U.S. Mulls Future of Fannie, Freddie
2008 07 10 Wachovia’s Capital `Solid’ After Quarterly Loss, Smith Says
2008 07 11 Fortis Ousts Chief Votron After ABN Amro Deal Depletes Capital
2008 07 11 IndyMac Bancorp Is Seized By Federal Regulators
2008 07 11 IndyMac Seized by U.S. Regulators Amid Cash Crunch
2008 07 11 Fannie Sinks, Freddie Recovers in Biggest Trading Day on Record
2007 07 11 Fannie, Freddie Turmoil May Hike Rates, Slow Recovery
2007 07 12 Worst Fears Ease, for Now, on Mortgage Giants’ Fate

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Bankrupt global financial institutions

Edward Harrison — Wed, 09 Jul 2008 09:00:00 +0000

Latest Major Bankruptcy News

2007 06 13 IndyMac Sued Over Investor Claims It Hid Loan Losses
2008 06 30 IndyMac to Trim Operations, Not Shut Down, Perry Says
2008 07 01 IndyMac Chief Financial Officer A. Scott Keys Resigns
2008 07 07 IndyMac Cuts Half its Staff as Mortgage Losses Mount
2008 07 08 IndyMac Falls After Regulators Say It Isn’t `Well Capitalized’
2008 07 10 Roskilde Bank Receives Liquidity From Danish Central Bank
2008 07 11 Danske Bank ikke interesseret i Roskilde Bank
2008 07 11 Danish Central Bank Bails Out Roskilde Bank
2008 07 11 Roskilde Drops in Denmark After Central Bank Bailout
2008 07 11 IndyMac Bancorp Is Seized By Federal Regulators
2008 07 11 IndyMac Seized by U.S. Regulators Amid Cash Crunch
2008 07 25 My Experience at Indy Mac: Fraud, Corruption, Criminality
2008 07 26 Sinking IndyMac sought funding lifelines
2008 08 15 McCain’s Son Sat on Troubled Bank’s Board
2008 08 20 FDIC Releases Details on IndyMac Loan Mods; Questions Remain
2008 08 20 California mulls probing senator over IndyMac crash
2008 09 05 Regulators Shutter Silver State Bank
2008 09 19 Ameribank of West Virginia closed by regulators
2008 09 25 WaMu Seized by U.S., Assets Sold to JPMorgan in Record Failure
2008 09 25 WaMu’s 42-Story Seattle Headquarters Acquired in JPMorgan Deal

UPDATE: The latest bankruptcy is Washington Mutual. See my story here.

Intro

As many readers know, I chronicle the writedowns of our venerable global financial institutions in my credit crisis timeline. It is perhaps the definitive guide to getting a handle on writedowns on the web today.

However, despite the Armageddon scenario of $1.6 trillion in eventual writedowns painted by Bridgewater Associates in their leaked study, I do not anticipate many more writedowns as a result of SIVs or RMBSs or CDOs based on subprime mortgages. Perhaps we will see another $30-50 billion worth before year end 2008 and another $100-150 billion more before all is said and done. But this is paltry compared to the $450 billion already written off and the $1.6 trillion anticipated by Bridgewater. Subprime is largely contained!

That said, I do expect to begin to see massive write-offs going forward in a number of other areas. And it is here that I expect to see major financial stress. As the real economy moves centre stage, the question should become:

Where else have our previously cautious bankers made cheap loans to dubious debtors?

The most obvious areas are the following:

Alt-A Mortgages
Payment Option Mortgages
Negative Amortization Mortgages
Leveraged Loans
High Yield Bonds
Credit Card Receivables and Asset Backed Securities
Auto Loan Receivables and Securitized auto Loan Bonds
Commercial Real Estate Loans
Construction Loans

As the real economy turns down and recession becomes a reality in the US, the UK, Ireland, Denmark, Spain, South Africa, Germany, Japan, Canada and many others already showing significant weaknesses, one should expect this generalized weakness to uncover many more bad debts than is currently being anticipated.

This is one reason for the $1.6 trillion figure by Bridgewater. While I may differ from Bridgewater in that I would put my figure at $900 billion, the result will be the same: major financial bankruptcies

So, as with the credit writedowns, I will begin to chronicle them here in this blog. I will be looking only to add banks that collapse because of the credit crunch and housing bubble.

For example, NetBank went bust in September 2007, but it seems unrelated to the housing bust so I don’t have it on the list. Another example is tiny Hume Bank, which was too small to consider on the list.

Here is the present list.

#1 Northern Rock
#2 Bear Stearns
#3 ANB Financial
#4 First Integrity Bank
#5 Roskilde Bank
#6 IndyMac
#7 First Heritage Bank
#8 First National Bank of Nevada
#9 IKB (basically insolvent after gov’t intervention)
#10 Silver State
#11 Fannie Mae
#12 Freddie Mac
#13 Lehman Brothers
#14 AIG
#15 Washington Mutual

As the bankruptcies begin in earnest, expect to find at this blog entry a host of links and other information to help you get up to speed on the individual cases. As with the credit crisis time-line I will be updating around the clock and back-filling where appropriate.

To see all the failed U.S. banks taken over by the FDIC, including ones that don’t meet my criteria like (Columbian Bank and Trust of Kansas), see U.S. FDIC List of Failed Banks. Here is the present list below.

Bank Name	ass="xl65" style="border-left: medium none; width: 66pt;" id="Closing" width="88">Closing Date	Updated Date
Meridian Bank, Eldred, IL	10-Oct-08	10-Oct-08
Main Street Bank, Northville, MI	10-Oct-08	10-Oct-08
Washington Mutual Bank, Henderson, NV and Washington Mutual Bank FSB, Park City, UT	25-Sep-08	25-Sep-08
Ameribank, Northfork, WV	19-Sep-08	19-Sep-08
Silver State Bank, Henderson, NV	5-Sep-08	5-Sep-08
En Español
Integrity Bank, Alpharetta, GA	29-Aug-08	29-Aug-08
The Columbian Bank and Trust, Topeka, KS	22-Aug-08	22-Aug-08
First Priority Bank, Bradenton, FL	1-Aug-08	1-Aug-08
First Heritage Bank, NA, Newport Beach, CA	25-Jul-08	25-Jul-08
First National Bank of Nevada, Reno, NV	25-Jul-08	25-Jul-08
IndyMac Bank, Pasadena, CA	11-Jul-08	11-Jul-08
First Integrity Bank, NA, Staples, MN	30-May-08	25-Jul-08
ANB Financial, NA, Bentonville, AR	9-May-08	25-Jul-08
Hume Bank, Hume, MO	7-Mar-08	25-Jul-08
Douglass National Bank, Kansas City, MO	25-Jan-08	25-Jul-08
Miami Valley Bank, Lakeview, OH	4-Oct-07	25-Jul-08
NetBank, Alpharetta, GA	28-Sep-07	25-Jul-08

Stay tuned: the bankruptcies certainly are coming. One thing to note is that uninsured deposits will NOT necessarily be reimbursed. Be very cautious with having more than $100,000 at a dodgy bank. Read the FDIC rules for deposit insurance here. If you are concerned about your large bank going bust, see the list of writedowns here.

As for a list of all American institutions, large and small, the Bank Implode-o-Meter has the best information on the web for that.

The Bank Implode-O-Meter

Bankrupt Global Financial Institutions

1. Northern Rock United Kingdom

2007 09 14 Northern Rock Gets Emergency Bank of England
2007 09 15 Credit Crisis Hits Lender In Britain
2007 09 23 Ten days that shook the City
2007 10 10 Northern Rock deposits to be guaranteed by British government
2008 02 17 Northern Rock Nationalized as U.K. Rejects Virgin Bid
2008 05 13 Rock’s mortgage arrears increase
2008 05 21 Northern Rock billions ‘at risk in a downturn’

2. Bear Stearns, New York

Timeline of JP Morgan Chase’s acquisition of Bear Stearns
2007 06 12 Bear Stearns’ Subprime Bath
2007 06 23 Bear Stearns Fund Collapse Sends Shock Through CDOs
2007 06 23 $3.2 Billion Move By Bear Stearns To Rescue Fund
2007 06 26 Bear Stearns provides update on BSAM structured credit strategies funds
2007 07 18 Bear Stearns Says Battered Hedge Funds Are Worth Little
2007 08 02 Bear Stearns funds enter bankruptcy
2007 08 07 Bear Stearns Caymans Filing May Hurt Funds’ Creditors
2007 08 09 Bear Stearns sued over hedge fund collapse
2007 11 15 Bear Stearns Credit Rating Cut by S&P on Writedowns
2008 11 21 Bear Stearns’s Former President to Keep $23 Million
2007 11 28 Bear Stearns to Cut 650 Jobs Amid Mortgage Losses
2007 12 19 Bear Stearns Hedge Fund Manager Departs Amid Probes
2007 12 20 Bear Stearns Posts First Loss on Mortgage Writedowns
2007 12 20 Barclays sues Bear Stearns over hedge fund collapses
2008 01 09 Bear Stearns boss Cayne resigns
2008 03 14 JPMorgan and Fed Move to Bail Out Bear Stearns
2008 03 14 Bear Stearns Has Credit Ratings Slashed After Bailout
2008 03 15 Run on Big Wall St. Bank Spurs U.S.-Backed Rescue
2008 03 25 Seeking Fast Deal, JPMorgan Quintuples Bear Stearns Bid
2008 04 07 Bear Stearns Sued for $1 Billion by Fund Liquidators
2008 05 29 Bear Stearns Holders Approve Purchase, Ending Era
/>3. ANB Financial, Arkansas
2008 02 20 ANB Financial Comes Under Tighter Federal Scrutiny
2008 03 10 ANB Financial Closes Little Rock Mortgage Operation
2008 05 09 FDIC Approves the Assumption of the Insured Deposits of ANB Financial, National Association, Bentonville, Arkansas
2008 05 09 Federal regulators close Arkansas bank ANB Financial
2008 05 12 Behind the Rapid Fall of ANB Financial

4. First Integrity Bank, Minnesota
2008 05 30 FDIC Approves the Assumption of All the Deposits of First Integrity Bank, National Association, Staples, Minnesota
2008 05 30 OCC Closes First Integrity Bank, N.A. and Appoints FDIC Receiver
2008 05 30 First Integrity Bank NA of Staples, MN fails, fourth in 2008
2008 06 02 First Integrity bank shut down by regulators

5. Roskilde Bank, Denmark
2008 07 10 Roskilde Bank Receives Liquidity From Danish Central Bank
2008 07 11 Danske Bank ikke interesseret i Roskilde Bank
2008 07 11 Danish Central Bank Bails Out Roskilde Bank
2008 07 11 Roskilde Drops in Denmark After Central Bank Bailout
2008 08 24 Danish Central Bank, Grouping Acquire Roskilde Bank

6. IndyMac, California
2007 07 31 IndyMac’s Net Falls 57 Percent as Defaults Surge
2007 11 06 IndyMac Reports $202.7 Million Loss on Late Payments
2008 02 12 IndyMac Posts Record Loss, Calls Reserves Adequate
2008 04 09 IndyMac Sells First Non-Agency Bonds in Two Months
2008 05 12 IndyMac Reports Loss, Doesn’t See Profit in 2008
2007 06 13 IndyMac Sued Over Investor Claims It Hid Loan Losses
2008 06 30 IndyMac to Trim Operations, Not Shut Down, Perry Says
2008 07 01 IndyMac Chief Financial Officer A. Scott Keys Resigns
2008 07 07 IndyMac Cuts Half its Staff as Mortgage Losses Mount
2008 07 08 IndyMac Falls After Regulators Say It Isn’t `Well Capitalized’
2008 07 11 IndyMac Bancorp Is Seized By Federal Regulators
2008 07 11 IndyMac Seized by U.S. Regulators Amid Cash Crunch
2008 07 26 Sinking IndyMac sought funding lifelines
2008 08 20 FDIC Releases Details on IndyMac Loan Mods; Questions Remain
2008 08 20 California mulls probing senator over IndyMac crash

7. First Heritage Bank, California
2008 07 26 Two More Banks Fail
2008 07 26 FDIC steps in at two more failed banks, Credit Writedowns
2008 07 26 FDIC takes over 2 more banks, closing 28 branches, AP
2008 07 26 Two More Banks Fail, WSJ
2008 07 26 Mutual of Omaha Bank to Acquire Deposits of Failed First National Bank,Market Watch
2008 07 26 Regulators Close Two More National Banks, Washington Post
2008 07 26 Market Watch: Two more banks fail, Market Watch
2008 07 26 U.S. Regulators Seize Two More Banks, NY Times
2008 07 26 FDIC closes First Heritage Bank, 1st National Bank of Nevada, LA Times

8. First National Bank of Nevada
2008 07 26 Two More Banks Fail
2008 07 26 FDIC steps in at two more failed banks, Credit Writedowns
2008 07 26 FDIC takes over 2 more banks, closing 28 branches, AP
2008 07 26 Two More Banks Fail, WSJ
2008 07 26 Mutual of Omaha Bank to Acquire Deposits of Failed First National Bank,Market Watch
2008 07 26 Regulators Close Two More National Banks, Washington Post
2008 07 26 Market Watch: Two more banks fail, Market Watch
2008 07 26 U.S. Regulators Seize Two More Banks, NY Times
2008 07 26 FDIC closes First Heritage Bank, 1st National Bank of Nevada, LA Times

9. IKB
2007 07 30 IKB Cuts Profit Forecast Amid Rout in U.S. Mortgages
2007 09 03 Sub-prime crisis to cost IKB $1bn
2007 11 27 KfW Almost Doubles Provisions on Possible IKB Losses
2008 02 17 IKB Will Ask Shareholders to Approve EU1.5 Billion Stock Sale
2008 02 18 IKB Bailout Cost Totals 8.5 Billion Euros, Handelsblatt Reports
2007 03 20 IKB Seeks Fourth Bailout After Subprime Loss Widens
2008 04 07 Head of German bank KfW resigns amid problems at IKB
2008 04 29 IKB Has $1.5 Billion First-Half Loss on Writedowns
2008 05 27 IKB Posts Nine-Month Loss; Sale Process as Planned
2008 07 03 IKB Reports 24 Million Euro Full-Year After-Tax Loss
2008 07 16 IKB’s Failed Rhinebridge SIV to Sell Assets Under Goldman Plan
2008 07 22 IKB in new sub-prime write downs
2008 08 21 Lone Star Funds to take over IKB

10. Silver State Bank
2008 08 15 McCain’s Son Sat on Troubled Bank’s Board
2008 09 05 Regulators Shutter Silver State Bank
2008 09 05 Silver State of Nevada Is 11th Bank Failure This Year

11. and 12. Fannie Mae and Freddie Mac
2007 11 20 Freddie Mac in $6bn share issue
2007 11 21 Freddie Mac, a Buffer Against Crisis, Posts $2 Billion Loss
2007 12 04 U.S. mortgage giant in share issue
2008 02 29 Freddie Mac Reports $2.5 Billion Loss: Panel to Assess Management
2008 05 06 Fannie Mae loses $2.2-billion
2008 05 06 Fannie Mae to raise $6bn new capital
2008 07 07 Freddie Mac, Fannie Mae Plunge on Capital Concerns
2008 07 09 Freddie Mac Dips Below $10 a Share for First Time Since 1992
2008 07 09 Fannie Mae Pays Record Spreads on Two-Year Note Sale
2008 07 10 U.S. Mulls Future of Fannie, Freddie
2008 07 15 Scramble Led to Rescue Plan on Mortgages
2008 08 04 Fannie’s Mudd Soothed Asian Investors as Bonds Rose
2008 08 06 Freddie Mac Posts Fourth Straight Loss, Cuts Dividend
2008 08 08 Fannie Mae Posts Fourth Straight Loss, Cuts Dividend
2008 08 15 Fannie, Freddie debt faces confidence crisis overseas
2008 08 20 Fannie Mae and Freddie Mac shares fall on fears of size of potential losses
2008 08 20 Fed’s Lacker Clashes With Paulson on Fannie-Freddie Strategy
2008 08 29 Fannie Mae and Freddie Mac: A Damage Report
2008 09 07 Paulson Engineers U.S. Takeover of Fannie, Freddie
2008 09 07 Paulson Statement on U.S. Action on Fannie, Freddie: Text
2008 09 07 Statement by Fed Chairman Bernanke on Fannie, Freddie Plans
2008 09 07 Treasury Extends Secured Credit Line to Federal Home Loan Banks
2008 09 07 Regulators to Help Banks With Fannie, Freddie Shares
2008 09 07 Fannie, Freddie Capital Concerns Prompt Paulson Plan
2008 09 07 Few Stand to Gain on This Bailout, and Many Lose
2008 09 07 Fitch Affirms Fannie & Freddie ‘AAA’ IDR; Lowers Pfd Stock; Sub Debt
2008 09 07 Pimco’s Bill Gross on the Fan/Fred rescue: “We like it”
2008 09 07 Futures soar after U.S. takes over GSEs
2008 09 07 S&P, Fitch slash Fannie, Freddie preferreds to junk
2008 09 08 Fannie, Freddie Credit-Default Swaps May Be Settled

13. Lehman Brothers
2007 12 13 Lehman earnings fall amid $830 million writedown
2007 01 17 Lehman to cut 1,300 mortgage jobs
2008 03 18 U.S. bank profits more than halved
2008 04 29 Lehman Plans EU1.1 Billion CLO to Cut Buyout Loans
2008 06 02 Morgan Stanley, Merrill, Lehman Ratings Cut by S&P
2008 06 03 Lehman May Need to Raise Capital as Analysts See Loss
2008 06 03 Living without the Bear buffer
2008 06 03 Losses Push Lehman To Weigh Raising New Capital
2008 06 03 Lehman Denies Fed Borrowing, Says Cash Holdings Rose
2008 06 09 Lehman Brothers to post $3 bln loss; sets $6 bln stock sale
2008 06 09 Lehman to post $2.8 billion quarterly loss
2008 06 09 Lehman Cuts $130 Billion of Assets to End Bear Stigma
2008 08 20 Possible Lehman asset management sale portends pain – Reuters
2008 08 20 Lehman’s secret talks to sell 50% stake stall
2008 08 21 Fed Acted on Lehman Rumor
2008 09 09 Counterparty credit risks climb on Lehman, WaMu
2008 09 09 KDB’s Attempt to Invest In Lehman Appears Over
2008 09 10 Lehman Sees $3.9 Billion Loss and Plans to Shed Assets
2008 09 10 Lehman to Sell Neuberger Stake, Spin Off Real Estate
2008 09 15 Lehman Files Biggest Bankruptcy After Suitors Balk
2008 09 22 Nomura buys Lehman Brothers Asia units
2008 09 23 Nomura Acquires 2 More Lehman Units

14. AIG
2008 05 09 AIG off 9% on record loss, plan to raise $12.5 billion
2008 05 19 AIG to raise roughly $20 billion in capital
2008 05 23 Moody’s Cuts AIG Rating
2008 06 06 SEC reportedly probing AIG’s swaps
2006 06 16 AIG Ousts Sullivan, Taps Willumstad As Losses Mount
2008 06 27 AIG Poised to Absorb $5 Billion Losses From Securities-Lending
2008 08 06 A.I.G. Posts a Large Loss as Housing Troubles Persist
2008 09 15 AIG’s Ratings Cut by S&P, Moody’s, Threatening Fund Raising
2008 09 16 Fed to lend $85 billion to AIG, take 80 percent stake
2008 09 24 AIG slumps after signing up for $85 billion Fed loan
2008 09 26 Greenberg Sells 40 Million AIG Shares, Cutting Stake in Insurer

15. Washington Mutual
2006 02 16 Washington Mutual to Cut 2,500 Jobs
2007 09 12 Washington Mutual, First Horizon Cut Jobs From Mortgage Units
2007 12 11 Washington Mutual Cutting Dividend and Jobs
2008 01 18 Write-Down Contributes to Profit Fall at Trust Bank
2008 04 08 Washington Mutual Raising $7 Billion
2008 04 09 WaMu’s Hedge: CEO Called In Dimon & Co.
2008 04 15 A Loss and a Shake-up at Washington Mutual
2008 06 02 Washington Mutual’s Killinger Steps Down as Chairman
2008 06 09 Washington Mutual Falls on $22 Billion Loss Estimate
2008 06 19 WaMu cuts 1,200 more jobs as part of cost reductions
2008 07 14 WaMu Leads Steepest-Ever Decline in Bank Stock Index
2008 07 15 Washington Mutual Drop Wipes Out Most of TPG Holding
2008 07 22 WaMu Has $3.3 Billion Quarterly Loss on Delinquencies
2008 07 24 WaMu Slumps as Gimme Credit Cites Liquidity Concern
2008 09 08 WaMu’s New Chief Prepares To Dive In Amid Skepticism
2008 09 09 Counterparty credit risks climb on Lehman, WaMu
2008 09 16 WaMu Falls as S&P Cuts Lender’s Credit Rating to Junk
2008 09 24 WaMu Cut Again by S&P as Pressure Rises to Reach Deal
2008 09 24 Fitch: Partial Sale Increasingly Likely for WaMu; IDR Downgraded to ‘B-’
2008 09 25 WaMu Seized by U.S., Assets Sold to JPMorgan in Record Failure
2008 09 25 WaMu’s 42-Story Seattle Headquarters Acquired in JPMorgan Deal

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Writedown News: 7 Jul 2008

Edward Harrison — Mon, 07 Jul 2008 13:55:00 +0000

Below are the latest writedown stories from the web. For the full timeline of news, visit my credit crisis timeline.

2008 06 23 Citigroup and Goldman Sachs cut more staff as effect of credit crunch lingers
2008 06 26 Fortis launches urgent €1.5bn cash call
2008 06 27 AIG Poised to Absorb $5 Billion Losses From Securities-Lending
2008 06 30 Florida Sues Countrywide
2008 07 01 Subprime Losses Hit Development Bank of Japan
2008 07 03 Marshall & Ilsley Announces 2008 Q2 Provision of up to $900 Million
2008 07 04 UBS Says It May Avoid Loss, Doesn’t Need More Capital
2008 07 04 Bradford & Bingley Investors on the Hook as TPG Walks
2008 07 05 UBS piles $7.5bn on to its writedown bill
2008 07 06 Grossbanken werden massiv eingeschränkt (translation here)

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30 Jun 2008: Latest writedown news

Edward Harrison — Mon, 30 Jun 2008 19:00:00 +0000

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 Additions
2008 06 18 Subprime Losses Top $396 Billion on Brokers’ Writedowns: Table
2008 06 18 Paulson & Co. Says Writedowns May Reach $1.3 Trillion
2008 06 19 HBOS writes off £1bn and warns on house prices
2008 06 19 UBS, Credit Suisse Face More Writedowns, Goldman Says
2008 06 19 WaMu cuts 1,200 more jobs as part of cost reductions
2008 06 23 Citigroup and Goldman Sachs cut more staff as effect of credit crunch lingers
2008 06 26 Fortis launches urgent €1.5bn cash call
2008 06 27 AIG Poised to Absorb $5 Billion Losses From Securities-Lending

Rumors
2008 06 24 Wachovia hires Goldman to help sort loan portfolio
2008 06 26 More Write-Downs Ahead for Citi?
2008 06 27 Merrill Likely to Write Down $3 Billion-$5 Billion
2008 06 30 UBS shares slump on talk of more writedowns

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