Writedown news: 21 Oct 2008

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 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