Writedown news: 7 Oct 2008
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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