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- Is Obama Trying to Wrest Control of Bonus Debate from Congress?
- Rolfe Winkler, CFA submits: According to the NYT, the administration is considering all kinds of new rules in the wake of the [[AIG]] bonus scandal. These include tougher rules for mortgage lenders, new oversight powers for the Fed, and a new exchange/clearinghouse for derivatives trading. Most interesting in terms...
- External links 2009-03-22
- Geithner Releases Plan Details, Taxpayers Will Suffer
- Rolfe Winkler, CFA submits: Here’s the press release from the Treasury Dept. There are a few things that should be highlighted, in particular the amount of leverage being provided by government and the fact that these partnerships will be able to invest in securities that “originally” carried...
- External links 2009-03-23
- Anatomy of a Giveaway, or Why Stocks Soared Yesterday
- Rolfe Winkler, CFA submits: The stock market’s positive reaction—best 10-day gain since 1938—should leave no doubt about Geithner’s bank rescue plan: it’s a mammoth taxpayer giveaway to investors. Or so the market believes it’s going to be. Forthwith, a tutorial for those not quite clear about the...
- External links 2009-03-24
- One Way Life Insurance Customers Can Protect Themselves
- Rolfe Winkler, CFA submits: In February, Option ARMageddon published thoughts regarding the troubled state of the insurance industry. First we noted that insurers were seeking to change their regulatory capital requirements in order to avoid harming shareholders—say by cutting dividends or raising incremental capital. We also wrote...
- External links 2009-04-01
- Accounting Standards: Race to the Bottom
- Rolfe Winkler, CFA submits: According to Bloomberg, now that U.S. banks can fudge their marks, the Europeans are worried their banks will be at a disadvantage. So they’re in a rush to lower their own accounting standards. The quotes in this article are pure gold. ...
- External links 2009-04-04
- Wells Fargo's Dodgy Accounting
- Rolfe Winkler, CFA submits: Research firm KBW says Wells Fargo may need to raise $50 billion in order to pay back $25 billion of TARP capital and to cover expected loan losses as the economic slump deepens. Bloomberg KBW expects $120 billion of “stress” losses at...
- External links 2009-04-14
- Goldman Sachs One-Upped Wells Fargo in Accounting Shenanigans
- Rolfe Winkler, CFA submits: Lots of interesting things to report regarding Goldman Sachs GS today. In this post: accounting gimmickry, higher leverage (tangible assets/tangible common equity calculated below), and silence regarding [[AIG]] payments. In the next post: Goldman raises...
- External links 2009-04-14
- TARP Repayment Shouldn't Exempt Goldman Sachs from Pay Restrictions
- Rolfe Winkler, CFA submits: (Reader Note: This is Part 2 of OA’s discussion of Goldman’s results. See Part 1 here). It’s been awhile since there was good news to report from the banking sector. Goldman Sachs GS offered a little today, raising $5 billion in a...
- External links 2009-04-14
- Bank of America: With Unsustainable Profits, Its Balance Sheet Is Still Ugly
- Rolfe Winkler, CFA submits: BofA BAC reported better than expected earnings today, but a quick glance at the income statement shows those profits aren’t related to its core banking operations. Strip out trading and the company’s pretax profit disappears. by Rolfe Winkler, CFA
- External links 2009-04-20
- Simon Johnson: Speculative Attack Taking Place Against U.S. Banks
- Rolfe Winkler, CFA submits: Henry Blodget is doing a fantastic job with his interviews on Yahoo! Tech Ticker. What a relief to have a financially literate journo producing video content for wide consumption. You certainly can’t say that for any cable finance news anchors. Excepting, perhaps,...
- External links 2009-04-23
- Cuomo's Revelation: Bernanke and Paulson Strongarmed BofA's Purchase of Merrill
- Rolfe Winkler, CFA submits: Below is a letter sent yesterday by NY Attorney General Andrew Cuomo that outlines how former Treasury Secretary Paulson and Fed Chairman Ben Bernanke forced BofA’s BAC acquisition of Merrill. Highlights: BofA knew Merrill’s losses were far more...
- External links 2009-04-24
- White Knight for BankUnited?
- Rolfe Winkler, CFA submits: WSJ: TD Bank Financial Group has entered the fray as a potential suitor for BankUnited Financial Corp. by Rolfe Winkler, CFA
- External links 2009-04-26
- AIG's Collapse: Was It Criminal?
- Rolfe Winkler, CFA submits: CBS News is reporting that the Justice Department has opened a criminal investigation into [[AIG]]’s downfall: Sources say investigators are digging into whether Joseph Cassano, the former head of London-based AIG Financial Products, and two of his top deputies - Andrew Forster, an executive vice...
- External links 2009-04-27
- Three More Banks Closed, Including Largest Failure to Date
- Rolfe Winkler, CFA submits: Before getting to specifics, some year-to-date totals. # of banks closed: 32Total Assets of banks closed: $19.2 billionTotal Deposits of banks closed: $15.4 billionTotal Estimated Cost to the Deposit Insurance Fund of bank closures: $5.3 billion At 12/31/08, the DIF had just...
- External links 2009-05-02
- After Stress Test Results: Taxpayers Still Left Holding the Bag
- Rolfe Winkler, CFA submits: The newest bank bailout facility is picking up steam, courtesy of Congress. Yesterday the Senate passed legislation that would increase FDIC’s credit line on the U.S. Treasury from $30 billion to $500 billion.* Some is intended to shore up FDIC’s Deposit Insurance Fund,...
- External links 2009-05-08
- Stress Test Results Released, Some Banks Sell Stock
- Rolfe Winkler, CFA submits: Some links to help readers digest the stress test results. OA will have commentary after we’ve had a chance to analyze the Fed’s release in more detail. First, the release itself. This PDF file explains the stress tests and includes individual...
- External links 2009-05-08
- Fannie Mae's $19B 'Request'
- Rolfe Winkler, CFA submits: In its Q1 balance sheet published today, Fannie Mae FNM reported its liabilities exceeded assets by $18.9 billion. To plug that hole, the company put in for $19 billion cash from Treasury. This request follows the $15.2 billion infusion Fannie received 6 weeks...
- External links 2009-05-08
- Stress Test Bargaining: Just a Deal With the Devil?
- Rolfe Winkler, CFA submits: WSJ reports that after “intense bargaining,” the Fed “significantly scaled back” its estimates for banks’ capital shortfalls. Indicative of this was the unexpected change in its methodology for measuring bank capital. Instead of tangible common equity, the Fed used a less stringent measure...
- External links 2009-05-10
- Guaranty Financial Group: On the Rocks
- Rolfe Winkler, CFA submits: Guaranty Financial GFG should be included in OA’s “bank death watch.” With $15 billion in assets and $11.6 billion in deposits as of 12/31, Guaranty Bank would be the largest bank failure in 2009.* Reader Andrew tipped us off to their second “notification...
- External links 2009-05-17
- A Portrait of the Mortgage Ax, Not Falling
- Rolfe Winkler, CFA submits: Edmund Andrews’ Sunday confession in the NYT ended with the following line: Eight months after my last payment to the bank, I am still waiting for the ax to fall. by Rolfe Winkler, CFA
- External links 2009-05-20
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