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- Moody's Downgrading Banks with Eastern European Exposure
- Tyler Durden submits: As we discussed a week ago, things in Eastern Europe are going from bad to worse and are dragging neighboring countries into the hole. Moody's just announced that Austrian, Swedish and other banks with Eastern European subsidiaries may face rating downgrades due to deteriorating economic conditions. East...
- External links 2009-02-17
- The Negative Convexity of CDS Trading and Why CDOs Chase Markets
- Tyler Durden submits: Anyone who has ever traded CDS has noticed the self-fulfilling prophecy of accelerated widening or tightening on an initial move in single name spread. This phenomenon has stumped traditional cash credit investors who don't realize the peculiar technicalities of the CDS market. It is explained by...
- External links 2009-02-19
- Another Weekend, Another Bank Failure
- Tyler Durden submits: Number 14 for the year, and the second one for Oregon in a week, is Silver Falls Bank in Silverton, Oregon. Citizens Bank of Corvallis, Oregon will assume all the deposits of Silver Falls. The bank most recently had total assets of $131 million and...
- External links 2009-02-22
- Moody's Latest Death Watch List
- Tyler Durden submits: Recently Moody's has been trying hard to atone for its near terminal dropping the ball in misguided ratings over the past decade. One of the byproducts of an internal reevaluation of how it does business is its Speculative Grade Liquidity SGL rating system, which supplements the...
- External links 2009-02-22
- Cuomo Pitting Thain vs. Lewis: One of Them Will be In Big (Legal) Trouble
- Tyler Durden submits: Turns out NY AG Andrew Cuomo is pretty smart: he is seeking a court order that will force John Thain to testify as to what really happened in early December when Merrill bonuses were paid out ahead of posting a huge loss, or otherwise he will...
- External links 2009-02-23
- Developing Bombshell: AIG Preparing for Possible Bankruptcy Ahead of $60 Billion Loss
- Tyler Durden submits: Developing bombshell: David Faber reporting that AIG AIG has retained Weil Gotshal ahead of a possible bankruptcy filing this weekend. The reason is that the company will allegedly post a $60 billion loss, which will result in the usual cycle of credit downgrades, collateral postings, more...
- External links 2009-02-24
- Developing Bombshell: AIG Preparing for Possible Bankruptcy Ahead of $60 Billion Loss
- Tyler Durden submits: Developing bombshell: David Faber on CNBC reporting that AIG AIG has retained Weil Gotshal ahead of a possible bankruptcy filing this weekend. The reason is that the company will allegedly post a $60 billion loss, which will result in the usual cycle of credit downgrades, collateral...
- External links 2009-02-24
- Recent Government Support: A Summary
- Tyler Durden submits: The charts below click to enlarge demonstrate why all the hoopla about whether or not one or more banks are nationalized is a moot point right now. The bottom line is that as a result of ongoing pumping of cash by the Fed and Treasury, more...
- External links 2009-02-25
- Why Citi Common Shares Crashed, and Why Common Preferred May Be Problematic Too
- Tyler Durden submits: (Please read update 4 for very important additional information) The Volkswagen bandwagon idea de jour was a capital structure arbitrage in Citi C preferred paired with shorting Citi common. As the government's term sheet proposed the conversion of Citi preferred stock into common at a...
- External links 2009-02-28
- Buffett Profits Plummet, Predicts Bleak 2009 and Possibly Beyond
- Tyler Durden submits: The Tarot Card Reader Of Omaha and Charlie's Q4 net income fell 96% to $117 million, from $2.95 billion, for a fifth consecutive drop. Book value fell 9.1% of more than generally expected on declines in equity and fixed-income portfolios and writedowns in derivatives. Scary was...
- External links 2009-03-01
- Encroaching Equitization of Citi's Capital Structure
- Tyler Durden submits: Much has been written about the staggering losses of Saudi Prince Alwaleed Bin-Talal in Citi's common stock. The amount of money he has dropped on Pandit's titanic may have easily funded GM's GM operations.... for about a day. Now as preferred shareholders have joined the fray...
- External links 2009-03-01
- In Search of the Next Big (Widening) Thing
- Tyler Durden submits: Every now and then we go through the list of IG11 companies looking for something that just looks out of place. This time around our attention was caught by a financial company, whose CDS was trading at a level which we initially thought had to be...
- External links 2009-03-09
- NY State's Cuomo vs. BofA's Lewis: The Battle Heats Up
- Tyler Durden submits: The Cuomo vs. Thain heavyweight (superheavyweight considering Barney Frank just jumped into Cuomo's corner) boxing match just got into round 8. The Attorney General and the Representative have demanded all bonus data for BofA BAC/Merrill employees who received more than $1 million in 2008 bonus. In...
- External links 2009-03-09
- Moody's Releases The Leper List
- Tyler Durden submits: Moody's, which has long been criticized for sleeping through the credit bubble and, by many accounts, causing it in the first place, just came out with an attempt at absolution. In a quarterly publication called the "Bottom Rung", the rating agency list 283 companies which it...
- External links 2009-03-10
- Thoughts on the Worthless Equity Value of Some Banks
- Tyler Durden submits: If anyone wants empirical proof of the concept Zero Hedge brought up two weeks ago that the "creeping equitiziation" higher and higher into the capital structure of the sick banks is becoming a major issue for existing bondholders, one just needs to look at the price...
- External links 2009-03-12
- AIG Employees Not Too Happy With Persistent Death Threats
- Tyler Durden submits: Interesting summation of the AIG populist anger from an employee's point of view. AIG's Financial Products office at 50 Danbury Road, in Wilton, CT is not a happy place. Inside "death threats and angry letters flooded e-mail inboxes. Irate callers lit up the phone lines. Senior...
- External links 2009-03-17
- Graphic Representation of Citi Arbitrage Carnage
- Tyler Durden submits: It took all of 2 weeks for the Citi Common-Preferred (C.P) arb to become Volkswagen Jr. And if the administration feels abnormally nasty, this could become a fast money hedge fund neutron bomb that would make the Volkswagen megasqueeze seem like dress rehearsal for the Mormon...
- External links 2009-03-18
- Citi, Morgan Stanley Looking to Issue More Shares for Bonus Payments
- Tyler Durden submits: The law of unintended stock bonus payment consequences strikes and this time it is truly hilarious. Turns out Citi C will seek shareholder approval to issue 40 million new shares to cover employee compensation. Per the WSJ, as Citi's stock has plummeted for one reason or...
- External links 2009-03-18
- The Real Insider Scoop on AIG
- Tyler Durden submits: A very rare glimpse into the real daily inside occurrences at AIG. And some very scary news for other reinsurance companies. A must read for everyone and the Mainstream Media as well... If anyone has comparable insider stories please let me know: Everyday the company posts...
- External links 2009-03-19
- Bank Stocks Rally: Sustainable or Bear Market Blip?
- Tyler Durden submits: The reason why so many investors have been skeptical about the recent rally in stocks has to do with the role of bank stocks, which have been at the heart of both the drop as well as subsequent 20% rebound. The question is whether this recent...
- External links 2009-03-19
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