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- FDIC Won?t Rule Out Banks as Buyers of Toxic Assets
- Rolfe Winkler, CFA submits: During a press conference Wednesday, FDIC Chairwoman Sheila Bair was asked about this morning’s WSJ report that banks are lobbying to buy assets under Geithner’s toxic asset plan, the PPIP. She says banks will not be able to bid on their own assets,...
- External links 2009-05-28
- Sean Egan: Solving the Credit Crisis
- Rolfe Winkler, CFA submits: No surprise, Sean Egan, founding partner of Egan-Jones Ratings Service, thinks a big part of solving the credit crisis is switching from an issuer-pay to an investor-pay credit rating system, which is how his firm is structured. But the fact that he’s talking his...
- External links 2009-05-12
- Yet Another Not-So-Small Purchase by the Fed
- Rolfe Winkler, CFA submits: There are 9.5 weeks left before the end of October, when the Fed plans to end its $300 billion Treasury purchase program. As I wrote last week, the Fed is running low on ammo if it plans to make its money stretch all the...
- External links 2009-08-24
- Friday's Bank Failures, and DIF Details
- Rolfe Winkler, CFA submits: Another big one bites the dust. Guaranty is the 81st failure of the year. Plus two more in Georgia. Below, Friday evening’s failure news, I’ve got more detail about the Deposit Insurance Fund, including an interesting tidbit about why FDIC collected...
- External links 2009-08-23
- Warren Buffett and the Imaginary Economy
- Rolfe Winkler, CFA submits: Warren Buffett is back as the nation’s financial conscience, publishing an op-ed in yesterday’s NYT lamenting the dangers of too much monetary and fiscal stimulus. As regular readers of this blog are aware, that’s a message with which I wholeheartedly agree. My problem with Buffett’s...
- External links 2009-08-21
- 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
- Is the Russian Bear Hibernating?
- Rolfe Winkler, CFA submits: A banker in Russia offers her view of the situation over there: It’s a mixed situation here. Over Q4 into early this year authorities devalued [the ruble], but did it gradually to allow companies and population to buy FX–foreign exchange. Corporate debt is...
- External links 2009-04-04
- Poor Treasury Auction Results Rattle Investors
- Rolfe Winkler, CFA submits: On the heels of Britain’s failed debt auction yesterday, our Treasury had its own trouble selling bonds. WSJ: The indirect bid — demand from domestic and foreign institutions, including foreign central banks — for the $34 billion five-year Treasury note auction was...
- External links 2009-03-26
- Bank of England Governor: No More Stimulus
- Rolfe Winkler, CFA submits: Like his counterpart on this side of the Atlantic, UK Prime Minister Gordon Brown has called for massive stimulus from all governments in order to jump start the world economy. The Governor of the Bank of England took the unusual step of criticizing the...
- External links 2009-03-25
- 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
- China Wants to Ditch the Dollar
- Rolfe Winkler, CFA submits: Last night China escalated its criticism of U.S. fiscal and monetary policy. The governor of China’s Central Bank, Zhou Xiaochuan, called for a new reserve currency to replace the dollar. FT: China’s central bank on Monday proposed replacing the US dollar...
- External links 2009-03-24
- 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
- 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
- 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
- Will Bondholders Reject GM's Offer?
- Rolfe Winkler, CFA submits: This morning [[GM]] made an exchange offer to reduce its debt load. To avoid a bankruptcy filing, it said 90% of the company’s unsecured bondholders measured by the principal value of their holdings would have to accept stock in exchange for their bonds. ...
- External links 2009-04-27
- GM's Viability Plan: Trying to Shrink Quickly Via Debt Exchange Offer
- Rolfe Winkler, CFA submits: To survive, [[GM]] needs to shrink itself to a manageable size. Its new viability plan intends to do just that. The key provision of the plan is to reduce debt, swapping 225 shares of equity for each $1,000 outstanding principal of its unsecured...
- External links 2009-04-27
- 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
- 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
- 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
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