Commentaries

The Credit Crunch Diaries

November 10, 2009

For many financial services professionals the 2008 credit crisis was about as amusing as the Hundred Years’ War. So it was refreshing to read “The Credit Crunch Diaries” – a humorous account just released by David Lascelles and Nick Carn.

from Rolfe Winkler:

Bookstaber, hater of CDS, to advise SEC

November 9, 2009

Rick Bookstaber announced on his blog yesterday that he will joining the SEC's "Division of Risk, Strategy and Financial Innovation."

from Rolfe Winkler:

Sander’s TBTF amendment

November 9, 2009

Now THIS is legislation to get behind. From Senator Bernie Sanders, Independent from VT.

Should he stay or should he go? Miliband ponders

By Paul Taylor
November 9, 2009

OUKTP-UK-IRAN-NUCLEAR-BRITAINShould he stay or should he go?

British Foreign Secretary David Miliband could be Europe’s first foreign minister in all but name, with one of the most influential jobs in shaping the place of the 27-nation bloc on the world stage, if he is willing to risk leaving British politics for the next five years. That’s a big if.

What banks can learn from hedge funds

November 9, 2009

Should the banking industry look more like the hedge fund sector? That’s the surprising suggestion made last week by two Bank of England officials.

from Rolfe Winkler:

Lunchtime Links 11-8

November 8, 2009

The economics of trust (Harford, Forbes) A great article. I've argued that markets need rules because without them the division of labor breaks down.

from Rolfe Winkler:

Amendment could neuter FASB

November 7, 2009

Sarbox isn't the only regulatory regime under threat. As Ryan Grim writes over at HuffPo, an amendment has been introduced that would put FASB under the thumb of the new systemic risk oversight council, and give the council the power to literally do away with inconvenient accounting rules that pose a problem for banks.

from Rolfe Winkler:

Bank failure Friday

November 6, 2009

As per usual, we begin in Georgia. The last one of the night is a big one.

#116

    Failed bank: United Security Bank, Sparta GA Acquiring bank: Ameris Bank, Moultrie GA Vitals: as of 9/14/09, assets of $157m, deposits of $150m DIF damage: $58 million

Ameris Bank also bought American United two weeks ago.

from Rolfe Winkler:

Lunchtime Links 11-6

November 6, 2009

Fannie asks for another $15 billion (press release) That brings the company's total draw on Treasury to $59.9 billion. Here's the paragraph that scares me: "Total nonperforming loans in our guaranty book of business were $198.3 billion, compared with $171.0 billion on June 30, 2009, and $119.2 billion on December 31, 2008. The carrying value of our foreclosed properties was $7.3 billion, compared with $6.2 billion on June 30, 2009, and $6.6 billion on December 31, 2008." Why is the value of nonperforming loans growing so much faster than foreclosures? If Fannie's not going to foreclose, then why bother paying the mortgage?

Will GM pick a German to run GM Europe?

November 6, 2009

OPEL/It looks as though General Motors will soon be looking for a new executive to run GM Europe, which includes its troubled Opel unit.