Goldman Sachs believes that Merrill Lynch (MER) and Citigroup (C) may have to "post $14 billion in writedowns on assets linked to collateralized debt obligations." “If our forecasts are correct, it is likely that…
Morgan Stanley writes that the current banking crisis is the worst in 30 years. According to Bloomberg "Credit market turmoil poses the most severe crisis for banks in 30 years, surpassing Black Monday in…
At UBS (NYSE: UBS) it all hit the fan today. Marcel Ospel, the bank’s chairman, is on the way out. The financial firm wrote-off another $19 billion. The company plans to raise $15 billion…
Lehman Brothers Holdings Inc. (NYSE: LEH) has just announced that it has "responded to investor interest" with the intent to offer to offer 3,000,000 shares of Non-Cumulative Perpetual Convertible Preferred Stock with a $1,000…
Over the weekend UBS (NYSE: UBS) said that it would be cutting the value of auction-rate securities in it client’s accounts. According to CNN Money "UBS using an internal model to value the securities,…
Citigroup Inc. (NYSE: C) is making some organizational changes today. The troubled financial and banking supermarket has announced a reorganization of Citi’s structure with what it hopes to achieve greater client focus, connectivity, and…
Banks are going to the Fed and getting money at 2.5% and putting it onto their balance sheets. What do the big money centers do with the money? They make investments in high-yield instruments.…
There has been some misplaced optimism that financial stocks bottomed earlier this month based on the notion that much of the bad news about write-offs had come out. Mid-month, the Fed increased the amount…
In a move that will bloody a number of its customers, UBS (UBS) will mark down the value of auction-rate securities held by its customers. According to The Wall Street Journal the bank "began…
Lehman Brothers has been the victim of fraud to the tune of $250 million. According to The Wall Street Journal "swindlers used forged documents from one of Japan’s biggest trading companies." The money taken…
Investools Inc. (NASDAQ: SWIM) has filed to sell up to 3,083,178 shares of common stock in an open shelf registration. None of the shares are going to the company as this was filed on…
Corel Corp. (NASDAQ:CREL) has announced today it has received an unsolicited proposal from Corel Holdings, L.P., which is controlled by an affiliate of Vector Capital Corporation, the holder of 69% of Corel’s outstanding common…
Fremont General Corporation (NYSE: FMT) has received a regulatory letter from the Federal Deposit Insurance Corporation, of the FDIC, with an order to recapitalize itself. Fremont does business primarily through its wholly-owned bank subsidiary,…
Countrywide NYSE: CFC) chief operating officer David Sambol cannot get a job as a garbage man. He is viewed as being too closely tied to policies whereby his company made subprime mortgage loans to…
James Cayne, chairman and, before he was asked to leave, CEO of Bear Stearns (NYSE: BSC) sold all of his holdings in the firm for $61 million, according to filings with the SEC. We…