The first quarter should be another brutal right of passage for big investment banks. Citigroup is forecasting that they will have to write-down another $9 billion in Q1. According to Reuters the damage will…
Tiptree Financial Partners, L.P. has submitted a filing to sell securities, although this is not a traditional IPO. This is a limited partnership holding company managed by Tricadia Capital that we’d describe on our…
The Blackstone Group, LP (NYSE: BX) has posted earnings of $0.08 EPS before charges, while First Call had $0.19 as consensus. The private equity giant also posted revenues of $447.5 million, compared to consensus…
Nationwide Financial Services, Inc. (NYSE: NFS) has received a proposal from Nationwide Mutual Insurance Company, Nationwide Mutual Fire Insurance Company and Nationwide Corporation, to acquire all of the outstanding Class A shares of common…
White Mountains Insurance Group, Ltd. (NYSE: WTM) entered an exchange agreement with Berkshire Hathaway Inc. (NYSE: BRK-A) to transfer certain runoff businesses and a substantial amount of cash to Berkshire Hathaway, and this will…
At the end of the week, Ambac (NYSE: ABK) raised $1.5 billion and was able to keep it "Aaa" rating, essential for the company and the bonds it insures. The capital may have solved…
Shares of The Blackstone Group, L.P. (NYSE: BX) have seen their share of pain since coming public in 2007. The private equity giant will report earnings Monday, and this may further set the tone…
The Fed may need to get ready to put another $300 billion into the banking system, trading cash for paper that is clearly not worth a hundred cents on the dollar. According to a…
Ambac Financial Group, Inc. (NYSE: ABK) did manage to raise its additional $1.5 Billion in new capital as the company tries to maintain its Triple-A ratings. Ambac priced 185.2 million common shares at $6.75…
The NYSE Euronext (NYSE: NYX) has made proposed rule changes this week that would allow the listing of Acquisition Companies (ACs) on the NYSE. They are describing special purpose acquisition companies, or SPAC’s, and…
The Fed announced this morning that the amounts outstanding in the Term Auction Facility (TAF) will be increased to $100 billion. The auctions on March 10 and March 24 each will be increased to…
Analyst Michael Hecht of Bank of America has cut his earnings estimate for Blackstone Group (NYSE: BX) by half for the next quarter from $.25 to $.11. Blackstone’s stock now trades at just over…
Washington Mutual (NYSE: WM) went and got itself a tin cup. Federal regulators want it to raise more money so that it can lend more money. The mortgage bank is making the rounds of…
Shares of Annaly Capital Management, Inc. (NYSE: NLY) are being pounded this morning. The reason for the selling isn’t on its own news. Competitor Thornburg Mortgage (NYSE: TMA) has fallen some 60% on massive…
A number of the large financial stocks took news of a write-down at UBS (NYSE: UBS), debt problems at Merrill Lynch (NYSE: MER), and downgrades of Thornburg (NYSE: TMA) hard. Hitting 52-week lows early…