Chinese officials confirmed and several media outlets reported that China’s Citic Bank would like to buy a piece of Bear Stearns (BSC). Members of Congress will likely mount their soap boxes and rail against…
More details are out on this huge superfund we covered over the weekend to take advantage of over-sold (or now illiquid) asset-backed securities and loans. The name of the structure is a master conduit…
The subprime mortgage malaise is quite multi-faceted. The borrowers are at fault for overextending themselves. The lenders are at fault for making loans that are a stretch. Realtors exacerbate the problem by artificially boosting…
In a far-reaching response to the global credit crisis, CitigroupInc. and other big banks are discussing a plan to pool together andfinancially back as much as $100 billion in shaky mortgage securitiesand other investments.…
Citigroup (NYSE:C) is feeling the wrath of yet another SELL rating, this time the downgrade came from Deutsche Bank. Interestingly enough, the note directly challenges management saying changes are needed in the chairman position…
BankUnited Financial Corporation (NASDAQ:BKUNA) has been hitting the 52-week low club at a rate that feels almost daily. At $13.02 it is a dime under the prior 52-week low (of this week too) and…
Citigroup CEO-for-life Chuck Prince engineered another major reorganization of his senior management group. This time the reason was all of the mortgage and fixed income losses the bank had. The ones that hurt Q3…
It really doesn’t look good. Countrywide Financial (CFC) CEO Angelo R. Mozilo sold tons of stock in the period before the sub-prime markets caved in. According to The New York Times, he "starting a…
There are still a lot of private equity deals to be closed. They were announced before the current credit disaster. And, many of them are not going to get broken off the way that…
The FT ran a piece in which research firm Sanford Bernstein is quoted as saying that loses at Bank of American (BAC) and JP Morgan (JPM) will be just as bad, if not worse,…
The Telegraph has a story indicating the Citigroup (C) may offer British mortgage company Northern Rock at $20 billion line of credit to remain independent and work itself out of its lending mess. After…
It appears that the group lead by Royal Bank of Scotland has won the right to buy bank ABN Amro (ABN) for $101 billion. RBS and buy-out partners Fortis and Banco Santander will break…
The FT writes that "Citigroup (C) is in talks with KKR to provide financing to buy some of the leveraged loans on its balance sheet." Firms like KKR want to buy the "below market…
Merrill Lynch (MER) fired the global chief of its fixed-income division and one of his top two U.S. deputies after losses in credit markets, according to Bloomberg. Merrill will not cop to it but…
24/7 Wall St. is not the only medium that took exception to Countrywide’s (CFC) hiring of Burson-Marsteller to lift employee morale and help the mortgage company look better to the outside world. As The…