The head of Countrywide (CFC) stated his case, once more, that the mortgage lender is not a candidate for Chapter 11. But, Angelo Mozilo does appear to like the topic. He brought…
Douglas A. McIntyre According to The Wall Street Journal "Debt-rating agency Moody’s Investors Service, signaling a new turn for the worse for some bank-affiliated funds, said it downgraded or put on review debt totaling $119…
Bank of America (BAC) looks the fool. It put $2 billion into floundering mortgage company Countrywide (CFC), but the drop in the troubled company’s shares have taken the value of that to…
Douglas A. McIntyre According to Reuters, a fire closed most of the oil pipeline between the US and Canada. Reuters writes that the head of VW said the the Russian car market would eventually be…
According to Reuters, "Citigroup Inc got a call from a prominent investment banker suggesting a merger with Bank of America Corp as it was dealing with billions of dollars in mortgage-related losses…
Citigroup (C), JPMorgan (JPM), and Bank of America (BAC) want to raise a fund worth $80 billion to make short-term loans to SIVs that do not currently have a market for many…
HSBC (HBC) is taking $41 billion in SIV assets onto it balance sheet, a move that could pressure US banks like Citigroup (C) to follow. Bloomberg writes "investors in the SIVs will…
According to Reuters, the Fed’s decision to make an October rate cute was a "close call." Reuters writes that Paulson said home loan defaults will be much higher in 2008. Reuters writes…
Last night came the filing from Berkshire Hathaway (NYSE:BRK-A) showing its public company stock holdings as of September 30, 2007. Berkshire’s four largest holdings in the report are American Express (NYSE:AXP), Coca-Cola…
Irony, they name is Wall St. Bank of America (BAC) shares are up 3.3% on news that the firm will take a write-down because it "has suffered a $3 billion loss stemming…
Douglas A. McIntyre According to Reuters, BHP Billiton (BHP) will not sell its petroleum division, as had been rumored, to finance a bid for Rio Tinto (RTP). Reuters writes that most of the Hershey (HSY)…
Citigroup (C), JP Morgan (JPM), and Bank of America (BAC) are closer to setting up their "super fund" to supply short-term loans to structured investment vehicles, pools of money which are made…
According to Bloomberg "JPMorgan Chase & Co., the third- largest U.S. bank, said it held $40.6 billion in leveraged loans and unfunded commitments as of Sept. 30 that are difficult to hedge…
Moody’s has begun to downgrade the debt in a number of the structured investment vehicles that own huge pools of mortgage-related securities. According to The Wall Street Journal "in its report, Moody’s…
One thing must be said for Chuck Prince, who left Citigroup (C) todayafter four years. He could take a beating. From the moment the CEO’s chair was vacated by the ample frame…
