10:26pm ET
Banking, finance, and taxes
World’s Largest Banks Create A Fund To Save One Another
We few, we happy few, we band of brothers; For he to-day that sheds his blood with me Shall be my brother; be he ne’er so vile… Saint…
C Coverage Page 124
9:36am ET
Jobs
Thousands & Thousands of Financial Jobs At Risk (AIG, WM, LEH, MER, C)
There are hundreds of thousands of jobs at stake if the current trends continue in the financial services sector. When you tally up the employment just at five troubled firms noted below,…
7:52am ET
Banking, finance, and taxes
Citigroup Outlines Fannie/Freddie Exposure (C, FNM, FRE)
Citigroup Inc. (NYSE: C) has just filed with the SEC information about its perceived total exposure to Fannie Mae and Freddie Mac securities in an effort to fend off any over-exposure concerns. …
Douglas A. McIntyre 2:33pm ET
Investing
Newsflash! Citi and Lehman Downgrade Fannie And Freddie
The Fly on the Wall reported this morning that "Lehman downgraded shares of Fannie Mae (FNM) and Freddie Mac (FRE) to Equal Weight from Overweight after the U.S. government said it will…
Douglas A. McIntyre 4:25am ET
Banking, finance, and taxes
Replacing All The Bank And Brokerage CEOs Won’t Save The System (C)(MER)(AIG)(FRE)(FNM)(WM)(WB)
Fannie Mae (FNM) and Freddie Mac (FRE) had their CEOs pushed out by the government this weekend. They will get fat pay packages and can go on to live in massive homes…
5:26am ET
Banking, finance, and taxes
What Happens When Citigroup (C) Fails?
If the markets are to take bond guru Bill Gross at his word, the world’s financial markets could go through a cataclysmic failure. The head of fixed income fund operation Pimco says…
10:31am ET
Economy
A Dozen Companies Which Should Lay-Off 10,000 People This Year
The evidence that sales at many companies are struggling and that employment will suffer are almost everywhere. Recently, a division of GMAC said it would let 5,000 people go. According to MSNBC,…
6:40am ET
Banking, finance, and taxes
Middle East Sovereign Funds May Invest In Lehman (LEH)
Through the weekend the management of Lehman (LEH) is desperately meeting with any investors who will hear its case. According to the Telegraph, these includes Korea Development Bank, Chinese broker Citic Securities,…
Douglas A. McIntyre 7:38am ET
Banking, finance, and taxes
New Bank Write-Down From Auction-Rates (C)(WB)(MER)
The auction-rate fiasco is not over for banks. Having bought back about $55 billion of the paper, they are now faced with the reality that the bonds are only worth about $.80…
5:52am ET
Investing
Analysts Play Game Of Cutting Investment Bank Ratings (MER)(C)(BAC)(MS)(GS)(LEH)
Citigroup (C) cut is earnings estimates for Goldman Sachs (GS), Morgan Stanley (MS), and Lehman (LEH). Today, Bank of America (BAC) cuts its earnings targets for Goldman and Morgan Stanley. Sanford Bernstein…
4:25am ET
Banking, finance, and taxes
Citigroup (C) Downgrades Everyone But Itself (LEH)(MS)(GS)
The rule on Wall St. is that securities analysts don’t rate their own firms. Now that brokerage research departments are no longer slaves to investment banking, the independence of analysts is supposed…
8:50am ET
Investing
Goldman Sachs (GS) Cuts All Bank Estimates But Its Own (JPM)(MER)(C)(MS)
It is not hard to blame Goldman Sachs (GS) for failing to cut its own earnings estimates for the next quarter and the full year. That kind of action by analysts is…
3:51am ET
Banking, finance, and taxes
Banks Look To Refinance Maturing Debt As Capital Issues Abound (C) (BAC)
With nearly all of the top investment banks in a precarious financial position as a result of horrific investments in bad debt, banks have no shortage of things to worry about. But…
6:31am ET
Banking, finance, and taxes
Brokerage Firms Again Downgrading Each Other (C, GD, GS, JEF, KBW, LEH, MS, NCC, SGR)
These are some of the top analyst downgrades or negative calls we are seeing this morning, and you’ll notice that brokerage firm stocks are again the targets of many downgrades: Citigroup (C)…
5:36am ET
Banking, finance, and taxes
Banks: Selling Debt To Lose More Money
Banks that claim they are off-loading risk may be making a case which is a bit overblown. Recently, Citigroup (C) and RBS (RBS) dumped loans to private equity firms including Blackstone (BX).…