The market has been focused on improved US economic data of late but last night’s report that GMAC is getting yet another $3.5 bln cash infusion from Uncle Sam served as a reminder that the mortgage monster has not yet … Continue reading
Creditors are refusing to extend debt payments from Dubai World, threatening to prolong the debacle and increasing the chances of default on it’s $26 billion debt.
This is an update on the Bloomberg story we were following yesterday.
These are not the sort of headlines to inspire confidence in our newer better credit markets. This report from Bloomberg looks at Dubai World’s $59 billion worth of liabilities.
The European banking landscape continues to dim as Moody’s reports the outlook for the Austrian banking system is negative. Remember, Austrian banks were big leaders to emerging European nations to their east which have come under intense pressure in the … Continue reading
The trial of the two Bear Stearns hedge fund managers who helped set off the financial crisis back in the summer of 2007 were found not guilt on all counts of conspiracy, wire fraud and securities fraud.
Senate Banking Committee head Dodd wants a very Washington-centric banking reform bill, centralizing even more power in the Capital and adding a new layer of bureaucracy.
CNBC reports that one of the sell-side banking analysts says Citigroup needs to write-down $10 bln more in assets. A statement from Citi is expected. EUR/USD tested key 1.4715 support and is now stabilizing in the low 1.4730s.