WTF Headline of the Day: Britain nationalizes mortgage lender...
Holy crap! Britain nationalizes mortgage lender Northern Rock Britain said on Sunday it will nationalize ailing mortgage...
How SubPrime Really Works
Since its a slow Friday before a 3 day weekend, let’s have some fun. As the credit market has gone into the crapper over the past...
FGIC: Let Us Split in Two
Privately held bond insurer Financial Guaranty Insurance Co. (FGIC) asked the NYS Insurance department to allow them to cleave them in...
The Monolines Are F#@%ed!
If you had any doubts that the Monolines (Ambac, MBIA, FGIC) were f$%#ed before, well, they should be totally eliminated from your mind...
AIG: Don’t Try to Catch the Falling Knife
Here’s an excerpt of a report we put out on Monday: > AIG shares broke down through what had been solid support over the last...
Quote of the Day: Bill Gross on Monolines
Bill Gross, in the FT, asks some rather intriguing questions late last week: "How could Ambac (ABK), through the magic of its...
Global Financial Crises, Part II: Norway 1987
Yesterday, we looked at 5 Historical Economic Crises and the USA. That discussion led to a reader in Norway referring us to this 2005...
Quote of the Day: Warren Buffett
Warren Buffett has accused major investment banks of creating their own downfalls:> "It’s sort of a little poetic justice,...
Bear Stearns Makes $1 Billion Bet on Subprime Market Decline
Talk about late to the party! Bear Stearns, which made a disasterous series of sub-prime bets, has found religion. They have now bet a...