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- August 7th, 2008
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badpaper has voted for: AIG Hit By Bad Mortgages
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badpaper has posted a new entry on: Bad Paper
AIG Hit By Bad Mortgages
American International Group lost $5.36 billion in the second quarter as the impact of the mortgage meltdown continues to take its toll on financial companies. The results included a $5.57 billion write-down on the company’s portfolio of cred
- August 6th, 2008
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badpaper has voted for: Freddie Reports Loss
- July 27th, 2008
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badpaper has voted for: A trillion here..
- July 22nd, 2008
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badpaper has posted a new entry on: Bad Paper
Police director sues to find identity of blogger [Digg]
Memphis Police Director Larry Godwin and the city of Memphis have filed a lawsuit to learn who operates a blog critical of the director and his department.
- June 26th, 2008
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badpaper has voted for:
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badpaper has posted a new entry on: Bad Paper
GM’s Market Cap [Digg]
GM, once a mighty corporate giant, now has a market capitalization that is one half of Avon....ding dong!
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badpaper has posted a new entry on: Bad Paper
More Write-downs for Citi?
Additional write-downs of $8.9 billion are in the future for CitiGroup, Inc according to Goldman Sachs. As reported in an article by Cathy Chan in Bloomberg, the banking and financial giant may need to take another $7.1 billion loss on collateralize
- June 23rd, 2008
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badpaper has posted a new entry on: Bad Paper
Monolines Want Out of Contracts [Digg]
Ambac, MBIA and FGIC want out of obligations under $125 billion in credit default swaps.
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badpaper has voted for: Monolines Want Out of Contracts
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badpaper has posted a new entry on: Bad Paper
Monolines Want Out of Contracts
There is a short blurb by Aline van Duyn in the Financial Times reporting that Ambac, MBIA, and FGIC are in talks with Wall Street banks about voiding their obligations under $125 billion of credit default swaps. According to the article, the strateg
- June 22nd, 2008
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badpaper has voted for: FBI Headed to Switzerland and UBS
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badpaper has posted a new entry on: Bad Paper
FBI Headed to Switzerland and UBS
The FBI has made a formal request to travel to Switzerland as part of an investigation into UBS AG, according to the Swiss newspaper Sontag and reported in the U.S. by Bloomberg. The FBI investigation appears to be related to charges that the Swiss
- June 19th, 2008
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badpaper has voted for: Morgan Stanley Rogue Trader
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badpaper has posted a new entry on: Bad Paper
Morgan Stanley Rogue Trader
Morgan Stanley is the latest investment firm to book significant losses due to the activities of a rogue trader. The firm revealed that its London office had suspended a trader that attempted to hide losses of $120 million. According to a story by T
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badpaper has posted a new entry on: Bad Paper
HBOS Sees Falling U.K. Home Prices
HBOS, the biggest mortgage lender in the U.K. predicted home prices would fall 9 percent this year. The lender also reported that problem residential loans at the bank increased 17 percent. In response, the company took new write-downs of nearly 200
- June 18th, 2008
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badpaper has voted for: SoCal Home Prices Plunge 27%
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badpaper has posted a new entry on: Bad Paper
Former Citi CEO Can’t Sell House [Digg]
Things are getting tough all over.Chuck Prince is having trouble selling his house.
- June 17th, 2008
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badpaper has posted a new entry on: Bad Paper
SoCal Home Prices Plunge 27%
The residential real estate market in Southern California remains in critical condition. According to an article by Roger Vincent in the Los Angeles Times, home prices in SoCal plunged 27% from May of last year. In addition, the rising price of gasol
- June 16th, 2008
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badpaper has voted for: Bear Stearns Hedge Funds May Bring Criminal Charges
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badpaper has posted a new entry on: Bad Paper
Bear Stearns Hedge Funds May Bring Criminal Charges
Federal criminal and civil charges may be forthcoming as Federal prosecutors and the SEC investigate hedge funds sponsored by Bear Stearns. According to Bloomberg and the Wall Street Journal, Fed officials may bring criminal charges against former h
- June 15th, 2008
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badpaper has voted for: AIG CEO Resigns
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badpaper has posted a new entry on: Bad Paper
AIG CEO Resigns
Yet another chief of a troubled financial firm bites the dust. American International Group, Inc., Chief Executive Martin Sullivan has resigned from the big insurer according to the Wall Street Journal. Sullivan is yet another in a long and growi
- June 14th, 2008
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badpaper has posted a new entry on: Bad Paper
Lehman Execs Meeting this Weekend [Digg]
Lehman Bros. holds unusual meeting over weekend. Perhaps the company will be sold.
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badpaper has posted a new entry on: Bad Paper
Lehman Execs Meeting this Weekend
Lehman executives have reportedly been summoned to meet at their headquarters this weekend. The speculation is that the firm may be sold. Reportedly, Blackstone is interested in acquiring a stake in the Wall Street firm. According to CNBC.com, the e
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badpaper has voted for: S&P Ratings Model Error
- June 13th, 2008
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badpaper has posted a new entry on: Bad Paper
S&P Ratings Model Error
A month after it was reported that Moody’s Investor Services had erroneously rated Constant Proportion Debt Obligations (CPDOs) as triple-A, Standard & Poor’s has disclosed that it has found an error in their CPDO ratings model. Howev
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- June 12th, 2008
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badpaper has posted a new entry on: Bad Paper
DFW Foreclosures Rise
Foreclosures postings scheduled for this July in the Dallas/Ft. Worth metroplex jumped significantly from last year. However the 33% increase is mostly the result of calendar fluke. Last year’s postings were down because the 2007 foreclosure d
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badpaper has posted a new entry on: Bad Paper
Jake Marsh is GIVING AWAY a new iPhone 3G! [Digg]
The contest will last until July 11th (The release date of the new iPhone 3G) and on that date, He's going to pick someone at COMPLETE RANDOM from the people who have completed the steps successfully. Then contact that person, get their info, and shi
- June 10th, 2008
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badpaper has voted for:
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badpaper has posted a new entry on: Bad Paper
LIBOR to Include More Banks
The London Interbank Offered Rate (LIBOR) survey will be broadened to include more banks. The British Bankers Association has decided to make the changes largely in response to recent criticisms that the LIBOR rate has not accurately reflected the b
- June 8th, 2008
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badpaper has voted for: Fire marshal says Texas Governor's Mansion deliberately set |
- June 7th, 2008
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badpaper has voted for: Feds Investigate AIG
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badpaper has posted a new entry on: Bad Paper
Feds Investigate AIG
The Securities and Exchange Commission and the Justice Department are reportedly investigating the manner in which American International Group accounted for subprime related derivatives. The agencies are reviewing the manner in which AIG valued cre
- June 4th, 2008
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badpaper has voted for: Dallas police suspend bait car program in wake of fatal crash
- May 31st, 2008
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badpaper has voted for: Moody’s and CDS Counterpary Risk
- May 30th, 2008
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badpaper has posted a new entry on: Bad Paper
Moody’s and CDS Counterpary Risk
According to Moody’s Investor Services, the sheer size of the Credit Default Swap market in notional terms and its exposure to “credit events” among underlying securities do not, in and of themselves, pose undue concern. However, M
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- May 29th, 2008
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- May 24th, 2008
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badpaper has posted a new entry on: Bad Paper
More Losses Possible for UBS
Swiss bank UBS AG has stated that more losses on mortgage assets are possible. The Zurich based bank stated that losses on real estate related assets could increase in the future. Also, according to Bloomberg, the bank is also evaluating whether to
