Tweet
Sure...:rolleyes:
What??? No Federal bailout of CIT :eek:. Obviously Goldman's exposure [short the common no doubt] must be in the money on this one...:rolleyes:The latest exhibit from the "Less Bad is now Deemed Good" file [sounds like they had a meeting with FASB 
]:And while we have that file open, here's another:Maybe those rising US house prices reported for July, and touted as signs of the ever elusive bottom in the housing market, are discouraging buyers...From the "Let's Share the Pain" file [I wonder if any of those recent VancouverGoinUp real estate investors are paying attention :p ]:And finally one for Mega...just so he knows that we Canadians still pay attention to the goings-on in the mother country, which we continue to regard with more fondness than he does. Sounds like Brown had a meeting with Obama about "the change thing" on the side during the recent G20 ;):
What??? No Federal bailout of CIT :eek:. Obviously Goldman's exposure [short the common no doubt] must be in the money on this one...:rolleyes:
CIT near plan to turn over company to bondholders: sources
Wed Sep 30, 2009 5:57am EDT
NEW YORK (Reuters) - CIT Group Inc is nearing a plan that likely would hand the commercial lender over to its bondholders, sources familiar with the matter said on Tuesday.
CIT was preparing an exchange offer that would eliminate up to 40 percent of its more than $30 billion in outstanding debt, said the sources, who did not wish to be identified because they were not authorized to make public comments about the deal.
The plan would offer bondholders new debt secured by CIT assets, as well as nearly all of the equity in a restructured company, one source said.
If not enough bondholders agreed to the plan, the company could seek to restructure in bankruptcy court, the source said. This would result in one of the largest Chapter 11 bankruptcy-court filings in U.S. history...
Wed Sep 30, 2009 5:57am EDT
NEW YORK (Reuters) - CIT Group Inc is nearing a plan that likely would hand the commercial lender over to its bondholders, sources familiar with the matter said on Tuesday.
CIT was preparing an exchange offer that would eliminate up to 40 percent of its more than $30 billion in outstanding debt, said the sources, who did not wish to be identified because they were not authorized to make public comments about the deal.
The plan would offer bondholders new debt secured by CIT assets, as well as nearly all of the equity in a restructured company, one source said.
If not enough bondholders agreed to the plan, the company could seek to restructure in bankruptcy court, the source said. This would result in one of the largest Chapter 11 bankruptcy-court filings in U.S. history...
]:IMF warns on rising bank losses
Wed Sep 30, 2009 7:20am EDT
ISTANBUL (Reuters) - The International Monetary Fund on Wednesday lowered its estimate for global write-downs for banks and other financial institutions to roughly $3.4 trillion but warned that loan losses could rise in the face of stubbornly high unemployment and associated delinquencies.
In April the IMF estimated in its Global Financial Stability Report that global bank losses could reach $4 trillion but it said it cut this figure by $600 billion to reflect rising securities values and new ways of calculating losses...
Wed Sep 30, 2009 7:20am EDT
ISTANBUL (Reuters) - The International Monetary Fund on Wednesday lowered its estimate for global write-downs for banks and other financial institutions to roughly $3.4 trillion but warned that loan losses could rise in the face of stubbornly high unemployment and associated delinquencies.
In April the IMF estimated in its Global Financial Stability Report that global bank losses could reach $4 trillion but it said it cut this figure by $600 billion to reflect rising securities values and new ways of calculating losses...
U.S. Q2 GDP shrinks less, private jobs fall in Sept
Wed Sep 30, 2009 9:11am EDT
WASHINGTON (Reuters) - The U.S. economy contracted at slower pace than previously thought in the second quarter, but a further decline in private payrolls in September was another indication that recovery from recession would be patchy.
The Commerce Department said on Wednesday gross domestic product fell at a 0.7 percent annual rate instead of the 1.0 percent decline reported last month. This was better than market expectations for a 1.2 percent drop...
Wed Sep 30, 2009 9:11am EDT
WASHINGTON (Reuters) - The U.S. economy contracted at slower pace than previously thought in the second quarter, but a further decline in private payrolls in September was another indication that recovery from recession would be patchy.
The Commerce Department said on Wednesday gross domestic product fell at a 0.7 percent annual rate instead of the 1.0 percent decline reported last month. This was better than market expectations for a 1.2 percent drop...
Mortgage demand falls despite lower rates
Wed Sep 30, 2009 9:05am EDT
NEW YORK (Reuters) - U.S. mortgage applications fell last week despite the lowest loan rates in four months, the Mortgage Bankers Association said on Wednesday, in another sign that housing will likely recover slowly from its three-year plunge...
Wed Sep 30, 2009 9:05am EDT
NEW YORK (Reuters) - U.S. mortgage applications fell last week despite the lowest loan rates in four months, the Mortgage Bankers Association said on Wednesday, in another sign that housing will likely recover slowly from its three-year plunge...
Canadian economy stalls
Tavia Grant, The Globe and Mail
September 30, 2009
Canadian economic activity was unexpectedly flat in July as shutdowns at mines, lower oil-and-gas extraction and a drop in construction activity held back growth.
The country's gross domestic product didn't budge in the month after a 0.1-percent increase in June, Statistics Canada said Wednesday.
Economists polled by Bloomberg News expected the economy expanded 0.5 percent in the month after a year of little or no growth.
Economists – and the Bank of Canada – have said July marked the start Canada's economic recovery. Today's report, however, suggests the economy was still in the doldrums at the start of the third quarter.
"This is a shocker," said Doug Porter, deputy chief economist at BMO Capital Markets, who called the report "wall-to-wall disappointment on the goods-producing front."...
Tavia Grant, The Globe and Mail
September 30, 2009
Canadian economic activity was unexpectedly flat in July as shutdowns at mines, lower oil-and-gas extraction and a drop in construction activity held back growth.
The country's gross domestic product didn't budge in the month after a 0.1-percent increase in June, Statistics Canada said Wednesday.
Economists polled by Bloomberg News expected the economy expanded 0.5 percent in the month after a year of little or no growth.
Economists – and the Bank of Canada – have said July marked the start Canada's economic recovery. Today's report, however, suggests the economy was still in the doldrums at the start of the third quarter.
"This is a shocker," said Doug Porter, deputy chief economist at BMO Capital Markets, who called the report "wall-to-wall disappointment on the goods-producing front."...
Brown campaigns against himself as British election looms
From Wednesday's Globe and Mail Last updated on Wednesday, Sep. 30, 2009 03:00AM EDT
The campaign of a lifetime began this week, pitting Gordon Brown, beleaguered British Prime Minister, against a fearsome new political opponent – Gordon Brown, reform-minded Labour Party candidate.
In a marathon-length televised speech to party members in the seaside town of Brighton Tuesday, Mr. Brown effectively launched a campaign for next year's election by unleashing a series of bold reformist promises, including abolishing the appointed House of Lords, introducing universal state child care and pledging to crack down on rowdy teens.
It was an audacious and desperate bid on the part of a leader who some polls say has fallen to third place in a country with only two well-known parties...
...But the polls show that Mr. Brown's most serious enemy is himself...
...A poll Tuesday by London's Independent newspaper appeared to show that Labour could beat the Tories next year, albeit with a minority government, as long as Labour's candidate is someone other than Gordon Brown.
The result, in Brighton Tuesday, was that Mr. Brown became an opposition politician, railing against the failings of the previous government and promising change...
From Wednesday's Globe and Mail Last updated on Wednesday, Sep. 30, 2009 03:00AM EDT
The campaign of a lifetime began this week, pitting Gordon Brown, beleaguered British Prime Minister, against a fearsome new political opponent – Gordon Brown, reform-minded Labour Party candidate.
In a marathon-length televised speech to party members in the seaside town of Brighton Tuesday, Mr. Brown effectively launched a campaign for next year's election by unleashing a series of bold reformist promises, including abolishing the appointed House of Lords, introducing universal state child care and pledging to crack down on rowdy teens.
It was an audacious and desperate bid on the part of a leader who some polls say has fallen to third place in a country with only two well-known parties...
...But the polls show that Mr. Brown's most serious enemy is himself...
...A poll Tuesday by London's Independent newspaper appeared to show that Labour could beat the Tories next year, albeit with a minority government, as long as Labour's candidate is someone other than Gordon Brown.
The result, in Brighton Tuesday, was that Mr. Brown became an opposition politician, railing against the failings of the previous government and promising change...
Comment