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Some days I wonder if I should even get out of bed. Or bother to turn on the computer. It's getting that depressing...:p
A small selection of the view over the Corn Flakes bowl this morning [it's a great move; maybe not...yes, they're saved; no they're not...we'll buy Lehman; no we won't...management is doing a fine job; on second thought maybe not...and, finally, howd'yalike that Prez; waddaguy]:And finally, a word from Bob Woodward...Time to pull the covers back over my head and resume the fetal position.:rolleyes:
A small selection of the view over the Corn Flakes bowl this morning [it's a great move; maybe not...yes, they're saved; no they're not...we'll buy Lehman; no we won't...management is doing a fine job; on second thought maybe not...and, finally, howd'yalike that Prez; waddaguy]:
China and Japan hail U.S. mortgage rescue as doubts linger
Mon Sep 8, 2008 7:07am EDT
TOKYO/LONDON (Reuters) - China and Japan, the biggest buyers of Freddie Mac and Fannie Mae bonds, on Monday praised Washington for rescuing the ailing mortgage giants, but investors said the bailout had not ended global credit market misery.
As battered financial stocks rallied and investors sold safe-haven bonds, analysts cautioned that the plan announced on Sunday was more a sign of the perilous state of the global financial system than of an imminent recovery
"We find it difficult to see how it is bullish that the heavy hand of government is needed to such an extent," Merrill Lynch economist David Rosenberg said.
"In our view, the takeover of Fannie and Freddie is actually a testament to how broken the financial system is at this time."...
China frets at U.S. risk after Fannie/Freddie bailout
Mon Sep 8, 2008 5:21am EDT
BEIJING (Reuters) - The U.S. Treasury's takeover of Fannie Mae and Freddie Mac is good news in the short term for China, the biggest holder of the giant mortgage lenders' debt, but Beijing's huge U.S. exposure still poses a serious risk, a prominent government researcher said on Monday...
...taking a longer view, he said the bailout posed a problem: if the Treasury issues new debt to fund the rescue, should China be a buyer or not?
"For China, whether or not you buy the new treasuries, there will be losses: if you buy them, you're getting deeper in the hole; if you don't buy, your existing holdings will lose value," He said...
U.S. Takeover of Fannie, Freddie Offers `Stopgap'
Sept. 8 (Bloomberg) -- The U.S. Treasury's takeover of Fannie Mae and Freddie Mac is aimed at keeping the companies going into 2009, while leaving the next president and Congress to decide their long-term structure...
...``Some of this is a stopgap to try to prevent the mortgage market from falling apart,'' former Federal Reserve Bank of St. Louis President William Poole said on Bloomberg Radio. The federally chartered, shareholder-owned structure, with risks covered by taxpayers, is ``an unacceptable situation,'' he said, projecting the Treasury may need to cover as much as $300 billion of losses...
...``This is not a permanent solution -- they've not saved Fannie and Freddie, what they've done is they've bought 15 months,'' said Bill Ackman, founder of Pershing Square Capital Management in New York, which has sold short the two companies, or bet on declines in their securities. ``It's a band aid. They haven't permanently recapitalized the companies.'' ...
Lehman announces senior management changes
Mon Sep 8, 2008 7:32am EDT
NEW YORK (Reuters) - Lehman Brothers Holdings Inc said on Sunday it has named Eric Felder and Hyung Soon Lee as global co-heads of fixed income, following the departure of current global head Andrew Morton.
In addition, the struggling U.S. bank said it has appointed Riccardo Banchetti and Christian Meissner co-chief executive officers of Europe and the Middle East and announced that Jeremy Isaacs will retire as chief executive officer for Europe, the Middle East and Asia-Pacific at the end of the year...
Eyes on Lehman rescue as Korea lifeline drifts
Mon Sep 8, 2008 7:32am EDT
SEOUL/LONDON (Reuters) - A potential rescue from South Korea for troubled U.S. investment bank Lehman Brothers appeared to have lost further momentum on Monday but other possible investors continued to circle.
South Korea's top financial regulator called on state-owned Korea Development Bank (KDB) to carefully weigh its potential investment in the subprime-hit bank...
Royal Bank of Canada considered buying Lehman: report
Mon Sep 8, 2008 3:38am EDT
LONDON (Reuters) - Royal Bank of Canada considered buying Lehman Brothers in July, but decided against the move because it doubted the U.S. bank's ability to shore up its balance sheet, the Financial Times reported on Monday.
RBC decided against buying Lehman because it was worried about the assets on the balance sheet and "about what we would have to promise the Lehman people," an RBC executive said, according to the report.
WaMu picks Meridian's Fishman as new CEO: report
Mon Sep 8, 2008 6:51am EDT
NEW YORK (Reuters) - Washington Mutual Inc, the largest U.S. savings and loan, is replacing Chief Executive Kerry Killinger, making him the latest high-profile casualty of the credit crisis, the Wall Street Journal reported on its website on Sunday...
Paulson Taps Allison, Moffett to Run Fannie, Freddie
Sept. 8 (Bloomberg) -- Herbert M. Allison Jr. and David M. Moffett, picked to run Fannie Mae and Freddie Mac, face an uphill battle in bringing the mortgage-finance companies back from the brink of collapse...
...Fannie CEO Daniel Mudd and Freddie's Richard Syron, both hired in 2004 to help the companies recover from accounting scandals, led the firms into riskier investments, moving well beyond their public mission of housing affordability, and then failed to react quickly enough when the subprime-mortgage market began to deteriorate in 2007.
``Daniel Mudd and Dick Syron, have been very slow to recognize the depth of the problems or to raise enough capital to deal with it,''...
...``The statements by Paulson and Lockhart that this is nobody's fault, just a flaw in the business models and the housing downturn, that's ridiculous,'' said Armando Falcon, Fannie and Freddie's former government supervisor from 1999 through mid-2005. ``These companies made a conscious decision to take on excessive risk in order to maximize profits and bonuses. They're not victims.''...
Mon Sep 8, 2008 7:07am EDT
TOKYO/LONDON (Reuters) - China and Japan, the biggest buyers of Freddie Mac and Fannie Mae bonds, on Monday praised Washington for rescuing the ailing mortgage giants, but investors said the bailout had not ended global credit market misery.
As battered financial stocks rallied and investors sold safe-haven bonds, analysts cautioned that the plan announced on Sunday was more a sign of the perilous state of the global financial system than of an imminent recovery
"We find it difficult to see how it is bullish that the heavy hand of government is needed to such an extent," Merrill Lynch economist David Rosenberg said.
"In our view, the takeover of Fannie and Freddie is actually a testament to how broken the financial system is at this time."...
China frets at U.S. risk after Fannie/Freddie bailout
Mon Sep 8, 2008 5:21am EDT
BEIJING (Reuters) - The U.S. Treasury's takeover of Fannie Mae and Freddie Mac is good news in the short term for China, the biggest holder of the giant mortgage lenders' debt, but Beijing's huge U.S. exposure still poses a serious risk, a prominent government researcher said on Monday...
...taking a longer view, he said the bailout posed a problem: if the Treasury issues new debt to fund the rescue, should China be a buyer or not?
"For China, whether or not you buy the new treasuries, there will be losses: if you buy them, you're getting deeper in the hole; if you don't buy, your existing holdings will lose value," He said...
U.S. Takeover of Fannie, Freddie Offers `Stopgap'
Sept. 8 (Bloomberg) -- The U.S. Treasury's takeover of Fannie Mae and Freddie Mac is aimed at keeping the companies going into 2009, while leaving the next president and Congress to decide their long-term structure...
...``Some of this is a stopgap to try to prevent the mortgage market from falling apart,'' former Federal Reserve Bank of St. Louis President William Poole said on Bloomberg Radio. The federally chartered, shareholder-owned structure, with risks covered by taxpayers, is ``an unacceptable situation,'' he said, projecting the Treasury may need to cover as much as $300 billion of losses...
...``This is not a permanent solution -- they've not saved Fannie and Freddie, what they've done is they've bought 15 months,'' said Bill Ackman, founder of Pershing Square Capital Management in New York, which has sold short the two companies, or bet on declines in their securities. ``It's a band aid. They haven't permanently recapitalized the companies.'' ...
Lehman announces senior management changes
Mon Sep 8, 2008 7:32am EDT
NEW YORK (Reuters) - Lehman Brothers Holdings Inc said on Sunday it has named Eric Felder and Hyung Soon Lee as global co-heads of fixed income, following the departure of current global head Andrew Morton.
In addition, the struggling U.S. bank said it has appointed Riccardo Banchetti and Christian Meissner co-chief executive officers of Europe and the Middle East and announced that Jeremy Isaacs will retire as chief executive officer for Europe, the Middle East and Asia-Pacific at the end of the year...
Eyes on Lehman rescue as Korea lifeline drifts
Mon Sep 8, 2008 7:32am EDT
SEOUL/LONDON (Reuters) - A potential rescue from South Korea for troubled U.S. investment bank Lehman Brothers appeared to have lost further momentum on Monday but other possible investors continued to circle.
South Korea's top financial regulator called on state-owned Korea Development Bank (KDB) to carefully weigh its potential investment in the subprime-hit bank...
Royal Bank of Canada considered buying Lehman: report
Mon Sep 8, 2008 3:38am EDT
LONDON (Reuters) - Royal Bank of Canada considered buying Lehman Brothers in July, but decided against the move because it doubted the U.S. bank's ability to shore up its balance sheet, the Financial Times reported on Monday.
RBC decided against buying Lehman because it was worried about the assets on the balance sheet and "about what we would have to promise the Lehman people," an RBC executive said, according to the report.
WaMu picks Meridian's Fishman as new CEO: report
Mon Sep 8, 2008 6:51am EDT
NEW YORK (Reuters) - Washington Mutual Inc, the largest U.S. savings and loan, is replacing Chief Executive Kerry Killinger, making him the latest high-profile casualty of the credit crisis, the Wall Street Journal reported on its website on Sunday...
Paulson Taps Allison, Moffett to Run Fannie, Freddie
Sept. 8 (Bloomberg) -- Herbert M. Allison Jr. and David M. Moffett, picked to run Fannie Mae and Freddie Mac, face an uphill battle in bringing the mortgage-finance companies back from the brink of collapse...
...Fannie CEO Daniel Mudd and Freddie's Richard Syron, both hired in 2004 to help the companies recover from accounting scandals, led the firms into riskier investments, moving well beyond their public mission of housing affordability, and then failed to react quickly enough when the subprime-mortgage market began to deteriorate in 2007.
``Daniel Mudd and Dick Syron, have been very slow to recognize the depth of the problems or to raise enough capital to deal with it,''...
...``The statements by Paulson and Lockhart that this is nobody's fault, just a flaw in the business models and the housing downturn, that's ridiculous,'' said Armando Falcon, Fannie and Freddie's former government supervisor from 1999 through mid-2005. ``These companies made a conscious decision to take on excessive risk in order to maximize profits and bonuses. They're not victims.''...
Bob Woodward Writes Self-Adoring New Bush Chronicle
Sept. 8 (Bloomberg) -- George W. Bush strides through ``The War Within,'' the fourth volume of Bob Woodward's Bush administration chronicles, radiating certainty, strength and presidentialness. It must have been a challenge for him to walk so confidently with Woodward's lips attached to his backside...
...Since the Democratic opposition plays no part in Woodward's account, and he doesn't so much as mention such Republican attack dogs as Karl Rove and Alberto Gonzales (who was busy during much of this period illegally politicizing the Justice Department), the picture of Bush and his security advisers he comes up with is bizarrely politics-free -- as if the war itself hadn't been a Republican invention...
Sept. 8 (Bloomberg) -- George W. Bush strides through ``The War Within,'' the fourth volume of Bob Woodward's Bush administration chronicles, radiating certainty, strength and presidentialness. It must have been a challenge for him to walk so confidently with Woodward's lips attached to his backside...
...Since the Democratic opposition plays no part in Woodward's account, and he doesn't so much as mention such Republican attack dogs as Karl Rove and Alberto Gonzales (who was busy during much of this period illegally politicizing the Justice Department), the picture of Bush and his security advisers he comes up with is bizarrely politics-free -- as if the war itself hadn't been a Republican invention...
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