Flat BAC
Seems the only way to describe Bank of America’s CDS curve after Monday’s (margin?) disaster. Citi appended for contrast:One-year BAC CDS jumped from 99bps to 285bps,...
Was demographics destiny after all?
Interesting USDA chart, pointed out by Big Picture Agriculture:It’s from this data set. We’re interested in it, anyway. There’s an argument out there that...
Bove says Goldman hasn’t gotten him
Rochdale Securities banking analyst Dick Bove is mildly annoyed this Monday.Having reversed his position on Goldman Sachs and its alleged subprime short after Andrew Ross-Sorkin...
Where’s Lucas?
Where’s Lucas?The man of many words has gone silent.There was a time a Taibbi article would have provoked a scathing response from the Goldman Sachs PR man. Let’s...
Cembalest changes his mind on the subprime crisis
Here’s something you might have missed during last week’s (UK) holiday.Michael Cembalest has made a retraction. JPMorgan’s private banking chief investment...
Why no Canadian, Australian housing busts?
Here’s a chart to ponder from the peer review of residential mortgage practices, just published by the internationally-coordinated Financial Stability Board:Set aside...
‘Securitisation is not that evil after all’
Now there’s a title, from a new BIS working paper, to catch one’s eye.In it, the authors tackle the issue of information asymmetry in the securitisation process —...
A risk management review of Citi, revealed
That’s an old Valentine’s day letter — sent on February 14, 2008 — from John Lyons at the Office of the Comptroller (OCC) to Citigroup CEO Vikram Pandit....
The full story of the Ibanez case
Back in 2005 in Springfield, Massachusetts…What happened next currently has the mortgage and housing market palpitating.US Bank filed a foreclosure complaint on the above loan,...
And the financials all went down on Massachusetts
(Excuse the Bee Gees song reference, couldn’t help ourselves.)As we have already noted, Wells Fargo and US Bancorp on Friday lost what could turn out to be a highly critical...
Goldman’s uneasy subprime short
In early 2007 Wall Street was in the early stages of the subprime crisis.Spreads on the ABX indices, which had become synonymous with the crisis, were falling. And Goldman Sachs...
