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...
Worst banking conspiracy ever
Have you ever heard of Inter-Alpha? We hadn’t until this weekend, although we tend not to frequent the conspiracy sites that lump it in alongside the world’s Bilderbergs,...
Goldman Sachs junk CDO trouble – again
Goldman Sachs must be getting tired of this.The bank duly revealed it’s the subject of a(nother) class action lawsuit involving one of its Collateralised Debt Obligations...
Collateralised contagion
Interactive graphics at their best, this.Network scientist Valedis Krebs has created a visualisation of ownership in Collateralized Debt Obligations (CDOs) — all that securitised...
UBSoiled all over again
Because the first 50-page report into shareholders’ subprime losses, released in April 2008, was not enough. UBS have now published a 76-page “Transparency report to...
SEC charges State Street employees
The SEC has charged two employees of State Street with misleading investors over their subprime exposure.According to the SEC order, John Flannery and James Hopkins marketed...
Citi sued by Norwegian central bank
Inevitable, really. Though we wouldn’t have expected the staid Norwegian central bank to be the first (?) to take up legal arms.After the US Securities and Exchange Commission...
Software of the subprime crisis
Here’s a novel idea about the CDO component of the subprime and financial crisis.As late as 2003 CDOs were — believe it or not – still being described with...
Pyxified, Merrill’s subprime sink
Have you ever heard of Merrill Lynch’s Pyxis CDO/SPV/Insert Structured Finance Acronym?It’s confusing a lot of people this week, after the NYT’s Louise Story exhumed the deal,...
Fannie Mae Posts Smallest Quarterly Loss Since 2007
Filed under: Earnings Reports, Federal Natl Mtge (FNM), Housing, Financial CrisisFannie Mae's quarterly loss shrunk to $1.2 billion. But even as signs point the pressures on Fannie may be easing, it still asked the government for an additional $1.5 bil...
Citi’s super senior subprime SEC slip
One of these is a draft version of a pre-announcement release Citigroup considered making in the credit-crunched October of 2007, in reference to its subprime exposure. The other...
Citi settles as big firms fret over obscenities …
Another stormy summer day in Washington, another high-profile lawsuit from the Securities and Exchange Commission — this one against Citigroup and former senior executives of the company. Once again, it’s about disclosure, and the agency’s press release puts it succinctly: “Citigroup repeatedly made misleading statements in earnings calls and public filings about the extent of...
