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01.27.09Case-Shiller: Home prices crashingFrom CNN: An index of home prices in 20 major metropolitan areas fell at a record annual pace in November, to levels not seen since 2004, according to a report released Tuesday. The S&P Case-Shiller Home Price Index, a sampling of 20 cities from across the nation, fell a record 18.2% over the 12 months ended Nov. 30. That brought the index to its lowest point since February 2004. From its peak in mid-2006, the index has plunged a whopping 25.1%. Eleven of the 20 cities showed record declines, and the 12-month price drop for 14 of the cities was a double-digit percentage. "The ...
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10.08.08Iceland on brink of national bankruptcyThink the financial crisis is bad here? Things could be worse: we could be in Iceland. Iceland's Prime Minister has given a televised speech warning that the country faces possible "national bankruptcy" due to the global financial crisis. Geir Haarde made the comments last night following a day of panic on stock markets across the world. Iceland is particular exposed to the financial crisis as its banking sector totally dwarves the rest of the economy. The situation has led to soaring inflation and a massive fall in the value of the Icelandic krona. The Government has introduced emergency legislation giving it sweeping new powers over ...
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09.25.08WaMu closed by OTS, sold to JPMorgan ChaseWaMu has been shut down by the Office of Thrift Supervision, and the FDIC was named receiver. Banking operations sold to JPMorgan Chase. Press Release from the FDIC is here. Woo-Hoo, indeed. CRM, originally uploaded by Matthew Gidley.
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09.16.08Squeeze on at AIGAIG is being hit by downgrades by the ratings agencies, which is not. a. good. thing. From Bloomberg: S&P lowered AIG's long-term counterparty rating three grades to A- because of ``reduced flexibility in meeting additional collateral needs and concerns over increasing residential mortgage-related losses,'' the rating company said yesterday. Moody's cut AIG's senior unsecured debt two grades to A2. Fitch Ratings lowered its assessment to A from AA-. and: S&P also lowered AIG's short-term counterparty credit rating by two levels to A-2 from the top A-1+ rating, and cut its counterparty credit and financial strength ratings on most of AIG's insurance operating subsidiaries by ...
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09.05.08Buy a home, get a BentleyFrom Bloomberg: The U.S. housing crisis arrived on July 14 at Stonebrook Court, the 26,000-square-foot Tudor-style home of California venture capitalist Kelly Porter. On that day, four months after putting the house on the market, he cut the price by $7 million. It's still for sale. The mansion sits on 7.5 acres in Los Altos Hills, a Silicon Valley town where Yahoo! Inc. co-founder and Chief Executive Officer Jerry Yang also lives. It boasts a wine cellar, Venetian- inspired ballroom, Italian statuary and swimming pool. At the reduced price of $38 million, the property is a bargain, the owner says. ``It's worth every bit ...
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08.27.08Olive Garden warns on profitFrom the Wall Street Journal: A surprise warning on earnings by Darden Restaurants Inc. suggests that sit-down restaurants will continue struggling through the fall after a dismal summer. On Tuesday, the parent of Olive Garden and Red Lobster said its earnings for the fiscal first quarter ended Aug. 24 would be below Wall Street's expectations, and lowered its profit forecast for the year ending May 31. It's another sign that the second-half econoic recovery of 2008 is more likely to be fantasy than reality. Offering all-you-can-eat breadsticks isn't going to be enough as the consuming public tightens their collective beltstrings while watching inflation ...