As we're now one year on from what is commonly regarded as the start of the credit crunch, we thought we'd send out another little ditty. This song should be sung to the tune of Stevie Wonder's 'I Just Called To Say I Love You':
This little ditty was sent in by one of our readers, 'Lady of the City'. It should be sung to the tune of Bonnie Tyler's 'Total Eclipse of the Heart'.
In late 2006, the U.S. subprime mortgage industry entered what could only be referred to as a crisis. A rise in subprime mortgage defaults and foreclosures caused over 100 lenders to fail or file for bankruptcy. Enter Richard Bitner, a former subprime lender, who reveals for the first time the insider perspective of the worst mortgage crisis in US history in his new book, 'Confessions of a Subprime Lender: An Insider’s Tale of Greed, Fraud, and Ignorance'.
Reuters reports that Goldman analysts have come out and said that Barclays may need to writedown an additional $2.8bn over the next 18 months, and said that it remained concerned about the bank's capital position.
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The New York Times reports that two respected Wall Street analysts lowered their earnings estimates for Goldman Sachs Tuesday.
Reuters reports that BNP Paribas is close to a deal to acquire an unnamed Russian brokerage firm.
Bloomberg reports that Wall Street is a-buzz with rumors again that the fall of Bear Stearns was caused by a conspiracy engineered by persons unknown who determined to make a financial killing by betting that the firm's share price would collapse (and then spreading rumors to ensure that it did).
The Wall Street Journal reports that Adam Levinson has been given a share grant worth an estimated $300m to ensure that he stays with private equity / hedge fund firm Fortress Investment Group.
Bloomberg reports that UBS posted its fourth-straight quarterly loss Tuesday. The bank's second-quarter loss came in at $329m, after an additional $5.1bn of asset writedowns.