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Here Is The City News Hits The Big 60!

It's wasn't long ago (October to be precise) when we passed the 50,000 mark. Now we have hit the big '60' - over 60,000 financial markets professionals are now signed up to receive our news e-mail alerts.

If You Want A Good Laugh, Then Don't Read This

Sad Clown

Several of our readers have commented recently that we don't seem to be publishing much good cheer. As we point out, we merely report the news, not make it. So, this story comes with a warning. If you don't want to be even more depressed about the prospects for the financial markets in 2008, don't read any further. Below are details of some of the stories that have made the news over the last 24 hours (and we did manage to find something good to report at the end).

2008 - Not An Encouraging Start

The Financial Times reports that up to $6.5bn in CDOs face fresh downgrades by rating agency Standard & Poor's due to their exposure to US mortgage-backed securities. And Bloomberg reports that, according to Wachovia Corp. research, units of BlackRock, Deutsche Bank, Societe Generale and State Street 'are among the managers of CDOs deemed at risk of failing to repay their most-senior classes amid declining creditworthiness of mortgage-linked debt'.

A Dead Hedge Fund Manager, The Accused Wife & The Lie Detector Test

The death of hedge fund manager Seth Tobias, who passed away last September and was originally thought to have drowned following a heart attack when in his swimming pool, is back in the news again. Both Dealbreaker and Wall Street Folly have highlighted the latest on this story, which becomes more like a soap opera with every twist and turn.

Right-Sized Me - Being Made Redundant (Your Comments)

Here Is The City will soon launch 'Right-Sized Me - A Blog For Redundant Bankers'. The blog will provide a forum for redundant bankers to share their redundancy experiences, express their views of the support they received from their employers, outplacement firm and recruitment consultants, and to talk about the issues they face in a difficult market. The blog will also enable bankers to discuss how they are going about rebuilding their networks and to share best practice.

Bankers Rock For Charity - Go Support January 24th

Pinstripe Hype

A group of bankers, brought together by their common love of music, are now doing a charity gig in aid of Cancerbackup. The event, which will take place from 7.30pm Thursday, 24th January at the Carling Academy, Islington, is being supported by Dresdner Kleinwort and hedge fund GLG Partners.

The Latest Market News - Some Good, Some Bad

Bloomberg reports that Sandford C. Bernstein analyst Howard Mason has said that Citi may need to write down $12bn in CDO assets in the fourth-quarter, and boost provisions for bad debts by another $1bn. Mason says that Bank of America may be looking at fourth-quarter write-downs of $5.5bn, with JPMorgan Chase looking at around $1bn. These estimates are more bullish than those issued last week by Goldman analyst William Tanona, who projected that Citi would write-down $18.7bn and JPMorgan $3.4bn.