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The Smart Money Says Top Firm Could Write Down Another $16bn

Unhappy Citi

Merrill Lynch analyst Guy Moszkowski has come out and said that Citi may be forced to write-down an additional $16bn when the company posts its fourth-quarter earnings. The firm indicated that it would write-down at least $11bn in the period (that was just before former CEO Chuck Prince fell on his sword a few weeks back). And Morgan Stanley analyst Betsy Graseck has also raised her fourth-quarter CDO write-down estimate for Citi from $12bn to $13.5bn. Citi wrote-down $6bn in the third quarter.

Bear Appoints New CEO - Press Release

Here's the edited press release issued by Bear Stearns Tuesday, which confirms that firm President Alan Schwartz, 57, is to succeed Jim Cayne as CEO. Cayne, 73, will remain firm chairman.

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'.



No Pot Of Gold

Could Gold Be The Next Libor Scandal ?

London's financial sector was last night bracing itself for another official investigation into alleged price-fixing following reports that a US regulator is considering launching an inquiry into the City's gold and silver markets.