11.01.07
Subprime, lies, damn lies and 2 weeks of figures!
I’ve put the subprime figures of the last two weeks together. They tell a shocking story, see for yourself. Is this the case for enterprise risk and will it initiate more regulation?
| Date | Company | News | Risk |
| Nov 1 | Federal reserve | 41 billion injection | Liquidity |
| Nov 1 | Citi | Downgrade $30 billion expected loss | Liquidity,credit,reputation |
| Nov 1 | State Street | $2,6 billion loss, law suits wrong investment advice | Operational,credit |
| Nov 1 | Deutsche bank | 3,2 billion loss, but in control, appraised | Credit |
| Oct 31 | UBS | 3,68 billion loss in francs | Credit,reputation |
| Oct 31 | Merrill | Lawsuits by shareholders | Operational,Legal |
| Oct 31 | General Electric | 1 billion at stake, mortgage staff cuts | Credit |
| Oct 30 | Countrywide | Offering cds at highest rates | Credit,liquidity |
| Oct 29 | HSBC | Sells mortgage unit, $795 million | Credit,liquidity |
| Oct 29 | Bank of China | $7,9 billion mortgage write off | Credit |
| Oct 29 | Perpetual | Cut first-half profit forecast by 5%, spooked investors | Market |
| Oct 29 | Market news | Ddouble digit price drop California housing | Market, credit |
|
Oct 29 |
Market news |
80% price drop mortgage backed securities |
Credit, market |
| Oct 28 | Market news | Foreclosures wi11 to 14 months | Operational,credit |
| Oct 28 | Countrywide | Analysts stating CEO is telling lies | Operational |
| Oct 28 | Fremont Inv & Loan | Approved fast foreclosures | Operational, credit |
| Oct 28 | WMC Mortgage | Approved fast foreclosures | Operational, credit |
| Oct 28 | New Century Fin Corp | Approved fast foreclosures | Operational, credit |
| Oct 27 | Countrywide | CEO accused for dumping stocks | Operational |
| Oct 26 | Moody’s | Cut the ratings of collateralized debt obligations tied to $33 billion of subprime mortgage securities | Credit, market |
| Oct 26 | Countrywide | Largest home lender, $1.2 billion loss | Credit |
| Oct 26 | S&P | Lawsuits, wrong rating mortgage backed securities, conflict of interests, rating related to fees | Operational |
| Oct 25 | AIG | Analysts predicts $9,8 billion loss | Credit |
| Oct 24 | $400 billion write off prognoses | Credit | |
| Oct 22 | Bank of America | $750 million loss, provisions up $1,5 billion, profit drop with 94%, 3000 jobs lost, blaming risk mgmt. | Credit, reputation |
