Update subprime bankparade VI.

December 4, 2007

Update subprime bankparade VI.

Although the focus is on the US more and more European banks are reporting impact of the crisis. Especially German, Swiss and UK based banks seem to be hit. Where are the figures of the big French and Spanish banks? No problems there? Let’s wait for a while. For some reason I think cultural differences between Northern and Southern Europe could also result in different approaches to transparency. Well once more an updated list. After write offs, CEO’s leaving, reduced market capitalization, job cuts and efforts to attract capital for some companies bankruptcy is near or even reality. A Norwegian investment company linked to Citi closed down. Insurance companies are not really in the news yet. I find this also surprising. The only insurance related news is a report stating the expectation of higher claims resulting from home owners putting their house on fire.

Date	Company	News
Dec 3	H&R Block	$ 0.4 billion write off, selling Option One, 600 jobs lost.
Dec 3	RBS	$ 4 billion expected.
Dec 1	Morgan Stanley	CEO Cruz leaves
Nov29	Terra securities	Norwegian brokerage bankrupt, Citi connection.
Nov29	BoA	$ 1 billion write off Countrywide investment
Nov29	Florida	$ 8 billion run on the investment fund
Nov29	IKB	$ 9 billion rescue costs provided by German banks.
Nov28	Bear Stearns	1500 jobs in total lost, about 10% of work force.
Nov28	Freddie Mac	$ 6 billion sale of preferred stocks, dividend reduction of 50 percent
Nov27	Citi	$ 7.5 billion sale .
Nov26	GMAC	$ 1.6 billion so far and more to come.
Nov26	Citi	45.000 jobs at risk in addition to previously announced 17.000 jobs. Almost 20% staff reduction this year.
Nov26	JP Morgan	100 jobs gone and CRO replaced
Nov26	HSBC	$ 35 billion injection to protect SIV’s.
Nov23	News	Delinquency rates rising for real estate and credit card
Nov22	News	FSA sees $11 billion exposure for Japanese banks
Nov21	News	Fitch downgrades $30 billion CDO’s.
Nov21	MGIC	SEC inquiries, restructuring via C-BASS $467 million . $ 0.5 billion difference with last years 3rd quarter results.
Nov21	Radian	SEC inquiries, restructuring via C-BASS $467 million and selling service units to raise money. Almost $ 0.8 billion difference with last years 3rd quarter results.
Nov21	AIG	Derivative lawsuit started, accusations of concealing information and personally selling shares.
Nov21	Countrywide	Denying bankruptcy threats.
Nov20	News	Insured CDO’s at risk due to possible downgrade of insurance companies resulting in inability to make termination payments and effectively wipe out these insurers and subsequently more write offs by banks.
Nov20	Citi	Predicted $15 billion write offs next 6 months, downgraded
Nov20	Countrywide	Liquidity concerns, signs of bankruptcy
Nov20	Freddie Mac	$ 2 billion write off, liquidity problems
Nov20	Swiss re	$ 1 billion write off
Nov16	Citi	$ 11 billion write off. expected in 4th quarter
Nov16	News	Banks reassuring investors, IMF and OECD issue warnings.
Nov16	Novastar financial	$ 0.4 billion write off, probably expelled from NYSE
Nov16	UBS	$ 7 billion write off. expected in 4th quarter
Nov15	Barclays	$ 2.7 billion write off.
Nov14	Bear Stearns	$ 1.2 billion write off.
Nov13	BoA	$ 3.3 billion write off.
Nov13	HSBC	$ 3.4 billion write off.
Nov13	News	$ 3 billion exposure for director-and-officer insurances, claims resulting from lawsuits.
Nov13	RBC	$ 0.4 billion write off.
Nov12	Blackstone	$ 0.8 billion write off
Nov12	Citi	$ 25 billion exposure resulting from liquidity puts, survival concerns.
Nov12	Etrade	$ 3 billion exposure and an analyst report resulted in a 60% price drop of shares and concerns about going bankrupt.
Nov12	Metlife	Insurance company with $ 91.3 billion mbs exposure
Nov12	Principal Financial group	Insurance company with $ 12.3 billion mbs exposure
Nov 9	CIBC	Canadians reporting $ 0.5 billion write offs, more Canadians to follow.
Nov 9	Fanny Mae
Nov 9	HSBC	Antoher 120 jobs in addition to the 750 reported in August are lost
Nov 9	JP Morgan	4th quarter warnings, exposure $ 8 billion.
Nov 9	Wachovia	$ 1.6 billion subprime loss
Nov 8	Merrill	SEC starts investigation investments
Nov 8	Morgan Stanley	$ 3.7 billion subprime write off
Nov 8	News	RBS expects another $250 to $500 billion write offs in level 3 assets in addition to subprime write offs
Nov7	Bear Stearns	Expected write offs 4th quarter $3.9 according to CreditSights
Nov7	BofA	Expected write offs another $3 to 6 billion, according to Deutsche Bank
Nov7	Citi	Shareholders lawsuits
Nov7	Commerzbank	$337 million write off
Nov7	Goldman	Expected write offs 4th quarter $5 according to CreditSights
Nov7	Lehman	Expected write offs 4th quarter $3.9 according to CreditSights
Nov7	Merrill	Expected write offs 4th quarter another $9.4 according to CreditSights
Nov7	Morgan Stanley	Expected write offs another $4 to 6 billion, according to Deutsche Bank
Nov7	News	Level 3 assets concerns, $400 billion downgrade resulting from adjusted ratings.
Nov5	Market news	Asian markets drop sharply (5%)
Nov 3	Bear Stearns	CEO accused of inappropriate conduct
Nov 3	Citigroup	Write off $ 11 billion in addition of the $ 6.8 billion reported 3 weeks ago.
Nov 3	Merrill	Merril not aware of inappropriate transactions, not denying it.
Nov 2	Barclays Morgan Stanley	Market and analysts expect losses
Nov 2	Credit Suisse	2.2 billion Swiss francs write down
Nov 2	First American Washington Mutual	Accused for inflating mortgage appraisals
Nov 2	UBS	Another $ 8 billion expected in addition to the $3.8 billion
Nov 1	Citi	Downgrade $30 billion expected loss
Nov 1	Deutsche bank	3,2 billion loss, but in control, appraised
Nov 1	Federal reserve	41 billion injection
Nov 1	State Street	$2,6 billion loss, law suits wrong investment advice
Oct 31	General Electric	1 billion at stake, mortgage staff cuts
Oct 31	Merrill	Lawsuits by shareholders
Oct 31	UBS	3,68 billion loss in francs
Oct 30	Countrywide	Offering cds at highest rates
Oct 29	Bank of China	$7,9 billion mortgage write off
Oct 29	HSBC	Sells mortgage unit, $795 million
Oct 29	Market news	Double digit price drop California housing
Oct 29	Market news	80% price drop mortgage backed securities
Oct 29	Perpetual	Cut first-half profit forecast by 5%, spooked investors
Oct 28	Countrywide	Analysts stating CEO is telling lies
Oct 28	Fremont Inv & Loan	Approved fast foreclosures
Oct 28	Market news	Foreclosures wi11 to 14 months
Oct 28	New Century Fin Corp	Approved fast foreclosures
Oct 28	WMC Mortgage	Approved fast foreclosures
Oct 27	Countrywide	CEO accused for dumping stocks
Oct 26	Countrywide	Largest home lender, $1.2 billion loss
Oct 26	Moody’s	Cut the ratings of collateralized debt obligations tied to $33 billion of subprime mortgage securities
Oct 26	S&P	Lawsuits, wrong rating mortgage backed securities, conflict of interests, rating related to fees
Oct 25	AIG	Analysts predicts $9,8 billion loss
Oct 24	News	$400 billion write off prognoses
Oct 22	Bank of America	$750 million loss, provisions up $1,5 billion, profit drop with 94%, 3000 jobs lost, blaming risk mgmt.

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