Entries from Chemicals & The Economy tagged with 'Citigroup'
Quick updates
Chrysler. Yesterday, Chrysler entered bankruptcy. It will idle most of its US plants during the court proceedings. The government hopes the bankruptcy can be finalised in a "quick visit" of just 30-60 days. But even if this can be achieved,...
LyondellBasell may be largest-ever bankruptcy
The financial fallout from the Lyondell (LBI) bankruptcy continues, as the banks slowly begin to acknowledge their losses. According to Bloomberg, RBS has taken a $1.47bn hit, Citigroup $1.4bn, and Goldman Sachs $850m. UBS are also believed to have lost...
The 'Minsky moment' continues
More banks disappeared in Europe and the USA over the weekend: • Bradford and Bingley, one of the UK's largest mortgage lenders was nationalised. The government will now pay $18bn to Spanish bank Santander to enable a transfer of retail...
$514bn and counting
There seems no end to the losses being revealed by the world's major banks. The total has now reached $514bn. 110 banks and investment firms have now posted writedowns. CitiGroup, the largest US bank, tops the list with $55.1bn of...
'Grey hair and good advice matter'
The credit crunch began a year ago. At that time, the blog was very much in a minority when worrying that it might turn into something big enough to impact 'the real economy'. A year later, it is fascinating to...
Monday, Monday
Monday, Monday, can't trust that day Monday, Monday, sometimes it just turns out that way Oh Monday morning, you gave me no warning of what was to be These 'Mamas and Papas' lyrics certainly sum up Monday this week: •...
The zeitgeist changes
The German word ‘Zeitgeist’ describes ‘the ethos or mood’ of a select group of people. And the financial zeitgeist is clearly changing. Back in August, I marvelled at the contradictory views then being expressed: ‘We see a lot of people...
Another day, another $17bn
News that UBS, the major investment bank, has had to follow Citigroup in raising new capital in a hurry, will have added to the CFO concerns I describe below. Massive subprime losses have forced both banks to raise a combined...
The subprime black hole
Black holes are an apparently empty region of space, with the power to destroy anything that comes too close. The US subprime crisis seems to be turning into their financial equivalent. It never seems to get resolved. It just...
Subprime claims its first casualties
Back at the end of August, I suggested that we had only reached the end of Phase1 of the credit crunch. I feared that it had the potential to get much worse, and to damage the ‘real economy’ where all...
Interesting Quotes
Normally a 275 point fall on Wall Street, and a 600 point fall in Hong Kong, would make for some headlines. But this time, the media coverage has been very muted. Presumably everybody thinks it will be another '9 day...
Feed Subscription
If you use an RSS reader, you can subscribe to a feed of all future entries tagged 'Citigroup'. [What is this?]
