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Wells Fargo May Need Capital – WSJ.com An initial U.S. stress test identified Wells Fargo & Co. as among the banks needing a buffer against future losses, said a person close to the company. But it was unclear Monday whether Wells would be forced to raise fresh capital or if regulators would accept its argument [...] … and I’ll bet that Art has something to say about it as well, and if not the A-Train, then perhaps the cats over at Mad Dog Media … Turkish? Nothing like giving the guv’mint the right to say “Okay, you’re fucking up, so we’re gonna shut you down and sell you off …” Tapping [...] BofA’s Mantra: We’re Not Citigroup – WSJ.com Bank of America Corp. [NYSE: BAC] Chief Executive Kenneth Lewis is eager to prove one thing above all else: His company isn’t Citigroup Inc. [NYSE: C] As shares of big banks have fallen in the face of speculation that they might be nationalized by the government, Mr. Lewis [...] ‘Bad Bank’ Funding Plan Starts to Get Fleshed Out – WSJ.com WASHINGTON — The Obama administration, filling in some of the blanks in its bank bailout, is considering creating multiple investment funds to purchase the bad loans and other distressed assets that lie at the heart of the financial crisis, according to people familiar with [...] From The Origin of Financial Crises: Central Banks, Credit Bubbles, and the Efficient Market Fallacy, by George Cooper: The idea that markets are efficient requires the following to hold: Asset price bubbles do not exist; the prices of all assets are always correct. Markets, when left alone, will converge to a steady equilibrium state. That [...] Geithner Sets Out Sweeping Overhaul to Bank Bailout – NYTimes.com WASHINGTON — The White House plan to rescue the nation’s financial system, announced on Tuesday by Timothy F. Geithner, the Treasury secretary, is far bigger than anyone predicted and envisions a far greater government role in markets and banks than at any time since the [...] Okay; I can honestly say that I didn’t see this happening. I figured that Citigroup, like Bank of America and JP Morgan Chase, would both be strong enough to weather almost anything the economy could throw at them, but their recent stock movements are highly precipitous. Citi Weighs Its Options, Including Firm’s Sale – WSJ.com [...] Hopefully, when I wake up, there’ll be a published draft that those of us who are interested can read. Congressional leaders reach tentative deal on bailout – CNN.com WASHINGTON (AP) — Congressional leaders and the Bush administration have reached a tentative deal on a bailout of imperiled financial markets that could cost taxpayers hundreds of [...] Richard Baldwin, Professor of International Economics at the University of Geneva, in Switzerland, has the following to say at Economist.com: Crisis roundtable: Which world are we in? | Free exchange | Economist.com It seems that banks and bank-like financial firms have two fundamental problems: 1) An investment problem. They have investments that cannot be traded [...] |
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