cnbc.com - 5/15/2009
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U.S. credit card defaults rose in April to record highs, with Citigroup and Wells Fargo posting double digit loss rates, as the recession slashed more than 2 million jobs since the beginning of the year. "U.S. card credit quality continues to struggle," John Williams, an analyst at Macquarie ...
hf-implode.com - 5/14/2009
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hf-implode.com —
" The stress tests are done. The results
were so-so. Financials are up. Unfortunately, foreclosures are still...
climbing, credit card defaults are growing and could out-pace unemployment, and no one knows how to value toxic assets. But the bank crisis has been solved! "
(more)
The Credit Card Death Spiral
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CNBC: Record Credit Card Defaults in April
Calculated Risk —
From CNBC: Credit Card Defaults Reach Record Highs in April U.S. credit card defaults rose in April to record highs, with Citigroup and Wells Fargo posting double digit loss rates ... ...
Credit Card Defaults At Record Highs But Worst Is Yet To Come
Mish's Global Economic Trend Analysis —
Credit card defaults are soaring, with double digit rates at Citigroup, Wells Fargo, and American Express. Let's take a look starting with Credit Card Defaults Reach Record Highs in April. U.S. credit card defaults rose in April to record highs, with Citigroup and Wells Fargo posting double digit loss rates, as the recession slashed more than 2 million jobs since the beginning of the year. Citigroup (C) a big issuer of MasterCard cards—reported its annualized charge-off rate rose to 10.21 percent in April from 9.66 percent in ...
Links 5/16/09
naked capitalism —
Deserted Mexican hotels offer flu-free guarantees to lure visitors Financial Times Home of Slumdog Millionaire child actor destroyed by Mumbai authorities WSWS (hat tip reader Elaine) The Thirst For Risk Tyler Durden Economic Recovery Still Months Away: Roubini, Rogoff CNBC Ready, Shoot, Aim Menzie Chinn, Econbrowser The Worst Is Yet to Come Jesse Credit Card Defaults Reach Record Highs in April CNBC Volcanism in Saudi Arabia Paul ...
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Wells Fargo Annual Letter
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Wells Fargo Reports.....
valueplays.blogspot.com 7/22/2009 — I've said it before and i'll say it again......financials earnings are not to be taken at face value.....Until access to capital is normalized they are essentially making money off cheap gov't funds. Because of that, saying this was a good/great quarter isn't totally true. For what it is worth, ...
Al Lewis: Wells Fargo Bank Sues Itself
foxbusiness.com 7/12/2009 — You can't expect a bank that is dumb enough to sue itself to know why it is suing itself. Yet I could not resist asking Wells Fargo Bank NA why it filed a civil complaint against itself in a mortgage foreclosure case in Hillsborough County, Fla. "Due ...
Wells Fargo's Balance Sheet: Scaring the Horses
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Wells Fargo: Bank of America Redux
valueplays.blogspot.com 4/23/2009 — Read yesterday post on Bank of America (BAC ), then come back. http://www.blogger.com/img/blank.gif Wells Fargo (WFC) reported today and again, at first blush, great news. Here are the basics: Record profits reflected business momentum across the newly combined Wells Fargo-Wachovia Record ...
Wells Fargo Sues Itself
businessinsider.com 7/12/2009 — shootinfoot tbi Dow Jones newswire columnist Al Lewis breaks the news that Wells Fargo is suing itself. ( Via Calculated Risk ) In this particular case, Wells Fargo holds the first and second mortgages on a condominium, according to Sarasota, Fla., ...
Wells Fargo Said to Need $15 Billion in New Capital (Update1)
bloomberg.com 5/6/2009 — May 6 (Bloomberg) -- Wells Fargo & Co. , the fourth-largest U.S. bank by assets, requires about $15 billion in new capital as a result of regulators’ stress test on the lender, according to a person familiar with the matter. Regulators have said ...
The Stress Test Placebo —
The Big Money 5/12/2009
The stress tests on the country's biggest banks sparked a new round of confidence in the sector, enabling the banks to raise tens of billions in cash without government support. The test results-whether you liked the test itself or not-felt like an ...
From great to good —
The Economist: Full print edition 5/14/2009
Banks will still make money, just less of it FUNDING markets are damaged. Borrowers have to recover from the biggest credit bubble in history. Bankers’ reputations are mud. Regulators are not just reading riot acts, they are rewriting them. ...
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