Archive for October, 2007
CITIGROUP CUTS PROFIT FORCAST BY 60%; SUBPRIME… YOU KNOW THE REST BY HEART
October 1st, 2007Via: Bloomberg: Citigroup Inc., the biggest U.S. bank, said third-quarter profit fell about 60 percent because of “weak” credit markets and losses on leveraged loans and mortgage-backed securities. The bank will write down $1.4 billion before taxes on leverage finance commitments, Citigroup said today in a statement. The New York-based bank lost $1.3 billion on […]
Some Northern Rock Clients Buying Gold
October 1st, 2007“I really wonder if we are at a point where physical demand from people looking to diversify their portfolios could cause the thing to breakout higher. How many bank runs will the herd endure before it looks for alternatives?” —Cryptogon, September 16th, 2007 Via: The Post: Some beleaguered Northern Rock customers who withdrew their savings […]
UBS: UNEXPECTED LOSS CAUSED BY SUBPRIME WRITEDOWNS
October 1st, 2007Via: Bloomberg: UBS AG, Europe’s biggest bank, had an unexpected third-quarter loss and plans to cut 1,500 jobs after writing down the value of fixed-income securities by more than 4 billion Swiss francs ($3.4 billion). The pretax loss, the first reported by any of the world’s largest banks, totaled 600 million francs to 800 million […]
Some Bank of England Gold Reserves Do Not Meet “London Good Delivery” Standards
October 1st, 2007Via: UK Channel4: Some of Britain’s gold reserves held in the Bank of England are cracking up because they were poorly made. The deterioration could temporarily cut the value of the country’s 320-tonne reserve, which is held by the Bank on behalf of the Treasury. A Freedom of Information request by trade journal Metal Bulletin […]
