AP - The Securities and Exchange Commission on Wednesday delayed a plan to adopt new rules aimed at stemming conflicts of interest in Wall Street's credit rating industry.
Read more »SEC puts off vote on rules for rating agencies (AP)
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Global stocks hit 5-1/2 year lows (Reuters)
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Reuters - A rout in Asia pushed world stocks to their lowest in 5- years on Thursday, while oil fell to below $53 a barrel and safe havens such as the yen gained as economic data indicated a global recession could get even uglier.
Read more »Yahoo, T-Mobile announce mobile search deal (Reuters)
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Reuters - Yahoo Inc announced an expansion of its mobile Web portals to T-mobile, so its smart phone users who get data will have Yahoo search by default.
Read more »U.S. auto execs testify as legislators try for deal (Reuters)
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Reuters - U.S. auto executives went to Capitol Hill on Wednesday for a second day to plead for $25 billion in government aid, but legislators tried to fashion a last-minute compromise bailout bill that could pass both Congressional and White House muster.
Read more »Wall Street sinks to lowest since 2003 (Reuters)
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Reuters - Stocks plunged to their lowest in five-and-a-half years on Wednesday as investors girded for a lengthy economic downturn and automotive executives predicted a far-reaching calamity without a government lifeline.
Read more »U.S. probing Golden West lending, sale: prosecutor (Reuters)
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Reuters - The government is investigating if homeowners were misled by California bank and mortgage issuer Golden West Financial, which was acquired by Wachovia Corp -- another possible victim.
Read more »Will Berkshire Lose Its Triple-A?
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On the face of it, recent activity in Berkshire Hathaway (BRK.A) makes little sense. Credit default swaps on the triple-A company were trading at 388bp yesterday, and are somewhere over 450bp today, possibly having risen as far as 560bp this morning. As Bloomberg says,
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9 hours 52 min ago – Made popular 8 hours 52 min ago
Category: General Finance Tags:
Category: General Finance Tags:
Shares of Buffett's Berkshire Hathaway fall more than 12 percent (Reuters)
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Reuters - Class A shares of Warren Buffett's Berkshire Hathaway Inc (BRKa.N) fell more than 12 percent on Wednesday to below $84,000, a 3-year low.
Read more »CMBS: Still Melting
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The implosion of the CMBS market continues today. AAA tranches of the CMBX are 100 basis points wider. Cash bonds are 200 basis points wider. As an aside, I lack proficiency in the world of CMBS so if someone sees an error please jump in and correct me.
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9 hours 55 min ago – Made popular 8 hours 52 min ago
Category: General Finance Tags:
Category: General Finance Tags:
Homebuilder, REIT shares tumble as recession spreads (Reuters)
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Reuters - The shares of big U.S. homebuilders and real estate companies alike slumped on Wednesday as housing starts fell to a record low and concerns spread the commercial real estate market is going the way of residential.
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