“Shares of Security Capital Assurance Ltd. have surged roughly 50% during the past two days on speculation that the bond insurer could get an injection of fresh cash from its former owner, XL Capital Ltd.”-Better surge on more than hope.
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We have yet another new contributor on board. Mike Mueller is a mortgage broker from Northern California. He already has multiple blogs of his own, and makes yet another valuable addition to our writing core. Next up is our title blogger. Details coming soon.
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“One of the most powerful women in the financial world became the latest victim of the management purge on Wall Street.”
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Enbridge Energy Partners, L.P. announced today it has commenced, subject to market conditions, a public offering of approximately 4 million of its Class A common units representing limited partner interests. via PrimeNewswire
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‘On Tuesday, Wells Fargo said it will set aside $1.4 billion for home-equity loans it expects to go bad in 2008 and 2009. What it didn’t say in its news release was that these are not loans to borrowers with subprime credit scores. “This was a prime portfolio,” ‘
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“The cost of borrowing in euros for a month rose by a record and loans in dollars climbed the most in more than a decade as banks sought funds to cover their commitments through to the start of 2008 amid a credit squeeze.”
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“The credit crunch began in earnest back in July, but what you’re seeing now is it’s deepening and spreading out,” said Kathleen Bostjancic, an economist in New York at Merrill Lynch & Co.”
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“This week Citigroup, in exchange for Abu Dhabi’s investment to buttress Citigroup’s coffers, agreed to issue convertible preferred shares to the Middle Eastern sovereign wealth fund. The shares will convert to a 4.9% stake in the bank in about three years and Citigroup will pay Abu Dhabi an 11% interest rate in the interim.”
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“Florida officials voted at a special meeting to suspend withdrawals from an investment pool for schools and local governments after redemptions reduced assets by 44 percent in the past month.”
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