Washington Mutual Inc., battling to cut costs, will lay off more employees in September, according to people familiar with the company. The layoffs were announced to employees in Seattle at a conference call Friday.
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“So much for the notion that the not-quite-a-rescue-plan for Fannie and Freddie would calm troubled markets. Equities gave a raspberry yesterday and overnight, the TED spread widened 11 basis points to 133 basis points (a sign interbank funding trouble may be nigh) and today the currency markets, which initially seemed to take the news in stride, beat a path away from the dollar.”
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“A new report from NERA Economic Consulting takes a look at emerging trends in litigation as a result of the subprime crisis and broader credit crunch.”
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The Securities and Exchange Commission said Tuesday that it will try to limit so-called “naked” short selling of shares in Fannie Mae, Freddie Mac and big brokerage firms. The list includes Lehman Brothers (LEH), Merrill Lynch (MER), Morgan Stanley (MS) and Goldman Sachs (GS). Not surprisingly, two of those are due to come out with earnings later this week. The SEC will issue an emergency order stating that all short sales of shares in these companies will be subject to a “pre-borrow” requirement, said Christopher Cox, chairman of the SEC. This will last for 30 days, he said. The SEC is also planning more rule-making focused on short selling in the broader market, Cox said. One comment we got on the news: “WOW! I would call this premeditated damage control — much the same as preparing for a hurricane!!!”
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“Moody’s Investors Service is cutting some ratings on Fannie Mae and Freddie Mac.”
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“CEOs portray a gloomy forecast for the US Economy, according to a new survey by Chief Executive Magazine:”
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“From our Commander-in-Chief this morning, speaking on the bailout, I mean assistance, for Fannie Mae and Freddie Mac”
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“The larger problem is that the market cannot avoid looking at the fact that the credit crisis is systemic. Shoring up trouble in one spot does not solve the problems in another.”
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My podcast on meeting real estate agents through new media for the Ibis group is about to make like Keyser Soze. Here’s the skinny from Joshua at Ibis.If you have not had the opportunity to listen, our latest seminar will only be available for two more weeks.To listen, please visit: http://theibisnet.com/training/index.htmlTodd Carpenter from Lenderama spoke […]
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“The Hail Mary trading in Fannie and Freddie this morning therefore looks suspect, thus setting up the prospect for one more failed rally attempt going into bank earning report this week and next.”
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