Write-Offs: 2.22.08

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$$$ We apologize for the paucity of posts today. The DealBreaker servers decided to take a snow-day. In fact, we have no idea when this edition of write-offs will show up. We’ll be back on at full speed on Monday. [John and Bess]
$$$Chuck G says Wachovia, Citi and a consortium of other banks are thisclose to arriving at a deal—equity infusions and lines of credit—to bailout out the bond insurers. [CNBC]
$$$ Citigroup says more write-downs could be on the way: "There is a risk of a U.S. and/or global downturn in 2008. A U.S-led economic downturn could negatively impact other markets and economies around the world and could restrict the Company’s growth opportunities internationally. Should economic conditions further deteriorate, the Company could see revenue reductions across its businesses and increased costs of credit. In addition, continuing deterioration of the U.S. or global real estate markets could adversely impact the Company’s revenues, including additional write-downs of subprime and other exposures, additional write-downs of leveraged loan commitments and cost of credit, including increased credit losses in mortgage-related and other activities. Further adverse rating actions by credit rating agencies in respect of structured credit products or other credit-related exposures, or of monoline insurers could result in revenue reductions in those or similar securities." [SEC]
$$$ Morgan Stanley: Market Hero? [Deal Journal]
$$$ There’s an old saying on Wall Street: “When a man retires, his wife gets twice the husband and half the salary.” Maybe at some point that just gets old.

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