Tag:
Level 3
Latest Headlines
Latest Headlines
Are troubled assets still plaguing the industry?
We've long said that it would be colossal if the government gave TARP banks a clean bill of health only to watch them tank anew. The fact is that there is no public money left for them. The Congressional Oversight Panel, which keeps tabs on the bailout of the financial sector, has raised that spec
A level 3 problem at Goldman Sachs?
Reuters has taken a close look at Goldman Sachs's latest 10Q and come up with something interesting: Goldman reported a second-quarter net unrealized loss of $1.4 billion on its Level 3 derivatives. "The unrealized loss is significant because it represents a reversal of what had been a positiv
More FAS 157 guidance from the FASB
The case against fair value accounting is pretty simple: The rule requires companies to value assets at market prices (based on recent transactions) even though the assets may in fact be worth more. But that really is an oversimplification that the FASB hopes to correct with its new guidance, rele
Level two and three assets on the rise
Financial Week reports that top banks are reporting a rise in level three assets. Which just might presage another round of bitter valuation haircuts. Citi, for example, has said that level three assets, at the end of September, were $157 billion up from about $133 billion at the end of last y
Level three assets to rise?
Once banks started writing off lots of toxic debt, some thought we'd see a significant decline in level three assets, but that may not necessarily materialize as a trend. JPMorgan said in an SEC filing, for example, that its level three assets are on the rise. The increase reflected transfer of CL
Is fair-value accounting just?
In the wake of the Enron crisis, "fair-value accounting" seemed like a good idea. It was designed to create reporting uniformity and make it harder to play games. But it's turning out poorly for Wall Street in the on-going credit crunch. "Rather than making things clearer, the fair-value accountin
Is Thain setting himself up?
John Thain has not been shy about telling the world that Merrill Lynch is well-capitalized and will not be raising funds anytime soon. At least one money manager, via Seeking Alpha , thinks this is a mistake. It would be better to hedge your bets, especially when your level 3 assets are cr
ALSO NOTED: More on Merrill Lynch's level 3 assets; JPMorgan to build energy business with Bear assets; and much more...
Company News: > More on Merrill's level 3 assets. Article > JPMorgan to build energy business with Bear assets. Article > Why Fannie rallied. Article > Nasdaq earnings soar thanks to OMX buyout. Article > Vote on Bear Stearns sale nearing. Article &g
ALSO NOTED: Mayo: Lehman still under some pressure; Citigroup forms alternatives group; and much more...
Company News: > When to bail on a money manager. Article > Amex to slash staff? Article > Citigroup forms alternatives group. Article > Legg Mason joins crowd, will raise $1 billion. Article > Wachovia's loss doubles. Article > State Street office
ALSO NOTED: Merrill to return to profitability soon?; Rising level 3 assets to explode at top banks?; and much more...
Company News:
> Goldman Sachs underwriting for RBS. Article
> National City to raise $7 billion. Article
> Union calls for Citi break up. Article
> J.C. Flowers drops Provident bid. Article
> Analysts bearish on MF Global. Article
> Jefferie
