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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... Read more...

Government to pass on buying troubled securities

Not to gloat, but I have been suggesting for a while that the government might not go forward with its plans to buy up troubled securities--originally the centerpiece of bailout ambitions. The... Read more...

What to do about FAS 157?

The issue of fair value accounting and its importance was reflected in the... Read more...

Can Morgan Stanley be allowed to fail?

For Morgan Stanley, it has come to this: Columnists are weighing in on whether the government should allow it to fail.... Read more...

Morgan Stanley on the ropes?

The world wasn't buying that all was well with Morgan Stanley's deal with Mitsubishi UFJ Group, which called for the Japanese giant to inject $9 billion in the ailing investment bank. Even as Morgan... Read more...

Is the U.S. a suspect credit risk now?

One good thing about the maligned credit default swaps market is that it allows people to make targeted bets--or buy specific insurance--on just about any bond that trades. It thus offers a barometer... Read more...

Talks stall, fate of bailout unknown

At one point, it looked there would be an agreed-upon bailout plan. But then it all fell apart, leaving the fate of the plan up in the air. The combatants will try again today. At the White House, a... Read more...

Paulson relents on exec pay

We've suggested that the political furor over the bailout plan has taken a populist turn. It's hardly surprising that executive pay became a sore point in all the haggling. On one side: reformers who... Read more...

The bailout runs into roadblocks

The historic bailout proposed by the Treasury has taken a political turn, but not in a partisan fashion. There are lots of Congressional skeptics of both stripes. The issue, frankly, is well made for... Read more...

Lehman Brothers, another Bear Stearns after all

This wasn't supposed to happen. Some people thought it couldn't happen. Lehman Brothers couldn't be another Bear Stearns because the Fed had extended a novel credit window to it (and other investment... Read more...