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Pimco's El-Erian Calls U.S. Economy `Terrifying'

Mohamed El-Erian, chief executive officer and co-chief investment officer at Pacific Investment Management Co., talks about U.S. budget policy and the economy. He speaks with Betty Liu and Dominic Chu on Bloomberg Television's "In the Loop."

US Bank exposure to PIIGS

Five US banks have released some data (SEC filings) of their exposure to PIIGS.

Source WSJ

Biggest credit crunch bankruptcies so far in US

Update: 1 November 2011.


Two years have passed since the first list was compiled here at Asymptotix. Now with MG Global Chapter 11 filing, we though it's time to update the list (including pre-credit crunch):


1) Lehman Brothers Holdings, September 2008: $691 billion in assets


2) Washington Mutual, September 2008: $327.9 billion


3) WorldCom, July 2002: $103.9 billion


4) General Motors, June 2009: $91 billion


5) CIT Group, November 2009: $80.4 billion


6) Enron, 2001: $65.5 billion


7) Conseco, 2002: $61.4 billion

NAR: August Existing-Home Sales Rise Despite Headwinds, Up Strongly from a Year Ago

Washington, DC, September 21, 2011


Existing-home sales increased in August, even with ongoing tight credit and appraisal problems, along with regional disruptions created by Hurricane Irene, according to the National Association of Realtors®. Monthly gains were seen in all regions.

ICMB and CEPR group of economists recommendations on USA, Europe and Japan

ICMB and CEPR has published a report Public Debt: Nuts, Bolts and Worries.


 


 


The thirteenth

BofA to cut at least 40,000 jobs

Bank of America Corp. is preparing to slash 40,000 or more jobs, a dramatic retrenchment that reflects the deepening woes of the country's largest bank and the magnitude of the U.S. economic slowdown. The layoffs will come mainly from the BofA's sprawling consumer-banking operations. The layoffs are another blow to California, with its battered economy and nearly 12% unemployment rate as Bank of America has 45,000 employees in the state, about 1 in 6 of its nearly 300,000-person.

Credit Suisse to deliver some bank data over tax row and cut staff in London (maybe more bad news to be announced)

Switzerland is set to partially meet a U.S. ultimatum and deliver an estimate of the amount of assets held by U.S. residents in secret accounts at Swiss banks, possibly up to $30 billion according to Tages Anzeiger.

FHFA Sues 17 Firms to Recover Losses to Fannie Mae and Freddie Mac


Washington, DC -- The Federal Housing Finance Agency (FHFA), as conservator for Fannie Mae and Freddie Mac (the Enterprises), yesterday filed lawsuits against 17 financial institutions, certain of their officers and various unaffiliated lead underwriters.  The suits allege violations of federal securities laws and common law in the sale of residential private-label mortgage-backed securities (PLS) to the Enterprises. 

US nonfarm employment August 2011

Nonfarm payroll employment was unchanged (0) in August, and the unemployment
rate held at 9.1 percent, the U.S. Bureau of Labor Statistics reported today.
Employment in most major industries changed little over the month. Health
care continued to add jobs, and a decline in information employment reflected
a strike. Government employment continued to trend down, despite the return
of workers from a partial government shutdown in Minnesota.


Employment, Hours, and Earnings from the Current Employment Statistics survey (National)

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