asterisk2a + meredithwhitney   6

Meredith Whitney Wins If Default Meaning Is Lost: Joe Mysak - Bloomberg
So far this year, $746 million in munis have defaulted, according to the Distressed Debt Securities newsletter. In the first half of 2010, the figure was $2.3 billion, and in 2009 it was $4.89 billion.
MeredithWhitney  municipal  bond  debt  default  2011 
july 2011 by asterisk2a
Meredith Doubles Down: Move Over Munis, Here Comes The "Hidden State Financial Crisis" | zero hedge
While over the past 10 years state and local government spending has grown by 65%, tax receipts have grown only by 32%.

What concerned us the most was the fact that fixed debt-service costs are increasingly crowding out state monies for essential services. For example, New Jersey's ratio of total tax-supported state obligations to gross state product is over 30%, and the fixed costs to service those obligations eat up 16% of the total budget. Even these numbers are skewed, because they represent only the bare minimum paid into funding pension and retirement plans. We calculate that if New Jersey were to pay the actuarially recommended contribution, fixed costs would absorb 37% of the budget. New Jersey is not alone.

The real issue here is the enormous over-leveraging of taxpayer-supported obligations at a time when taxpayers are already paying more and receiving less.
MeredithWhitney  municipal  debt  sovereign  pension  USA  2011  outlook  publicservice  government  efficiency  taxation  taxes  taxpayer  faultlines 
may 2011 by asterisk2a
Business: Washington Post Business Page, Business News
timing is the essence of investments medium to long-term. including speculators and traders.
You can be right with your call, but if you are too early ... the market runs against you no matter what. And when you lost your money ... then the market turns.
Timing is easy for long-term investors like warren buffet, he sees things 10-20yrs. 1-2 yrs off does not make a big mark.
MeredithWhitney  timing  warrenbuffet  investment  speculation 
may 2011 by asterisk2a
Regulating banks: Garrottes and sticks | The Economist
If Europe fails to follow America’s lead, it would be a blow for efforts to create a joined-up approach to global regulation. With the American plan coming on the heels of Britain’s tax on bonuses, there are fears of growing unilateralism. One danger is that this fragmentation results in what Sir Howard Davies, a former head of Britain’s Financial Services Authority, has called “reckless prudence”: a cumbersome patchwork of inconsistent, overlapping rules. That would create a second risk, regulatory arbitrage. If American banks were at a real disadvantage to foreign rivals, they would try to game the rules.

If public anger grows, a reintroduction of Glass-Steagall may just start to look possible.
FinancialCrisisResponsibilityFee  VolckerRule  MeredithWhitney  regulation  reform  banking  banks  financial  Glass-Steagall 
february 2010 by asterisk2a
Can Meredith Whitney Leverage Her Prediction of the Banking Meltdown? -- New York Magazine
While working at Oppenheimer, Whitney became famous for issuing an October 2007 research report that said Citigroup would have to raise $30 billion by cutting its dividend or selling assets in order to survive. The subprime-mortgage market had already fallen apart, but the bankruptcy of Lehman Brothers and the paralysis of the financial system were then still practically unimaginable. The thought that Citigroup might be insolvent seemed absurd. The day after Whitney put out her report, though, Citigroup shares plummeted. The company’s CEO, Chuck Prince, resigned a few days later, and the bank spiraled down.
citigroup  finance  MeredithWhitney  NourielRoubini  nassimtaleb 
august 2009 by asterisk2a

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