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Best of the Blogs: Bankia's $23 Billion Problem


Minyanville's daily roundup of some of the best financial commentary from around the Web.

This column highlights the most interesting and useful business and financial commentary from around the Web each day. Use our comments section to post your own suggestions for blog content that you've read or written.
Zero Hedge
"The Spanish government's bank fund has $7.40 billion left in its coffers according to the government. Bankia will require about $23 billion in recapitalization. Spain is floating the idea of guaranteeing Bankia's debt so that Bankia can then pledge it to the ECB and get cash and since it is a guarantee and not a direct issuance of sovereign debt then Spain is waving the banner, and proudly, that it will not affect their debt to GDP ratio." (For related content, see Debt Contagion Is Real, and It Doesn't End with Spain.)
New York Times: Dealbook
"Dewey & LeBoeuf, the law firm crippled by financial miscues and partner defections, filed for bankruptcy on Monday night, punctuating the largest law firm collapse in United States history. The filing, made in federal bankruptcy court in Manhattan, is the final chapter in a turbulent period for Dewey, which came apart after disappointing profits and prodigious debt forced it to slash partners' salaries."
All Things D
"For Research In Motion (RIMM), summer layoffs are becoming an annual event. In July of 2011, the struggling maker of BlackBerry smartphones sacked 10 percent of its global workforce - some 2,000 employees - as 'a prudent and necessary step for the long-term success of the company.' Now it's gearing up to do it again." (For related content, see RIM's Marketing Is the Absolute Worst.)
Wall Street Journal: China Real Time Report
"Away from the headlines over its huge trading losses, JPMorgan Chase & Co. (JPM) continues to beef up its presence in China. As Dow Jones Newswires reports Monday, the bank said it has injected an additional 2.5 billion yuan ($395 million) into its China subsidiary, bringing the total registered capital of JPMorgan Chase Bank (China ) Co. to 6.5 billion yuan, according to a statement." (Also Read Big Banks: It Doesn't Get Better.)
Business Week
"As European policy makers try to reduce the dominance of rating companies in financial markets, investors are showing greater willingness to ignore Moody's (MCO), Standard & Poor's (SPY) and Fitch Ratings. Denmark, which holds the European Union presidency, said this month it won backing in the 27-member bloc to curtail the influence of the raters. Danish banks have started firing Moody's, while Swedbank AB (SWEDA), one of Sweden's four biggest lenders, has said the views published by rating companies are 'backward looking.'"

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