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business newsCrisis of Contagion Hits Wells Fargo?
No one escapes jaws of credit crunch.
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US Central Credit Union Cut by S&P - 12:55 p.m.
It seems that no one can escape the jaws of the credit crisis. S&P just downgraded the United States Central Credit Union.
The organization, according to its website, is the "wholesale financial center for the nation's corporate credit unions... and exists solely to assist them in serving 8400 credit unions across the country... Assets total approximately $37.3 billion."
In addition, Geithner, the other day, asked for TARP money for this organization.
Amazing how pervasive this is all becoming.
All I can say is contagion versus contained was the right call a couple of years ago and amazingly, to me, risks have never been greater. Systemically, that is.
Home Loan Banks Suspending Dividends - 1:05 p.m.
According to Bloomberg, 4 banks in the Federal Home Loan Bank system have suspended dividends: Pittsburgh, Seattle, San Francisco and now Atlanta.
Again, contagion, and it shows how deep the crisis is going.
A bailout, in my truly humble opinion, will do nothing but kill Treasuries. As an American, I would like to see it work.
More Contagion... - 1:15 pm
Last night, Moody's downgraded 1893 (yes one thousand, eight hundred and ninety-three) Alt-A tranches.
Many went from AAA to CCC.
Alt-A is likely our next very big problem, which could pose a large problem for Wells Fargo (WFC) which inhaled $130 billion of Alt-A from Wachovia.
Click Here to Purchase "Bond Basics: A Q&A with Bennet Sedacca"
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