Word: inked
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...statements from bank CEOs in recent weeks, earnings at nearly all of the nation's largest banks will likely have fallen in the first quarter versus one year ago. The one exception is Citigroup, which will probably report a loss, though less than a year ago. Citigroup's red ink this time around could washout at $1.8 billion. (Read "Citigroup's Mergers Business Is Still Thriving...
That's hardly the last of the red ink. In mid-March, the Treasury Department unveiled a plan to help banks sell the mortgages and other soured loans that are sitting on their books. The plan may save banks money in the long run, but it could be very costly over the next year or so. The reason is simply that many banks have only minimally written down the value of these troubled loans, and once they hit the marketplace they could be valued much lower. Geithner's plan offers cheap loans to investors to try to entice them...
...signature of my colleague and friend, who was as precise in his reporting and in his personal style as the neat knot on his trademark bow tie. He seldom removed his suit jacket, and he always slipped on white cotton gloves when reading a newspaper so the ink wouldn't stain his hands...
...told, the government has injected $45 billion into Citi by buying preferred shares; it has also insured the bank against losses on as much as $300 billion in loans and bonds. It is assistance the bank has needed. Citi lost $19 billion in 2008, and analysts expect the red ink to continue for some time. (Read "Citigroup Plans Big Bonuses Despite Rules Against Them...
When will the red ink at Freddie stop? It's hard to say. In its most recent annual report, the company said that if it had to mark all its assets to the price similar bonds are trading for in the market, the company's net worth would sink by an additional $65 billion. But Freddie's bottom-line woes may run even deeper. Freddie has $38 billion in losses it has yet to acknowledge in its investment portfolio. The firm also has $48 billion in nonperforming loans that it either holds or has guaranteed against. In a painful stroke...