RBS issues global stock and credit crash alert
The Royal Bank of Scotland has advised clients to brace for a full-fledged crash in global stock and credit markets over the next three months as inflation paralyses the major central banks.A very nasty period is soon to be upon us - be prepared," said Bob Janjuah, the bank's credit strategist.A report by the bank's research team warns that the S&P 500 index of Wall Street equities is likely to fall by more than 300 points to around 1050 by September as "all the chickens come home to roost" from the excesses of the global boom, with contagion spreading across Europe and emerging markets.Full Story
Paulson & Co. Says Writedowns May Reach $1.3 Trillion
John Paulson, founder of hedge fund Paulson & Co., said global writedowns and losses from the credit crisis may reach $1.3 trillion, exceeding the International Monetary Fund's $945 billion estimate. We're only about a third of the way through the writedowns,'' Paulson, 52, told the AIM International hedge fund conference in Monaco today. There are a lot of problems out here and it will continue to be felt through the year. We don't see any signs of stabilizing. Full Story
Two More Builders Buckle
Two more home builders have filed for Chapter 11 bankruptcy protection in the face of declining home sales and troubled credit markets.Full Story
Chuck Prince Finds Selling Home No Easier Than Fixing Subprime
Former Citigroup Inc. Chief Executive Officer Charles O. ``Chuck'' Prince III lost his job because of the housing slump. Now he's having a hard time selling his home. Prince's five-bedroom Tudor-style house in Greenwich, Connecticut, has been on the market for six months. He has cut the price by $300,000 to $5.85 million, according to the property listing. Full Story
The Royal Bank of Scotland has advised clients to brace for a full-fledged crash in global stock and credit markets over the next three months as inflation paralyses the major central banks.A very nasty period is soon to be upon us - be prepared," said Bob Janjuah, the bank's credit strategist.A report by the bank's research team warns that the S&P 500 index of Wall Street equities is likely to fall by more than 300 points to around 1050 by September as "all the chickens come home to roost" from the excesses of the global boom, with contagion spreading across Europe and emerging markets.Full Story
Paulson & Co. Says Writedowns May Reach $1.3 Trillion
John Paulson, founder of hedge fund Paulson & Co., said global writedowns and losses from the credit crisis may reach $1.3 trillion, exceeding the International Monetary Fund's $945 billion estimate. We're only about a third of the way through the writedowns,'' Paulson, 52, told the AIM International hedge fund conference in Monaco today. There are a lot of problems out here and it will continue to be felt through the year. We don't see any signs of stabilizing. Full Story
Two More Builders Buckle
Two more home builders have filed for Chapter 11 bankruptcy protection in the face of declining home sales and troubled credit markets.Full Story
Chuck Prince Finds Selling Home No Easier Than Fixing Subprime
Former Citigroup Inc. Chief Executive Officer Charles O. ``Chuck'' Prince III lost his job because of the housing slump. Now he's having a hard time selling his home. Prince's five-bedroom Tudor-style house in Greenwich, Connecticut, has been on the market for six months. He has cut the price by $300,000 to $5.85 million, according to the property listing. Full Story
