October 2008

This is fascinating: The American International Group is rapidly running through $123 billion in emergency lending provided by the Federal Reserve, raising questions about how a company claiming to be solvent in September could have developed such a big hole by October, The New York Times’s Mary Williams Walsh says. Some analysts say at least […]

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SunGard offers white-labelled corporate payments package for banks SunGard (London) has packaged its Ambit Payments system together with Sun Microsystems' software and hardware to deliver a pre-tested and pre-configured system for corporate payments. The new package, Ambit Corporate Payments Express, will be offered as a white-labelled "off-the-shelf" solution that will help banks capture new corporate […]

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[via Bank Technology News] [excerpt] Both studies were conducted in August 2008 and released within days of each other in late September — before a string of disastrous financial firsts in October clearly eroded consumers' trust in banks. Both companies surveyed consumers who are comfortable online, but the surveys differed in size, audience composition and, […]

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[via Alan Rappeport at CFO.com] Those seeking historical context for today's credit crisis and hoping to learn from John Kenneth Galbraith's The Great Crash of 1929 will have to wait. It's on back order at Amazon (until Nov 13) and apparently sold out of New York area bookstores. In his updated introduction penned in 1997, […]

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Last week at the monthly SF Treasury Management Association luncheon I heard a great presentation from the University of California, Office of the President (UCOP). Its banking/treasury services cover 10 campuses, 5 medical centers, 200 bank accounts and a budget of over $18 billion. Each campus is like a city with thousands of incoming and […]

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Yesterday Greenspan seemed to admit he was wrong, or rather that the world wasn't behaving as he anticipated it would and that his anti-regulation, free-market ideology has a "flaw." He told a House committee Thursday that the banking and housing crisis is a "once-in-a-century credit tsunami."   [Photo courtesty of Getty Images, via WSJ] Here's a […]

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The market gyrations continue but over at The Economist, some signs of hope: THE world’s banking system may still be in intensive care, kept alive largely with the help of generous infusions of capital, liquidity and guarantees on lending from governments. Yet there are hopeful—albeit tentative—signs of recovery. The article goes on to cite three […]

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Overstock.com said it will restate its financial results for over five years due to problems stemming from its implementation of Oracle. Revisions to the company's 2003-2007 results probably will reduce revenue by $12.9 million and increase cumulative net loss by $10.3 million. Excerpt from CFO.com  He explained that as part of a major system upgrade […]

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A survey of corporate finance professionals attending the annual Association for Financial Professionals (AFP) conference in LA this week reveals that they perceive the credit market is stabilizing due to recent government actions. The U.S. Treasury plan to purchase an equity stake in key financial institutions and guarantee money market funds, along with the Federal […]

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The US and International Accounting standards boards are convening an advisory group to address issues stemming from the credit crisis – starting with fair-value rules. [via CFO.com – emphasis mine] While central bankers and G7 leaders work to form panels to respond to the global banking crisis, accounting standard-setters are doing their part to do […]

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The Economist just published a short history of Modern finance, putting the recent market gyrations in context: [excerpt] THE autumn of 2008 marks the end of an era. After a generation of standing ever further back from the business of finance, governments have been forced to step in to rescue banking systems and the markets. […]

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Beware! Barclay's may end up with Lehman contracts that it did not intend to purchase as a result of an Excel to PDF formatting error: [via SOX First] In a fascinating case, reported by The Register, Barclays intended buying the good bits of what was left of Lehman but a badly put together Excel spreadsheet, […]

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TechCrunch observes that Prosper and other peer-to-peer lenders like Zopa and Lending Club may turn out to be collateral damage from the credit crisis. Coverage: New York Times article TechCrunch (great graphs) PaymentsNews (links to annoucements from P2P lenders)

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eBay announced Q3 2008 results today, along with a significant PayPal milestone: off-Ebay purchase volume has for the first time exceeded on-eBay purchase volume. Before looking at what this means, the terminology here is worth clarifying. On-eBay purchase volume is all purchases made through PayPal to finalize purchases inside the eBay marketplace. Off-eBay purchase volume […]

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by Russ Jones eBay announced Q3 2008 results today, along with a significant PayPal milestone: off-Ebay purchase volume has for the first time exceeded on-eBay purchase volume. Before looking at what this means, the terminology here is worth clarifying. On-eBay purchase volume is all purchases made through PayPal to finalize purchases inside the eBay marketplace. […]

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