Goldman Sachs secretly banked on the US housing crashHow did Goldman Sachs emerge from the financial crisis in such good shape? By simultaneously selling more than $40 billion in mortgage-backed securities, while secretly betting that the US housing market would crash.
Sub prime mortgages
Allco Finance Group…not quite all the news
A fair whack of the past fortnight’s financial market panic can be sourced to BNP Paribas. The problem wasn’t so much that this major French bank had several hundred million dollars at risk in the US sub-prime crisis, but that it took a week to fess up to it after previously assuring the market it had “absolutely negligible.” exposure.
Of Glenn Milne, biffo and Babette
The News Ltd organisation was reeling today from revelations that ace reporter Glenn Milne had visited a ‘biff club’ in the company of other journalists while drunk, writes Guy Rundle.
Wesfarmers adds sweetener to Coles deal, stirs
The anticipated sweetener was thrown into the Coles pot by Wesfarmers this morning, reports Rob Lake.
More Oz hedge funds rocked by sub-prime mess in the US
Another hedge fund closes its doors in Sydney to investors, albeit temporarily, as it struggles to right the ship after being rocked by the growing credit crunch and the subprime mortgage mess in the US, writes Glenn Dyer.
The Economy: Boomtime continues… for now
So called “Underlying inflation” in the last two quarters has been 0.5 per cent, a downside surprise. What sort of underlying inflation number for June could get our central bankers off their bums in August?
Morning Market Report
The highlights and lowlights of this morning’s sharemarket activity.
