Posted on June 3rd, 2008 in Mr Mortgage - News Picks of the Day!
Lehman May Have to Raise Capital – and a ton of it. So, now after the David Einhorn expose‘ and all the other mainstream media outlets finally understand how all the banks are writing up their debt so offset billions is real losses, Lehman may have to come clean. I wonder if those who were short the day of Lehman’s earnings last quarter and who got blown out of the water after they lied and the stock rallied $25, will have any legal action.
Bradford & Bingley Must Buy $4.1 Bil in GMAC Loans – Bloomberg . GMAC is strong-arming them even though the performance of GMAC loans is dismal. GMAC originated loans are “materially worse quality than Bradford & Bingley’s self-sourced book,”. B&B have pared back their buying to the bare minimum required by their contract.
Chinese Fund Managers Told Not to Dump Stock, or Else – SCMP.com . One would think that over the past two months, US fund managers were told to do the same.
GMAC’s Rescap Needs 3x the Amount of Mney Initially Thought – ML-Implode . What a surprise! I am just tired of the lies. I actually hope that they are lies because if corporate American is this freaking stupid, we don’t have a chance.
LEHMAN Issues Statement Regarding Recent Capital Rasing Rumors – http://www.tickerforum.org . This is from my buddies over at TF.