These two bond insurers have had a rough time and now are in the aftermath of being downgraded by the large credit agencies. Specifically, Moody’s downgraded MBIA in mid June from AAA to A2. Other agencies had also taken similar action. However, what is interesting is that investors had already “voiced” their [...]

In the past, Bankruptcy courts have allowed real estate sales certain state stamp or transfer taxes exemptions even if the sale took place prior to confirmation of a reorganization plan. This is based on a broad interpretation of 11 U.S.C. §1146(a) of the Bankruptcy Code, and is usually done to expedite bankruptcy cases. This practice [...]

Insolvency concerns have driven the share prices for the once venerable firms of Freddie Mac and Fannie Mae almost into the ground. Today, share prices for these two have fallen substantially. Freddie Mac’s 52 week high is $67.20 and it closed yesterday at $8.00 and today’s low share price (as of noon CST) [...]

Michael Vick, the former Atlanta Falcons quarterback, is serving a 23-month prison sentence after pleading guilty to federal dogfighting charges last year. “He was subsequently suspended indefinitely without pay and lost all his major sponsors, including Nike.” Vick filed for Chapter 11 bankruptcy Monday in the Eastern District of Virginia. The debt includes part of [...]

Barack Obama proposes changing bankruptcy laws to help military families, seniors, and people recovering from natural disasters.
According to the Associated Press, “Obama said he also would help service members and military families struggling financially after multiple moves, lengthy deployments and, in some cases, predatory lenders.”
Also, Obama wants to allow a faster bankruptcy process for all [...]

Here is a link to a fun site created by www.slate.com where you can choose your own VP, depending on how you answer various questions. It takes only minutes and really is kind of fun! http://www.slate.com/id/2194590/
Michael

Sen. Phil Gramm has been at the Swiss banking giant, UBS since 2002. During that time, the bank has (like many banks/brokers) encountered some major losses. This fact may take on more importance as the US Presidential election draws near as Sen. Gramm has been touted as a possible Secretary of the Treasury [...]

Fed Chairman Bernanke has announced plans to further ease the brokerage firms’ money crises by extending the time in which they may borrow money from the Federal Reserve. Earlier this year, the “Fed window” was “opened” to brokerage firms and now those lending rights are being further expanded. Moreover, the Fed together with [...]

This article on the bleak report turned in for US auto sales for June is interesting because it provides a make by make break down on the sales numbers. Interestingly, Mini posted a 40.5% increase while not surprisingly, Hummer posted a 54.2% decrease. Pity the Hummer dealers who were forced to build million dollar [...]