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BY MIKE SPECTOR
Capmark Financial Group Inc., one of the nation's largest commercial-real-estate lenders, plans to file for bankruptcy as soon as this weekend, a person familiar with the situation said.
The much-expected move underscores the deep problems in the business-property market. After suffering from the collapse in residential mortgages, U.S. banks face steep losses from commercial real-estate loans. Capmark has originated more than $10 billion in commercial real-estate loans, according to Moody's Investors Service.
On Friday the U.S. Food and Drug Administration issued an emergency use authorization for an experimental new drug called peramivir, made by Biocryst Pharmaceuticals Inc (BCRX.O) and licensed to Shionogi & Co Ltd (4507.T).
The authorization allows the intravenous drug to be used in hospitalized patients who cannot take pills or inhale Relenza or when Tamiflu or Relenza do not seem to be helping. (Additional reporting by Maggie Fox, editing by Eric Beech and Mohammad Zargham)
Originally posted by jimmyx
all the big boys need to pay off their F-ups, and they are doing it with the cheapest money they can squeeze out of the economy. once that is done, the dollar will again start to rise, when the big boys have their books cleared. all those cheap dollars will become more valuable in buying power, once the fed takes the dollars off the worlds market shelf by increasing interest rates.
[edit on 24-10-2009 by jimmyx]
Nigeria to Limit Market Share of Domestic Banks to 20%, Central Bank Says
Nigeria’s central bank will limit domestic banks’ market share to 20 percent and prevent the country’s biggest lenders from acquiring stakes in 10 institutions that failed an audit earlier this year, Governor Lamido Sanusi said.
China South, Bombardier Venture May Sell Trains to U.S., Morning Post Says
China South Locomotive & Rolling Stock Corp.’s venture with Canada’s Bombardier Inc. may supply trains to Desert Express, the U.S.’s first high-speed passenger rail service, the South China Morning Post reported today, without saying where it got the information.
Originally posted by pause4thought
reply to post by Lil Drummerboy
Well if the anything from the derivatives house of cards, to the impending commercial real estate implosion, to the unmitigated collapse of a top bank comes about, as widely predicted, there won't be any doubt. It won't be numbers that concern people so much as a run on the banks.
Let's hope we never see it.
According to MarketWatch, "CreditSights, which tracks the dismal data, predicts that in the current cycle, from 2008 through 2011, as many as 1,100 banks will fail. That would wipe out 13.4% of all U.S. banks, representing 7% of U.S. banking assets."
The FDIC has already proposed that the nation's banks "prepay" the deposit insurance that is due between now and 2010. That would raise about $45 billion for the agency. The FDIC said it fell into the red in late September, which means that it faced the prospects of having to ask the Treasury for billion of dollars to cover the expenses of more bank closures
Both in answering the question and in his prepared text, Mr. Bernanke again beseeched Congress to act soon to give regulators “resolution authority” to cope with the imminent collapse of a big financial firm other than a bank, and to address other vulnerabilities in the regulatory regime exposed during the crisis.
Asia-Pacific leaders called on Sunday for regional-wide free trade and other measures to reduce dependence on the United States and big Western markets as Asia leads the way out of the global economic downturn.
1-Americans have been defeated in an economics war with consequences as meaningful and damaging as if having lost a military war.
2-China and Japan each operate their economies as one huge business
3-These two nations may have a handful of rich entrepreneurs, but no one makes money at the expense or the well-being of their country
(They practice protectionism)
4-Japan now outproduces all other nations while paying the world’s highest wages.
(Americas Wages has been steadily declining)
5-The U.S. cannot compete with these two global competitors, China and Japan.
6- Both nations have completely knocked the U.S. out of many of the industries the U.S. originally founded.
7-Nations that finance our foreign debt and export numerous products to the U.S. are building large currency reserves
8-These currency reserves are economic bullets poised to strike and take out any American company.
9-All U.S. companies are for sale on the open stock market.
10-Chinese and Japanese companies are not for sale.
11-We must resign ourselves as a defeated and conquered nation. Living as a foreign owned colony, controlled and managed by foreign interests for their benefit, and we as their subjects.
Originally posted by lucentenigma
Capmark Financial Group Inc., one of the nation's largest commercial-real-estate lenders, plans to file for bankruptcy as soon as this weekend, a person familiar with the situation said. The much-expected move underscores the deep problems in the business-property market. After suffering from the collapse in residential mortgages, U.S. banks face steep losses from commercial real-estate loans. Capmark has originated more than $10 billion in commercial real-estate loans, according to Moody's Investors Service.
Of course they announce this when the markets are closed.
Could this be large enough to bring another huge dip in the market Monday?