Credit Suisse Group AG, Bank of America Corp. and JPMorgan Chase & Co. lead borrowers tapping the largest prime money-market funds through repurchase agreements that finance about $20 billion of securitized debt, according to Fitch Ratings.
Jefferson County, Alabama, declared the largest municipal bankruptcy in U.S. history, capping a more than three-year saga that turned it into one of the biggest casualties of Wall Street’s credit crisis.
Coverity Inc. has held talks with banks including Goldman Sachs Group Inc. and JPMorgan Chase & Co. about holding an initial public offering later this year, Chief Executive Officer Anthony Bettencourt said.
Ask a Nobel Prize-winning economist what’s the difference between the mayor of Baltimore losing taxpayer money with derivatives sold by Wall Street and millions of Americans defaulting on subprime loans and he’ll say there isn’t any: State and local governments are victims of opaque financing they don’t understand, the same way individuals go broke on borrowing at rates too good to be true.
European Union leaders’ calls for banking union lack concrete proposals for funding a new joint financial-sector backstop, as showcased in the debate on whether the euro area’s firewall could provide direct aid to banks.