Las Vegas; Deutsche Bank; AIG; PMI; Allianz; Barclay's
Las Vegas casino revenue slid 16% in May, the fifth straight monthly decline...
Deutsche Bank AG will foreclose on the $3.5 billion Cosmopolitan Resort & Casino in Las Vegas after the developer defaulted on a $760 million loan.
AIG, worlds biggest insurer, 3rd straight quarterly loss -$5.4 billion vs +$4.3 billion profit a year earlier, stock -18%.
Credit default swap write down -$5.56 billion; The company posted $16.5 billion of collateral for collateral calls as of July 31
and AIG may have to pay as much as $8.5 billion on the swaps.
AIG raised $20.3 billion selling debt and equity in May to protect against further losses and may seek $10 billion more.
PMI, #2 mortgage insurer, net loss -$246 million; claims costs 4X at $605 million,
$2.3 billion in reserve for future claims, stock -23% on the news. PMI is being forced to keep building reserves ahead of accelerating claims.
Allianz, Europes #1 insurer, net income -29%; revenue -9.5%;
Barclay's, net income -34%, the #3 UK bank is selling assets to boost capital.
Deutsche Bank AG will foreclose on the $3.5 billion Cosmopolitan Resort & Casino in Las Vegas after the developer defaulted on a $760 million loan.
AIG, worlds biggest insurer, 3rd straight quarterly loss -$5.4 billion vs +$4.3 billion profit a year earlier, stock -18%.
Credit default swap write down -$5.56 billion; The company posted $16.5 billion of collateral for collateral calls as of July 31
and AIG may have to pay as much as $8.5 billion on the swaps.
AIG raised $20.3 billion selling debt and equity in May to protect against further losses and may seek $10 billion more.
PMI, #2 mortgage insurer, net loss -$246 million; claims costs 4X at $605 million,
$2.3 billion in reserve for future claims, stock -23% on the news. PMI is being forced to keep building reserves ahead of accelerating claims.
Allianz, Europes #1 insurer, net income -29%; revenue -9.5%;
Barclay's, net income -34%, the #3 UK bank is selling assets to boost capital.
Comments