Bloomberg.com reports Citigroup’s Pandit to Reduce Headcount by 50,000, Cut Expenses.
After many other job cut announcements, Fidelity cuts 1300 jobs (and many more job cuts), here comes a big one.  Citigroup announces that it will reduce expenses by 20 percent, and cut 14% of its workforce. Â
Citigroup (NYSE:C 9.52 on 11/17/2008) is helping the rest of [...]

The NY Times published an article, Was There a Loan It Didn’t Like?.
The article goes into how one loan officer, was forced to put through very questionable loans.
If you came to this site to find out how or why a bank fails, this is definitely it.  Making banking a numbers game, where the numbers aren’t [...]

Recently all the talk has been about high level economic terms: recession, bankruptcies, mergers, bailouts, derivatives.Â
The world is focusing on macro economic issues at the moment. How are macro economic issues created?  Micro economic activities.  The everday transactions that we make, all build up into the modern global economy.
The subprime crisis?  It was created on [...]

For anyone that has not seen it, this is the simplest explaintion of the mortgage melt down.
http://www.businesspundit.com/sub-prime/

Simplified history of what’s going on…
How we got into this money mess, by Glenn Beck
The author uses examples relating to all of us.  I never thought using “Tickle Me Elmo” would be an effective way to communicate subprime mortgages.

Diamond and Kashyap on the Recent Financial Upheavals, by Steven D. Levitt, is an article published on September 18, 2008 at 10:04am at the New York Times website.Â
Steven is as confused as everyone else is about what is going on in the current financial world.  He asked some colleagues to help explain things.
Some great basic [...]