Macro
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month values ▾
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|
| -0.82 | -0.20 | -0.10 | -0.82 | -0.05 | -0.05 | -0.82 | -0.81 | -0.10 | -0.84 | -0.05 | +0.05 |
The finance sector is under pressure this month, weighed down by Citicorp’s significant loss and dividend cancellation amid mounting real estate-related write-downs. While broader financial conditions remain stable, the setback at a major institution has dampened overall sentiment, though not enough to shift the sector into broadly negative territory given limited contagion so far.
How this mood is scored ▾
Federal regulators seized Bank of New England Corp.'s three subsidiaries, citing mismanagement and fraud by prior leadership, with the FDIC stepping in to stabilize operations and insure deposits. The failure, costing the government $2.3 billion, highlights risks from concentrated real estate lending and may lead to higher costs than private rescue efforts. The move underscores systemic stress in New England's banking sector and could influence regional credit availability and regulatory approaches to distressed banks.
Regulators in the U.S., U.K., Luxembourg, and other countries seized assets of Bank of Credit and Commerce International (BCCI) following evidence of widespread, long-running fraud. The bank, 77% owned by Abu Dhabi's ruling family, operated globally with $20 billion in assets and was involved in money laundering, prompting a coordinated international liquidation effort. The collapse has significant implications for global banking oversight and cross-border regulatory cooperation.
Salomon Brothers executives John Gutfreund and Thomas Strauss resigned following revelations of illegal Treasury auction bids and delayed disclosure, prompting Warren Buffett to step in as interim chairman and CEO. The scandal, involving unauthorized bids exceeding legal limits, triggered investigations by the Treasury, SEC, and Justice Department, with potential criminal and civil penalties. Buffett's leadership is seen as critical to restoring confidence and addressing governance failures in one of Wall Street's most prestigious firms.