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The Aftermath

August 18, 2008 - By May 2007, faultlines in the subprime market were becoming apparent. New Century had filed for bankruptcy and other mortgage lenders had been tripped up by problem loans—-but the Fed chief, Ben Bernanke, told a banking conference in Chicago the financial markets are “better than regulators at allocating credit.” Days after the first meeting of New Century creditors, Bernanke said there was little chance problems in a subset of the multi-trillion dollar mortgage market would spill over into the broader financial system or the broader economy. What a difference a year makes.

Apollo, Lazard Team Up For European PE Buys

August 18, 2008 - Apollo Management and Lazard announced late last Tuesday that they have teamed up to pursue private equity investments in Europe.

RBS Disposing Of Leveraged Loans: Report

August 18, 2008 - Royal Bank of Scotland is reportedly selling roughly $8 billion of leveraged loans to GSO Capital, a unit of The Blackstone Group, as well as TPG Capital and Apollo Alternative Assets.

Apax Selling Stake To SWFs

August 18, 2008 - Apax Partners is planning to chart its next big move with the sale of a 10% stake to Australian and Singaporean sovereign wealth funds, valuing it at $2.9 billion, or £1.5 billion, according to news reports last Tuesday.

UBS Changing Tack; Posts 2Q Loss

August 18, 2008 - In a move that could mark the beginning of the end for UBS' investment banking division, the Swiss giant last Tuesday said it will split into three business units, while also announcing a second-quarter loss.

The Year Of SWFs

August 18, 2008 - While many have been wounded in the credit crunch, at least one group of financial-services players has been buoyed by the crisis: sovereign wealth funds.

SPACs Re-Emerge

August 18, 2008 - One big surprise in the initial public offering market over the last year revolved around the re-emergence of special purpose acquisition companies, also known as SPACs, or blank check companies.

They Said What?

August 18, 2008 - A look back at some of the more memorable quotes relating to the chaos in the US financial markets.

UBS Taps Lead FIG Banker As CFO

August 18, 2008 - UBS announced amendments to its executive ranks on the heels of a second-quarter loss and structural changes. John Cryan, head of the Swiss bank's financial institutions group, will become chief financial officer on Sept. 1. He will replace Marco Suter, who is stepping down.

PE Firms Wrestle With Change

August 18, 2008 - When Kohlberg Kravis Roberts announced that it was going public earlier this month via a deal with its Amsterdam-listed affiliate, almost a year after last summer's credit crunch took hold and the firm initially registered to go public, the move represented more than its next growth step. Its new plan to go public punctuates a larger point: the private equity business is changing.

The Year That Was

August 18, 2008 - I remember the conversation as if it were yesterday, even though it took place well over a year ago. A good buddy of mine was telling me about how wrong my take on the real estate market was, and he almost sold me. Almost.

Wall Street Shuffle

August 18, 2008 - James Cayne. Chuck Prince. Zoe Cruz. Erin Callan. Just a few of the more prominent names that come to mind when considering the fallout in individual callings on Wall Street since the tsunami in the credit markets began its assault last summer.

Hunting For Winning Strategies

August 18, 2008 - Hedge fund managers who are well-known for uncovering technical trends and applying successful investment strategies in the most volatile of markets have run into some headwinds, forcing some to lose money.

Getting The Captive Insurance Co. Right

August 18, 2008 - Many financial executives are already familiar with the concept of forming and operating a small captive insurance company for risk management and wealth-building benefits--and those can be considerable.

Confessions Of A Subprime Lender

August 18, 2008 - Richard Bitner, who left GMAC to start his own mortgage company on the eve of the subprime boon and sold his business before the market collapsed, recently spoke with IDD about his tell-all memoir, Confessions of a Subprime Lender: An Insider's Tale of Greed, Fraud and Ignorance.