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Securitization People and Markets

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  • Bank of America suffered trading losses of $5.44 billion in the fourth quarter driven by write downs of collateralized debt obligations and general weak trading results.
  • Ambac Financial Group's ratings drop from its highly coveted AAA standing is being viewed as a body blow for the broader market.
  • Gordian Knot-managed Sigma Finance was placed on negative watch this morning by Fitch Ratings.
  • The Loan Syndications and Trading Association named Tom Newberry, global head of the syndicated loan group at Credit Suisse, as chair for the association's board of directors last Wednesday.
  • The Securities Industry and Financial Markets Association has named Timothy Ryan as its ceo.
  • Paragon Group is expected to freeze its warehouse facilities by the end of February due to the credit crisis.
  • Bonuses for UBS salesmen for 2007 have plunged compared to the year before.
  • Johnathan Woollett, director of non-bank financial institutions at the European Bank of Reconstruction and Development, is set to leave the bank at the end of the month.
  • Morgan Stanley is shuffling its fixed income business and has combined corporate credit and securitization.