Timeline – Financial Crisis
Feb. 7, 2009

FEI Summary

The following articles symbolize the timeline of signal events in the financial crisis between May 4, 2007 and February 7, 2009. This is just a sample of some representative articles and is not meant as a complete listing of all significant events.

• Subprime Woes Hit UBS Hedge Fund (FTAlphaville, May 4, 2007),
• $3.2 Billion Move by Bear Stearns to Rescue Hedge Fund (NYT, June 23, 2007)
• Mortgage Banker’s Association (MBA) Applauds SEC Interpretation of FAS 140 Implications of Certain Loan Modifications  (Mortgage Magazine, July 26, 2007)
• Epilogue: Frank’s 140 Request (AAO Weblog, (July 27, 2007)
• Subprime Mortgage Collapse: Why Bear Stearns is Just the Start (Moneyweek, Sept. 5, 2007)
• Paulson: Subprime Help Needed, But No Bailout (CNNMoney.com, Oct. 16, 2007)
• Paulson: Subprime Help on the Way (CNNMoney.com, Dec. 3, 2007)
• Saving Banks: How the Mortgage Bailout Plan Strains Accounting (CFO.com, Dec. 10, 2007)
• Corp Fin Sends Letters to Issuers Regarding Off Balance Sheet Entities (TheCorporateCounsel.net Blog, Dec. 14, 2007)
• SEC Won't Object to Treatment of Certain Mortgage Modifications; Disclosures Required (FEI Summary, Jan.8, 2008)
• Frank, Dodd Offer Democratic Plans to Combat Troubled Housing Market (The Hill.com, March 13, 2008)
• Bear Stearns Shares Plummet as it Seeks Emergency Funding (The Guardian, UK, March 14, 2008)
• U.S. Federal Reserve Bails Out Bear Stearns (The Independent, UK, March 15, 2008)
• The Fannie Mae, Freddie Mac Takeover – Now We’re Holding The Bag (Re:The Auditors Sept. 8, 2008)
• Lehman Bankrupt, Merrill Bought, AIG Collapsing, Where Does it All End? (Peter Cohan in Blogging Stocks, Sept. 14, 2008)
• From Chaos to Sanity, The Imperative of Logic (Musing on the Market Blog, Sep. 17, 2008)
• We Didn’t Start the Fire (Sale) (FEI Financial Reporting Blog, Sept. 25, 2008)
• An Investor Relation (IR) Lesson From the Bailout: Main Street Matters (IR Web Report Blog, Sept.26, 2008)
• R.I.P. WaMu (Footnoted.org, Sept. 26, 2008)
• Cutting Off Your Nose To Spite Your Face (Musing on the Markets Blog, Sept.29, 2008)
• DJIA Drops 778 Points as Bailout Bill Fails; House to Reconvene Thursday (FEI Blog, Sept. 30, 2008)
• CAQ Urges Congress To Reject Proposals To Suspend Mark-to-Market Accounting (CPA Trendlines, Sept.30, 2008)
• SEC, FASB Issue Fair Value Guidance, More to Come (FEI Blog, Oct. 1, 2008)
• Playing the Blame Game (Footnoted.org, Oct. 2, 2008)
• President Signs Emergency Economic Stabilization Act (EESA) Into Law; FASB Releases Proposed FSP on Fair Value (FEI Blog, Oct. 3, 2008)
• SEC Holds Mark-to-Market (MTM) Roundtable; Market Rallies on Rumored Treasury Pick (FEI Blog, Nov. 23, 2008)
• Bailout Legislation and the Credit Crisis: Memo's Galore (TheCoporateCounsel.net Blog, Oct. 9, 2008)
• "Where Were The Auditors?" In This Crisis, Nobody Asks, Because Nobody Cares (Re:Balance Blog Oct.24, 2008) 
• Immediate SEC Action Needed on Fair Value, ABA Tells Treasury; FEI, U.S. Chamber Ask FASB to Take Certain Actions on Fair Value (FEI Blog, Nov. 26, 2009)
• Credit Crunch Unmasks Madoff (Business Week, Dec. 12, 2009)
• Is Comparison The Answer to the Fair Value Question? (MACPA CPA Sucess Blog, Dec. 29, 2008)
• SEC Releases Report on Mark-to-Market Accounting (FEI Blog, Dec. 31, 2008)
• GAO To Treasury: More Info, Please (NYSSCPA CPA Blog, Jan. 2, 2009)
• TARP Reform Bill Introduced, Hearings Slated, as COP, GAO Issue Reports, FEI blog, Jan. 12, 2009)
• The Battle Over TARP Heats Up (CorporateCounsel.net Blog, Jan. 13, 2009)
• How Will We Solve The Financial Crisis? The Answer is Bigger Than You And I (Re:The Auditors Blog, Jan. 19, 2009)
• DOJ, FBI Say Barrage of 'Perp Walks' Coming in 2009 (Securities Docket, Feb. 3, 2009)
• In Case You Hadn't Noticed (Musing on the Markets Blog, Feb. 4, 2009)
• Regulator Says Bailout Fund (TARP) is Misleading the Public (Reuters Feb. 5, 2009 via NYT Feb. 6, 2009) [Reference can also be made to the Congressional Oversight Panel’s (COP) reports on TARP and regulatory structure at www.cop.senate.gov, and GAO’s reports on related matters at  www.gao.gov.]
• Treasury’s Geithner to Unveil Financial Plan Monday (CNBC, Feb. 6, 2009)
• New U.S. Plan to Help Banks Sell Bad Assets (NYT, Feb. 7, 2009); Treasury Plans More Expansive Approach to Financial Rescue (WSJ, Feb. 7, 2009)

Prepared Feb. 7, 2009 by Edith Orenstein, Director, Technical Policy Analysis, Financial Executives International (FEI) for purposes of linking in the FEI Financial Reporting Blog. This summary does not represent FEI opinion unless specifically noted above.