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Derivative Market - Financial weapons of mass destruction!!
2008-05-17 05:50:00
Yesterday I made a decent 40% profit on the CALL option which I had bought a couple of days back. I started getting interest in option trading last year and followed market religiously. Index option of NIFTY has got decent volume and a volatile market like this could get fair return in the derivative side. The foray in derivative market was a good learning for me. Option market is good for those who have fair idea of economics, who do not get tempted and most important who trades in a market which follows logic. In case of Indian derivative market, the volume is really thin as compared to equity market. The inflation reported to 42 month?s high at 7.61 on May 9th 2008, but the market did not move down for ?some time?. Analysts came with opinion that the current inflation figure was expected and already accounted for. The market started falling after that and the opinion changed that the high inflation was causing the mayhem... On May 12th, the Index of industrial Production (IIP)...
More About: Market , Destruction , Financial , Trading , Options

Face 2 Face : INFLATION AND MONETARY MEASURES
2008-05-12 09:36:00
For Monetary measures can be effectively used to control the liquidity to regulate the demand. While supply is the core of the problem, there is not much that can be done to in-crease supply in the short term, whereas demand can be directed easily to keep the inflation in the desired range. An increase in the price leads to price-wage inflationary spiral. A monetary squeeze can stabilize price level and hence the wage. With the lack of a well developed bond market in India, bonds issued by the central bank squeezes money significantly. Further, rise in interest rate not only makes the borrowing costly but also encourages saving and reduces consumption. The recent increase in CRR will eventually bring down the amount available with banks for lending. Moreover, any monetary measure adopted by RBI signals the market about the intention of government and thus checks the price rise. Though restricting credit-availability impacts growth, inflation needs to be curtailed for the survival o...
More About: Inflation , Face

Credit Derivatives- Part I
2008-04-04 08:40:00
"The news hit stocks and knocked jittery credit markets hard, with the widely watched iTraxx Crossover index breaking above 600 basis points for the first time, a reflection of soaring debt-insurance cost" - Reuters"Credit risk measure the change in the credit quality that have the potential for creating losses resulting in stress in systemtically important financial institutions". Derivative is a risk shifting agreement, the value of which is derived from the underlying asset. The underlying asset can be anything you value, which could be physical commodity, an interest rate, a company's stock, a stock index, a currency, or virtually any other tradable instrument.The reason we go about analyzing this is because of the credit concerns now extend beyond the subprime crisis. One way this is becoming increasingly evident is through the pressure on the balance sheets of financial institutions. What began as deterioration in credit quality altered the market liquidity and this altered v...
More About: Inflation , Part , Derivatives

Common Currency in South Asia
2008-03-24 21:14:00
Introduction The issue of consolidating the South Asia n economies, and have stronger economic relations in the region, is not new. However, the idea of having a common currency in South Asia was encouraged after a successful launch of EURO by European Union in 2002. The talks for a common currency in South Asia began in 2004, when then Prime Minister of India Mr. Atal Bihari Vajpayee went to Pakistan for SAARC summit. It was termed by economies as a visionary initiative which would bring businesses in South Asia closer to each other, kick-starting closer economic ties. This was followed up by the commitment towards economic integration through free trade agreement in the Twelfth SAARC Summit, Islamabad. However, not many empirical studies have taken place to suggest the framework for launching a common currency for South Asia. Many industry stalwarts and economists have put forth the prospective benefits and problems of having a common currency. The aim of this article is to summa...
More About: Money , Currency

HDFC bank to buy CBoP
2008-02-22 20:40:00
One of the largest private sector bank,HDFC is all set to buy Centurion Bank of Punjab in an all stock deal of about Rs 10,000 crore. This is the biggest merger deal in Indian banking history.The swap ratio for the deal is not yet decided. Let us see how will HDFC Bank benefit from this: 1. Centurion has around 170 branches in northern India and 140 branches in Southern India so HDFC?s presence in these parts of the country specifically in states of Punjab, Haryana and Kerala will receive a boost 2. About 2.5 million customers of CBoP will become a part of HDFC Bank 3. Innovative services can be offered to the clients of HDFC post merger 4. HDFC will become the seventh largest bank in the country in terms of assets post merger A similar merger was thought, about six years back between the two banks but it didn?t materialized due to valuation reasons. But after such a long time this deal is finally getting materialized on account of good understanding between the top management ...

What is Group A, B1, B2, S, T, TS, & Z classification of BSE?
2008-02-22 17:16:00
The Bombay Stock Exchange (BSE), India's leading stock exchange, has classified Equity scrips into categories A, B1, B2, S, T, TS, & Z to provide a guidance to the investors. The classification is on the basis of several factors like market capitalization, trading volumes and numbers, track records, profits, dividends, shareholding patterns, and some qualitative aspects.As on February 2008 following criterion are used for classifying stocks into various categories by the Bombay Stock Exchange(BSE).Group A:It is the most tracked class of scrips consisting of about 200 scrips. Market capitalization is one key factor in deciding which scrip should be classified in Group A.According to BSE circular dated February 5, 2008 the criterion is: 1. Company must have been listed for minimum period of 3 months. Exceptions: * The Company can be directly listed in group 'A' provided the market capitalisation of a company being listed, based on its issue price, is higher tha...

Why do we need Banks?
2008-02-21 16:31:00
One question that might pop up in many people?s mind is ?Why do we need banks?? Is It just to deposit money and earn some interest or has it got something much more important than this. Well let?s start and try and understand ?Why do we need Banks ?? I will take an example, suppose we have three entities Party X, Party Y and an organization Z. Now we will take a few scenarios, first of all let us suppose that all three of them know each other, now if anyone wants money for some activity he has the option of borrowing it from the other party which is willing to lend him. Now let us consider the scenario that these three parties don?t know each other, so what can be the possible consequences. One thing that I can think off is a party who needs money for some activity will not be able to get that and hence may not be able to go ahead with the plans it had. These plans can be the expansion of a business which could have helped to generate jobs and pay the taxes to the government. In othe...

Crude oil crosses $100 mark again
2008-02-19 20:55:00
The crude oil prices jumps back over $100 from $97 per bbbls earlier after the news of blast in a Refinery in Texas. This is second time that oil prices have breached the $100 per barrel level. About one month back the oil prices touched the triple digit mark for the first time but soon retreated back. During the recent recession fears the prices fell back to the level of $80s. Some of the retreat was due to better supply over demand. Even though the recession fear is not totally out, and the supply-demand equation in the near future is intact, the oil prices have been rising because of speculation.Some of the possible triggers for the recent uptrend seen in the oil prices:OPEC meeting for decreasing productionPolitical issues between U.S. and VenezuelaExxon-Venezuela conflictPolitical instability in NigeriaBlast in Texas Refinery
More About: Mark , Crosses , Crude Oil

Fraud at Societe Generale: Was this a new lesson for the financial institut
2008-02-18 20:13:00
One more name got added to the list of rogue traders with the revelation of fraud by Jerome Kerviel at Societe Generale . This seems to be the biggest banking fraud unless a few more traders, who might have taken massive bullish positions in this bearish market, get exposed in near future. A $7.2 billion loss outsmarted all the previous trading losses. Societe Generale is France?s second largest bank and the unauthorized bets on stock-index futures resulted in a loss of euro 4.9 billion. Jerome Kerviel started increasing the size of his trades in the year 2007 and Bank was informed about that by the authorities of Eurex, but his net position was a profit of $81 million and hence the caution was ignored by the bank. By the end of 2007, Jerome had booked profit of about $2 billion for the bank and this time he was more ambitious. He entered into contract illegally on the name of bank?s clients. His fictitious trades largely involved future contracts on various indices such as Eurosto...
More About: Fraud , Financial , Lesson

Derivatives ? Boon or Bane
2008-02-17 08:51:00
Before analyzing whether Derivative is a boon or bane. Let us start with the definition of Derivatives . Derivatives are financial instruments which derives its value from the underlying. This underlying can be anything as bullion, commodity, stock, or a stock index. Derivatives can be divided into Forwards , Futures, Options and Swaps broadly based on the purpose for which they are going to be used. Derivatives can either be traded over the Counter (OTC) or on an exchange. OTC?s are the one?s which are customized as per the requirements of the two parties and are not tradable in free market while exchange traded are the standardised one?s and are capable of being traded in an exchange. Now let us take an example and look at a simple derivative forward contract. In this one party is the seller of the contract and the other is the buyer. Let us say the seller is selling gold at a price of Rupees 600. The seller agrees to buy gold 3 months from now at Rupees 610 and both of them get ...
More About: Bane , Boon

What is going to move the market from here?
2008-02-05 17:25:00
The secondary market witnessed a steep downward movement last month. In the period of January 14-22 BSE30 Sensex lost 4100 points incurring a loss of 16,000 billion for the investors. When Nifty futures turned into discount, it created heavy short positions. Investors were not having enough money to meet the margin calls on their future contracts, and brokers were forced to sell in large numbers. The major drain of money from the secondary market happened mainly because of the following reasons- Reliance power IPO, which came with a bid for nearly Rs 11000 Crores and got oversubscribed by 73 times.Future Group, which came with IPO to fetch around Rs 490 Crores, got oversubscribed by 133 times.FII withdrawal from the market amounted to Rs 13035.7 Crores in the month of January. Though FII were selling in large volume because of global cues, the major part of domestic money was stuck with the IPO of Reliance and Future Group and no buyer was available in the market. Now in the...
More About: Market , Move

Challenges ahead for Indian Monetary Policy
2008-02-05 08:04:00
The much expected rate cut by RBI did not happen. In the midst of all the all sorts of speculation, RBI has adopted a policy of wait and watch for the time being. So what?s there left in Indian market in coming days? The impact of differential interest rate is going to have diverse effect. The following heads could be one way to summarize the future move. More inflow of dollar is expected in the coming months and the huge capital inflow will further complicate the monetary policy. Rupee has already appreciated by almost 12.3% against dollar in last year and further gain could worsen the plight of export industry. Textile industry has already lost more than 50,000 jobs the issue needs to be addressed soon. We witnessed the lowest inflation of last 5 years in December 2007, but the wholesale price index rose 3.93% in the week ended January 19. This inflation was highest in the last five months. The huge capital inflow in the market from outside is expected to put pressure on inflati...
More About: Monetary Policy , Inflation , Policy , Ahead

Off Balance Sheet accounting
2008-02-04 23:56:00
As an investor we would be looking for information that is from various sources like annual report, news, analysis etc. But truly there are times when we are not sure about how the company is making money. Though one may think of spending more time in knowing exactly what the company is doing. But that may not be true, as managers may choose not to disclose those to the public. Hence there is always a cap on the information available to the public when there is no ceiling set by any governing body. This is the major reason why stock market are inefficient!. Let us look more closely at specific accounting malfeasance. This will help us see what is the information that we should be looking more closely when evaluating a company? The biggest corporate scandal in U.S happened in the starting of this decade including Enron, World Com. Although Enron was involved in more than one accounting scandals, the important one was the off balance sheet accounting. It is just pure number jugglery. ...
More About: Sheet , Accounting , Balance Sheet , Balance

Microsoft set to leave its debt-free status for acquiring Yahoo!
2008-02-04 21:00:00
Microsoft surprised many analysts by announcing acquisition offer for Yahoo ! last week. The offer amount is $44.6 billion based on per share offer price of $31. This is at 62% premium to the closing price of Yahoo! stock on January 31, 2008. The offer is funded by 50% equity & 50% debt. The equity is equal to 0.9509 times the Microsoft's stock closing price on January 31, 2008. Chris Liddell, Chief Financial Officer of Microsoft, said that the offer has more than 100% premium over the operating assets of Yahoo!.If the acquisition is completed, this will be the first time Microsoft will be borrowing money. At present Microsoft is a debt free company. Yes! Microsoft has no long term debt. Surprising, isn't it? Even Yahoo! has very insignificant amount of debt. Its debt to equity ratio in the latest quarter was 0.079.Microsoft is a cash rich firm with 21 billion USD in cash and short term investments according to their latest balance sheet (December 31, 2007). The total current a...
More About: Microsoft , Free , Leave , Debt

Stock Markets Unwinded
2008-02-04 20:58:00
Here comes an article which will let you know the basics of a stock market. So let?s straight away start the topic which I think is of interest to everyone in the country.First of all for those who think that stock markets are the easiest ways to become rich, think twice as it is one of the most troublesome places. It can make one earn a crore a day and loose two the next day. So with this constraint in mind let?s try and know our markets a bit better. Let?s start with what does bulls and bears mean. Bulls mean people who purchase stocks and bear the one who sells them. All of you must have heard of about market indices as BSE Sensex or Nifty. One see?s the value of indices jumping up and down throughout the day. What does the value mean? If we take example of BSE Sensex it is the weighted average of thirty stocks which are representative of all the sectors of the economy. Thus these indices change with the change in the underlying stock prices. The next question which must be flo...
More About: Markets , Stock , Stock markets

Impending recession and the aftermath
2008-01-31 23:37:00
The bearish movement in Indian stock market in last couple of weeks draws everyone?s attention towards the world economy again. In the era of globalization, any significant move in the economy of big players is going to have well spread impact (Article on Decoupling theory). And if the movement is there in US economy no country will be left untouched... The movement in the US economy started in the month of September with the Subprime crisis followed by credit crunch in the US market. All the major banks in US reported huge losses and Federal Reserve had to cut the interest rate first time after 2003 by 50 basis points (0.50%). The complete effect of subprime crisis was yet to be realized and that was evident with further writing off bad debt by major bank in 3rd quarter of 2007. The economy started slowing down, and financial market came under much stress. Fed had to intervene again within 4 months of earlier cut and the interest rate was dropped by 75 basis points to 3.5%. This...
More About: Recession

Economic Fundae -RBI Credit Policy- 2008
2008-01-31 20:26:00
Recession waves roaring in U.S and the interest rate cut by the FED is sent as an abatement in response to it. Although it will benefit the recent sub-prime crisis, the impact of this rate cut to 3.0% in interest rate is far fetched.As a common understanding we all know the interest rate cut will boost borrowing and hence economic activity. On the other hand this rate cut when done in isolation when the central bank in the rest of the world are not in a compulsion to do so, will leave the capital movement out the country. This is surely detrimental to the business in U.S. as the capital formation will be difficult. It also leaves the U.S dollar to loose value becuase of the interest rate differentials.Largely the credit policy of RBI - the annual report of the policy measures by our central bank has laregly disappointed the Indian Industry which has to keep their investment plans in abeyance. Belying expectations of a softer interest rate regime, the Reserve Bank in its third quarte...
More About: Economics , Credit , Policy , Economic , 2008

Domestic Institutional Investors (DII) were the major buyers which held the
2008-01-27 15:34:00
Domestic Institutional Investors (DII), which includes Mutual Funds , Insurance firms, and Domestic Financial Institutions (DFI) mainly banks etc., were the major buyers in the past week when the FIIs sold away heavily in the equity markets. While the FIIs have taken away Rs. 15,000 crores from the markets, DIIs have put in about Rs. 10,000 crores. Major part of DII money has come from insurance and financial institutions. Government had asked these institutions to place money in bluechip firms to give support to the markets. LIC, the biggest insurance firm of India, alone has been estimated to have put in $1 billion(Rs. 4000 crores) in the last week.In the year 2008(till January 25, 2008) FIIs have sold worth Rs. 23,000 crores, while DIIs have bought worth Rs. 12,800 crores.
More About: Domestic , Buyers

FII sold heavily in mid January crash
2008-01-27 13:51:00
While the Mutual Funds started selling in the initial days of the previous week, they started pumping in the money during the fall of the stocks. FIIs on the other hand were about neutral in the week before but they suddenly started selling off heavily each day and even on last few days of the week when the sensex gained significantly, FIIs were net sellers to the extent of more than 1000 crores of rupees. Though the last day selling was very less compared to previous three days in which they sold about 2500 crores worth of stocks each day.
More About: News , January , Crash , Sold

How good is ?Decoupling theory for India, China and other emerging economie
2008-01-27 10:30:00
The Decoupling theory is that emerging economies like China and India are decoupled from the US economy. The view is that the emerging economies on one hand and US economy are now very less related. How good is that assumption?If we look merely at the GDP growth figures China and India are accelerating at 11% and 9% per annum, while US is in a slow growth phase an may even enter into recession in the coming year. This may help us in believing the decoupling theory and that China and India can keep on growing without getting affected from the US economic condition.If we look slightly deep into it and look at two major sources of GDP: consumption & investments, we will find that although US economy has experienced a slower growth, its consumption is in healthy growth phase, and the slowdown in overall growth is mainly because of slowdown in investment activities from US firms. The reason may be that a lot of money is moving in the form of FII and FDI to India and China. Even Ch...
More About: Economics , Finance , Theory

Economic Fundae - Interest Rates
2008-01-25 16:36:00
It is a really a good time to start with the economic fundamentals as there is so much happening across the globe with recession and our phenomenal growth story. It becomes easy to see what we are discussing in theory in the real life. Inflation is something most of the developing nation is fighting against. At least in India, the Reserve Bank of India has done a great job in controlling the soaring price rise that happened in 2007. But what are the policy that RBI has at its disposal to control inflation? These are largely the tools and policies different from the fiscal policy.Before answering this question we will look into one of the important macroeconomic variable which connects the present with the future – Interest Rates . The rates which our bank pay is called as the nominal interest rate and this measure the increase in the value of the money we hold. It can be seen as the amount that we get paid for forgoing the consumption at present.The other class of interest rates is...
More About: Economic

Economic Fundae - Fiscal Policy
2008-01-24 10:37:00
The big question that our finance ministry will face is how to react to the global recession and our stock market crash. Although these are issues which need correction from various economies, let us see what tools are at hand to control the economic fluctuation. Last year -2007 although we saw our GDP grow more than 8%, we were facing with issues like inflation. The Reserve Bank of India which is the principle organization in command of our economy was taking numerous measures to curtail inflation. What essentially were they doing? What is the role of government in these situations?Fiscal Policy is use of government spending or tax policy to control aggregate demand-The taxes that we pay are essentially the source of funds for our government. Now what kind of taxes we pay? Where does the money go?To understand this we will revisit the equation which is worth rememberingGDP = C + I + G -NXThe G – Government spending composes of two components, the purchases of goods and services &...
More About: Economic

Want to join FinManAc, Finance blog
2008-01-23 20:59:00
About Us: We are a group of Finance enthusiasts from Indian Institute of Management who want to share their views about latest happening in the world of finance and especially in India with people interested in Finance.About 'FinManAc, Finance blog': This blog is for all the finance maniacs. Its a community shared blog and we invite participation from all Finance persons, be it equity research, trading, banking, etc. We believe understanding of economics to be of high importance to be a financial expert and we have included economics also in the domain of this blog.Very few people in India invest in the so called "Riskier Instrument" like stocks and derivatives. Statistics will tell this story better. There is a need of communicating and expressing unbiased views about the performance of the company and hence help the common man understand what it lies behind the arcane numbers.Who are invited?Anyone who has high interest in the mysterious world of Finance and flair for writing hi...
More About: Blog , Join

Economic Fundae - Business Cycles
2008-01-22 10:28:00
Macroeconomics as a discipline is about the study of national economy, total output level, the general trend in employment. All this not only nation wide but also with respect to the global economy. I write this article as the stock market tanked 4000 points roughly about 20% in two days in reaction to the global recession- economic downturn. In the past century we have seen years of boom and bust between years, which is called the business cycle. What is happening today in the stock markets can be only a fraction of the impact which was there during the Great Depression- stock market crash of October 1929, but we can immediately strike a relationship in these events. But why is there business cycle, and what are reasons for the recession? This is a subject we are currently dealing with.In fact we all would agree to the fact that the salary we get today is at least twice as much as our parents. This even after adjusting for inflation- which is the rise in the price level of goods an...
More About: Business , Economic , Cycles

Where to get the FII and Mutual Fund investment activity in Indian stock/eq
2008-01-20 10:12:00
FII (Foreign Institutional Investors) and Mutual fund s activities are very important for short term traders to speculate the trend. Being major players most of the time their actions moves the market up or down. Fortunately SEBI (Securities and Exchange Board of India) publishes the total amount of buying and selling done by FIIs and Mutual Fund s in the Indian equity and debt market.The data are made available to the public through SEBI's website in the "FII / Mutual Funds Trends" column. The webpage gives the last trading day's activities by FIIs and MFs and has archives for each day of current month. To visit the archieves for periods earlier than one month another archive section for both FIIs and Mutual Funds is available. To access any historical data enter the closing date of that month and click 'go'.According to a note on SEBI's website:"Note: The data pertains to all the activities undertaken by FIIs in Indian Securities Market, including trades done in secondary marke...
More About: Investment , Stock

SEBI might impose price band on IPO listing day
2008-01-20 08:37:00
After observing the volatility of price and volume of IPOs of different issue size, SEBI analysed the movement using parameters such as issue size, price variation on the day of listing and the variation on subsequent days. The analysis gave a clear indication of the pattern – a quite high volatility on listing day which was not sustained after that specially for issue size up to 250 crore. The regulator is looking at imposing a price band of 25% on the issue price on the day of listing for IPOs up to issue size 250 crore. The decision is yet to formalize and SEBI is waiting for comments and suggestion from public on this proposal on or before January 31. This proposal will be welcome news for the long term strategic investors. These investors decide on investing on particular stock after an in-depth analysis of the business of the company. The high price on listing day which could not be sustained on subsequent days, disappoint such investors and might prompt them to book profit...
More About: Band , Price , Listing

Reliance Power IPO subscribed for more than market value of the Portuguese
2008-01-19 00:26:00
As per Bloomberg, the bid for Reliance Power initial public offer (IPO) exceeded Portugal Market Value. The company is likely to raise more than Rs 10000 crore from this public issue excluding promoters’ contribution. This is the largest IPO in Indian market till date. The company sought to raise around 117 billion Rs ($3 billion) through 228 million shares on offer. The offer had got subscribed within 60 seconds on the day of opening and finally got oversubscribed by 73.04 times as per National Stock Exchange (NSE). The offer received an order worth more than $190 billion, which is equivalent to combined value of Portugal and Czech stock markets.The 3’rd richest man of India, Mr. Anil Ambani will increase his wealth further with listing of this Stock. Reliance energy has got 50% stake on Reliance Power. Power stocks have driven the market well in the year 2007 and the trend is expected to continue. Reliance Energy share price increased from around 600 Rs in February, 2007 to mo...
More About: Portuguese

Economic Fundae - Exchange Rates
2008-01-18 12:23:00
In any system it pays to standardize. Essentially this is been the case in every development over the years. We have always tried to find new opportunities in standardizing processes which will improve efficiency.This can also be seen in the international trade, where people had looked into ways of standardizing the exchange of goods and service. We need to go back to history to see how gold standard worked and what lead to the Bretton Woods system. Much of our worries about raising rupee against dollar dates back to one of greatest move in history by the then President Roosevelt abrogated contracts in which payment was specified in gold.This system in simple terms made countries to settle their internaional balances in U.S dollars, while the U.S. government redeemed other central banks holdings of dollar for gold at a fixed exchange rate of $35 per ounce. This system came to an end when U.S government was no longer able to redeem dollar for gold in 1971.Now another question emerges...
More About: Exchange , Economic , Rates

Economic Fundae - Inflation
2008-01-17 22:28:00
Inflation in simple terms is the loss of purchasing power of a currency. If today 10kg of general items can be bought of 100 Rs, then after a year how much money will be required to buy the same amount of goods? Inflation gives an idea of that general increase in price of goods. There are standard ways to measure inflation such as the Wholesale Price Index (WPI) and Consumer Price Index (CPI). WPI measures the increase in price of basket of goods at the wholesale level. It is measured weekly. CPI gives the measure of the cost of given basket of goods (Wheat, Pulse etc) and services which the consumer has to pay. CPI is always greater than WPI. Although there are inherent problems with this measure which is largely attributed to the weights attached to the goods and services and also the changing quality which is very hard to quantify. This of course can have huge difference in the policy decisions. There can also be a cumulative wrong measurement due to these inherent problems...
More About: Inflation , Economic

Merrill Lynch faces huge loss due to bad mortgage write-downs
2008-01-17 22:08:00
Last time when I wrote about Merrill Lynch posting record losses in its 93 years of existence, I knew some more pain was left, what the results exceeded all imaginations. Merrill Lynch reported fourth quarter loss of 8.6 billion USD from continuing operations. This is huge considering the profits it earned in 2006 - $7.5 billion. Total write-downs for this year so far have been around $16.5 billion. The breakup of the write-downs is like:$9.9 billion - collateralized debt obligations (CDO),$1.6 billion - sub-prime mortgages$3.1 billion - bond insurance$0.9 billion - residential mortgages$0.2 billion - real estate investmentThis is the second biggest write-down so far. Earlier Citigroup has written-down more than 23 billion dollars and reported close to 10 billion dollar loss in fourth quarter. Both these firms have been on a look-out for capital raising since last quarter and have successfully raised billions of dollars. But with the sub-prime crisis not coming to end these investm...
More About: Faces , Write , Mortgage , Loss