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Investment Banks

Lacker: The Fed?s Fletcher Christian
2008-06-07 03:51:00
Captain Bligh: I wonder why an alleged gentleman should give his first loyalty to ordinary seamen. Fletcher Christian: Instead of to other alleged gentlemen? Captain Bligh: Impertinence noted. It shall be logged. Do you care to enlarge the entry? Fletcher Christian: Yes, only with this observation, which I will report to the Admiralty in any case: ...
Latest Bank Actions Draw Comparisons To 1929 Crash
2008-06-06 02:38:00
With all the upheaval in the global economy lately, comparisons were bound to be made with another era symbolic of financial hardship. Last weekend, Philip Aldrick of the Telegraph (UK) wrote: Perhaps the most intriguing parallel, though, is the crude attempt at self-preservation made by the investment trusts in 1929 and the banks now. In the ...
Write Downs, Credit Losses Approach $400 Billion Mark
2008-06-04 23:29:00
From Bloomberg yesterday: The biggest banks and securities firms have booked about $387 billion of writedowns and credit losses since the beginning of last year, as the collapse of the U.S. housing market led to losses on securities tied to the value of home prices. Source: ?Wachovia?s Thompson Joins Prince, O?Neal Toppled by Subprime? Peter Robison Bloomberg, June 3, 2008 Share ...
Wall Street Strategists Warn Of ?Credit Recession? Lasting More Than Two Ye
2008-06-04 23:01:00
Earlier today, some Wall Street strategists sounded the alarm over a ?credit recession? which may last more than two years and result in a massive consolidation of the U.S. financial sector. Reuters? Jennifer Ablan, Dena Aubin, and Walden Siew reported: The fallout from deteriorating subprime mortgages and the broader housing and credit crisis will eventually ...
World?s Leading Banks React To Write-Down Pain
2008-05-23 06:28:00
Rules. We?re all taught to follow them at a young age. You know how to spot someone who has real authority and influence? No, it?s not those chumps who break the rules. Rather, it?s those who change the rules of the game to fit their needs. And that?s what we ...
Gold, Greenbacks, And Government Intervention
2008-05-16 06:06:00
I remember reading a rather significant article by MarketWatch?s Peter Brimelow last fall. As someone who follows precious metals religiously, I had already been aware of the claims made by groups such as the Gold Anti-Trust Action Committee, or GATA, that the price of gold is being manipulated. However, on October 18, 2007, ...
New Forecast: $1 Trillion In Losses From Credit Turmoil
2008-04-28 23:00:00
According to Bloomberg today, former World Bank President James Wolfensohn is predicting that losses from the global credit turmoil may climb to $1 trillion. Wolfesohn, who was the head of the Word Bank from 1995 to 2005, said after addressing the European Pensions and Savings Summit: ?It does seem to be a major adjustment on ...
Leading Bank CEOs Say Credit Crunch Nearly Over
2008-04-17 06:11:00
Earlier today I wrote about how some believe the U.S. housing slump may soon be over. Now, some are saying the credit crunch may be over as well. Bloomberg?s Josh Fineman wrote today that prominent banking executives Jamie Dimon, Richard Fuld, Lloyd Blankfein, and John Mack are saying the credit-market contraction is almost ...
Former President of UBS AG's Investment Bank Says Investment Banks will Nee
2008-04-10 02:06:00
Kenneth Moelis, former president of UBS AG, stated that investment banks may need to eliminate as much as 35 percent of their current employees in order to cut costs.
Damage Report: $232 Billion In Credit Losses And Write-Downs
2008-04-02 20:59:00
According to Bloomberg?s Shamim Adam today, the damage from credit losses and write-downs in the financial sector has now surpassed $200 billion. Adam wrote: The world?s biggest financial companies have reported about $232 billion in credit losses and writedowns since the start of 2007, data compiled by Bloomberg show. UBS AG said yesterday it will have ...
Goldman Sachs Predicts $460 Billion In Credit Losses
2008-03-26 03:43:00
According to Bloomberg today, Goldman Sachs Group Inc. said Wall Street institutions are now looking at $460 billion in credit losses stemming from the subprime mortgage debacle. Bloomberg?s Zhao Yidi wrote: ?There is light at the end of the tunnel, but it is still rather dim,? Goldman analysts including New York-based Andrew Tilton said in ...
For Whom The Bell Tolls
2008-03-25 02:12:00
The first in a new ?series? on Boom2Bust.com, similar to ?Signs Of The Time? and ?Weird Housing Tales.? Bloomberg?s Yalman Onaran tallied up the job losses so far on Wall Street since July 2007, when securities firms started letting go mortgage-related personnel: Firm & Positions Cut Citigroup 6,200 Lehman Brothers 4,990 Bank of America 3,650 Morgan Stanley 2,940 Washington Mutual 2,600 Merrill ...
All Rhyme, No Riddle For U.S. Economy?
2008-03-21 05:08:00
I?ve always been a student of history. Even when I was a child, I loved reading about history so much that I needed permission at my local library to access the ?adult? section with its shelves full of historical texts (and no, it wasn?t that adult section). In fact, upon satisfying the coursework requirements for ...
The Great American Con
2008-03-18 17:15:00
In the early days of Boom2Bust.com, the amount of material I encountered on a daily basis which was pertinent to the blog?s focus (educating/warning about a coming U.S. financial crash) was more than manageable. In fact, there were days when a lot of the material that came across my desk was way too Pollyannaish ...
Charting A U.S. Financial Crisis
2008-03-18 13:59:00
I came across some excellent Wall Street Journal charts this morning which show how the present financial crisis in the United States came to be. Like that old saying goes, ?A picture is worth a thousand words.? Sources: WSJ Market Data Group, Federal Reserve, Dealogic, Equifax, Moody?s Economy.com, National Association of Realtors, St. Louis Federal Reserve, ...
Paulson, Bernanke: Coin-Operated Boys?
2008-03-18 05:46:00
This morning, Bloomberg interviewed commodities investor Jim Rogers from Singapore (Bloomberg video link here). The chairman of Rogers Holdings spoke with Bloomberg?s Rishaad Salamat over the telephone about the U.S. Federal Reserve?s actions to calm financial markets, JPMorgan Chase?s buyout of Bear Stearns for $240 million, and his investment strategy. While I talked ...
UBS Predicts $600 Billion Loss From Credit Crunch
2008-02-29 23:23:00
On Friday it was reported that analysts from UBS AG, Europe?s second largest bank, were predicting total industry losses from the ongoing credit crunch would reach $600 billion, with banks and brokers accounting for $350 billion of these losses. MarketWatch?s Steve Goldstein said earlier today that financial firms have been forced to write-down approximately ...
> Citi sees trouble at Investment Banks
2008-02-25 10:42:00
Citi Investment Research analyst Prashant Bhatia cut his fiscal first-quarter earnings estimates for Goldman Sachs Group Inc., Lehman Brothers Holdings Inc. and Morgan Stanley due to an expected rise in various portfolio write-downs. Bhatia wrote in a client note late Tuesday that the three investment banks will take write-downs ...
Bank Of America Chief: ?Even Chance? U.S. In Recession
2008-02-18 23:10:00
Last Thursday, the Charlotte Observer reported that Bank of America?s chief executive Kenneth Lewis told an audience at North Carolina State University that there is an ?even chance? the U.S. is already in a mild recession, according to prepared remarks. The publication also said that last month the head of the Charlotte bank predicted ...
Boutique Vs. Bulge Bracket Investment Banks
2008-02-15 00:00:00
When most out there decide they want to do investment banking, they usually go after the big names: Goldman Sachs and Morgan Stanley. But sometimes going to one of these places is not a realistic option. If the hiring market is bad, if you have no previous finance experience, or if you are making a ...
Wall Street May Know ?Within A Week? If Recession
2008-02-11 22:24:00
According to the Times Online (UK) today, Wall Street may know within a week if the United States has entered into an economic recession. Suzy Jagger wrote this morning that: Wall Street, however, may decide by the end of this week whether the US is in a technical recession, with key data on payrolls, industrial ...
Merrill Lynch, Morgan Stanley Talk Recession
2008-02-08 21:49:00
Last night Reuters reported that despite U.S. monetary policy easing, equity and credit markets are suggesting it?s too late to avoid a recession, according to economists at Morgan Stanley. Analysts Luca Bindelli and Stephen Jen said in a research report that those markets suggest: ?it is too late to avoid the inevitable. Indeed, the ...
Banks May Write Down Additional $300 Billion
2008-01-25 18:27:00
Yesterday, global strategy consulting firm Oliver Wyman said in a new study that an additional $300 billion in write-downs related to the U.S. subprime mortgage meltdown may be announced by banks before the crisis is over. Back on January 18 I noted that write-downs had already surpassed $100 billion. In a press release picked up ...
Debunking A Housing Myth
2008-01-24 22:19:00
One myth consistently heard during the recently-deceased housing boom was that ?home prices always go up.? Utter nonsense. Earlier today, the National Association of Realtors reported that the median price of an existing single-family home fell 1.8% for all of 2007, the first time in the 40-year history of the survey. MarketWatch added, ?Although no ...
Wall Street Bonuses: Money For Nothing?
2008-01-19 05:00:00
?The reward of a thing well done is to have done it.? -Ralph Waldo Emerson, American author, poet, and philosopher On Friday, the Washington Post announced that Wall Street?s five biggest firms paid a record $39 billion in bonuses for 2007, even though three of the five reported the worst quarterly losses in their history. In 2006, ...
Wall Street Bonuses: Money For Nothing?
2008-01-19 05:00:00
?The reward of a thing well done is to have done it.? -Ralph Waldo Emerson, American author, poet, and philosopher On Friday, the Washington Post announced that Wall Street?s five biggest firms paid a record $39 billion in bonuses for 2007, even though three of the five reported the worst quarterly losses in their history. In 2006, ...
Write-Downs: $107.8 Billion And Counting
2008-01-19 01:00:00
Well, it?s official. According to the Wall Street Journal this morning, write-downs related to the U.S. subprime mortgage meltdown now surpass $100 billion. From the Journal?s MarketBeat Blog, here is the damage to-date: Merrill Lynch- $22.4B Citigroup- $19.9B UBS- $14.4B Morgan Stanley- $9.4B HSBC- $7.5B Credit Agricole- $3.6B Deutsche Bank- $3.2 Bank of America- $3.0B CIBC- $3.0B* Wachovia- $2.7B* AIG- $2.7B Barclays- $2.7B RBS- $2.5B Credit Suisse- $1.9B Bear Stearns- ...
Wall Street Write-Downs Approach $100 Billion Mark
2008-01-15 22:10:00
Earlier today Wall Street Journal bloggers reported that write-downs related to the U.S. subprime mortgage meltdown have reached $96 billion after Citigroup announced another $17.4 billion in write-downs. A post in the Deal Journal predicted that this amount is expected to top $100 billion by the end of the week. According to the blog, when you ...
When Things Get Bad In Investment Banks: Expense Czars
2008-01-14 19:26:00
The foreign investor headlines are the ones that make the news, but when the receipt for that $35 dinner you expensed gets rejected, you really know things are getting bad.
Jim Rogers: Coming Recession ?One Of The Worst?
2008-01-08 15:52:00
Commodities investor Jim Rogers told Bloomberg yesterday that the U.S. economy is heading for a recession that may be the worst ?in a while,? and investors should sell the dollar as global currencies weaken. The chairman of New York-based Rogers Holdings said from Singapore that: It?s going to be one of the worst recessions we?ve had ...
Jim Rogers Packs His Bags
2007-12-27 19:51:00
And if you pull a double one I?ll pack my bags and I?ll be gone If you pull a three and four I?m flying off to Singapore Where women dance and tigers roar I?m lying on a distant shore I?m living life as fast as I can A nod, a wink, another drink I am the domino man. -The Beautiful South, “Domino Man” Jim ...
U.S. Stock Could Be Tumbled Again Next Week Due To Investment Banks Report
2007-12-15 13:44:00
 The global credit crisis is expected to hang over the U.S. stock market again next week as three of Wall Street’s largest investment banks report earnings, though any more subprime mortgage surprises could be offset by what are expected to be some strong earnings from the technology industry, strategists said. A slew of economic reports are also due to be announced during the week, starting with December’s Empire state index - a survey of manufacturing activity in the New York area - on Monday, followed by data on housing starts for November on Tuesday, and consumer income and spending figures later on in the week. “On the whole, if we look at what we know is coming out, I think we will be hard pressed to find major positive catalysts,” said Art Hogan, chief market strategist at Jeffries & Co. “I would expect stocks to move more on what the future looks like for financials. That is probably going to be the biggest driver.” Headed for chopp...
Goldman Sachs: Oil Prices Headed Higher In 2008
2007-12-12 20:54:00
According to Reuters, the most active investment bank in the energy markets, Goldman Sachs, released a new forecast today that said U.S. oil prices will head higher in the coming year. The bank also expects the Organization of the Petroleum Exporting Companies (OPEC) to restrict crude oil production levels, even though global demand may rise. ...
Bumper year for investment banks in Singapore
2007-12-07 03:56:00
Bumper year for investment banks in Singapore JP Morgan leads the pack with 300% rise in fees By MATTHEW PHAN (SINGAPORE) Investment banks earned over 45 per cent more in Singapore in the year to date than in the corresponding period last year, according to data from Thomson Financial. Growth was driven by strong increases in fees across the three major segments of mergers and acquisitions, equity capital markets and debt capital markets, though fees from loans declined. Among the banks, JP Morgan rose to top spot with a 300 per cent increase in fees to US$42 million from just 13 deals, while DBS Bank took second spot, down from first place last year. The bulk of JP Morgan’s fees, or over 77 per cent, was earned from equity capital markets, where the bank has managed major IPOs this year, such as that of First Ship Lease Trust and Ascendas India Trust. DBS saw a relatively small 5.8 per cent increase in fees to US$37.7 million, from 63 deals. Other foreign banks also saw rapid...
Why Wall Street Bonuses Aren?t All That
2007-11-29 07:36:00
On Wednesday, CNN Money, in conjunction with Fortune, talked about end-of-the-year Wall Street bonuses. Guess what? CNN Money is referring to the bonuses as ?golden shackles,? with good reason. According to their report: ?bonus pay this year is going to come with a hitch: more stocks, less cash. The bigger the bonus, the more of it ...
Goldman Sachs Says Risk Grows For 2008 Recession
2007-11-27 18:13:00
Earlier today, Goldman Sachs economists announced that they expect the U.S. Federal Open Market Committee to cut interest rates to 3% from the current rate, which stands at 4.5%. According to Bloomberg, Goldman is predicting interest rates will bottom out at 3% in the next 6 to 9 months because ?the worsening housing downturn has ...
Investment banks are unable to sell Chrysler loans
2007-11-21 06:24:00
From the article: “The $4 billion sale of loans stemming from Cerberus Capital Management?s acquisition of Chrysler has been postponed indefinitely, a person familiar with the matter said. That means the paper, along with $3 billion of additional loans attached to Chrysler?s Automotive unit, will stay on the books of the underwriters. J.P. Morgan Chase, Citigroup, Goldman Sachs Group, Morgan Stanley and Bear Stearns are looking at paper losses on the whole $7 billion of at least $200 million collectively. (The plan recently was to sell the debt at about 97 cents on the dollar, but that clearly was not enough of a discount.)” With investment banks holding all the debt on their books, will they try to impose their influence for the future of the new Chrysler? Will the investment banks get so desperate to get rid of Chrysler debt off the books that force Cerberus to try to flip the company to another automaker? Chrysler Financing Deal Postponed - wsj.com
RGE Monitor : If You Want To Know Why You Should Short Investment Banks The
2007-11-12 10:15:00
As the title suggest there is a reason to be short investment banks and its not just because the bonus pool at Goldman Sachs is bigger than the market cap at Bear Stearns. No the reason is in regards to the blog that Blograters highlighted today. 6 Zoom(s)
Credit Crunch May Cost Banks, Brokerages $500 Billion
2007-11-09 02:01:00
Last Friday, legendary investor Jim Rogers told Bloomberg in an interview: I am short the investment banks, as you know. I added more not too long ago. There?s a lot of phony bank bookkeeping going on. You should learn the word level 3 accounting, level 3 assets, because you?re going to hear a lot about it ...
Wall Street Investment Banks Resist Money Mystics
2007-10-27 17:20:00
It seems Wall Street is falling behind Canary Wharf and the City of London. Even though money mystics and shamans are firmly established in British banks, investment banks on Wall Street have been very slow to follow this new trend. Mark Howard from the Alternative Wall Street News explains, ‘American banks ...
Qualifications of Investment Banks' CEOs
2007-08-18 02:13:00
For sure there is no easy and universal way to the top positions in investment banks or similar institutions. Each success case is entirely different. What is more, most of us will never become a CEO or even a Managing Director (what a pity ;) ). Getting on the top of the financial world is not just a matter of qualifications and hard work. What counts most is the luck. Luck of being in the right place at the right time. I think, however, that it is still worth to study the qualifications of people, who currently rule the financial world. I collected all available data about education of the top managers in financial industry in the table below.First conclusion of this analysis is that qualifications of top managers differ a lot. We have guys, who completed MBAs at Harvard, but at the same time many of CEOs graduated just with BA degrees. This indicates that a degree is probably not the decisive factor for the success in the Investment Bank. Degree seems to be only entry level requi...
And then the music stopped, with the investment banks stuck holding the bag
2007-08-03 07:59:00
Remember these words from Manias, Panics and Crashes. "This is 'distress', which generates unexpected failures, followed by 'revulsion' or 'discredit'."And then right on schedule, this headline from today, and a plethora of words that seemingly were ripped out of Manias, Panics and Crashes and plopped right into this story of what's going on:Credit markets leave banks saddled with £250bn of debtLeading investment banks on both sides of the Atlantic are saddled with almost $500 billion (£246 billion) in agreed leveraged loans that they are unable to parcel out to other investors.New figures from Dealogic reveal that in Europe the banks are struggling to clear a backlog of $208 billion worth of leveraged loans that they would normally have sold on through syndication.In the United States, the figures also show that investment banks are stuck with $269 billion of agreed loans that they are unable to syndicate.News of the glut of debt on the banks? balance sheets comes as the sha...
Investment Banks clamor toward Turkey; Scoop up Brokerages and Licenses
2007-03-15 21:13:00
Turkey ? the emerging market. Could it be that the political and fiscal doldrums of Turkey are in its past? Well, the statistics of Turkey?s evolution and its developing status tell an amazing story. Able to withstand the hiccup of the global markets and hot-money pull-out of last year, the Turkish market has been outperforming almost all of the world?s markets (at least up until the end of February). Faced with this ?sense of stability?, major brokerage and investment houses have decided to set up shop in Turkey in attempts to reap the remaining benefits of this growing market. With a new deal being announced literally every month for the last six, could we actually call it a boom? Nevertheless, will the ghosts of Turkey?s past come back to haunt (hence, the implications of the most recent global downturn), or have these banks and investors really taken a leap of faith toward a hopeful and developed nation? A list of entries and office openings (though not complete) is as fo...
Boutique Vs. Bulge Bracket Investment Banks
1969-12-31 19:00:00
When most out there decide they want to do investment banking, they usually go after the big names: Goldman Sachs and Morgan Stanley. But sometimes going to one of these places is not a realistic option. If the hiring market is bad, if you have no previous finance experience, or if you are making a ...
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