Hoka

Der grösste Bankraub aller Zeiten.

lunar

"Die Nationalbank und unsere Regierung setzen also den allgemein als unmoralisch abgelehnten "Paulson-genehmen-Banken Freikarten-Plan" in die Tat um, anstatt des allgemein akzeptierten "Brown-Aktien-Kauf-Plan".

...so ungefär hab ich's dem Tagi geschrieben - war besser in Fahrt am frühen morgen wurde nicht veröffentlicht aber knapp 300 Antworten schon
liege ich denn so daneben oder verkaufen die uns für so doof

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lunar

Not to be outdone, Asian markets tumbled like bad skydivers yesterday, with Japan’s Nikkei dropping over 11%, giving the country its worst day since August 9, 1945. Seems like everyone is suddenly remembering the looming recession. Japan’s Prime Minister is blaming the US, because we really do screw everything up, saying that the $700b failout was “insufficient.” Apparently we should have arbitrarily picked a larger number.

I feel that this picture is really best without comment:

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Hoka

"Wir haben nicht nur den Ramsch im UBS-Portfolio genommen", sagte Hildebrand. Die SNB habe auch gute Titel übernommen, die heute nicht liquid seien. Diese Papiere könnten eine gute Investition auf lange Sicht sein. Zudem habe man mit dem breiteren Portfolio eine gute Diversifizierung, sagte Hildebrand.

1'400 t Gold getauscht in 60 Mrd Ramsch, aber immerhin gut diversifizierter Ramsch.

lunar

@Hoka - es ist in meinen Augen ein unehrlicher Weg (das hätte Herrn Paulson geschmeckt, aber das war sogar den Amis zu übel)
statt dessen Aktien übernehmen, MitspracheRecht erhalten, später wieder verkaufen (bin ja auch nicht für Verstaatlichung, aber vorübergehend muss es wohl sein ), UBS soll sich gefälligst selber bemühen ihren Ramsch zu verkloppen

...und auch das noch von einem AmiBoard:

Good ole FED and its huge $ footprint
(Hten) Oct 16, 09:55 (RTTNews) - Thursday, Jean-Pierre Roth, the Chairman of the Governing Board of the Swiss National Bank, said the US$54 billion loan extended to UBS will not affect the central bank's monetary policy in any way. The reason he cited was that the entire operation is funded by US dollars.

The SNB will obtain US dollar through a Dollar-Swiss-Franc swap with the US Federal Reserve, initially and later via direct refinancing from markets. "The SNB will therefore not incur any currency risk", Roth said.

Earlier in the day, the Swiss government stepped in with emergency funding for two of the country's leading banks, the UBS and the Credit Suisse. The government also announced different measures to strengthen the Swiss financial system. Switzerland, thus, joined the worldwide league of governments, who are taking unprecedented steps to support their banking systems as the global financial market crisis spreads......

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lunar

1932 - Investors everywhere winced with the pain of recognition at the patter of comedian Eddie Cantor, who sneered that his broker had told him "to buy this stock for my old age. It worked wonderfully. Within a week I was an old man!"

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Highland Shuts Funds Amid `Unprecedented' Disruption (Update1)
By Pierre Paulden

Oct. 16 (Bloomberg) -- Highland Capital Management LP will close its flagship Highland Crusader Fund and another hedge fund after losses on high-yield, high-risk loans and other types of debt, according to a person with knowledge of the decision.

Highland, whose total assets under management has shrunk to about $33 billion from $40 billion in March, will wind down the Crusader fund and the Highland Credit Strategies Fund over the next three years, said the person, who declined to be named because the decision isn't public. The hedge funds had combined assets of more than $1.5 billion.

The Highland Credit Strategies fund suffered from ``unprecedented market volatility and disruption'' in financial markets, according to a letter to investors that was obtained by Bloomberg News.....

full story: http://www.bloomberg.com/apps/news?...hbgm4I&refer=us

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lunar

The US "Trickle Down" Bailout Will Not Work


The bailout of the banks is just that: a bailout of the banks, designed by bankers, for bankers. It will not help repair the economy. It will not inspire confidence. Most of the money will be lost to insider dealing and narrow-minded favoritism.

This is yet another Bush Administration classic.

Joseph Stiglitz voices the hope that we have been expressing since the beginning of this year:

"Hopefully, our democracies are strong enough to overcome the power of money and special interests, and we will prove able to build the new regulatory system that the world needs if we are to have a prosperous and stable global economy in the 21st century."

We can start by voting this November, by overcoming our fears and our confusion, and throwing every Republican and the Democratic leadership out of public office. The message has to be clear, loud and unequivocal.


The Guardian
Paulson tries again
Joseph Stiglitz
Thursday October 16 2008

Unlike the UK plan, the revamped American bail-out puts banks first and taxpayers second

Gordon Brown has won plaudits over recent days for inspiring the turnaround in Hank Paulson's thinking that saw him progress from his "cash for trash" plan - derided by almost every economist, and many respected financiers - to a capital injection approach. The international pressure brought to bear on America may indeed have contributed to Paulson's volte-face. But Paulson figured he could reshape the UK approach in a way that was even better for America's banks than his original cash strategy. The fact that US taxpayers might get trashed in the process is simply part of the collateral damage that has been a hallmark of the Bush administration.

Will this bail-out be enough? We don't know. The banks have engaged in such non-transparency that not even they really know the shape they are in. Every day there are more foreclosures - Paulson's plan did little about that. That means new holes in the balance sheets are being opened up as old holes get filled. There is a consensus that our economic downturn will get worse, much worse; and in every economic downturn, bankruptcies go up. So even if the banks had exercised prudent lending - and we know that many didn't - they would be faced with more losses.

Britain showed at least that it still believed in some sort of system of accountability: heads of banks resigned. Nothing like this in the US. Britain understood that it made no sense to pour money into banks and have them pour out money to shareholders. The US only restricted the banks from increasing their dividends. The Treasury has sought to create a picture for the public of toughness, yet behind the scenes it is busy reassuring the banks not to worry, that it's all part of a show to keep voters and Congress placated. What is clear is that we will not have voting shares. Wall Street will have our money, but we will not have a full say in what should be done with it. A glance at the banks' recent track record of managing risk gives taxpayers every reason to be concerned.

For all the show of toughness, the details suggest the US taxpayer got a raw deal.

There is no comparison with the terms that Warren Buffett secured when he provided capital to Goldman Sachs. Buffett got a warrant - the right to buy in the future at a price that was even below the depressed price at the time. Paulson got for the US a warrant to buy in the future - at whatever the prevailing price at the time. The whole point of the warrant is so we participate in some of the upside, as the economy recovers from the crisis, and as the financial system starts to work.

The Paulson plan responded to Congress's demand to have something like a warrant, but as a matter of form, not substance. Buffett got warrants equal to 100% of the value of what he put in. America's taxpayers got just 15%. Moreover, as George Soros has pointed out, in a few years time, when the economy is recovered, the banks shouldn't need to turn to the government for capital. The government should have issued convertible shares that gave the right to the government to automatically share in the gain in share price.

Whether we were cheated or not, the banks now have our money. The next Congress will have two major tasks ahead. The first is to make sure that if the taxpayer loses on the deal, financial markets pay. The second is designing new regulations and a new regulatory system. Many in Wall Street have said that this should be postponed to a later date. We have a leaky boat, some argue, we need to fix that first. True, but we also know that there are really problems in the steering mechanism (and the captains who steer it) - if we don't fix those, we will crash on some other rocks before getting into port. Why should anyone have confidence in a banking system which has failed so badly, when nothing is being done to affect incentives? Many of those who urge postponing dealing with the reform of regulations really hope that, once the crisis is passed, business will return to usual, and nothing will be done. That's what happened after the last global financial crisis.

There is a hope: the last financial crisis happened in distant regions of the world. Then it was the taxpayers in Thailand, Korea and Indonesia who had to pick up the tab for the financial markets' bad lending; this time it is taxpayers in the US and Europe. They are angry, and well they should be. Hopefully, our democracies are strong enough to overcome the power of money and special interests, and we will prove able to build the new regulatory system that the world needs if we are to have a prosperous and stable global economy in the 21st century.

Joseph E Stiglitz is university professor at Columbia University and recipient of the Nobel memorial prize in economic science in 2001. He was chief economist at the World Bank at the time of the last global financial crisis.

Posted by Jesse at 10:12 AM

...vielleicht liest Herr Roth was Herr Stiglitz zu sagen hat

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lunar

Thu 16 Oct 2008

Volatile Like Whoa

Posted by alyx under hank paulson , markets
No Comments


Above, Hank Paulson checks out some intraday action. (The more stoic Bernanke first contemplates Hank’s shoes, then daydreams about a sandwich.)

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lunar

Dow Jones


Change: 401.35 (4.68%)

Day's Range: 8197.67 - 9013.27

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Hoka

lunar

....na dann könnten wir doch unsere Noten auch bald neu drucken lassen

Washington has now been replaced by Benedict Arnold

-> Posted by butters @ 1:12 am on October 17, 2008



In den USA ist der Name "Benedict Arnold" ein Synonym für einen hinterhältigen Verräter; man sagt, dass Jungen nur äußerst selten auf den Namen Benedict getauft werden.

http://de.wikipedia.org/wiki/Benedict_Arnold

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