All GLG News Analyses Filed Under: Investment Banking & Commercial Finance
Posted May 30, 2008
Deutsche Bank, Santander May Bid for Citigroup Unit
Analysis of: Deutsche Bank, Santander May Bid for Citigroup Unit | www.bloomberg.com
Author: GLG Member Program Contributor
Analysis of: Deutsche Bank, Santander May Bid for Citigroup Unit | www.bloomberg.com
Author: GLG Member Program Contributor
Deutsche Bank is completely undercapitalized after writedowns and the repurchase of shares over the last few years to increase return on equity. A substantial takeover would require a massive capital increase. In addition, Citibank Germany would have to be purchased at a premium over fair...
Posted May 28, 2008
UBS Pain far from Over
Analysis of: UBS Falls After Saying More Mortgage Losses Possible | www.bloomberg.com
Author: Joseph Smith, President & CEO Default Mitigation Management
UBS Pain far from Over
Analysis of: UBS Falls After Saying More Mortgage Losses Possible | www.bloomberg.com
Author: Joseph Smith, President & CEO Default Mitigation Management
The news is not good for UBS. The amount of mortgage holdings in US and Non-US declining markets will lead to further losses. 1. $45 B of additional US Mortgage Holdings. 2. An undisclosed amount of non-US mortgage holdings. 3. A UK and Eurpoean mortgage market that is going down as well. 4. The slump...
Posted May 27, 2008
UBS Falls After Saying More Mortgage Losses Possible
Analysis of: UBS Falls After Saying More Mortgage Losses Possible | www.bloomberg.com
Author: GLG Member Program Contributor
Analysis of: UBS Falls After Saying More Mortgage Losses Possible | www.bloomberg.com
Author: GLG Member Program Contributor
UBS should hold up better than other investment banks going forward. Unlike Morgan Stanley, for example, with a failed asset management and private banking business, UBS has two strong and stable divisions to rely upon. Part of the stock price decline is the ex-rights impact. Other banks will be as...
Posted May 27, 2008
The Real Write Downs - Whats in a number
Analysis of: Banks Keep $35 Billion Markdown Off Income Statements | www.bloomberg.com
Author: Joseph Smith, President & CEO Default Mitigation Management
The Real Write Downs - Whats in a number
Analysis of: Banks Keep $35 Billion Markdown Off Income Statements | www.bloomberg.com
Author: Joseph Smith, President & CEO Default Mitigation Management
The article is right on target in pointing out the various issues around bank reporting their losses todate. 1. Allowable accounting standards. 2. Permanent versus Temporary Losses 3. Capital Requirments The article goes on to highlight the various issues around soveriegn wealth funds, capital levels...
Posted May 23, 2008
Banks Keep $35 Billion Markdown Off Income Statements
Analysis of: Banks Keep $35 Billion Markdown Off Income Statements | www.bloomberg.com
Author: GLG Member Program Contributor
Analysis of: Banks Keep $35 Billion Markdown Off Income Statements | www.bloomberg.com
Author: GLG Member Program Contributor
The article does not adequately explain all the issues. Trading Assets are assets which the institution intends to sell and mark to market adjustments are recognized in the income statement. Assets which an institution does not intend to sell, except in exceptional circumstances, are classified...
Posted May 12, 2008
B. of A. should exit Countrywide deal: analyst
Analysis of: B. of A. should exit Countrywide deal: analyst | www.marketwatch.com
Author: GLG Member Program Contributor
Analysis of: B. of A. should exit Countrywide deal: analyst | www.marketwatch.com
Author: GLG Member Program Contributor
Bank of America shareholders would be well served if Bank of America would just walk away from Countrywide. Why would any bank buy another bank that is hemorrhaging so much? It doesn't make any sense as to why Bank of America would buy Countrywide if they may write-down another $20 - $30...
Posted May 9, 2008
B. of A. should exit Countrywide deal: analyst
Analysis of: B. of A. should exit Countrywide deal: analyst | www.marketwatch.com
Author: GLG Member Program Contributor
Analysis of: B. of A. should exit Countrywide deal: analyst | www.marketwatch.com
Author: GLG Member Program Contributor
Implications: 1.The Up-Side of Bank Of America walking away from the Deal - a positive Earnings per Share Ratio for Shareholders.A potential positive savings of the current staus: 2.0% to 9.0%. 2.One other Up-Side - Eliminate a remote possibilty of having to raise additional Capital and maintain an...
Posted May 2, 2008
Citigroup to Sell $3 Billion in Stock
Analysis of: Citigroup to Sell $3 Billion in Stock | www.nytimes.com
Author: GLG Member Program Contributor
Analysis of: Citigroup to Sell $3 Billion in Stock | www.nytimes.com
Author: GLG Member Program Contributor
Implications: 1.Stock Offerings are Hugh - additional capital is needed after a recent Capitalization of $37B. Endless Re-capitalization? 2.Excessive losses on Mortgages, Bonds and Loans are materializing at a faster pace than expected by management. 3 The Insitution in question will not be able to...
Posted April 24, 2008
Double Take: JPMorgan Quietly Raising $6 Billion
Analysis of: Double Take: JPMorgan Quietly Raising $6 Billion | www.housingwire.com
Author: GLG Member Program Contributor
Analysis of: Double Take: JPMorgan Quietly Raising $6 Billion | www.housingwire.com
Author: GLG Member Program Contributor
Implications: 1.A search for Capital in a Down - Side Financial Marketplace , perhaps, a signal of Material Undercapitalization. 2.Due Diligence and Disclosure should be of paramount importance. 3.Tainted Financial Posture caused by mortgage - related losses and write downs due to all credit market classes....
Posted April 24, 2008
Double Take: JPMorgan Quietly Raising $6 Billion
Analysis of: Double Take: JPMorgan Quietly Raising $6 Billion | www.housingwire.com
Author: GLG Member Program Contributor
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of 169Analysis of: Double Take: JPMorgan Quietly Raising $6 Billion | www.housingwire.com
Author: GLG Member Program Contributor
JP Morgan's capital raising is prudent because (1) the Bear Stearns acquisition will be dilutive to JP Morgan's capital position, and (2) the current turmoil in the credit markets is far from over.
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Source Article | Expert Analyses
Lenders reject multiple credit applications
www.guardian.co.uk
Western Digital working on 20,000 RPM Raptor
www.bit-tech.net
Sovereign Wealth Fund Assets Could Triple by 2013
www.bloomberg.com
Bank Debt Risk Rises as Writedowns, Losses Exceed $500 Billion
www.bloomberg.com
Commerzbank Plans to Sell Linde Stake, Manager-Magazin Reports
www.bloomberg.com
Spinning Disk is history
September 1, 2008
Long term implications of the credit crisis
August 26, 2008
Mortgages - How do we solve the financing issues?
August 25, 2008
Credit, Credit...Who Has Credit?
August 25, 2008
As long term investors, Sovereign Wealth Funds may have the last laugh
August 25, 2008

