Bulls, Bears & Bucks #64 : Systeem of bankiers?

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Op maandag 28 september 2009 23:10 schreef Bolkesteijn het volgende:

Dat is gedrag wat je statistisch gezien niet zou verwachten van de markt [..]

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[..] tenzij er een derde variabele in het spel is die zorgt voor een bepaalde trigger waardoor talloze banken dezelfde fout(en) gaan maken. Er zijn open einden in het financiële systeem aan te wijzen die mogelijk deze derde variabele vormen.

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Op dinsdag 29 september 2009 00:06 schreef Bolkesteijn het volgende:
Trouwens, afgelopen week heeft zelfs het IMF er op gewezen dat het rentebeleid van de centrale banken collectief bancair falen aanwakkerde vanwege het grote aantal misinvesteringen dat daardoor ontstond op de balansen van diverse banken.

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Op dinsdag 29 september 2009 00:06 schreef Bolkesteijn het volgende:

Dat is een fundamentele fout van het huidige financiële systeem waar een einde aan moet komen, enerzijds omdat het moreel onjuist is, anderzijds omdat wel eens die derde variabele kan vormen waardoor de huidige crisis ontstaan is.

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Trouwens, afgelopen week heeft zelfs het IMF er op gewezen dat het rentebeleid van de centrale banken collectief bancair falen aanwakkerde vanwege het grote aantal misinvesteringen dat daardoor ontstond op de balansen van diverse banken.

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Op dinsdag 29 september 2009 00:32 schreef Basp1 het volgende:

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Dus door de lage rentes waren de duurbetaalde bankiers niet meer in staat om een juiste risico inschatting voor hun investeringen te maken?

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Op woensdag 30 september 2009 14:00 schreef Terecht het volgende:
Godver, ik ben spuit 11 zie ik net.

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Op woensdag 30 september 2009 02:15 schreef TheJanitor het volgende:
Welke landen, regios zijn nu het meest interessant om in te investeren?

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For CIT, Restructuring Aside, A Larger Problem Looms


By Aparajita Saha-Bubna and Kate Haywood

Of DOW JONES NEWSWIRES

For CIT Group Inc. (CIT), a critical challenge looms even after it runs the gauntlet of restructuring in or out of bankruptcy court: How will CIT get new money to lend out?

While restructuring efforts will buy the struggling lender more time by cutting its debt load or postponing debt maturities, CIT's ability to raise funds cheaply - a crucial requirement for any lender - is severely limited by a banking regulator. Unless these limits are lifted, the junk-rated company can do little to grow its lending business; and it would likely spend the time eked out from a restructuring winding down its loan book, and shrinking to a shell of its former self.

A spokeswoman for CIT declined to comment for this article.

CIT, a century-old company that is one of the largest lenders to thousands of small and medium-size businesses, traditionally has relied heavily on the capital markets - bonds and short-term debt called commercial paper - for its funding. In turn, it loaned out these funds at higher interest rates and pocketed the difference as income.

But the credit freeze shut out CIT and other lenders from these markets, eliminating this key source of money, known as wholesale funding.

To cope with the loss of wholesale funding, lenders ranging from American Express Co. (AXP), to GMAC Inc. to Discover Financial Services Inc. (DFS) turned their attention to growing deposits as a means of funding.

CIT owns a Utah bank, which it hoped to use to help fund its business. But the Federal Deposit Insurance Corp. in July issued a cease-and-desist order, capping the amount of "brokered deposits" that CIT Bank can accept. Brokered deposits can grow quickly as a source of funding, but regulators worry that such deposits can just as quickly be withdrawn, leaving banks in a precarious position.

"A business model, like CIT's, which is completely reliant on wholesale funding probably won't adequately provide for the company's needs going forward, " says Mark Wasden, an analyst at Moody's Investors Service. "Ultimately, with the redone capital structure, CIT would probably need more deposits to continue lending at sufficient volumes to rebuild its loan portfolios."

CIT Bank had been using brokered deposits, which are similar to certificates of deposit and sold by brokers, to raise more funds. The holding company had hoped to transfer more of its assets to the bank, but regulators were concerned about the risk involved.

Ultimately, the fate of CIT could depend on its ability to persuade the FDIC to allow it to raise deposits to fund assets it moves into its bank. Its ability to raise deposits is vital to its survival because the lender can't revert to its traditionally heavy reliance on bonds and short-term debt for funding.

An FDIC spokeswoman, LaJuan Williams-Dickerson, declined to comment on the cease-and-desist order for CIT Bank but said the regulator is working with the company. In such cases, the FDIC will review its cease-and-desist order after a stated period of time and decide whether to extend or lift the restriction, she said.

For the second quarter, CIT borrowed funds at a higher rate than it loaned, an obviously unsustainable practice for a lender. CIT's net interest revenue - or the difference between what it earned from the loans it extended and its borrowing costs - totaled a negative $19.1 million, compared with a positive $ 169.8 million a year earlier.

"CIT's funding model doesn't work with its current capital structure," says Jason Mudrick of Mudrick Capital, which specializes in high-yield and distressed investments. "It has to get to a point where it has a business model that is viable."

CIT shares were trading recently at $1.33, down 87 cents, or 39%. The shares have lost about 70% of their value this year.

-By Aparajita Saha-Bubna, Dow Jones Newswires; 617-654-6729; aparajita.saha- bubna@dowjones.com

-By Kate Haywood, Dow Jones Newswires; 212-416-2218; kate.haywood@dowjones.com

(END) Dow Jones Newswires
09-30-091537ET
Copyright (c) 2009 Dow Jones & Company, Inc.

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Op woensdag 30 september 2009 20:38 schreef pberends het volgende:
[ afbeelding ]

Het ziet er vooralsnog uit dat Bos winst gaat maken met zijn ING-deal, zo meldt de minister vandaag trots.

Dit kan de geschiedenisboeken in.

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Op woensdag 30 september 2009 22:19 schreef haatbaard het volgende:

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Valt mij voorlopig alles mee.

Dadelijk gaat deze crisis der crises nog de boeken in als de grootste natte wind uit de geschiedenis.

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Op woensdag 30 september 2009 22:19 schreef haatbaard het volgende:

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Valt mij voorlopig alles mee.

Dadelijk gaat deze crisis der crises nog de boeken in als de grootste natte wind uit de geschiedenis.

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Op woensdag 30 september 2009 22:19 schreef haatbaard het volgende:
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Valt mij voorlopig alles mee.
Dadelijk gaat deze crisis der crises nog de boeken in als de grootste natte wind uit de geschiedenis.

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Op woensdag 30 september 2009 22:42 schreef Dave7 het volgende:

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Ik weet niet onder welke steen je je begeeft? Misschien dat je dit gevoel tot nu toe in nederland kan hebben, maar ik denk dat er maar weinig amerikanen zijn die dit met je zullen delen!

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Op woensdag 30 september 2009 22:46 schreef Q. het volgende:

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Leugens! Volgens Bernanke is de crisis voorbij! Je liegt!

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Federal Reserve Appeals Court Order to Disclose Loans (Update2)
Sept. 30 (Bloomberg) -- The Federal Reserve filed a notice it will appeal a judge’s order requiring the central bank to identify the companies that benefited from its emergency loans.

The filing with the U.S. Court of Appeals in New York today was authorized by Solicitor General Elena Kagan, the Obama administration’s top courtroom lawyer, according to Charles Miller, a spokesman for Kagan.

“Public disclosure is likely to cause substantial competitive injury to these financial institutions including the loss of public confidence in the institution, runs on banks and possible failure of some institutions,” the Fed said in its notice, which asks to put the lower court’s order on hold until the appeal is prepared.

Bloomberg LP, the New York-based company majority-owned by Mayor Michael Bloomberg, sued the Fed on Nov. 7 on behalf of its Bloomberg News unit, demanding details about the Fed borrowers and the collateral they put up. That information is “central to understanding and assessing the government’s response to the most cataclysmic financial crisis in America since the Great Depression,” Bloomberg said in the suit.

“One way or the other, the Fed is going to have to come clean,” Representative Alan Grayson, a Florida Democrat, said today in a statement delivered through his spokesman, Matt Stoller. Grayson helps oversee bailout programs as a member of the U.S. House Financial Services Committee.

Extending Credit

“There is not a single American who does not have a stake in how the Federal Reserve and other major banks operate,” Lucy Dalglish, executive director of the Arlington, Virginia-based Reporters Committee for Freedom of the Press, said an interview. “To deny American taxpayers simple information about how their money was used and by whom is inexcusable.”

Manhattan Chief U.S. District Judge Loretta Preska had set today as the deadline for the appeal of her Aug. 24 ruling ordering the Fed to disclose information. Fed lawyer Kit Wheatley asked Preska on Aug. 27 to halt enforcement of the order to give the central bank time to get Kagan’s consent.

Jennifer Psaki, a White House spokeswoman, declined to comment, directing requests to the central bank.

The Fed last year began extending credit directly to companies that aren’t banks for the first time since it was created in 1913 to manage the nation’s monetary policy. It has refused to divulge details about the companies participating in 10 lending programs, saying that doing so might set off a run by depositors and unsettle shareholders.

Exceeding $2 Trillion

Releasing the information would also impair the central bank’s “ability to perform important statutory functions at a time of economic upheaval,” according to today’s filing, written by Wheatley and Senior Counsel Yvonne Mizusawa.

President Barack Obama and some lawmakers criticized the Bush administration’s handling of the U.S. financial rescue plan, the $700 Troubled Asset Relief Program passed by Congress last October, saying funds were spent with too little accountability or transparency.

Total central bank lending exceeded $2 trillion for the first time on Nov. 6, and reached $2.14 trillion on Sept. 23, the last time the statistics were issued. Over 12 weeks beginning Sept. 14, 2008, loans climbed by 138 percent, or $1.23 trillion after the board of governors relaxed collateral standards to accept securities that aren’t rated AAA, the highest grade.

Categories of Collateral

In February, the Fed began publishing a breakdown by broad categories of the collateral it holds. The $899 billion pledged as of June 24 included $235 billion in commercial loans, $155 billion in asset-backed securities and $90 billion in commercial real estate, according to the central bank’s Web site. The numbers are updated about every two months.

The Freedom of Information Act obliges federal agencies to make government documents available to the press and public. The Bloomberg suit, filed in New York, doesn’t seek money damages.

Today’s filing couldn’t be immediately confirmed in court records.

The case is Bloomberg LP v. Board of Governors of the Federal Reserve System, 08-CV-9595, U.S. District Court, Southern District of New York (Manhattan).

To contact the reporter on this story: Mark Pittman in New York at mpittman@bloomberg.net
Last Updated: September 30, 2009 18:07 EDT

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Oct. 1 (Bloomberg) -- Federal Reserve Chairman Ben S.
Bernanke testifies before the House Financial Services
Committee about financial regulation. For more Bloomberg audio
and video reports see AV <GO>. -- Bloomberg Multimedia

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01-10-2009 14:33:00 VS persoonlijke uitgaven +1,3% in aug; verwachting was +1,1%
01-10-2009 14:32:39 VS persoonlijk inkomen +0,2% in aug; verwachting was +0,1%
01-10-2009 14:32:20 VS 1ste steunaanvragen week 19 sept gewijzigd naar 534.000
01-10-2009 14:31:49 VS 1ste steunaanvragen week 26 sept verwachting was +5.000
01-10-2009 14:31:04 VS 1ste steunaanvragen week 26 sept +17.000 naar 551.000
01-10-2009 14:30:00 VS persoonlijke uitgaven juli gewijzigd naar +0,3% van +0,2%
01-10-2009 14:30:00 VS persoonlijk inkomen juli gewijzigd naar +0,2% van ongewijzigd
01-10-2009 14:30:00 VS persoonlijke uitgaven +1,3% in aug; verwachting was +1,1%
01-10-2009 14:30:00 VS persoonlijk inkomen +0,2% in aug; verwachting was +0,1%
01-10-2009 14:30:00 VS 1ste steunaanvragen week 26 sept verwachting was +5.000
01-10-2009 14:30:00 VS 1ste steunaanvragen week 19 sept waren 530.000
01-10-2009 14:30:00 VS 1ste steunaanvragen week 19 sept gewijzigd naar 534.000
01-10-2009 14:30:00 VS verlengde aanvragen week 19 sept -70.000 naar 6.090.000
01-10-2009 14:30:00 VS 1ste steunaanvragen week 26 sept +17.000 naar 551.000

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Klanten van DSB Bank kunnen momenteel niet internetbankieren omdat de site van DSB plat ligt door hackers. Dat zegt woordvoerder Klaas Wilting van DSB donderdag tegen Dow Jones Nieuwsdienst.

De woordvoerder zegt dat de storing niets te maken heeft met een oproep van Pieter Lakeman van de Stichting Hypotheekleed aan klanten van de bank om hun geld bij DSB weg te halen.

Volgens Wilting wordt er momenteel gewerkt aan het probleem rondom de hack. Daarna kunnen klanten weer gewoon internetbankieren bij de bank van Dirk Scheringa.

Lakeman deed de oproep donderdagmorgen in het programma Goedemorgen Nederland, om compensatie te bewerkstelligen voor klanten die door de bank zouden zijn gedupeerd.

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Op donderdag 1 oktober 2009 14:35 schreef pberends het volgende:

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Amerikanen gaven in augustus weer 1,3% meer uit dan ze er aan inkomen op vooruit gingen (0,2%) .

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Op donderdag 1 oktober 2009 11:40 schreef sitting_elfling het volgende:

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Dat! kan interessant worden, het begint om 2 uur en duurt tot 7 uur. Ga iig. wel even kijken.

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Op donderdag 1 oktober 2009 15:23 schreef Bolkesteijn het volgende:
Het is toch echt waar, democraten zitten dieper in de reet van de grote banken, Wall-street en ander grote Amerikaanse bedrijven, dan de republikeinen.

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Op donderdag 1 oktober 2009 14:50 schreef piepeloi55 het volgende:

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Herstel .

Wat ik me afvraag is waar ze het geld vandaan halen, consumentenkrediet in de VS krimpt zelfs. En het % wat amerikanen sparen van hun inkomen overschrijd de toename van het gestegen loon. Lijkt me niet anders dan dat deze toename komt door overheidsgeld via via.

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Op donderdag 1 oktober 2009 15:50 schreef pberends het volgende:

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Zal vooral door Cash for clunkers en autoloans komen idd .

Totaal absurd die gekke Amerikanen. Ze snappen echt niets van economie.

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Op donderdag 1 oktober 2009 07:15 schreef Q. het volgende:
Hey, ik zat te denken aan ABN-AMRO en vroeg me af: hoeveel en welke banken zijn sinds de val van Lehman eigenlijk 100% genationaliseerd?

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Op donderdag 1 oktober 2009 17:04 schreef Q. het volgende:

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Niemand?