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Hugh's Views
Articles about issues that I find interesting; there's no particulary rhyme or reason as to why a topic is covered here. If something does fit neatly into another category, it will likely end up here.
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Written by Hugh McManus
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Monday, 22 September 2008 00:34 |
It's Sunday, so there's more news from Wall Street!
I guess they're not victims in the sense that AIG, Fannie/Freddie and Merrill were, but Morgan Stanley and Goldman Sachs today underwent a remarkable transformation, becoming bank holding companies
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Written by Hugh McManus
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Sunday, 21 September 2008 21:27 |
It's Sunday, so there's more news from Wall Street!
I guess they're not victims in the sense that AIG, Fannie/Freddie and Merrill were, but Morgan Stanley and Goldman Sachs today underwent a remarkable transformation.
The Wall Street Journal reported that the two venerable investment banks will become bank holding companies. The two entities will now fall under the purview of national bank regulators; capital requirements will change (increase!) and consequently, profits are likely to decline. Wall Street, as it has existed for scores of years, is no more. The signal here is that the industry was likely in a much worse condition than had been suspected.
I wonder what will happen next Sunday. This move alone would have been quite stunning had it occurred four weeks ago; however, today, it just seems like one more chapter in the unfolding saga of the housing mess. |
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Written by Hugh McManus
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Sunday, 21 September 2008 13:41 |
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This proposal provides the authority to purchase the bad mortgages or other bad instruments from the holder like a bank. My question is at what price? For many of these there is no viable market or at least no one willing to buy. I understand the difficulty is caused by teh Enron legislation that requires the bank to mark these to market while there is no viable market. |
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Written by Hugh McManus
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Sunday, 21 September 2008 12:54 |
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This proposal provides the authority to purchase the bad mortgages or other bad instruments from the holder like a bank. My question is at what price? For many of these there is no viable market or at least no one willing to buy. I understand the difficulty is caused by the Enron legislation that requires the bank to mark these to market while there is no viable market. It's a question that I want answered too. I don't know if I posted here, maybe elsewhere, but I want the purchase of loans to be punitive. In other words either (a) all loans are bought at a discount or (b) banks pay some kind of recurring service charge starting in 2009. My preference would be for a punitive purchase price--just as what happened with AIG. There should also be full disclosure for any banks participating in such a program. I have personal interest in this issue for two reasons: they're tax dollars and, more importantly, as an investor I want to find out which banks aren't affected. |
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Written by Hugh McManus
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Sunday, 21 September 2008 11:43 |
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The Department of the Treasury has released a statement about a plan to purchase mortgage-related assets. Treasury Secretay, Hank Paulson, made the rounds of the Sunday morning talkshow circuit giving details about the planned rescue. The plan is quite breathtaking as is section 8 which gives the Secretary of the Treasury extensive power. |
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Written by Hugh McManus
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Thursday, 18 September 2008 09:30 |
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This "meltdown" is so predictable. Here's the latest from the Wall Street Journal; well, the e-mail alerts that they send. |
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Written by Hugh McManus
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Thursday, 18 September 2008 08:39 |
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So naked short selling has been banned. I think that this is good news. I think that prohibitions against naked or uncovered short selling has been on the books since the reforms instituted by Joseph Kennedy, the first head of the SEC. The SEC issued another regulation on the topic as recently as 2005. Some claim that naked short selling hasn't been prohibited; at best it fits into a gray area. If the intent is to drive down the price of the stock, then that action is prohibited. So it's argued that the naked short selling seen in the case of Lehman, Merrill and more recently Goldman is prohibited. |
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Thursday, 18 September 2008 08:34 |
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This "meltdown" is so predictable. Here's the latest from the Journal; well, the e-mail alerts that they send The Federal Reserve and other central banks including the European Central Bank, Bank of England, Swiss National Bank and Bank of Japan announced coordinated action to ease the credit crunch by boosting short-term liquidity. The Fed expanded dollar swap arrangements with other central banks by $180 billion. |
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Warning: date(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /hermes/bosnacweb08/bosnacweb08az/b29/ipw.wellbeyo/public_html/libraries/joomla/utilities/date.php on line 251
Warning: strftime(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /hermes/bosnacweb08/bosnacweb08az/b29/ipw.wellbeyo/public_html/libraries/joomla/utilities/date.php on line 252
Thursday, 18 September 2008 05:53 |
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The move against naked short selling is good. I think that prohibitions against certain types of naked or uncovered short selling has been on the books since the reforms instituted by Joseph Kennedy, the first head of the SEC. The SEC issued another regulation on the topic as recently as 2005. Some claim that naked short selling hasn't been prohibited; at best it fits into a gray area. If the intent is to drive down the price of the stock, then that action is prohibited. So it's argued that the naked short selling seen in the case of Lehman, Merrill and more recently Goldman is prohibited. |
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