Mostrando entradas con la etiqueta crisis. Mostrar todas las entradas
Mostrando entradas con la etiqueta crisis. Mostrar todas las entradas
domingo, 8 de febrero de 2009
Fannie Mae’s Last Stand
Crónica sobre el descalabro de Fannie Mae, publicada en Vanity Fair por Bethanu McLean, autora del mejor libro sobre el Caso Enron, llamado "The Smartests guys in the room", y proxima a publicar a mediados de años un libro sobre la crisis mundial.
miércoles, 31 de diciembre de 2008
Anatomia del Pánico en Morgan Stanley
En este articulo se detalla como en plena crisis financiera de la tercera semana de setiembre, luego de la quiebra del Lehman Brothers, la siguiente victima aparentemente era el Morgan Stanley, y muestra como una serie de rumores presumiblemente originados por bancos competidores casi derrumban a esta institución
Anatomy of the Morgan Stanley Panic
Two days after Lehman Brothers Holdings Inc. sought bankruptcy protection, an explosive rumor spread that another big Wall Street firm, Morgan Stanley, was on the brink of failure. The chatter on trading desks that Sept. 17 was that Deutsche Bank AG had yanked a billion credit line to the firm.
That wasn't true, but it helped trigger a cascade of bearish bets against Morgan Stanley. Chief Executive Officer John Mack complained bitterly that profit-hungry traders were sowing panic. Yet he lacked a critical piece of information: Who exactly was behind those damaging trades?
Anatomy of the Morgan Stanley Panic
Two days after Lehman Brothers Holdings Inc. sought bankruptcy protection, an explosive rumor spread that another big Wall Street firm, Morgan Stanley, was on the brink of failure. The chatter on trading desks that Sept. 17 was that Deutsche Bank AG had yanked a billion credit line to the firm.
That wasn't true, but it helped trigger a cascade of bearish bets against Morgan Stanley. Chief Executive Officer John Mack complained bitterly that profit-hungry traders were sowing panic. Yet he lacked a critical piece of information: Who exactly was behind those damaging trades?
domingo, 28 de diciembre de 2008
El Wa Mu siempre decía SI
El último artículo sobre la Crisis Financiera actual publicado por el NYT de la Serie The Reckoning (Artículos sobre las causas de la crisis) demuestra cómo el Washington Mutual se comportaba mas como una Fábrica de Hipotecas que como una institución financiera seria.
Por ejemplo hace cuatro años un cliente al solicitar un préstamo hipotecario, señalaba que tenia ingresos anuales de seis dígitos en base a su profesión de mariachi.
Como el banco no podia verificar sus ingresos , simplemente le tomaron una foto vestido de marichi al frente de su casa que fue enviada al file del cliente en el Wa Mu, resultado Crédito Aprobado.
Historias como estas existen miles, y estos Créditos Subprime son los que luego se empaquetaron en los CDOs por miles de millones de dólares con Ratings AAA y que luego han desencadenado la crísis que hoy vivimos.
The Reckoning
Por ejemplo hace cuatro años un cliente al solicitar un préstamo hipotecario, señalaba que tenia ingresos anuales de seis dígitos en base a su profesión de mariachi.
Como el banco no podia verificar sus ingresos , simplemente le tomaron una foto vestido de marichi al frente de su casa que fue enviada al file del cliente en el Wa Mu, resultado Crédito Aprobado.
Historias como estas existen miles, y estos Créditos Subprime son los que luego se empaquetaron en los CDOs por miles de millones de dólares con Ratings AAA y que luego han desencadenado la crísis que hoy vivimos.
Saying Yes, WaMu Built Empire on Shaky Loans
“We hope to do to this industry what Wal-Mart did to theirs, Starbucks did to theirs, Costco did to theirs and Lowe’s-Home Depot did to their industry. And I think if we’ve done our job, five years from now you’re not going to call us a bank.”
— Kerry K. Killinger, chief executive of Washington Mutual, 2003
SAN DIEGO — As a supervisor at a Washington Mutual mortgage processing center, John D. Parsons was accustomed to seeing baby sitters claiming salaries worthy of college presidents, and schoolteachers with incomes rivaling stockbrokers’. He rarely questioned them. A real estate frenzy was under way and WaMu, as his bank was known, was all about saying yes.
Yet even by WaMu’s relaxed standards, one mortgage four years ago raised eyebrows. The borrower was claiming a six-figure income and an unusual profession: mariachi singer.
Mr. Parsons could not verify the singer’s income, so he had him photographed in front of his home dressed in his mariachi outfit. The photo went into a WaMu file. Approved.domingo, 21 de diciembre de 2008
La Evolución de Hank Paulson
Serie de 2 articulos por el Washington Post sobre el Secretario del Tesoro Hanry Paulson
El primero detalla los inicios de Hanry Paulson
Washington Broker The Evolution of Hank Paulson
A Conversion in 'This Storm'
Treasury Secretary Henry M. Paulson Jr. had a stern message for more than two dozen of the nation's most powerful hedge fund managers gathered in the third-floor conference room near his office.
El Segundo es la crónica de cómo Hank Paulson ha manejado la crisis actual.
A Skeptical Outsider Becomes Bush's 'Wartime General'
The pressure on Henry M. Paulson Jr. in early September was greater than at any other time during his tenure as Treasury secretary. As he pored over the books of mortgage giants Fannie Mae and Freddie Mac, he discovered that they were about to collapse and that the financial markets would experience what he called "a meltdown to end all meltdowns."
El primero detalla los inicios de Hanry Paulson
Washington Broker The Evolution of Hank Paulson
A Conversion in 'This Storm'
Treasury Secretary Henry M. Paulson Jr. had a stern message for more than two dozen of the nation's most powerful hedge fund managers gathered in the third-floor conference room near his office.
El Segundo es la crónica de cómo Hank Paulson ha manejado la crisis actual.
A Skeptical Outsider Becomes Bush's 'Wartime General'
The pressure on Henry M. Paulson Jr. in early September was greater than at any other time during his tenure as Treasury secretary. As he pored over the books of mortgage giants Fannie Mae and Freddie Mac, he discovered that they were about to collapse and that the financial markets would experience what he called "a meltdown to end all meltdowns."
jueves, 11 de diciembre de 2008
El Fin de Wall Street
Michael Lewis el autor de Liar's Poker, ha publicado este extraordinario artículo sobre la Crisis de Wall Street en la Revista Portfolio.
http://www.portfolio.com/news-markets/national-news/portfolio/2008/11/11/The-End-of-Wall-Streets-Boom
Este artículo es citado por Thomas Friedman en el New York Times en el artículo," All Fall Down"http://www.nytimes.com/2008/11/26/opinion/26friedman.html.
Friedman señaló "Also check out Michael Lewis’s superb essay, “The End of Wall Street’s Boom,” on Portfolio.com. Lewis, who first chronicled Wall Street’s excesses in “Liar’s Poker,” profiles some of the decent people on Wall Street who tried to expose the credit binge — including Meredith Whitney, a little known banking analyst who declared, over a year ago, that “Citigroup had so mismanaged its affairs that it would need to slash its dividend or go bust,” wrote Lewis. "
http://www.portfolio.com/news-markets/national-news/portfolio/2008/11/11/The-End-of-Wall-Streets-Boom
Este artículo es citado por Thomas Friedman en el New York Times en el artículo," All Fall Down"http://www.nytimes.com/2008/11/26/opinion/26friedman.html.
Friedman señaló "Also check out Michael Lewis’s superb essay, “The End of Wall Street’s Boom,” on Portfolio.com. Lewis, who first chronicled Wall Street’s excesses in “Liar’s Poker,” profiles some of the decent people on Wall Street who tried to expose the credit binge — including Meredith Whitney, a little known banking analyst who declared, over a year ago, that “Citigroup had so mismanaged its affairs that it would need to slash its dividend or go bust,” wrote Lewis. "
La Caida de Lehman
Aqui encontraran una descripción de la caida de Lehman Brothers y de su CEO Richard Fuld
Bleeding Green: The Fall of Fuld
Money, Respect and the Corner Office: What Lehman's 'Gorilla' CEO Has Lost
By ALICE GOMSTYN ABC NEWS Business UnitOct. 6, 2008
If you've ever heard of the tony estates of Greenwich, Conn., it probably wouldn't surprise you to learn that some come equipped with squash courts.
A decade ago, George Ball lived a mile and a half away from one of them. Ball was friends with the property's athletic owner and they played the game together -- one alpha male against another in a white box court.
Ball's squash partner was Richard Fuld, the chief executive officer of Lehman Brothers. Fuld, he said, wanted "very badly to win" but he also played fair.
Fuld is "the rare person who simultaneously wants to beat your brains in but also takes a good deal of joy in the things that his opponent does well," Ball said.
Off the court, Fuld, 62, probably isn't taking joy in much these days. Last month, Lehman Brothers filed for bankruptcy protection, marking the demise of one of Wall Street's most storied brokerage firms. Today, Fuld, who declined an ABCNews.com request for an interview, is scheduled to testify before Congress in a hearing on the financial crisis that continues to wreak havoc at other financial firms and the economy. (Read Fuld's prepared testimony.)
Lehman's bankruptcy thrust Fuld, who led the firm for 15 years and worked there for nearly 40, into the ever-growing club of CEOs who saw their investment banks felled by the subprime housing meltdown. On the day of Lehman's bankruptcy filing, Merrill Lynch announced it was selling itself to Bank of America. Months earlier, Bear Stearns was purchased by JPMorgan Chase with the government's backing. The week after Lehman's collapse, the country's last two major independent brokerage firms -- Goldman Sachs and Morgan Stanley -- sought to save themselves by morphing into commercial banks.
The bankruptcy filing distinguished Lehman from the fate of its brokerage brethren. Most of Lehman's North American operations were purchased by the U.K.-based Barclays Capital. But the debt holders of Lehman, unlike those of Bear Stearns and Merrill, were left with pennies on the dollar, said Sean Egan of the credit rating company Egan Jones.
And while shareholders of Bear Stearns saw the value of their stocks decimated, they still came out ahead of those who invested in Lehman, including many Lehman employees, who saw their holdings plummet to nothing. Fuld himself, according to InsiderScore.com, lost at least $600 million since December.
The face of Lehman's defeat, quite literally, was Fuld. On the day the bankruptcy filing was announced, artist Geoffrey Raymond -- known for painting Wall Street heavyweights and politicians -- debuted a large portrait of Fuld outside Lehman's Times Square headquarters. As he's done with other works, Raymond invited passersby, including Lehman employees, to use colored markers to sign messages on the canvas.
http://abcnews.go.com/Business/Economy/story?id=5951669&page=1
Bleeding Green: The Fall of Fuld
Money, Respect and the Corner Office: What Lehman's 'Gorilla' CEO Has Lost
By ALICE GOMSTYN ABC NEWS Business UnitOct. 6, 2008
If you've ever heard of the tony estates of Greenwich, Conn., it probably wouldn't surprise you to learn that some come equipped with squash courts.
A decade ago, George Ball lived a mile and a half away from one of them. Ball was friends with the property's athletic owner and they played the game together -- one alpha male against another in a white box court.
Ball's squash partner was Richard Fuld, the chief executive officer of Lehman Brothers. Fuld, he said, wanted "very badly to win" but he also played fair.
Fuld is "the rare person who simultaneously wants to beat your brains in but also takes a good deal of joy in the things that his opponent does well," Ball said.
Off the court, Fuld, 62, probably isn't taking joy in much these days. Last month, Lehman Brothers filed for bankruptcy protection, marking the demise of one of Wall Street's most storied brokerage firms. Today, Fuld, who declined an ABCNews.com request for an interview, is scheduled to testify before Congress in a hearing on the financial crisis that continues to wreak havoc at other financial firms and the economy. (Read Fuld's prepared testimony.)
Lehman's bankruptcy thrust Fuld, who led the firm for 15 years and worked there for nearly 40, into the ever-growing club of CEOs who saw their investment banks felled by the subprime housing meltdown. On the day of Lehman's bankruptcy filing, Merrill Lynch announced it was selling itself to Bank of America. Months earlier, Bear Stearns was purchased by JPMorgan Chase with the government's backing. The week after Lehman's collapse, the country's last two major independent brokerage firms -- Goldman Sachs and Morgan Stanley -- sought to save themselves by morphing into commercial banks.
The bankruptcy filing distinguished Lehman from the fate of its brokerage brethren. Most of Lehman's North American operations were purchased by the U.K.-based Barclays Capital. But the debt holders of Lehman, unlike those of Bear Stearns and Merrill, were left with pennies on the dollar, said Sean Egan of the credit rating company Egan Jones.
And while shareholders of Bear Stearns saw the value of their stocks decimated, they still came out ahead of those who invested in Lehman, including many Lehman employees, who saw their holdings plummet to nothing. Fuld himself, according to InsiderScore.com, lost at least $600 million since December.
The face of Lehman's defeat, quite literally, was Fuld. On the day the bankruptcy filing was announced, artist Geoffrey Raymond -- known for painting Wall Street heavyweights and politicians -- debuted a large portrait of Fuld outside Lehman's Times Square headquarters. As he's done with other works, Raymond invited passersby, including Lehman employees, to use colored markers to sign messages on the canvas.
http://abcnews.go.com/Business/Economy/story?id=5951669&page=1
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