Wednesday, April 29, 2009

"Redefinition Accomplished" Spin Continues....."Preferred To Common Equity Edition"

Really an excellent way to boost confidence ( will probably work for CNBC :-)...... After news that Stress test pass rate is 68% ( still hyperinflated & from a almost "stress free test" ) and no chance that private capital will cover the capital shortfall the spin attempt from the Geithner & Bernanke is that the convertion from preferred to common equity will do the trick ........

Wirklich ein fantastischer Weg um das immer noch nicht vorhandene Vertrauen zurückzugewinnen..... Nach der Neuigkeit das immerhin beachtliche 68% der Institute den Strest Test bestanden haben ( unter realen Bedingugen läge die Quote wohl unter 10% ) und unter der realistischen Annahme das sich kein privater Invetor finden wird der in die durchgefallen Institute investieren würde haben sich Geithner und Bernanke einen neuen Taschenpielertrick ausgedacht. Man nehme einfach die mit Tarpmitteln erworbenen Vorzugsaktien und tausche diese in normale Aktien um..... Schon ist der Kapitalbedarf gedeckt...... Hört sich unlogisch an und erinnert eher an Enron & Co ......... Herzlichen Glückwunsch: Der gesunde Menschenverstand ist bei Euch noch nicht abhanden gekommen....


April 29 (Bloomberg ) —

At least six of the 19 largest U.S. banks require additional capital, according to preliminary results of government stress tests, people briefed on the matter said.

While some of the lenders may need extra cash injections from the government, most of the capital is likely to come from converting preferred shares to common equity, the people said.

The Federal Reserve is now hearing appeals from banks, including Citigroup Inc. and Bank of America Corp., that regulators have determined need more of a cushion against losses, they added.

By pushing conversions, rather than federal assistance, the government would allow banks to shore themselves up without the political taint that has soured both Wall Street and Congress on the bailouts. The risk is that, along with diluting existing shareholders, the government action won’t seem strong enough.


Now on to the common sense view.....

Nachfolgend ein paar Meinungen die aus der Abteilung "gesunder Menschenverstand" kommen.....

Option Armageddon

As for converting preferred to common, yeah that will boost TCE, but it doesn’t actually ADD any capital to banks’ balance sheets. 67¢ cents of preferred equity + 33¢ of common equity = $1 of total shareholder equity. Convert all the preferred to common and you still have only a $1 of total equity. There’s no extra capital on the balance sheet to absorb losses.

Barry Ritholtz
And, now that some of the results are coming in, the cure for inadequate capital is not more capital, but an accounting trick — converting preferred stock to common

US banks are suffering a solvency problem, and what they need is more capital, not an accounting sleight of hand. Yet that is precisely what they are getting — the same clever financial engineering that led to the crisis in the first place.

Paul Kasriel including some simple example that even Geithner & Bernanke should understand...... :-)

Treasury will just convert $5 of the preferred shares it owns in Gotham to $5 of common equity. This is shown in Balance Sheet Two. Now Gotham is well capitalized, right? Wrong. The depositors and the bond holders always were in line in front of the preferred shareholders in case Gotham had to be liquidated. So, moving $5 from the preferred equity category to the common equity category does not make the depositors and bond holders any better off.

In sum, Treasury's plan to enhance the capitalization of some financial institutions by beating preferred equity shares into common equity shares is accounting alchemy.

I´ll finish with a rant on "Paulson, Timothy “turbo tax override deductions” Geithner & “Helicopter” Ben Bernanke" from Pigpen via The Barricade :-)

Denke der gelungene Abschluß für dieses Posting ist ein "netter" Kommentar über "Paulson, Timothy “turbo tax override deductions” Geithner & “Helicopter” Ben Bernanke" von Pigpen via The Barricade :-)

Wednesday, April 22, 2009

Thank God There is No Stress Test On Goodwill Assets Propping Up Bank Balance Sheets.........

Almost every M&A activity during the past few years across all sectors ( miners, tech, industrial, chemicals etc ) has lead to substantial and often spectacular write downs ( Rio Tinto / Alcan, Google/Youtube + AOL , FOX/Wall Street Journal etc )..... The following must read report from Disclosure Insights ( Hat tip Zero Hedge ) is asking the obvious..... Why on earth have there been almost no impairments in te US banking industry ( Europe has taken the hit with ABN Ambro, Royal Bank Of Scotland, Fortis, Hypo Real Estate / Depfa etc, probably no coincidence that they are now "nationalized"..... ) even after the biggest bubble in history has popped and every other indirectly effected sector has taken the necessary step...... I think readers of this blog know the answer.....

Nahezu jede getätigte Übernahme binnen der letzten 3 Jahre in allen Sektoren ( Minen, Tech, Industrie, Maschinenbau, Chemie usw ) hat in den vergangenen Quartalsberichten zu massiven und teilweise dramatischen Abschreibungen auf den sogenannten Goodwill geführt ( spontan fällt mir hier das Beispiel Rio Tinto/Alcan, Google/Youtube+AOL, Continental/Siemens VDO, EON/Erwerb von Kraftwerken in Russland+Italien usw ) ... Der nachfolgende Report von Disclosure Insights ( Dank an Zero Hedge ) ist Pflichtlektüre und geht der Frage nach warum gerade für die Bankenbranche der USA ( Europa hat mit den 50 Mrd € Abschreibungen der Royal Bank of Scotland, Fortis für den ABN Kauf , Hypo Real Estat / Depfa den Anfang gemacht, sicher kein Zufall das diese Institute de facto verstaatlicht sind..... ) anscheinend andere Gesetze gelten..... Muß wohl an den "starken" Bilanzen liegen.....

Thanks to Randy Glasbergen. This must see Cartoon from Jesse´s Cafe Americain is (unfortunately ) looking better on a daily basis.....

It appears banks are not adequately impairing their goodwill. While market value isn’t necessarily the sole trigger for a bank to impair its goodwill, it is a powerful one. Fully 72% (36 of 50) of the banks we analyzed trade below book with 58% (29 of 50) trading below tangible book. Based on the rules governing goodwill, we expected to find widespread goodwill impairments by banks. That didn’t happen.

Rather, our analysis shows that 70% (35 of 50) of the banks we analyzed did not impair goodwill in 2008. Despite a pop in the easy credit bubble, a period during which many acquisitions that generated the goodwill were made, only $21.5 billion (less than 10%) in total goodwill was written down by 15 of the banks in our study.

Bank of America – The poster child for goodwill desperately in need of impairment. Our analysis of Bank of America’s acquisitions of FleetBoston, MBNA, and LaSalle illustrate well why banks need to impair their goodwill more – far more – than they’ve done to date.

BAC paid a total of $102.8 billion for these three acquisitions. Using market comparables, one of the methods prescribed under FASB 142, we derived a current value for these acquisitions of $37.4 billion. BAC currently carries $64.7 billion in goodwill on its book for these three acquisitions, or twice our estimated value for what these acquisitions are now worth. As such, it strains credibility that Bank of America did not impair any goodwill.

Nice to hear that Ken Lewis is in the Press on a daily basis with the request to pay back TARP.....If you keep in mind that the goodwill is part of the Tier 1 Capital calculation the bragging from Lewis with a "strong" 10.1 ratio is one reason more to feel confident. No wonder this "measure" of health has come under some scrutiny ( UPDATE via Option Armageddon : Stress Test: Tangible Common Equity Will Be Critical Metric & Tutorial Tangible Common Equity… ).... His balance sheet is looking stronger day by day...... Go read the full report for much more! It will be interesting to see how long the auditors are ordered, i mean allowed to ignore the obvious.....

Besonders witzig in diesem Zusammenhang das der CEO der Bank of America so schnell wie möglich die TARP Mrd zurückzahlen möchte... Wenn man jetzt noch berücksichtigt das der Goodwill in die Berechnung des immer wieder zitierten Tier 1 Capital eingeht erscheinen Aussagen wie die vom CEO der BAC das deren Quote starke 10,1 beträgt noch vertrauenserweckender. Kein Wunder das diese Kennzahl die in nahezu jeder Veröffentlichung herausgestellt wird in letzter Zeit mehrmals ins Gerede gekommen ist.( UPDATE via Option Armageddon Stress Test : Tangible Common Equity Will Be Critical Metric sowie das dazugehörige Tutorial Tangible Common Equity… ) ...Bin gespannt wie lange die Wirtschaftsprüfer noch zugucken ( müssen) bis hier mal die Axt rausgeholt wird.....Zieht Euch den kompletten Report rein und die tagtäglichen Kommentare der Verantwortlichen ( Geithner usw ) wirken noch ein wenig verzweifelter und unglaubwürdiger als ohnehin schon.......

Banks - Disclosure Insight

Monday, April 20, 2009

With A 0.86 % Reserve Coverage Ratio In Their Commercial Loan Book I Hope GE Is Right About Their "Strong Asset Quality"

I have now listened to the last 4 or 5 conference calls ( including the GE Capital Special Presentation ) from GE and i must admit that the management still hasn´t convinced me about their earnings and balance sheet quality. Despite their AA+ rating..... :-)

You just have to look at the following slides from last weeks presentation ( well worth a look ) about their loan loss reserves/recovery assumptions for their commercial exposure ( incluidng all kinds of collateral like corporate jets etc )...........

Ich habe im Laufe der letzten 9 Monate bestimmt die 4-5 GE Analystenveranstultungen mitgehört ( vor allem auch die Sonderpräsentation von GE Capital ) und ich muß gestehen das trotz aller Versuche Transparenz zu verbreiten mein Vertrauen in die Gewinn und Bilanzqualität nicht größer geworden ist . Trotz des immer noch erstaunlichen AA+ Ratings..... :-)

Warum das so ist? Ich verweise mal exemplarisch auf die nachfolgenden Slides der letztwöchigen Ergebnispräsentation ( mehr als nur einen Blick wert ) die ausweist mit welchen Annahmen ( Rückstellungen, Wertansetzungen der Sicherheiten und tatsächlichen Kreditverlusten ) GE im gewerblichen Kreditbuch ( mit allen möglichen Sicherheiten wie z.B. Firmenjets usw...... ) kalkuliert.
All this with a commercial loan & lease book well over $ 200 billion.......

Die o.g. Grafik der Vorsorge deckt ein gewerbliches Leasing/Kreditbuch von deutlich über 200 Mrd $ ab......

Here is the math behind behind the number........ With their assumtions on recovery, cure & collateral rates one really has to hope that their "world class" asset quality is indeed "well collateralized"......

Hier die Berechnung hinter der o.g. Zahl...... Wenn man sich die einzelnen Positionen genauer ansieht bleibt zu hoffen das die wie von GE permanent betonte "überragende Qualität der Assets" sowie die gute Absicherungsposition solch niedrige Risikovorsorgen rechtfertigen.......

The trend is definitly not GE´s friend.......

Der Trend der Problemkredite ist sicher nicht wenig erfreulich und ich kann keinen Grund erkennen warum sich das in absehbarer Zeit ändern sollte......

"Imagination at work"......... During the past year GE´s inftastructure segment ( along with Buffet ) was able to bail their financial arm out..... Lets hope their new equipment orders will at least stabilize ( now down 21 % yoy from high level & with hope of a rebound thanks to the numerous stimulus programms worldwide)... Nevertheless nice to hear that GE & the rating agencies predict no need for more capital...... UPDATE: The Earnings Bomb Inside GE Capital (GE)

Der GE Leitspruch "Imagination at work" ( Imaginantion = Vorstellungskraft ) bekommt hier ne ganz neue Bedeutung...... Im letzten Jahr mußte der "gesunde" GE Teil ( Infrastruktur ) sowie Buffet herhalten um GE Capital mit etlichen Mrd zu stützen . Da jetzt aber auch hier die neuen Orders momentan mit 21% gen Süden krachen ( wenn auch von einem hohen Level und mit der Hoffnung auf die Konjunkturprogramme ) bin ich mir nicht sicher ob dies zukünftig auch noch möglich sein wird. Trotzdem schön zu hören das GE und die Ratingagneturen davon ausgehen das kein neues Kapital benötigt wird.... Update: The Earnings Bomb Inside GE Capital (GE)

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Wednesday, April 15, 2009

Despite Massive Stimulus / Subsidies..... European Car Market Down 17.2% In First Quarter 2009

After the banking crisis now behind us ( sarcasm ) we can shift our focus to the real economy & the insurers ( see Unprecedented stress’ for US life insurers & Option Armageddon with some ugly insurance charts )......The numbers in 2010 will be fun to watch....... So far the European countries have provided more than € 10 billion ( € 5 billion from Germany / thanks to an upcoming election ) in direct cash incentives to support new vehicle sales ( on top of all the cheap state guaranteed financing for their lending arms ) ..... The UK will follow next week ( UPDATE: U.K. Budget Gives Drivers Cash to Scrap Old Cars for New Models ) .... To my knowledge the US has proposed a similar incentive for the 2nd half of 2009.... The spin attempt is more or less the same in every country ..... Because they are concerned about the environment... Biggest side effect is that the money spent on cars cannot be spend on other big ticket items like furnitures etc..... The auto lobbyist here in Europe are even more powerful than banking lobbyist... Respect!

Nachdem überall erklärt wird das die Bankenkrise hinter uns liegt ( Vorsicht Satire ) und wie durch Zauberhand Mrdgewinne generiert werden können wir uns jetzt ja ruhigen Gewissens der Realwirtschaft sowie einigen ausgewählten Versicherern (Unprecedented stress’ for US life insurers & die dazugehörigen Tabellen) widmen.....Ich befürchte nur das sich hier die Probleme nicht durch Bilanzierungsakrobatik ( Versicherungen selbstredend ausgenommen ) und generösen Notenbanken lösen lassen wird....Das der Steuerzahler auch hier der einzige Freund und Helfer ( in Form von Konjunkturprogrammen, Bürgschaften über staatliche Banken, Zuschüsse für Entwicklung neuer Antriebstechniken, noch höherer Förderung von Dienstwagen usw. ) sein wird setze ich nach den Erfahrungen der letzten 6 Monate schon mal als gegeben voraus...... Die 2010er Zahlen werden sicher "lustig" .....Bisher haben die europäischen Staaten insgesamt wohl mehr als 10 Mrd € an baren Kaufanreizen in den Markt gepumpt um die Neuwagenverkäufe künstlich anzuheizen ( zusätzlich zu den eh schon oftmals staatlich garatntierten günstigen Finanzierungen für die jeweiligen Autobanken )..... UK wird wohl nächste Woche nachziehen ( UPDATE:U.K. Budget Gives Drivers Cash to Scrap Old Cars for New Models ) ..... Nach meinem Kenntnisstand werden wohl auch die USA für das 2 Halbjahr ähnliches verkünden.... Die "Verpackung" für diese Subvention ist in fast allen Ländern identisch... Die Sorge um die Umwelt muß auch hier herhalten...... Über die Nebenwirkungen ( Geld fehlt für andere Anschaffungen, Crash nur auf 2010 verschoben usw ) solcher Eingriffe wird besonders in Wahzeiten nicht sonderlich lange nachgedacht... Die Lobbyarbeit der Autoindustrie ist mindestens auf einer Stufe mit denen der Banken... Respekt!


ACEA Brussels, 16/04/2009 - Declining for the eleventh consecutive month, passenger car registrations in Europe* fell by 9.0% in March compared to the same month last year. The result was lifted by the on average 3 more working days across the region and the effect of fleet renewal schemes in a number of countries. Over the first quarter of 2009, the market was down by 17.2% with a total of 3,439,720 new registrations compared to 4,154,778 units in the same period last year.



Western Europe recorded 1,429,445 new passenger car registrations in March (-8.0%). The result was boosted by the 39.9% expansion of the German market, where consumers continued to respond widely to the government’s incentive scheme introduced in January. Such a development underpinned the markets in France (+8.0%) and Italy (+0.2%) as well.

In the UK, where March is usually a strong month, registrations fell by 30.5%, reflecting the overall persisting lack of confidence in the economy. This sentiment also prevailed in Spain (-38.7%). Three months into the year, new registrations were down 16.3% in Europe*. The German market was the only one to post growth (+18.0%). The downturn hit the Spanish (-43.1%) and the British (-29.7%) markets hardest. The Italian and French markets were down 19.1% and -3.9%. Among the smaller markets, Luxemburg (-10.4%), Switzerland (-12.3%), Austria (-12.9%) and Belgium (-15.3%) performed best while Ireland and Iceland posted a decline of 64.9% and 91.3% respectively.

In the new EU Member States, 76,803 new cars were registered in March, or 25.4% less than last year. Poland and the Czech Republic, two of the major markets in the region, posted a growth of 2.5% and 0.9% respectively. Slovakia also recorded a strong increase of 18.2% following the introduction of a car scrapping scheme. Looking at the cumulative figures from January to March, Poland consolidated its position as the largest market with a total of 87,939 new registrations and a 1.3% upturn. Latvia performed worst with a contraction by 77.9%.

> There are clearly winners & losers ( see table page 3&4 NEW PASSENGER CAR REGISTRATIONS BY MANUFACTURER ) Too bad that one of the biggest loosers is one of my "favourites" for the worst management in the industry Daimler ( see I Want My Buyback Back Daimler Update... Buy Sky High & Selling At Record Low To Abu Dhabi )

> Diese Tabelle auf Seite 3&4 zeigt sehr schön das es eindeutige Gewinner und Verlierer gibt NEW PASSENGER CAR REGISTRATIONS BY MANUFACTURER . Dumm, das selbst die Staatszuwendungen einen meiner Langzeitfavoriten ( siehe I Want My Buyback Back Daimler Update... Buy Sky High & Selling At Record Low To Abu Dhabi ) nicht zu helfen scheinen......

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Monday, April 13, 2009

A Few Goldman Highlights........

More risk, more leverage ( & some kind of "creative accounting" - see end of the post ) ....... Brilliant!

Mehr Risiko, höherer Hebel ( & ein klein wenig "kreative" Buchführung - siehe Ende des Postings ) ..... Hat ja in der Vergangenheit erstklassig funktioniert.... Rechnet man mal die Jahre 2007 und 2008 heraus......


Reuters

A measure of the bank's trading risk, average daily value-at-risk, surged to $ 240 million in the first quarter of 2009, compared with $157 million for the three months ended February 28, 2008, implying that the bank took more trading risk

Goldman also disclosed that it has set aside $168,901 per employee on average for compensation in the quarter, almost 35 percent more than in the first quarter of the previous fiscal year

Bloomberg

Total assets on the balance sheet rose 5 percent from the end of November to $925 billion as of March 27. Of that, about $59 billion qualified as “Level 3” assets, which are the hardest to value, down from $66 billion at the end of November

For more details see Goldman Sachs Press Release

Für weitere Details bitte einen Blick in die Goldman Sachs Press Release werfen.

This from Zero Hedge fits perfectly.....

Diese Beobachtung von Zero Hedge paßt wie die Faust aufs Auge.......

A very interesting data point, also provided by the NYSE, implicates none other than administration darling Goldman Sachs in yet another potentially troubling development. The chart below demonstrates the program trading broken down by the top 15 most active NYSE member firms. I bring your attention to the total, principal, customer facilitation and agency columns.larger/größer

Key to note here is that Goldman's program trading principal to agency+customer facilitation ratio is a staggering 5x, which is multiples higher than both the second most active program trader and the average ratio of the NYSE, both at or below 1x.

The implication is that Goldman Sachs, due to its preeminent position not only as one of the world's largest broker/dealers (pardon, Bank Holding Companies), but also as being on the top of the high-frequency trading/liquidity provision "food chain", trades much more often for its own (principal) benefit

Also on the same topic via EconompicData

Zum gleichen Thema von EconompicData

If Goldman's Selling... Beware of Buying

Goldman's principal trading amounted to 20%+ of all program trading reported on the NYSE, up from between 3-5% one and two years back. In other words, leading up to a period when Goldman may be issuing several billion dollars in an equity offering, their own principal trading has amounted to 4-5x more volume than what had been typical, in an illiquid market, potentially driving up the value of financial equities in the process... interesting.

larger/größer

I think this comment from Jesse´s Cafe Americain nails it....

Ich denke der nachfolgen Kommentar von Jesse´s Cafe Americain faßt es ziemlich gut zusammen......

The bulk of their profit purportedly came from speculative trading for their own accounts, using 'cheap FDIC guaranteed funds.

There will be no recovery in the real economy until the financial system is reformed and banks are restrained into productive functions within our society.

Make also sure you visit this piece from Floyd Norris and his commensts from the conference call ( seeThe Case of the Missing Month ) or this little rant via Barry Ritholtz How to Puff Up Earnings, Goldman Sachs Style.......

Denke das ein Blick in den Kommentar von Floyd Norris zum Conference Call auch nicht schaden kann ( siehe The Case of the Missing Month). Um das "positive" Bild von Goldman abzurunden noch ein kleiner Rundumschlag von Barry Ritholtz ( siehe How to Puff Up Earnings, Goldman Sachs Style )......

Goldman’s 2008 fiscal year ended Nov. 30. This year the company is switching to a calendar year. The leaves December as an orphan month, one that will be largely ignored. In Goldman’s news release, and in most of the news reports, the quarter ended March 31 is compared to the quarter last year that ending in February.

The orphan month featured — surprise — lots of writeoffs. The pre-tax loss was $1.3 billion, and the after-tax loss was $780 million.

No surprise to hear this update on via Norris......

Diese Erläuterung hinsichtlich der Aufsicht im Update von Norris dürfte keine wirkliche Überraschung sein.....

What About That Other $28 Billion?

Goldman Sachs, as you know by now, wants to return that $10 billion in TARP money it got. And what about the $28 billion it borrowed in the credit markets with a guarantee from the federal government?

A spokesman tells me that Goldman has no plans to pay that back early. Nor will it say if it would have been profitable had it reported on the quarter ended in February, as it traditionally has.The spokesman did tell me something I would have included in my earlier Goldman blog had I known it, that the change in fiscal year was required when it converted to a bank holding company.

The bank regulators did not, however, force Goldman to avoid any mention of the December orphan month in the text of its earnings release, instead relegating it to a table deep in the announcement.

> What esle do you expect from a regulator that is labeling a giant hedge fund like Goldman as a bank.... ;-)

> Was soll man auch anderes von einem Regulierer erwarten der einen gigantischen Hedge Fonds wie Goldman Sachs den Bankenstatus zuspricht.. ;-)

Congratulation ( NO SARCASM ) to Goldman for placing the shares at $ 123 Goldman Sachs Raises $5 Billion to Repay TARP Funds The same kind of "creative" accounting in 2008 and the stock would have tanked 50 percent withing a day...... But at least this time it is the so called smart money ( lets hope not too many pension funds are involved.... ) and not the taxpayer on the hook.....Clearly a sign that the euphoria level is close to a peak ( Here is more evidence of some kind of exuberance ) .....

Man muß Goldman zu der Dreistigkeit gratulieren ( Diesesmal ohne Augenzwinkern ). Die haben es tatsächlich geschafft Ihre Aktien zu 123 $ zu platzieren ( siehe Goldman Sachs Raises $5 Billion to Repay TARP Funds ). Hätten die es noch vor einem Monat gewagt eigenmächtig Bilanzierungszeitrahmen abzuändern und so den äußerst verlustreichen Dezember praktisch aus dem Blickwinkel der Öffentlichkeit zu "verbannen" hätte sich die Aktie wohl binnen 24 Stunden halbiert...... Hoffe inständig das es noch weitere Unternehmen schaffen private Gelder mit welchen Methoden auch immer an Land zu ziehen..... Dann ist zumindest der Steuerzahler ( vorausgesetzt die Pensionskassen haben sich zurückgehalten ) nicht allein der Dumme....... Denke das zeigt einmal mehr das die aktuelle Marktstimmung etwas zu euphorisch ist Hier ein weiterer Beleg für eine zumindest "ausgelassene" Stimmung.......

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Sunday, April 5, 2009

The Great "Cover-Up"....

I think the strong term "COVER-UP" normally used from conspiracy theorists & figures like Michael Moore isn´t a massively exaggeration this time.... The comments from Black are spot on...... UPDATE via FT Alphaville : Word of the day: Notlüge. I´ll go with the term "Cover-Up" or "War on Taxpayers"....

Ich denke das in diesem Fall der ansonsten eher bei Verschwörungstheoretikern und Michael Moore beheimatete Begriff des "COVER-UP" also der Verhüllung und Vertuschung der Tatsachen durch staaliche Stellen in diesem Fall nicht ganz ungerechtfertigt ist.... Das gilt umso mehr wenn man bedenkt wie selbst die "geschönten" Wahrheiten einem in schöner Regelmäßigkeit in ungläubiges Staunen versetzt........ UPDATE via FT Alphaville : Word of the day: Notlüge . Ich bleibe dabei das die Bezeichnung "Cover-Up" bzw "War on Taxpayers" die Lage besser beschreibt.... Notlüge klingt mir zu "verharmlosend". Besonders wenn es genügend andere Ansätze gibt die zu stemmenden Lasten gerechter zu verteilen ( ANLEIHEBESITZER!!! )......

The financial industry brought the economy to its knees, but how did they get away with it? With the nation wondering how to hold the bankers accountable, Bill Moyers sits down with William K. Black, the former senior regulator who cracked down on banks during the savings and loan crisis of the 1980s. Black offers his analysis of what went wrong and his critique of the bailout







Here is the transcript

Hier das ganze in Schriftform

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Wednesday, April 1, 2009

The War On Terror Is Over....

You have to watch this clip to see what this has to do with toxic assets..... And i want to highlight that this epsiode aired not on Fools Day....Nevertheless it is almost as "funny" as this April Fools Joke from The Economist.....

Was das ganze mit den US Banken zu tun hat? Auflösung am Ende des Clips ansehen.... Möchte darauf hinweisen das es sich bei diesem Clip im Gegensatz zu diesem gelungenen Beispiel nicht um einen Aprilscherz handelt......

The Daily Show With Jon StewartM - Th 11p / 10c
Redefinition Accomplished
comedycentral.com
Daily Show Full EpisodesEconomic CrisisPolitical Humor

The next rebranding of the "legacy assets" will come tomorrow when they will change the "mark-to-market" rules.......

I´m for a rebranding of the numerous bailout packages. My favourite term so far is "War On Taxpayers" ......

Das nächste Rebranding dürfte morgen kommen wenn wie nicht anders zu erwarten die "Mark-To-Market" Regeln nicht unerheblich gelockert werden und so aus ehemals "toxischen" Papieren und insolventen Banken im Handumdrehen wieder zumindest lebensfähige Institute werden....

Ich bin dringend dafür die ganzen Bailouts ebenfalls mit einem neuen und der Wahrheit entsprechenden Label zu beglücken. Tendiere momentan passend zur Überschrift "War On Taxpyers"..... Da die Abzocke der Steuerzahler ( und gleichzeitig die Anleihebesitzer der Banken nicht zur Kasse gebeten werden ) weltweit nach ähnlichem Muster abläuft dürfte bitte ich den englischsprachigen Titel zu entschuldigen.....

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