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[商业新闻] 【整理】2008-09-17&09-19 华尔街金融危机浅析

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on i.n.a

We used to have five major wall street firms, now we were down to two,and the meltdown of the three that we've seen although Merrill, by the way, is not meltdown it was sold in a premium,a big number actully, which i think,has been underreported.But resaons at least two of these firms have been melt down is because the model that has reigned on wall street for decades is really a very bad model,especially for shareholders.These companies are focused on the employees and run completely for the benefits of emolyees and not the shareholders.Let me give some examples,lehman had leverage around 30times,erh,its booked value which was over 20billion ,so it had 700billon dollars balance shares which lately reduced to around 600 billion when they were claming to quote de-leverage,so that's like having a mortgage on ur house, its 97% mortgage, if the value of ur house drops inevitably in the bubble market, housing which was the reason why the company are in trouble u lose all ur liquidity.That's what happened to these firms, they were enomorously over-leveraged,and when the market turns against them,they lost all their booked value which we just saw clealy was illustrated by what the banks decided.ah, on sunday, when they decided not to bail them out.eh,but,when they get lucky,and interest rates drop which happened almost all through lehman's history because it  went into the Republican in 1994,the value of those assets swallow enourmously and all looked like genius ,but eventually the market turned again the leverage buys the wrong way ,and none of huge-paid of these companies are paying out to their employees ever comes back. We saw pay-scales at lyhman and all these firms are unprecedentedly outside of hollywood,maybe,or maybe hedge funds.They were completely undeserved  because strickly making money because of luck and use leverage .

 

 

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