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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 cross3561

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 at a premium and a big number actually, which is, I think, has been underreported. But recently that at least two of these firms have melted 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 benefit of employees and not the shareholders. Let me give you some examples.

 

Lehman had leverage around 30 times, erh, its book value which was over 20 billion , so it had 700 billon dollars balance shares which lately reduced to around 600 billion when they were claiming to quote deleverage, so that's like having a mortgage on your house, its 97% mortgage, if the value of your house drops, end up at a bubble market, housing which just is one of the reasons why these companies are in trouble, you lose all your liquidity. That's what happened to these firms, they were enormously over-leveraged, and when the market turned against them, they lost all their book value which we just saw clearly was illustrated by what the bank decided, ah, on Sunday, when they decided not bail them out.

 

Um, but, when they get lucky, and interest rates drop which has happened almost all through Lehman's history. Because it went public in 1994, the value of those assets swallows enormously and they all looked like geniuses, but eventually the market turns against them, the leverage fights the wrong way , and none of the huge-paid the fees, companies are paying out to their own employees ever comes back. We saw pay-scales at Lehman and all these firms are unprecedentedly outside of Hollywood, maybe, or maybe Hedge funds. And they were completely undeserve because they were strictly making money because of luck and huge leverage.

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  • Sunshake

Be yourself. 不要跟风吗。
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