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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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We used to have five major wall street firms, now we are down to two. And the meltdown of the three that we've seen although Merrill Lynch is not meltdown. They sold their premier and big number actually which is, I think,under reported but recently at least two of these firms have meltdown is because the model that ring wall street for decades is really a bad model, especially for sharesholders. These companies are focus on employees and run completely for the benefit of employees not the sharesholders. Let me give you some examples. Lehman had leverage around 30 times its book value which is over 20 billion. So it had 700 billion dollars balance sheet which is later reduced to around 600 billion where they were claiming to quote deleverage. So that's like having a mortage on your house it's 97% mortage. If the value of your house drops in the bubble market housing which is one of the reasons why these companies are in trouble. You lose all you equaty. That's what happen to this firm. There were unnormal over leverage and when the market turn to against them, they lost all their book value, which we just saw clear with illustrated by what the bank decided on Sunday when they decide not to build the amount. But when they get lucky and intrest rates drop which happen almost through Lehman's history when it went public in 1994, the value of those normal and all but like genious but eventually the market turns against the leverage fights the wrong way. And none of the huge pay these companies are paying out their employees ever comes back. And we saw pay skills at Lehman and all these firms are unprecess outside of Hollywood maybe or maybe hedge funds, and they were completely undeserved because they were strictly making money because of luck and use leverage.
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