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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 ina 我也不懂金融词,改不了字大小了

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, but sold in a premium and a big number actually, which is, I think, has been underreported. But reason 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 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 why we are having a mortgage on your house, its 97% mortgage, if the value of your house drops inevitably in the bubble market, housing which is one of the reasons why this company is in trouble, you lose all your liquidity. That's what happened to these firms, they were enormously over-leverage, and when the market turns 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 that swallow enormously and they all looked like geniuses, but eventually the market turned again them, the leverage by it’s the wrong way ,and none of huge-paid of these companies are paying out their employees ever comes back. We saw pay-scales at Lehman and all these firms are unprecedentedly outside of Hollywood, maybe, or maybe headfuns. And they were undeserve because they were strictly making money because of luck and use leverage.

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