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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 2. And the meltdown of the 3 that we’v seen, although Merrill by the way is not meltdown, was sold at premium and big number actually, which I think is under reported, but reason that at least 2 of the firms have meltdown is because the model that’s reigned on wall street for decades is really a bad model. Especially for shearholders. These companies are focused on employees, and run completely for the benefit of the employees, not the shearholds. Let me give u some examples, lehman had leverage around 30 times its bookvalue, which is over 20 billions, so they had 700 billion$ balance sheet which was lately reduced to around 600 billion when they were claiming to quote de-leverage, so that’s like having a mortgage on your house that is a 97% mortgage, if the value of your house drops, and we had a bubble market, housing is one of the reasons these companies were in trouble. You loose all your equity, that what happened to these firms, these were enoumously overleveraged, and when the market turned against them, they lost all their bookvalue. Which we just saw clearly was illustrated by what the bank desided on Sunday, when they desided not to bail them out. But when they get lucky, and the interest rate drop, which is happenning all through lehman’s history, cause when public 1994, the values of the assets swells enoumously, and they all look like geniuses. But eventually the market turn against them, the leveage bites the wrong way, and none of the huge pay that these company are paying out their employees ever comes back. We saw pay scales at lehman and all these firms are unprecedented outside hollywood maybe, or maybe hedge funds, and they completely undeserve, because they are strictly making money because of luck and huge leverage.
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