Parece hace mucho tiempo que oímos de la caída de Bear Stearns uno de los bancos de inversión más conocidos nos tomo por sorpresa y apuesto que para muchos inversionistas fue como una llamada de atención, pero la compra de esta realizada por JP Morgan fue suficiente para salvar al mercado de una crisis y regresar a una aparente estabilidad.
Con el paso de las semanas las acciones de las dos más famosas compañías hipotecarias Fannie Mae y Freddie Mac estuvieron mucho tiempo a la baja logrando estar muchos días como las acciones con más pérdidas en Wall Street. Fannie Mae inclusive despidió a su CEO y su CFO con tal de recuperar la confianza de los inversionistas, logrando que las acciones de ambas subieran en el mercado.
Esta tranquilidad solo duro unos pocos días porque un lunes, llamado lunes negro el mercado financiero abrió con la noticia de que el gobierno tomo posesión de estas compañías con tal de evitar la caída de ambas ya que esto podría detonar una catástrofe en el mercado. Este mismo día se reporto que Merrill Lynch y Lehman Brothers ambos bancos de inversión, estaban en bancarrota pero solo el primero seria rescatada por Bank of América.
La semana continuo con el anuncio de que Goldman Sachs y Morgan Stanley ambos bancos de inversión comenzarían a recibir depósitos, diciéndole adiós a su etapa como bancos de inversión debido a que la confianza en estos se había perdido por lo que comenzarían una nueva como etapa como bancos.
Hoy despertamos con esta noticia:
Sept. 26 (Bloomberg) -- Washington Mutual Inc. was seized by government regulators and its branches and assets sold to JPMorgan Chase & Co. in the biggest U.S. bank failure in history.
Otro Banco que cae preso, y no cualquier banco sino el banco más grande de Estados Unidos especializado en ahorros y préstamos, mientras que JP Morgan al concluir esta adquisición se convierte en el segundo más importante después de Citigroup.
Por lo visto esto no marca el fin de una mala racha:
``We are going to see a lot more bank failures before the cycle is all over,'' said Brian Horey, president of Aurelian Management LLC in New York, which had bet on a decline in Washington Mutual before a ban on such so-called short sales was imposed. ``There are sufficiently large clusters of bad assets on a fair range of banks out there.''
Quien sigue?
viernes, 26 de septiembre de 2008
Opiniones importantes !
El dólar estadounidense podría retener su rol principal en la economía del mundo, pero otras monedas obtendrían importancia,opina el ministro de finanzas aleman Peer Steinbrueck,habra cuatro monedas principales en el futuro,EL EURO, EL DOLAR ,EL YEN Y EL YUAN ,el ministro comenta que no cree que el dolar pierda toda su fuerza aunque previamente habia acusado a Estados Unidos de haber creado una crisis global financiera con una conduccion ciega hacia mayores ganancias y en el futuro tendra que aceptar una mayor regulacion bancaria y la perdida de su estatus de super potencia fianciera
jueves, 25 de septiembre de 2008
Tombstone
A written advertisement placed by investment bankers in a public offering of a security. It gives basic details about the issue and, in order of importance, the underwriting groups involved in the deal.This advertisement gets its name from its black border and heavy black print. The tombstone provides investors with "bare bones" information, usually directing prospective investors to where they can find a red herring/prospectus.In practice, the tombstone is sometimes made after the issue has been sold.
Para entender este termino explicaremos los paso para que una emprese entre a la bolsa:
Oferta Pública Inicial: El hecho de cotizar en bolsa es todo un acontecimiento para cualquier empresa, un presentarse en la sociedad financiera nacional y mundial y se denomina justamente así: presentación en bolsa. A partir de ese momento la empresa está en condiciones de emitir acciones requiriendo capital del mercado de inversores.
Como todo tiene un inicio, la primera oferta tiene un carácter muy especial y es denominada Oferta Pública Inicial (conocida como IPO en Inglés por “Initial Public Offering”).
Para realizar esa presentación la pequeña empresa que tiene un producto o servicio atractivo debe concurrir a un Banco de Inversión o a banqueros de inversión quienes acuerdan avalar la oferta accionaria inicial adquiriéndolas a un precio establecido para luego venderlas públicamente con un beneficio. Este ente ayuda a la empresa a preparar un prospecto, que es un documento legal que debe estar disponible para toda persona interesada en la inversión. En el prospecto se detalla la historia financiera, los productos y servicios ofrecidos así como la tecnología, knowhow y management disponibles. En ese documento hay que prevenir a los inversores acerca de los riesgos que la empresa correrá en su proyecto de crecimiento.
“tombstones”: Realizado éste trascendental paso sigue luego la etapa de atraer inversores a través de publicaciones en los medios financieros tradicionales con avisos que en el mundo sajón son conocidos como “tombstones” o lápidas de sepulcro por la forma de sus bordes negros y su pesada escritura. A su vez, la entidad bancaria que avala la emisión inicial organiza reuniones entre los titulares de la empresa y potenciales inversores. El día anterior al lanzamiento se fija el precio de salida de la acción, el que subirá o bajará dependiendo de la labor de comercialización previa realizada por la empresa y el banco inversor y de la intuición de los inversores.Segunda oferta o segunda ronda de inversores: si una compañía ha emitido acciones pero tiene mayores necesidades de capital, a través de emisión de acciones encara una segunda ronda de inversión, teniendo sumo cuidado en no contribuir con ello a devaluar sus propias acciones pues los primeros tenedores de acciones temerán lógicamente que el valor de equidad de sus acciones se diluya Si las acciones bajan en lugar de subir algunas corporaciones emplean la táctica de comprar sus propias acciones confiando en inducir una escalada de compra y consecuente alza de precios.
Wall Street corta mala racha por rescate
Publicado: 15:38 25 de septiembre de 2008
NUEVA YORK (Reuters) —
Las acciones estadounidenses cortaron una serie de tres sesiones de bajas el jueves y subieron por reportes de que negociadores del Congreso se acercaban a un acuerdo, para un paquete de 700,000 millones de dólares para rescatar al sector financiero.
Los inversores esperan que la medida descongele a los mercados de crédito y reviva los préstamos.
Los tres principales índices subieron más de un 1 por ciento, y las acciones de bancos -como las de JPMorgan Chase y Bank of America- encabezaron las ganancias.
El presidente del Comité de Bancos del Senado, Chris Dodd, dijo que los legisladores habían alcanzado un "acuerdo fundamental" sobre los principios del plan de rescate.
Empresas a las que se considera barómetros de la economía, como IBM, también subieron por expectativas de que el paquete de rescate genere un aumento del gasto de los consumidores y las empresas.
"Ciertamente creo que el Congreso aprobará algo que ayudará durante un tiempo. Nos da cierto tiempo para deshacer algunas posiciones y ver donde nos paramos cuando aclare el panorama", dijo Warren Simpson, director gerente de Stephens Capital Management en Little Rock.
El promedio industrial Dow Jones cerró con un alza de 196.89 puntos, o un 1.82%, a 11,022.06 unidades. El índice Standard & Poor's 500 avanzó 23.31 puntos, o un 1.97%, a 1,209.18 unidades.
El índice tecnológico compuesto Nasdaq ganó 30.89 puntos, o un 1.43%, a 2,186.57 unidades.
El cierre preliminar fue: el Dow Jones: 1.83%; el S&P 500: 2.01%, y Nasdaq, 1.43%.
NUEVA YORK (Reuters) —
Las acciones estadounidenses cortaron una serie de tres sesiones de bajas el jueves y subieron por reportes de que negociadores del Congreso se acercaban a un acuerdo, para un paquete de 700,000 millones de dólares para rescatar al sector financiero.
Los inversores esperan que la medida descongele a los mercados de crédito y reviva los préstamos.
Los tres principales índices subieron más de un 1 por ciento, y las acciones de bancos -como las de JPMorgan Chase y Bank of America- encabezaron las ganancias.
El presidente del Comité de Bancos del Senado, Chris Dodd, dijo que los legisladores habían alcanzado un "acuerdo fundamental" sobre los principios del plan de rescate.
Empresas a las que se considera barómetros de la economía, como IBM, también subieron por expectativas de que el paquete de rescate genere un aumento del gasto de los consumidores y las empresas.
"Ciertamente creo que el Congreso aprobará algo que ayudará durante un tiempo. Nos da cierto tiempo para deshacer algunas posiciones y ver donde nos paramos cuando aclare el panorama", dijo Warren Simpson, director gerente de Stephens Capital Management en Little Rock.
El promedio industrial Dow Jones cerró con un alza de 196.89 puntos, o un 1.82%, a 11,022.06 unidades. El índice Standard & Poor's 500 avanzó 23.31 puntos, o un 1.97%, a 1,209.18 unidades.
El índice tecnológico compuesto Nasdaq ganó 30.89 puntos, o un 1.43%, a 2,186.57 unidades.
El cierre preliminar fue: el Dow Jones: 1.83%; el S&P 500: 2.01%, y Nasdaq, 1.43%.
miércoles, 24 de septiembre de 2008
Warren Buffett and the Salomon Saga
Warren Buffett’s $5 billion investment in Goldman Sachs is being hailed as a major vote of confidence in Wall Street’s prospects. Since the credit crunch began last year, financial firms have gone cap in hand to many investors, including Mr. Buffett, seeking capital to shore up their tattered balance sheets.
Until now, Mr. Buffett has kept his wallet closed. His reluctance to jump into the financial crisis early on seems prescient. But his hesitation may have had something to do with bad memories lingering from his last major foray into Wall Street: a $700 million investment in onetime bond-trading powerhouse Salomon Brothers during the market crisis of 1987.
That investment, a years-long relationship full of ups and downs, must have weighed heavily on Mr. Buffett’s mind during the recent turmoil.
Two decades ago, Wall Street investment banks were going around trying to raise capital to shore up their balance sheets that were damaged from investments in junk bonds. (Sound familiar?) Most went to foreign sources, such as Japan, for their cash, but Mr. Buffett came to the rescue of Salomon.
It was a classic Buffett play, or so he thought. He invested in what appeared to be a solid company with a good reputation that was getting its stock slapped around by a fearful market. “Be fearful when others are greedy; be greedy when others are fearful,” Mr. Buffett has famously said.
However, Wall Street is a turbulent place. Weeks after Mr. Buffett made his investment, Salomon disclosed a surprise $70 million write-down from bad bets made by trading junk bonds. That set off a series of events culminating in the market crash of 1987, which wiped out one-third of Mr. Buffett’s investment.
But that wasn’t the worst of it. In 1991, Salomon was caught up in a bond trading scandal that nearly forced the firm to file for bankruptcy. In order to protect his investment, Mr. Buffett went from being a passive investor to chairman of the firm. He found that every dollar of shareholder equity was supporting $37 of assets. That’s even higher than the 30-to-1 leverage ratio at Lehman Brothers when it collapsed last week.
Mr. Buffett ran the firm for nine months, distracting him from his other business dealings. He called his time there “far from fun” in a letter to investors in his Berkshire Hathaway holding company. But he was successful in steering the firm back from the brink.
In 1997, Salomon was sold to Travelers for $9 billion. The sigh of relief could be heard all the way from Mr. Buffett’s hometown of Omaha. His $700 million investment was now worth $1.7 billion. But the experience seemed to sour him on Wall Street deals. By 2001, he had exited his investment in the firm.
Now Mr. Buffett is getting back into the Wall Street game. Asked about the Salomon saga in a CNBC interview Wednesday, he laughed and replied, “The pain has worn off.”
His investment in Goldman is a bet that the firm will be able to work through the bad investments it made in connection with the housing market over the years and stay profitable.
Goldman’s stock rose Wednesday after the firm announced Mr. Buffett’s infusion as well as a $5 billion stock offering, which will be highly dilutive to its current shareholders. That’s a pretty good sign from the market.
But as Mr. Buffett knows all too well, fortunes on Wall Street can change on a dime.
Comments:
Congress should take notice how the master works. His investment is preferred stock. The bailout should be on the same lines. i.e secured by secured stock which in effect creates a contra loan thus securing the bailout funds for the US taxpayers. Equity is equitable!
— Posted by Graham Lake
Gee first we need a bigger boat . Then the mayor asks the aged town selectman in Jaws ,who is sitting on the beach, to go in the water .He “goes in the water with all his family, and everyone on the beach follows him in. Yup the shark is still there ,here comes another death. Sound familiar? Well investors ,you all go ahead and jump in hey- they havent caught the shark yet “I’ll wait here.”
— Posted by Donna
Fuente: New York Times
Until now, Mr. Buffett has kept his wallet closed. His reluctance to jump into the financial crisis early on seems prescient. But his hesitation may have had something to do with bad memories lingering from his last major foray into Wall Street: a $700 million investment in onetime bond-trading powerhouse Salomon Brothers during the market crisis of 1987.
That investment, a years-long relationship full of ups and downs, must have weighed heavily on Mr. Buffett’s mind during the recent turmoil.
Two decades ago, Wall Street investment banks were going around trying to raise capital to shore up their balance sheets that were damaged from investments in junk bonds. (Sound familiar?) Most went to foreign sources, such as Japan, for their cash, but Mr. Buffett came to the rescue of Salomon.
It was a classic Buffett play, or so he thought. He invested in what appeared to be a solid company with a good reputation that was getting its stock slapped around by a fearful market. “Be fearful when others are greedy; be greedy when others are fearful,” Mr. Buffett has famously said.
However, Wall Street is a turbulent place. Weeks after Mr. Buffett made his investment, Salomon disclosed a surprise $70 million write-down from bad bets made by trading junk bonds. That set off a series of events culminating in the market crash of 1987, which wiped out one-third of Mr. Buffett’s investment.
But that wasn’t the worst of it. In 1991, Salomon was caught up in a bond trading scandal that nearly forced the firm to file for bankruptcy. In order to protect his investment, Mr. Buffett went from being a passive investor to chairman of the firm. He found that every dollar of shareholder equity was supporting $37 of assets. That’s even higher than the 30-to-1 leverage ratio at Lehman Brothers when it collapsed last week.
Mr. Buffett ran the firm for nine months, distracting him from his other business dealings. He called his time there “far from fun” in a letter to investors in his Berkshire Hathaway holding company. But he was successful in steering the firm back from the brink.
In 1997, Salomon was sold to Travelers for $9 billion. The sigh of relief could be heard all the way from Mr. Buffett’s hometown of Omaha. His $700 million investment was now worth $1.7 billion. But the experience seemed to sour him on Wall Street deals. By 2001, he had exited his investment in the firm.
Now Mr. Buffett is getting back into the Wall Street game. Asked about the Salomon saga in a CNBC interview Wednesday, he laughed and replied, “The pain has worn off.”
His investment in Goldman is a bet that the firm will be able to work through the bad investments it made in connection with the housing market over the years and stay profitable.
Goldman’s stock rose Wednesday after the firm announced Mr. Buffett’s infusion as well as a $5 billion stock offering, which will be highly dilutive to its current shareholders. That’s a pretty good sign from the market.
But as Mr. Buffett knows all too well, fortunes on Wall Street can change on a dime.
Comments:
Congress should take notice how the master works. His investment is preferred stock. The bailout should be on the same lines. i.e secured by secured stock which in effect creates a contra loan thus securing the bailout funds for the US taxpayers. Equity is equitable!
— Posted by Graham Lake
Gee first we need a bigger boat . Then the mayor asks the aged town selectman in Jaws ,who is sitting on the beach, to go in the water .He “goes in the water with all his family, and everyone on the beach follows him in. Yup the shark is still there ,here comes another death. Sound familiar? Well investors ,you all go ahead and jump in hey- they havent caught the shark yet “I’ll wait here.”
— Posted by Donna
Fuente: New York Times
lunes, 22 de septiembre de 2008
Goldman, Morgan Stanley Bring Down Curtain on an Era
The Wall Street that shaped the financial world for two decades ended last night, when Goldman Sachs Group Inc. and Morgan Stanley concluded there is no future in remaining investment banks now that investors have determined the model is broken.
The Federal Reserve's approval of their bid to become banks ends the ascendancy of the securities firms, 75 years after Congress separated them from deposit-taking lenders, and caps weeks of chaos that sent Lehman Brothers Holdings Inc. into bankruptcy and led to the rushed sale of Merrill Lynch & Co. to Bank of America Corp.
``The decision marks the end of Wall Street as we have known it,'' said William Isaac, a former chairman of the Federal Deposit Insurance Corp. ``It's too bad.''
Goldman, whose alumni include Henry Paulson, the Treasury Secretary presiding over a $700 billion bank bailout, and Morgan Stanley, a product of the 1933 Glass-Steagall Act that cleaved investment and commercial banks, insisted they didn't need to change course, even as their shares plunged and their borrowing costs soared last week.
By then, it was too late. As financial markets gyrated -- the Dow Jones Industrial Average whipsawed 1,000 points in the week's last two days -- and clients defected, executives at the two firms concluded they had no choice. The Federal Reserve Board met at 9 p.m. yesterday and considered applications delivered that day, said Michelle Smith, a spokeswoman for the central bank. The decision was unanimous, she said.
`Blood in Water'
``There's blood in the water in the industry and the sharks are circling,'' Peter Kovalski, who helps oversee about $10 billion at Alpine Woods Capital Investors LLC, said at the end of last week. ``It all comes down to perception and the current trust within the community.''
Morgan Stanley rose 16 percent to $31.60 as of 9:31 a.m. in New York Stock Exchange composite trading. Goldman advanced 3 percent to $133.37.
Wall Street hasn't had such a shakeup since the 1980s, when firms including Morgan Stanley and Bear Stearns Cos. went public and London's financial markets were altered forever with the so- called Big Bang reforms implemented in 1986. Bear Stearns disappeared in March, when it was bought by JPMorgan Chase & Co.
The announcement paves the way for the two New York-based firms, both of which will now be regulated by the Fed, to build their deposit base, potentially through acquisitions. That will allow them to rely more heavily on deposits from retail customers instead of using money borrowed in the bond market -- the leverage that led to the undoing of Bear Stearns and Lehman.
Depositors Rule
Morgan Stanley has taken $15.7 billion of writedowns and losses on mortgage-related securities and other types of loans since the credit crunch started last year. Goldman's tally stands at about $4.9 billion. While both companies have remained profitable and avoided money-losing quarters suffered by Lehman and Merrill Lynch, their revenue from sales and trading and investment banking has been declining this year.
``Deposit-banking is king right now,'' said David Hendler, an analyst at CreditSights Inc. in New York. ``It's the only meaningful critical-mass way to make money.''
Mitsubishi UFJ Financial Group Inc., Japan's largest bank, said today it will pay up to 900 billion yen ($8.4 billion) for as much as a fifth of Morgan Stanley. The deal would mark the biggest overseas acquisition by a Japanese financial company, according to data compiled by Bloomberg.
Building Deposit Base
The Japanese bank will become ``a valuable partner as we transition to a bank holding company and build our bank services and deposit base,'' Morgan Stanley Chief Executive Officer John Mack said in a statement today.
The deal announced today came after Morgan Stanley held talks last week to pursue a merger with Wachovia Corp. That deal became less likely now that Morgan Stanley is becoming a bank holding company, said Tony Plath, a finance professor at the University of North Carolina at Charlotte.
Morgan Stanley, the second-biggest securities firm until this week, had $36 billion of deposits and 3 million retail accounts at the end of August. The company plans to convert its Utah-based industrial bank into a national bank.
``This new bank holding structure will ensure that Morgan Stanley is in the strongest possible position,'' Chairman and CEO Mack, 63, said in a statement last night. ``It also offers the marketplace certainty about the strength of our financial position and our access to funding.''
Citigroup, JPMorgan
Goldman, the largest and most profitable of the U.S. securities firms, will become the fourth-largest bank holding company. The firm already has more than $20 billion in customer deposits in two subsidiaries and is creating a new one, GS Bank USA, that will have more than $150 billion of assets, making it one of the 10 largest banks in the U.S., the firm said in a statement last night. The firm will increase its deposit base ``through acquisitions and organically,'' Goldman said.
``Goldman Sachs, under Federal Reserve supervision, will be regarded as an even more secure institution with an exceptionally clean balance sheet and a greater diversity of funding sources,'' Lloyd Blankfein, 54, Goldman's chairman and CEO, said in the statement.
The Washington-based Fed is the primary regulator of bank- holding companies, which are firms that own or control banks. Citigroup Inc., Bank of America Corp. and JPMorgan are bank- holding companies regulated by the Fed.
Less Risky
Securities firms, by contrast, had been regulated by the Securities and Exchange Commission. The SEC's future becomes dimmer with the change in Goldman and Morgan Stanley's structures.
``You can't kiss goodbye to the last two important investment banks without noting that the house is empty,'' said David Becker, a former SEC general counsel who is now a partner at Cleary Gottlieb Steen & Hamilton in Washington. ``It's a downward spiral where the less significant the population you regulate, the less your available resources.''
The change is also likely to lead to less risk-taking by the companies and possibly lower pay for their employees. Both Goldman and Morgan Stanley held more than $20 of assets for every $1 of shareholder equity, making them dependent on market funding to operate.
Goldman, in particular, has been remarkable for the high bonuses it pays to its employees. Goldman's CEO and two co- presidents were each paid more than $67 million last year.
``They're going to have to protect their deposit bases by law, and the days of high leverage are gone,'' said Charles Geisst, a finance professor at Manhattan College in Riverdale, New York, who wrote ``Wall Street: A History.'' ``The days of the big bonuses are gone.''
The Federal Reserve's approval of their bid to become banks ends the ascendancy of the securities firms, 75 years after Congress separated them from deposit-taking lenders, and caps weeks of chaos that sent Lehman Brothers Holdings Inc. into bankruptcy and led to the rushed sale of Merrill Lynch & Co. to Bank of America Corp.
``The decision marks the end of Wall Street as we have known it,'' said William Isaac, a former chairman of the Federal Deposit Insurance Corp. ``It's too bad.''
Goldman, whose alumni include Henry Paulson, the Treasury Secretary presiding over a $700 billion bank bailout, and Morgan Stanley, a product of the 1933 Glass-Steagall Act that cleaved investment and commercial banks, insisted they didn't need to change course, even as their shares plunged and their borrowing costs soared last week.
By then, it was too late. As financial markets gyrated -- the Dow Jones Industrial Average whipsawed 1,000 points in the week's last two days -- and clients defected, executives at the two firms concluded they had no choice. The Federal Reserve Board met at 9 p.m. yesterday and considered applications delivered that day, said Michelle Smith, a spokeswoman for the central bank. The decision was unanimous, she said.
`Blood in Water'
``There's blood in the water in the industry and the sharks are circling,'' Peter Kovalski, who helps oversee about $10 billion at Alpine Woods Capital Investors LLC, said at the end of last week. ``It all comes down to perception and the current trust within the community.''
Morgan Stanley rose 16 percent to $31.60 as of 9:31 a.m. in New York Stock Exchange composite trading. Goldman advanced 3 percent to $133.37.
Wall Street hasn't had such a shakeup since the 1980s, when firms including Morgan Stanley and Bear Stearns Cos. went public and London's financial markets were altered forever with the so- called Big Bang reforms implemented in 1986. Bear Stearns disappeared in March, when it was bought by JPMorgan Chase & Co.
The announcement paves the way for the two New York-based firms, both of which will now be regulated by the Fed, to build their deposit base, potentially through acquisitions. That will allow them to rely more heavily on deposits from retail customers instead of using money borrowed in the bond market -- the leverage that led to the undoing of Bear Stearns and Lehman.
Depositors Rule
Morgan Stanley has taken $15.7 billion of writedowns and losses on mortgage-related securities and other types of loans since the credit crunch started last year. Goldman's tally stands at about $4.9 billion. While both companies have remained profitable and avoided money-losing quarters suffered by Lehman and Merrill Lynch, their revenue from sales and trading and investment banking has been declining this year.
``Deposit-banking is king right now,'' said David Hendler, an analyst at CreditSights Inc. in New York. ``It's the only meaningful critical-mass way to make money.''
Mitsubishi UFJ Financial Group Inc., Japan's largest bank, said today it will pay up to 900 billion yen ($8.4 billion) for as much as a fifth of Morgan Stanley. The deal would mark the biggest overseas acquisition by a Japanese financial company, according to data compiled by Bloomberg.
Building Deposit Base
The Japanese bank will become ``a valuable partner as we transition to a bank holding company and build our bank services and deposit base,'' Morgan Stanley Chief Executive Officer John Mack said in a statement today.
The deal announced today came after Morgan Stanley held talks last week to pursue a merger with Wachovia Corp. That deal became less likely now that Morgan Stanley is becoming a bank holding company, said Tony Plath, a finance professor at the University of North Carolina at Charlotte.
Morgan Stanley, the second-biggest securities firm until this week, had $36 billion of deposits and 3 million retail accounts at the end of August. The company plans to convert its Utah-based industrial bank into a national bank.
``This new bank holding structure will ensure that Morgan Stanley is in the strongest possible position,'' Chairman and CEO Mack, 63, said in a statement last night. ``It also offers the marketplace certainty about the strength of our financial position and our access to funding.''
Citigroup, JPMorgan
Goldman, the largest and most profitable of the U.S. securities firms, will become the fourth-largest bank holding company. The firm already has more than $20 billion in customer deposits in two subsidiaries and is creating a new one, GS Bank USA, that will have more than $150 billion of assets, making it one of the 10 largest banks in the U.S., the firm said in a statement last night. The firm will increase its deposit base ``through acquisitions and organically,'' Goldman said.
``Goldman Sachs, under Federal Reserve supervision, will be regarded as an even more secure institution with an exceptionally clean balance sheet and a greater diversity of funding sources,'' Lloyd Blankfein, 54, Goldman's chairman and CEO, said in the statement.
The Washington-based Fed is the primary regulator of bank- holding companies, which are firms that own or control banks. Citigroup Inc., Bank of America Corp. and JPMorgan are bank- holding companies regulated by the Fed.
Less Risky
Securities firms, by contrast, had been regulated by the Securities and Exchange Commission. The SEC's future becomes dimmer with the change in Goldman and Morgan Stanley's structures.
``You can't kiss goodbye to the last two important investment banks without noting that the house is empty,'' said David Becker, a former SEC general counsel who is now a partner at Cleary Gottlieb Steen & Hamilton in Washington. ``It's a downward spiral where the less significant the population you regulate, the less your available resources.''
The change is also likely to lead to less risk-taking by the companies and possibly lower pay for their employees. Both Goldman and Morgan Stanley held more than $20 of assets for every $1 of shareholder equity, making them dependent on market funding to operate.
Goldman, in particular, has been remarkable for the high bonuses it pays to its employees. Goldman's CEO and two co- presidents were each paid more than $67 million last year.
``They're going to have to protect their deposit bases by law, and the days of high leverage are gone,'' said Charles Geisst, a finance professor at Manhattan College in Riverdale, New York, who wrote ``Wall Street: A History.'' ``The days of the big bonuses are gone.''
viernes, 19 de septiembre de 2008
Índices Financieros y calificaciones
Muchos habremos oído de los famosos índices financieros ya que es básico en el mundo de las finanzas y de Wall Street, pero realmente sabemos ¿qué hay más allá de unos cuantos símbolos y números? Y al oír de calificaciones muchos dirán, “que tiene de complejo y de relevante la evaluación de cierto banco o inclusive de mi país y estado si solamente es la opinión de alguien más, además lo importante no es el 100 sino que el alumno aprenda”….bueno no exactamente esas palabras pero lo tomaremos como un ejemplo. Pero en el mundo de las finanzas las calificaciones SI importan, especialmente si vienen de empresas dedicadas justamente a eso.
Mediante diferentes criterios, las empresas especializadas logran sintetizar y agrupar un gran número de información cuantitativa y cualitativa en unos cuantos estándares que resultaran relevantes al momento de realizar una inversión.
Investopedia define la palabra índice como la medida estadística del cambio en la economía o en un mercado de securities (un instrumento fungible y negociable que representa un valor financiero). En el caso de los mercados financieros un índice es un portafolio imaginario de securities que representan un mercado particular o una porción de este. Cada índice tiene una metodología de cálculo y usualmente se expresa en términos del cambio del valor base. Aunque el cambio porcentual es más importante que el cambio numérico.
Las calificaciones que proveen las empresas especializadas y todos los índices son parte de la comunicación financiera que sirven como guía para los inversionistas o futuros inversionistas, pero como la comunicación en general no solo es necesario un emisor, un receptor y un mensaje, sino que hay que saber interpretar un mensaje, esto solo es posible conociendo mas a fondo los terminos financieros.
Una de las empresas más importantes relacionada con los índices y calificaciones financieras es Standard & Poor’s. Creada en 1860, esta compañía tiene la misión de darle al inversionista “el derecho de saber”. Esto a través de calificaciones a créditos, índices, investigación de inversiones y evaluación de riesgo.
Calificaciones de crédito.-
Analizan a los emisores y las obligaciones crediticias de las compañías, estados y municipios, instituciones financieras, compañías de seguros y gobiernos soberanos.
Este es un ejemplo de cómo se ven las calificaciones de esta compañía:
EMISOR:Banco Nacional de Mexico, S.A. (Banamex)
SECTOR ECONOMICO: Bancos
ESCALA GLOBAL MONEDA LOCAL: BBB+/Positiva/A-2
ESCALA GLOBAL MONEDA EXTRANJERA: BBB+/Positiva/A-2
ESCALA NACIONAL: mxAAA/Estable/mxA-1+
EMISOR:Yucatan
SECTOR ECONOMICO: Gobierno estatal
ESCALA NACIONAL: local mxA/Estable/--
La información de cómo se establecen las calificaciones y que significan la encontraras en la siguiente página: http://www2.standardandpoors.com/portal/site/sp/es/la/page.article/2,1,1,4,1148449400266.html#CALIFICACIONES%20EN%20ESCALA%20NACIONAL
Índices.-
Esta compañía posee el mayor número de índices a nivel mundial ofreciendo una gran gama de servicios que servirán para que el inversionista pueda medir el rendimiento del mercado. En la siguiente pagina encontraras todos los índices de esta empresa: http://www2.standardandpoors.com/spf/pdf/index/A-Z_Indices_List.pdf
Uno de los índices más conocidos de esta empresa es el S&P500. Este índice abarca muchas empresas ya que este se divide en diferentes sectores:
Estamos seguros que muchas empresas incluidas en este índice son tan conocidas que si nos ponemos a observar nuestro alrededor nos daremos cuenta que convivimos con mínimo una. Por ejemplo en el rubro de Consumer Discretionary se encuentran:
Mas adelante hablaremos de otras empresas calificadores e indices importantes en el mundo
Mediante diferentes criterios, las empresas especializadas logran sintetizar y agrupar un gran número de información cuantitativa y cualitativa en unos cuantos estándares que resultaran relevantes al momento de realizar una inversión.
Investopedia define la palabra índice como la medida estadística del cambio en la economía o en un mercado de securities (un instrumento fungible y negociable que representa un valor financiero). En el caso de los mercados financieros un índice es un portafolio imaginario de securities que representan un mercado particular o una porción de este. Cada índice tiene una metodología de cálculo y usualmente se expresa en términos del cambio del valor base. Aunque el cambio porcentual es más importante que el cambio numérico.
Las calificaciones que proveen las empresas especializadas y todos los índices son parte de la comunicación financiera que sirven como guía para los inversionistas o futuros inversionistas, pero como la comunicación en general no solo es necesario un emisor, un receptor y un mensaje, sino que hay que saber interpretar un mensaje, esto solo es posible conociendo mas a fondo los terminos financieros.
Una de las empresas más importantes relacionada con los índices y calificaciones financieras es Standard & Poor’s. Creada en 1860, esta compañía tiene la misión de darle al inversionista “el derecho de saber”. Esto a través de calificaciones a créditos, índices, investigación de inversiones y evaluación de riesgo.
Calificaciones de crédito.-
Analizan a los emisores y las obligaciones crediticias de las compañías, estados y municipios, instituciones financieras, compañías de seguros y gobiernos soberanos.
Este es un ejemplo de cómo se ven las calificaciones de esta compañía:
EMISOR:Banco Nacional de Mexico, S.A. (Banamex)
SECTOR ECONOMICO: Bancos
ESCALA GLOBAL MONEDA LOCAL: BBB+/Positiva/A-2
ESCALA GLOBAL MONEDA EXTRANJERA: BBB+/Positiva/A-2
ESCALA NACIONAL: mxAAA/Estable/mxA-1+
EMISOR:Yucatan
SECTOR ECONOMICO: Gobierno estatal
ESCALA NACIONAL: local mxA/Estable/--
La información de cómo se establecen las calificaciones y que significan la encontraras en la siguiente página: http://www2.standardandpoors.com/portal/site/sp/es/la/page.article/2,1,1,4,1148449400266.html#CALIFICACIONES%20EN%20ESCALA%20NACIONAL
Índices.-
Esta compañía posee el mayor número de índices a nivel mundial ofreciendo una gran gama de servicios que servirán para que el inversionista pueda medir el rendimiento del mercado. En la siguiente pagina encontraras todos los índices de esta empresa: http://www2.standardandpoors.com/spf/pdf/index/A-Z_Indices_List.pdf
Uno de los índices más conocidos de esta empresa es el S&P500. Este índice abarca muchas empresas ya que este se divide en diferentes sectores:
Estamos seguros que muchas empresas incluidas en este índice son tan conocidas que si nos ponemos a observar nuestro alrededor nos daremos cuenta que convivimos con mínimo una. Por ejemplo en el rubro de Consumer Discretionary se encuentran:
Abercrombie & Fitch Co.
Amazon Corp.
Coach Inc.
Ford Motor
Gap (The)
General Motors
Marriott Int'l.
Mattel Inc.
McDonald's Corp.
McGraw-Hill
NIKE Inc.
Office Depot
Polo Ralph Lauren Corp.
Starbucks Corp.
Tiffany & Co.
Walt Disney Co.
Mas adelante hablaremos de otras empresas calificadores e indices importantes en el mundo
financiero.
jueves, 18 de septiembre de 2008
Hola
Les invitamos a conocer las siguientes cuentas de blog
guerrafinanciera@gmail.com
puntofinanciero@gmail.com
financierosmayab@gmail.com
circulofinanciero@gmail.com
¡Que todos tengan una buena semana!
guerrafinanciera@gmail.com
puntofinanciero@gmail.com
financierosmayab@gmail.com
circulofinanciero@gmail.com
¡Que todos tengan una buena semana!
martes, 9 de septiembre de 2008
Introducción
A través de este blog queremos dar a conocer nuestras opiniones centradas en el mundo de las finanzas y de las inversiones. Es importante entender cómo funcionan los mercados financieros para no quedar atrapados dentro del juego. A demás mostraremos investigaciones en lo que se refiere a empresas que se encuentran en auge y empresas que tienen un futuro bastante prometedor, empresarios destacados y calificaciones de bonos.
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