Main capital write downs in the last 9 months
UBS: $37.4bn
Merrill Lynch: $22bn
Citigroup: $21.1bn
HSBC: $17.2bn
Morgan Stanley: $9.4bn
Deutsche Bank: $7.1bn
Bank of America: $5.3bn
Bear Stearns: $3.2bn
JP Morgan Chase: $3.2bn
BayernLB $3.2bn
Barclays: $2.6bn
IKB: $2.6bn
Royal Bank of Scotland: $2.6bn
Credit Suisse:$2bn
Deutsche Bank :$3.9 Bn.
TOTAL : $ 142.8 BILLION
Bloomberg has a complete (?) global list here
Their table shows the $232 billion in asset writedowns and credit losses since the beginning of 2007, including reserves set aside for bad loans, at more than 45 of the world's biggest banks and securities firms.
As BullionVault says:
YOU DON'T HAVE TO
be a rabid libertarian or Marxist historian with leather patches on his
jacket to look at the current world banking crisis and ask "Cui bono...?"
"Who
benefits?" as the criminal lawyer demands of the jury. And curiously
enough, at first glance at least, the lawyers look set to clean up once
more.
"Investors
and their lawyers filed 70 securities-fraud class actions in the first
quarter," reports Conde Nast's Portfolio.com, "almost the same number
that were filed in the first half of 2007, according to NERA Economic
Consulting, which tracks the filing of these complaints."
Twenty-six of the 70 new cases in 2008 to date are linked to the sub-prime disaster, with Bear Stearns cited alongside J.P.Morgan, Lehman Brothers, T.D.Ameritrade Morgan Stanley and 14 other firms.
Read the full story from BullionVault here. They go on to say:
Here in the
In a move contrary to the UK "Tripartite" supervision that Balls/Brown set in motion to supervise Financial services and Banking in the UK. From 1 May 2002 The Bundesbank and German Financial Supervisory Authority (BaFin)(Bundesanstalt für inanzdienstleistungsaufsicht) combined the previous activities of the Federal Banking Supervisory Office, the Federal Supervisory Office for Insurance Enterprises and the Federal Supervisory Office for Securities Trading.
It is evident that this provides a more focused, central and powerful form of control in which the Deutshes Bundesbank firmly control operations. Which will be essential of a study reportedly made by BaFin is correct.
Spiegel today reports the contents of an internal BaFin study that says that shortfalls at finance institutions worldwide could end up totalling US$600 billion (€380 billion).
This shorthall it is said, results from ill-advised speculation on the US subprime market and resulting jitters in markets worldwide. BaFin says that its prognosis is merely a worst-case scenario. "Given what we know about the current situation on the markets, we presume that a total of $430 billion is more probable," the confidential 16-page report says.
The paper also lists losses that have already been admitted to by various credit institutions: a total of $295 billion. Some 10 % of those shortfalls are accounted for by German banks. Should that share of the damage remain constant, German banks can expect losses to be as high as US$60 billion.
BaFin experts fear that the finance crisis will spread to other sectors of the economy. The turbulence could hit "other financial institutions outside of the banking sector," the paper says. The report lists hedge funds, insurance companies and retirement funds as being at risk.
On Friday Bild quoted banking insiders predicting total losses by German banks from the American subprime mortgage loan crisis could hit the €70-billion (US$111 billion) mark. They also reported that claims that the country's third-largest regional bank, WestLB -- which has been kept alive with injections from the state of North Rhine-Westphalia -- will soon be requiring an additional €2-billion lifeline.
Meanwhile, IKB Deutsche Industriebank AG bank,which has already received a billion-euro bailout will be draining a further billion euros from the public purse, bringing its total rescue package so far to €8 billion.On the same day Bavarian governor Günther Beckstein said the state's BayernLB bank would announce losses related to the credit crisis of up to €4 billion -- double the €1.9 billion figure the bank had previously disclosed.
Munich based Hypo Real Estate
(Mkt Cap €2.2 Bn.) Germany's second-biggest property lender has warnnd
of more writedowns and gave more information last week on its 5 billion
euro plus exposure to structured debt products.It said the market for its 1 billion euro (US$1.6 billion) portfolio of U.S. collateralised debt obligations (CDO) had deteriorated and that further writedowns were possible. About a quarter of the portfolio is subprime.
It also said any slip in the value of 3.2 billion euros of real estate-linked investments it owns would hit its revaluation reserve.
Finance Director Markus Fell said "In this crazy world, I don't feel comfortable giving any further outlook,"
Hypo shares HRX:DE rallied on that news and rose from a low of €13 to €18.74 where they traded today.
John Paulson, a little-known hedge fund manager smelled trouble two years ago. He had found a bubble he could short. He bet against the American Dream and placed heavy bets of other people's money on the ABX an index that tracks the sub prime market (sorry tracked .. there is no sub prime market anymore).
His funds in 2007 made US$17 Bn, of which his personal share was US$3/4 Bn - oddly at one stage in his career he was a mergers-and-acquisitions investment banker at Bear Stearns Cos.
We look at all this evidence that the MSM wont put together for you, so stand by for a rough ride, and more calls on your tax money to bail out these failing businesses as Gordon Brown and the Badger in the Treasury panic, not knowing what to do next and turn to the Socialist manual for guidance..
We wonder how long it will be before Gordon and his Scottish Mafia decide to nationalise the Banks, and sink this country to the next level of socialist depravity..
