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Bonds of U.S. investment banks lost about $1.5 billion of their face value this month […].The highest level of defaults in 10 years on subprime mortgages and a $33 billion pileup of unsold bonds and loans for funding acquisitions are driving investors away from debt of the New York-based securities firms. Concerns about credit quality may get worse because banks promised to provide $300 billion in debt for leveraged buyouts announced this year.
"The market is being driven by fear," said Mark Kiesel, who oversees $80 billion of corporate debt at Newport Beach, California-based Pacific Investment Management Co., manager of the world's biggest bond fund.
Auf der anderen Seite versucht Goldman Sachs gerade, Profit aus der Situation zu schlagen, indem sie einen 20 Milliarden Dollar fetten Hedge Funds gründen, der dann die rauchenden Ruinen der an der Housing Bubble verstorbenen Firmen billig aufkaufen soll.Auch auf die Gefahr hin, daß ihr das alles nicht mehr hören könnt: hier noch ein paar schöne Hiobsbotschaften:
The New York Stock Exchange never opened trading in shares of American Home Mortgage yesterday after the company said late Friday that it would suspend its dividend and was facing "significant margin calls" from its banks.Already down 70 percent for the year, shares in A.H.M. fell 39 percent in premarket trading, to $6.39.
Later in the evening, the Mortgage Guaranty Insurance Corporation, or M.G.I.C., said it would write down its $516 million investment in Credit-Based Asset Servicing and Securitization, or C-Bass, possibly to zero. The Radian Group, which has a $518 million stake in C-Bass, also said it might have to write off its investment completely. The rest of C-Bass is owned by its management.
Shares of M.G.I.C. fell about 12 percent in after-hours trading, to $40, and Radian shares fell 8 percent, to $37.
Und die haben da auch was über IKB:Earlier yesterday, IKB Deutsche Industriebank, a bank based in Düsseldorf, Germany, that provides loans to midsize companies, said that investments in American mortgage securities that it had pronounced healthy just 10 days ago had fallen sharply and would be taken over by a German state bank, KfW, which owns 37 percent of IKB. The bank's chief executive, Stefan Ortseifen, said he would retire.
Also ich frage mich ja schon immer, wer sich eigentlich solche Blasen-Geschäftsmodelle ausdenkt, aber wenn ich das hier sehe, das kann man ja auch nur noch durch den Honecker-Effekt erklären. Unten sitzen wahrscheinlich die Analysten und murmeln immer nur Stoßgebete vor sich hin, und dann filtert das durch die Powerpoint-Bullshit-Klärwerk-Etagen und kommt oben als "alles prächtig!1!!" an. Und ja, die wissen alle, daß sie kurz vor dem Sterben sind. Guckt nur, was die da für verzweifelte Aktionen machen:At A.H.M., lenders appear to have issued margin calls on debt that the company used to buy mortgage-backed securities that include its loans and those made by other lenders. At the end of March, the company had borrowed $6.7 billion to finance such investments and had $19.3 billion in liabilities.
Oh, und dann ist da noch ein Hedge Funds geplatzt, Sowood Capital. Die haben mit drei Milliarden angefangen, und haben dann gerade einen Brief an die Investoren geschickt, daß sie die Hälfte ihres Kapitals verloren haben, und jetzt ihre Beteiligung an einem anderen Funds losschlagen und die Rest-Gelder dann an die Investoren zurück geben werden.