The flurry of liquidation will subside as redemptions end, as valuations come to irresistible levels, and as anxiety diminishes. Though bargains, in my view do not yet abound, considerable valuation opportunity has opened in the last week. One day leaps of faith represent little indication of anything beyond traders’ bravado. Risk adjustments are taking place […]
A group of Wall Street titans are joining forces to create a rival venue to Goldman Sachs Group Inc.’s private system to trade the stocks of companies that don’t want the scrutiny and regulatory burdens of going public.
Citigroup Inc., Lehman Brothers Holdings Inc., Merrill Lynch & Co., Morgan Stanley and Bank of New York Mellon […]
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Naturally, Mr Karp needs to kick off the story with an anecdotal example of underwriting standards tightening up. Does he find a hardworking executive with an embarrassing past which is hurting his FICO score? A young couple with a good double income who have just blown a bundle on their wedding and therefore don’t [...]
The private equity firm is citing a drastic deterioration of Accredited’s financial, and operational condition as a reason to back out of the deal. Something like that would seem to be classified as a material adverse effect on Accredited’s business that would easily permit Lone Star to back out. Right? No, it’s not that simple […]
Sentinel Management Group wants to stop client redemptions in an attempt to stem losses amid the ongoing credit crisis, telling clients it has asked the Commodity Futures Trading Commission for permission to halt withdrawals because the liquidity crisis in credit markets has made it “virtually impossible” to properly price and trade securities. “We are concerned […]
Charles Coulter, Freddie Mac’s vice president of strategy and offerings management, said in an interview that some large Alt-A customers had asked the government-sponsored entity for the commitments to get “greater certainty around their ability to execute.”
“Obviously, there’s a lot of turmoil in the market, and given the tightening and relative value of the agency […]
Shares of Thornburg Mortgage Asset Corp. plummeted 47% to close at $7.61 Tuesday before rebounding 25% to $9.48 in AH trading after the REIT announced it is delaying a dividend payment because of margin calls. Payment of Thornburg’s Q2
Berkshire Hathaway Inc., Warren Buffett’s holding company, reported in a quarterly summary filing of its $61.1 billion portfolio that it bought 2.78 million shares of Dow Jones between the announcement of Rupert Murdoch’s $60 per share offer for the company at the end of April and the sealing of the deal three months later. Berkshire […]
The Sun submits: A very high price!
Back in February when I first heard that E-Trade (ETFC) is going to introduce a global trading service to allow investors to trade stocks listed in other markets directly, I signed up to receive notification when it becomes available. Yesterday, the email came, announcing that the new E-Trade Global […]
In fact, GMO’s Jeremy Grantham got things started early last week with a prediction that “…within 5 years…up to half the hedge funds…in existence today will have simply ceased to exist.” (Grantham Says Hedge Funds, LBO Funds to Collapse)Widely-read newsletter author John Mauldin took issue with Grantham’s typically dire prediction by pointing out that this […]