Board-Ansicht
Mix-Ansicht- Hier kommt die Lösung für alles SIV, Subprime, Conduit-Probleme (mT) - DT, 13.10.2007, 14:06
- Re: ich nenne dies die letzte Wechsel-Prolongation v.d. Konkurs? - Emerald, 13.10.2007, 21:24
- Re: Danke! - dottore, 14.10.2007, 14:20
- Re: Wenn ich das richtig verstanden habe, so ist das ja die genialste Erfindung - Mephistopheles, 14.10.2007, 15:54
Hier kommt die Lösung für alles SIV, Subprime, Conduit-Probleme (mT)
-->Solution To Liquidity Problem
By CARRICK MOLLENKAMP and IAN MCDONALD
October 12, 2007 4:00 p.m.
The largest U.S. banks along with financial regulators are in confidential discussions to find a solution for a lack of cash liquidity in one corner of the short-term debt markets, according to people familiar with the situation.
The plan, which has been in the works for three weeks, is aimed at helping bank-affiliated investment vehicles that issued tens of billions of dollars in short-term debt, including commercial paper. According to the people familiar with the situation, the plan would be to create a"super conduit" that would issue short-term debt and serve as a buyer of assets currently held by so-called SIVs. These assets include securities tied to U.S. mortgages as well as debt pools called collateralized mortgage obligations.
Structured investment vehicles, known as SIVs, borrow money via short-term loans and invest that cash in higher-yielding, longer-term securities. The bank pockets the difference between the rate the SIV pays on its borrowing and the yield it earns on its investments.
Citigroup Inc., the world's largest bank in terms of market value, is one leader of the proposed plan. Citigroup has some seven affiliated SIVs with nearly $100 billion in assets.
The problems for the structures started amid the summer turndown in the credit markets. The issues weren't driven by the quality of the assets they held, but rather by their inability to find buyers for their IOUs. Unable to sell bonds at reasonable rates, many SIVs have been forced to sell assets in order to repay past borrowings. Forced asset sales in a jittery market have led to fire-sale prices.
Citigroup last month provided details on about seven SIV affiliates. Last week, Citigroup said its third-quarter earnings would fall 60% from year-earlier levels because of the August meltdown in global credit markets. Meantime, the bank is also boosting its reserves to cover deteriorating credit conditions in its consumer units.
(aus dem Wallstreet Journal).
Hier ist ein weiterer Link:
http://www.msnbc.msn.com/id/21274255/
Das ganze riecht extrem nach Resolution Trust Corporation 2. Das wesentliche Wort ist"working with financial regulators". Das ganze funktioniert nur, wenn der Steuerzahler das ganze stützt. Wieso sollte sich ansonsten eine gesunde Bank, die nicht spekuliert hat, die Schulden der Zocker von Bear Stearns und Co aufhalsen?
Nee, nee, die Verluste werden wieder sozialisiert, a la RTC, die die S&L Crisis aus den 80ern in Kalifornien mit mehr als 100 Mrd USD auf den Steuerzahler verteilte.
Gruß DT
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