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Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
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 Posted: Tue Apr 15, 2008 1:42 am Post subject: US Tax Payer Bail-out Ideas Stabilize US Dollar, Sovereign W |
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By: Gary_Dorsch
It was “April Fools” day, and Wall Street was busy spinning bad financial news into bouts of irrational exuberance. News of a $19 billion write-down of toxic sub-prime mortgage debt at Swiss bank UBS and a $4 billion hit at Deutsche Bank might have sparked a panic sell-off in global stock markets a few weeks ago. But on “April Fools” day, the Dow Jones Industrials soared 391-points, and the broader S&P 500 Index jumped 3.6%, posting its best 2nd-quarter start since 1938.
Shares of UBS soared 18%, after the Swiss bank said it could plug the craters in its balance sheet with a $15 billion rights offering, led by a syndicate of JP Morgan, Morgan Stanley, BNP Paribas and Goldman Sachs. Shares of Lehman Bros jumped 22% after it raised $4 billion from the sale of convertible preferred shares, and squeezing bearish speculators in LEH puts in the process.
Before the “April Fools” day festivities, the S&P 500 Index had posted five straight months of losses, and a 10% slide in the first quarter. In its infinite wisdom, the stock market has already discounted a recession, which probably arrived in the first quarter. Earnings for S&P 500 companies are expected -8.1% lower in Q'1 from a year ago, down from rosy projections of +4.7% at the beginning of the quarter.
But the badly battered US financial sector soared 15% on “April Fools” day, after British PM Gordon Brown called on the Group of Seven central bankers, to stop worrying about “moral hazard” and start backing a joint plan to recapitalize global banks and buy-out the toxic sub-prime mortgages, to rescue the banking system. Of course, such a bailout initiative would be funded with taxpayer's money, with a small price of tougher regulation of the industry. “We have got to make these changes immediately,” Brown said on April 1st.
http://www.marketoracle.co.uk/Article4208.html |
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