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  • jenn.cha68 jenn.cha68 Aug 16, 2008 8:39 PM Flag

    "Merry" Whitney in Fortune & Breakup time?

    Doom & Gloom from the second hottest bank bear, right Stil? ;)

    Back after being banned again. Come visit and avoid the "junk" here

    Here's another idea

    Breaking up big banks questioned as losses mount
    Saturday August 16, 1:11 am ET
    By Joe Bel Bruno, AP Business Writer
    Deals that created Citi, others questioned as universal bank model shows cracks

    NEW YORK (AP) -- America's biggest banks have suffered unprecedented losses from the ongoing credit crisis, and that's made some investors question whether the big financial conglomerates should be broken up in order to survive.
    Break-up advocates, who for months have been clamoring for Citigroup Inc. to be dismantled, got some validation of their viewpoint this past week. Europe's UBS AG -- created through the combination of Swiss Bank Corp. and Union Bank of Switzerland in 1997 -- on Wednesday laid the groundwork to tear up its business model after another quarter of steep losses.

    Though the UBS announcement was expected, it was nonetheless a departure from what executives promised during a wave of big bank deals that began in the late 1990s. The creators of global banks like Citigroup, JPMorgan Chase & Co., and HSBC Holdings PLC had promised customers and shareholders that a diverse set of businesses would shield them from economic volatility.

    But, those models haven't sheltered the banks from the subprime mortgage crisis that turned into a dislocation of the credit markets. Major global banks have taken more than $300 billion in asset write-downs, and organizations like the International Monetary Fund believe that amount could reach $1 trillion.

    And, concerns about the execution of the business model are spreading, even among those who support the idea of financial conglomerates.

    Ladenburg Thalmann's Richard X. Bove, one of the most outspoken banking analysts since the credit crisis began last year, wrote in a note that the "concept behind the creation of JPMorgan Chase has broken down."

    Bove said JPMorgan's acquisition of Chicago's Bank One in 2004 was intended to beef up its consumer business, including banking and credit cards. That would help offset problems if the capital markets, like investment banking and related areas, were to falter. The problem is that both markets are currently weak.

    "No steel company can sell steel when auto manufacturers aren't selling cars, and no bank can make big profits when there's a weakness in the housing and credit markets," he said. "They have to ride out the cycle, minimize the losses, and maximize profits when the cycle returns. You can't restructure a company to avoid that cycle."

    "In 1985, there were 14,500 banks in the U.S. -- and now there's 7,200," he said. "For the past 23 years, six of them went away each week. The big universal banks might get hit, but they stay in business and come out with a bigger share of the market than they had before."

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    • btw you're losing money

    • soon you are gonna be working for them...

    • hey, you're doing great with your LONG on BBT!! keep up the lousy work there -- BBT down again in an UP MARKET

      what's your next great investment idea, this i gotta hear

    • btw the word is you're

    • your buckets got a hole in it child, my bucket is full of gold, get ready for Hussein to take yours

    • dude, your a riot -- you actually wrote this trash? you're clueless!

    • "Nobody cares about you" Well, except you gir, who feels this great need to respond everyday. Without me and BandT where would you be, all alone with numbie. Irritates the hell outa you doesnt it. Try ignore fweeq, you cant win, I toy with you BBandT up today eh

    • Get a life STIL, you friggin joke. Nobody cares about you.

    • There are no secrets here child, first you say you know me then you say if you are who you say you are, "handsome in an old way", what a hoot. I know who I am you simply don't, you have no idea where I live, or what I do. I recall all your guesses from the past as well as your BBandT predictions that always failed to pass. You sek and encourage attention then you spurn i, what a hoot. Your past at the bank is wel known yet you blame everyone and anything there, someime its just worth it to pay to get rid of problems. What did you think of platelet lady, btw one of them is a Marine, and my lady has me forever too. Checks the mirror to see if he really is old handsome. I gotta ask the neighbor ladies when I get back from the beach 10 miler today before the storm. The Mrs and them are throwing a party tonight, wish you could be here to see some real security and confident women

    • Write me and let's chat. This is for Stil, btw, not Boater, the guy who is gay, a great lay and forever with his lady LOL!!!! That is too funny!

      Comment: I'll make you a deal. You ignore me and I'll ignore you. To begin with you know nothing about me and all I know about you is what you claim here. Based on what you have posted I have no desire to know more.

      Whether I am straight, gay, bisexual, beastial, S&M or amy other sexual orientation is none of your or anyone else's business. Am I married? That is what I told you, but this is the net and I can be whatever I want to be and maybe I just wanted you to believe that to avoid any more come ons by you.

      I am fine with who I am. I keep my life simple and value my peace an serenity and don't need screwed up people in my life. That includes you.

      So you ignore me and I'll ignore you. That seems a fair offer.

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