FROM WALL STREET TO LAS VEGAS, FRED VIDAL BEGINS A CRUCIAL WEEK FOR HIS STRATEGICAL PLAN 2008-2012
Mood:
energetic
Topic: WORLDWIDE
Bulletin on myspace.com/fredvidal (2,606 friends) 10 minutes ago (09/15/08):
Will 2009 be another 1929? At Modernscope Invest Corp, we hope not. But this September Wall Street Crisis is the evidence that you must be more in touch with the Stock Exchange news and network better to manage your interests and prepare the future. Beginning now, you are invited to join our Business Network on the American Web only: THE FINANCE TEAMWORK™ (For the BIZ and On the WEB™).
A Press Communique will be sent nationwide from Las Vegas, the most important Entertainment Economic Pole in the United States, according to our corporation. MODERNSCOPE™ INVEST CORP believes in Vegas and in MySpace and I believe in you, my 2,606 main page friends.
Have a good week and see you on the Web or in Town.
Fred Vidal, PhD
General Manager,
MODERNSCOPE INVEST CORP
PS: JOIN THE FINANCE TEAMWORK™ GROUPS at
http://groups. myspace. com/businesscredit
http://groups. google. com/group/businesscredit
http://finance. groups. yahoo. com/group/usabusinesscredit/
http://groups. msn. com/modernscope
http://www. linkedin. com/groups?about=&gid=156346
TIMESONLINE ARTICLE
Wall Street meltdown: your two-minute catch-up
http://business. timesonline. co. uk/tol/business/industry_sectors/banking_and_finance/article4756071. ece
The past weekend has been one of the most turbulent ever seen on Wall Street, in which some of the biggest names in the financial sector have been brought to their knees.
Lehman Brothers
The smallest of America's so-called bulge bracket banks said this morning that it had filed for Chapter 11 bankruptcy.
Rescue talks with rivals started on Friday and were overseen by the US Treasury. However, discussions failed after the authorities refused to give potential buyers billions of dollars in credit facilities to keep Lehman going until a deal was done.
The US Treasury and Federal Reserve feared infuriating voters by rescuing another bank after pouring $29 billion (£16 billion) in federal funds into Bear Stearns in February, and backing Fannie Mae and Freddie Mac, the US mortgage debt giants, to the tune of $200 billion.
Barclays, the British bank, was a key player in the rescue talks but said today that it "did not proceed because it was not possible to conclude a transaction in the best interests of Barclays' shareholders".
Lehman said today that it would continue to try to sell its asset management businesses and would take action that should allow it to continue to manage its operations, including paying staff wages.
Merrill Lynch
Bank of America (BoA) and Merrill Lynch quietly agreed a deal in which Merrill will be bought by BoA for $50 billion in shares.
Merrill had been hard hit by the credit crunch, having written down more than $40 billion worth of assets over the past year. The deal will make BoA, one of America's bigget retail banks, a banking and investment management giant.
Merrill owns 45 per cent of BlackRock, the profitable asset manager worth more than $10 billion, which was apparently interested in buying Lehman Brother's fund management assets.
AIG
AIG, one of the world's biggest insurers, is looking for $40 billion in emergency funding. According to the New York Times, AIG has asked the Federal Reserve for a $40 billion short-term loan to fight off downgrades by credit rating agencies.
It is also reportedly hoping to raise up to $20 billion from investors that reportedly include the private equity firms Kohlberg Kravis Roberts, TPG and JC Flowers
The insurer has hired JPMorgan Chase to advise it on a refinancing package and will put out a trading statement today.
Banks' $70bn rescue fund
A group of banks, including BoA, JPMorgan Chase and Citigroup, are putting together a $70 billion fund to improve liquidity in the market.
Each of the participating companies will provide $7 billion to establish the fund and will be allowed to borrow up to a third of the total fund.
Other banks, such as Barclays, Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley and UBS, will also take part and the fund could expand to allow other companies to join.
US Fed eases lending
The Federal Reserve said that it would make it easier for companies to access the central bank's cash by accepting a wider range of assets, including equities, as collateral for direct loans to investment bank.
The Fed, which is due to meet tomorrow to decide interest rates, also raised the size of the pool of available loans to $200 billion and suspended rules that prevent banks from using deposits to fund their investment banking businesses.
IT'S THE ECONOMY: WALL STREET'S A MESS
http://firstread.msnbc.msn.com/archive/2008/09/15/1398147.aspxy,
Posted: Monday, September 15, 2008 9:22 AM by Mark Murray
Filed Under: 2008, Economy, McCain, Obama
The big news of the day: “In one of the most dramatic days in Wall Street’s history, Merrill Lynch agreed to sell itself on Sunday to Bank of America for roughly $50 billion to avert a deepening financial crisis, while another prominent securities firm, Lehman Brothers, filed for bankruptcy protection and hurtled toward liquidation after it failed to find a buyer,” the New York Times reports. “The humbling moves, which reshape the landscape of American finance, mark the latest chapter in a tumultuous year in which once-proud financial institutions have been brought to their knees as a result of hundreds of billions of dollars in losses because of bad mortgage finance and real estate investments.”
Ex-Clinton senior adviser Howard Wolfson writes on his TNR blog that it's 3am on Wall Street and wonders which candidate will answer the call.
Obama released this statement at 6:18 am ET: “The challenges facing our financial system today are more evidence that too many folks in Washington and on Wall Street weren’t minding the store. Eight years of policies that have shredded consumer protections, loosened oversight and regulation, and encouraged outsized bonuses to CEOs while ignoring middle-class Americans have brought us to the most serious financial crisis since the Great Depression.”
“I certainly don’t fault Senator McCain for these problems, but I do fault the economic philosophy he subscribes to. It’s a philosophy we’ve had for the last eight years – one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else. It’s a philosophy that says even common-sense regulations are unnecessary and unwise, and one that says we should just stick our heads in the sand and ignore economic problems until they spiral into crises. Well now, instead of prosperity trickling down, the pain has trickled up – from the struggles of hardworking Americans on Main Street to the largest firms of Wall Street.”
“This country can’t afford another four years of this failed philosophy. For years, I have consistently called for modernizing the rules of the road to suit a 21st century market – rules that would protect American investors and consumers. And I’ve called for policies that grow our economy and our middle-class together. That is the change I am calling for in this campaign, and that is the change I will bring as President.”
McCain released this statement at 8:02 am ET: "The crisis in our financial markets has taken an enormous toll on our economy and the American people -- first the decline of our housing markets followed by the collapse of Bear Stearns, Fannie Mae, Freddie Mac and now Lehman Brothers. I am glad to see that the Federal Reserve and the Treasury Department have said no to using taxpayer money to bailout Lehman Brothers, a position I have spoken about throughout this campaign. We are carefully monitoring the financial markets, including the duress at Lehman Brothers that is the latest reminder of ineffective regulation and management. Efforts must also be focused on ensuring that the deposits of hardworking Americans are protected.”
Las Vegas (often abbreviated as "Vegas") is the most populous city in the state of Nevada, United States, the seat of Clark County, and an internationally renowned major resort city for shopping, entertainment, and gambling. Although established in 1905, Las Vegas officially became a city in 1911. With the growth that followed, Las Vegas became the largest American city founded in the 20th century, proceeding the 19th century founding of Chicago. As the 28th largest city in the United States, Las Vegas is one of the largest cities in the American West.
Posted by Modernscope Inc.
at 10:18 AM EDT
Updated: Monday, 15 September 2008 11:12 AM EDT
blue
rushed
vegas lucky
celebratory
suave
amorous
party time!
happy
special
lyrical
bright
