Volgens de Volkskrant is de 'schade banken groter dan gedacht'. Dat is een opmerkelijke kop want de lezers van deze weblog kunnen al zeker twee jaar lang lezen dat een ingrijpende financiele crisis onvermijdelijk was. Dus of de Volkskrant begijpt niet hoe het neoliberale systeem functioneert of de krant heeft al die tijd de zaak bedrogen. In beide gevallen zou de redactie haar excuses moeten aanbieden. Hoe dan ook, de crisis is niet meer te negeren.
'Dow Down 500
http://www.truthout.org/article/wall-streets-turmoil-sends-stocks-reeling
Tuesday 16 September 2008
by: Michael M. Grynbaum, The New York Times
http://www.truthout.org/article/wall-streets-turmoil-sends-stocks-reeling
Tuesday 16 September 2008
by: Michael M. Grynbaum, The New York Times
The churn of a rapidly changing financial landscape left Wall Street cold on Monday, as a late afternoon sell-off sent the stock market to its worst daily loss in seven years.
The Dow Jones Industrial Average plummeted more than 500 points - its worst session since the days after the Sept. 11, 2001 terrorist attacks.
The blue-chip index spent the entire day in negative territory, but the losses did not begin approaching dramatic levels until late in the afternoon. In the last 30 minutes of trading, investors seemed to give in to their fears about the health of the financial system, igniting a wave of selling that sent the Dow, already about 300 points lower, to a 504.48 point decline for the day.
The Standard & Poor's 500-stock index fared even worse, losing 4.7 percent, and the technology-heavy Nasdaq composite index fell 3.2 percent.
In Europe, benchmark stock indexes were off nearly 4 percent in London and Paris and almost 3 percent in Frankfurt.
In a briefing in Washington, the Treasury secretary, Henry M. Paulson Jr., said the financial markets were going through a tough time "as we work off some of the past excesses," but that Americans could "remain confident in the soundness and the resilience of our financial system."
"Let me step back a bit and provide a little perspective," Mr. Paulson said. "As I've long said, the housing correction is at the root of the challenges facing our markets and our financial institutions. I believe that we've taken very important steps with respect to Fannie Mae and Freddie Mac, and they're amongst the most important actions we can take to work through this turmoil."
The secretary said he was committed "to working with regulators here and abroad, as well as policy makers in Congress to take additional necessary steps" to stabilize the markets. But while emphasizing that the government was prepared to play an important role "because, as you've heard me say, nothing is more important right now than the stability of our capital markets," he declined to be very specific on what that role should be.
On Wall Street, Lehman shares fell 95 percent on Monday, to just over
21 cents a share. Another company at the center of the concerns, American International Group, saw its stock fall 61 percent, down to $4.76 a share, even as state officials in New York stepped in to provide financial assistance in the face of a potential downgrade from credit ratings agencies and the Federal Reserve asked two banks to develop a $70 billion loan package.
Gov. David A. Paterson said the state would allow A.I.G. to borrow $20 billion from its subsidiaries to bolster its capital as it faces potentially disastrous credit downgrades. Investors remain concerned that the company does have not have enough capital to withstand cuts to its debt rating.
A.I.G. approached the state for help, Mr. Paterson said, and state officials worked closely with the firm throughout the weekend. A.I.G. has sought a $40 billion bridge loan from the Federal Reserve as a lifeline, as the three-part rescue plan it had devised appeared to crumble, a person briefed on the matter said.
On Wall Street, as Lehman employees fretted about their fate and wondered how their firm will be broken apart, the chiefs of Bank of America and Merrill Lynch put on a positive face about their unexpected $50 billion deal.
In New York, Kenneth D. Lewis, chief executive of Bank of America, said that he did not want to risk losing the opportunity to buy Merrill, a name-brand wealth management giant. "Merrill had the liquidity and capacity to see this through," Mr. Lewis said.
Merrill's stock closed nearly flat, one of the only major financial firms that did not suffer steep losses. Shares of Bank of America were down
21 percent; Morgan Stanley lost 13.5 percent, and Goldman Sachs was off 12 percent.
Although Mr. Lewis said Monday that no decisions had been made about layoffs, thousands of people were expected to lose their jobs. One group that seemed relatively safe was Merrill's 17,000 financial advisers, which Mr. Lewis called "the crown jewel of the company." Bank of America may offer Merrill's brokers a bonus to stay after the merger, he said.But a white knight did not appear at Lehman Brothers over the weekend, and the investment bank began the task of trying to reorganize and sell assets under court protection.'
The Dow Jones Industrial Average plummeted more than 500 points - its worst session since the days after the Sept. 11, 2001 terrorist attacks.
The blue-chip index spent the entire day in negative territory, but the losses did not begin approaching dramatic levels until late in the afternoon. In the last 30 minutes of trading, investors seemed to give in to their fears about the health of the financial system, igniting a wave of selling that sent the Dow, already about 300 points lower, to a 504.48 point decline for the day.
The Standard & Poor's 500-stock index fared even worse, losing 4.7 percent, and the technology-heavy Nasdaq composite index fell 3.2 percent.
In Europe, benchmark stock indexes were off nearly 4 percent in London and Paris and almost 3 percent in Frankfurt.
In a briefing in Washington, the Treasury secretary, Henry M. Paulson Jr., said the financial markets were going through a tough time "as we work off some of the past excesses," but that Americans could "remain confident in the soundness and the resilience of our financial system."
"Let me step back a bit and provide a little perspective," Mr. Paulson said. "As I've long said, the housing correction is at the root of the challenges facing our markets and our financial institutions. I believe that we've taken very important steps with respect to Fannie Mae and Freddie Mac, and they're amongst the most important actions we can take to work through this turmoil."
The secretary said he was committed "to working with regulators here and abroad, as well as policy makers in Congress to take additional necessary steps" to stabilize the markets. But while emphasizing that the government was prepared to play an important role "because, as you've heard me say, nothing is more important right now than the stability of our capital markets," he declined to be very specific on what that role should be.
On Wall Street, Lehman shares fell 95 percent on Monday, to just over
21 cents a share. Another company at the center of the concerns, American International Group, saw its stock fall 61 percent, down to $4.76 a share, even as state officials in New York stepped in to provide financial assistance in the face of a potential downgrade from credit ratings agencies and the Federal Reserve asked two banks to develop a $70 billion loan package.
Gov. David A. Paterson said the state would allow A.I.G. to borrow $20 billion from its subsidiaries to bolster its capital as it faces potentially disastrous credit downgrades. Investors remain concerned that the company does have not have enough capital to withstand cuts to its debt rating.
A.I.G. approached the state for help, Mr. Paterson said, and state officials worked closely with the firm throughout the weekend. A.I.G. has sought a $40 billion bridge loan from the Federal Reserve as a lifeline, as the three-part rescue plan it had devised appeared to crumble, a person briefed on the matter said.
On Wall Street, as Lehman employees fretted about their fate and wondered how their firm will be broken apart, the chiefs of Bank of America and Merrill Lynch put on a positive face about their unexpected $50 billion deal.
In New York, Kenneth D. Lewis, chief executive of Bank of America, said that he did not want to risk losing the opportunity to buy Merrill, a name-brand wealth management giant. "Merrill had the liquidity and capacity to see this through," Mr. Lewis said.
Merrill's stock closed nearly flat, one of the only major financial firms that did not suffer steep losses. Shares of Bank of America were down
21 percent; Morgan Stanley lost 13.5 percent, and Goldman Sachs was off 12 percent.
Although Mr. Lewis said Monday that no decisions had been made about layoffs, thousands of people were expected to lose their jobs. One group that seemed relatively safe was Merrill's 17,000 financial advisers, which Mr. Lewis called "the crown jewel of the company." Bank of America may offer Merrill's brokers a bonus to stay after the merger, he said.But a white knight did not appear at Lehman Brothers over the weekend, and the investment bank began the task of trying to reorganize and sell assets under court protection.'
1 opmerking:
Koppen vandaag in de Maximabode:
Telegraaf: Nederland staat er goed voor
Volkskrant: Onzeker jaar voor Nederland
Trouw: Kabinet vol vertrouwen onzeker jaar in
Algemeen Dagblad: Bijna iedereen gaat erop vooruit
BNR Nieuwsradio: Vormt de wereldwijde financiële crisis een gevaar? (antw. nee)
Trouw: (Bos) 'Nederland houdt zich staande in trillende wereld'
Ondertussen in de economiesecties:
Telegraaf: Oud ABN-topman Kalff somber over kredietcrisis
Volkskrant: Kredietcrisis treft nu ook grote verzekeraar
Het Nieuwsblad: Financiële tsunami overspoelt beurzen
De Standaard: Dominostenen vallen op Wall Street
Algemeen Dagblad: Aardbeving in financiële wereld
Telegraaf: Bankenmalaise VS heeft wereldwijd gevolgen
Maar weest gerust, bij ons is uw geld veilig:
Lex Hoogduin, chief economist Robeco
"De kredietcrisis moet de komende weken zijn weg vinden. Ik zou als particulier vooral blijven zitten waar je zit, want deze markt is zo beweeglijk dat deze niet valt te timen."
Lucien Carton, Fortis
"Het is voor ons reden om nog actiever op te treden bij het managen van onze fondsen, vooral als de risico’s toenemen."
Knut Harald Nilsson, SKAGEN Kon-Tiki
"Als we kijken naar de reële economie dan zien we dat de groei in opkomende markten nog steeds gezond is. ... De winstverwachtingen van bedrijven zijn momenteel lager, maar deze ontwikkeling is al inbegrepen in de koersen. Wijzelf hebben maar weinig beleggingen in banken, maar we zien als gevolg van de kredietcrisis wel wat kansen ontstaan. ... We beleggen alleen in ondernemingen die solide zijn."
Eric le Coz, Carmignac Gestion
"Maar veel van het slechte nieuws lijkt al verrekend in de beurskoersen in landen en sectoren die we als het meest cyclus bestempelen. Wij concentreren ons in deze situatie op aandelen van bedrijven waarvan het gezonde bedrijfsmodel en de kwaliteit van het management borg staan voor het scheppen van waarde. Daar profiteren uiteindelijk onze portefeuilles ook van."
Roger Doig, Schroders
"Banken met soortgelijke businessmodellen als Lehman Brothers staan voor een uitdaging: ze moeten hun eigen vermogen zien te verhogen. Dat is precies wat Merrill Lynch heeft ingezien en het heeft – verstandig genoeg – onderdak gezocht bij het depositorijke Bank of America."
Manengu Peters, hedge fund-specialist Attica
"Ik moet daar wel bij opmerken dat we ons ook niet geheel onttrekken aan het extreme negatieve sentiment. Maar we hebben wel de instrumenten om op een daling in de markt zo goed mogelijk in te spelen waardoor onze portefeuilles op een wat langere termijn betere resultaten vertonen dan de traditionele beleggingsstrategieën"
Tom Elliot, JPMorgan
"Markten haten slecht nieuws en dat aandelenmarkten wereldwijd daalden, is dan ook begrijpelijk. Daarentegen: de FED en de Amerikaanse overheid stonden het faillissement van Lehman Brothers toe. Ze geloven nu dus dat ze de systemen in werking hebben gezet om met dit faillissement om te gaan. De autoriteiten vinden dat ze de markt de gevolgen kunnen laten ondervinden, in plaats van de belastingbetaler het geld te laten ophoesten. Dat kan als een teken van vertrouwen worden gezien."
Marc van Heel, obligatiespecialist PIMCO
"Stringent risicomanagement en een beleggingsproces dat zich door de jaren heen bewezen heeft, zijn ons inziens de ingrediënten die PIMCO onderscheiden van concurrenten en die er voor zorgen dat klanten hun beleggingen beschermd weten in deze crisis."
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