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...Banks shares leapt 53% since early March. That's more than double the 21% jump in the overall market since stocks hit a low on March 9. Investors are pilling into financial firms in that hopes that changes in accounting rules, optimism from bank CEOs and government fixes spell the bottom for these stocks. (Read "Unemployment Rise Shows Recession Far From Over...
...that the tug of recession. "Our core view is that banks' [stocks] will not bottom until nonperforming [loan] growth decelerates," opined Goldman Sachs analyst Richard Ramsden in a report to clients on Friday. "All of the data points we track in the first quarter point to an acceleration." Banks are expected to report their results for the first few months of the year in the next two weeks. And despite positive statements from bank CEOs in recent weeks, earnings at nearly all of the nation's largest banks will likely have fallen in the first quarter versus one year...
That's hardly the last of the red ink. In mid-March, the Treasury Department unveiled a plan to help banks sell the mortgages and other soured loans that are sitting on their books. The plan may save banks money in the long run, but it could be very costly over the next year or so. The reason is simply that many banks have only minimally written down the value of these troubled loans, and once they hit the marketplace they could be valued much lower. Geithner's plan offers cheap loans to investors to try to entice them...
...biggest bad surprise for investors in bank stocks, though, could come from pools of so-called shadow assets that have been following around these banks for years. In the earlier part of this decade, banks set up a number of financing arrangements called special investment vehicles or variable interest entities. These arrangements each had different functions, but they were generally known as special purpose entities and they had the effect of keeping certain loans off bank ledgers...
...specific idea might be transformed into reality, taking social, cultural, and economic concerns into account. Students need not actually follow through on these development plans, although many do. Lebônê, the project to bring sustainable lighting solutions to Africa that recently won a $200,000 World Bank grant, was born in Edwards’ class. Students are free to choose from a variety of group projects, which are based on the work of experts that visit the class every week. The year that Zhou and Martin took ES 147, Inhalable Food was one of the options. Zhou jumped...