Word: better
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...fall than its rivals. The stock trades at a price-to-book multiple of 1.6; JPMorgan, another bank deemed to be in relatively good shape, has a price-to-book of just 1. On earnings, Wells trades at 16 times its expected bottom line this year. That's better than even Goldman Sachs, which has a price-to-earnings multiple of just...
...Some economists think it will be even worse than the government thinks. New York University economist Nouriel Roubini estimates that as much as 17% of commercial real estate loans could eventually go unpaid. Regulators wouldn't say why the government predicted that Wells' commercial loan portfolio would perform better than other banks. But if it doesn't, Wells' bottom-line losses could be a big negative surprise. If Roubini's estimates are right, Wells could have an additional $19 billion in commercial loan losses...
...Better to break hearts locally than shatter the greater economy - and that's what the collapse of GM and Chrysler threatens to do, according to the White House auto task force that is undertaking the monumental rescue mission. In the deal being cobbled, GM's stockholders will be wiped out, replaced as equity owners by the Treasury Department, with 70%, and the United Auto Workers (UAW), with 17.5%. GM's business in Europe, Opel, will be sold. As many as 14 U.S. factories are marked to close. The iconic Pontiac brand is probably finished. Under a new labor agreement with...
...Obama asked Rattner to rate the chance that a Fiat deal could be struck, given all the competing interests and Chrysler's extremity. "Fifty-one percent," Rattner answered. "And in my experience, deals get worse, they don't get better" as they take concrete form. On that note, Obama decided to press ahead, sparing Chrysler from the merciless marketplace...
...long time in coming, but in a sense, its case was more promising than Chrysler's. Given the strides GM has been making to repair decades of mismanagement - streamlining production, coordinating design, improving quality - there was a chance the company might have saved itself in a better economy. But with American vehicle sales dropping from 16 million in 2007 to a projected 9 million or 10 million this year, GM had no hope of servicing its massive debt. (See the 12 most important cars of all time...