Word: bonde
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...sure, Cantor hasn't escaped the biggest financial meltdown in decades unscathed. The firm was a prominent player in the trading of credit default swaps, and that market for bond insurance has been battered by the rising defaults in home loans and other debts. Worse, some politicians and regulators, irked by the huge losses rung up by AIG in CDS contracts, have talked about creating a central exchange, much like the New York Stock Exchange, where the bond insurance would trade. Some have proposed doing away with CDS all together. Those changes would significantly curtail, or wipe out, Cantor...
Cantor Fitzgerald has plenty of experience dealing with crisis. Perhaps that's why the firm, which is best known for bond trading and looked like it wouldn't survive after suffering devastating losses on Sept. 11th, is weathering the recent financial turmoil better than most. Cantor is hiring and expanding into new businesses at a time when many of its larger rivals are struggling to keep their doors open...
...full each month, rather than holding a good chunk of their pay until the end of the year. "There is just too much variability in year-end pay," says Martin Teevan, who joined Cantor & Co. from Goldman Sachs in December, and is the head of high yield and distressed bond trading. "There is a lot of concern that no matter how well you do at Big Bank XYZ, you just won't get paid...
...toward building out its high-yield-debt sales and trading business. Other areas Cantor is looking to for expansion include the business of offering advice to troubled companies on how to refinance their debt. The firm is also hoping to break into the business of underwriting stock and bond offerings. "I am very happy I made the move to Cantor," says Teevan. "This place has been rebuilt and it is thriving...
...recent report from Goldman Sachs, the firm's research analysts calculated that the best of the banking industry's toxic assets are carried on banks' books at an average of $91 (on a bond with an original $100 price). But TIME's calculations suggest that the government-subsidized buyers would pay only $70, leaving the banks with a $21 loss on each bond sold...