Word: calyon
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...allow AIG to pay 10% less than what it had originally promised. Those deals would have saved AIG about $1 billion. AIG later broke off those negotiations, and as with all of its other counterparties, paid UBS in full. BlackRock, in the report, said Goldman Sachs, French bank Calyon and German financial giant Deutsche Bank were also willing to strike deals...
BlackRock, though, stressed that it is unlikely that any of those banks would have been willing to make a "deep concession" on price. Nor is it clear that all of the deals, including those with SocGen or UBS, could have been completed. French regulators pressured SocGen and Calyon not to negotiate with AIG. What's more, BlackRock said that investment bank Merrill Lynch, which had recently agreed to be purchased by Bank of America, was not willing to strike a deal. If AIG had then paid off only Merrill's bond insurance in full, the other banks may have balked...
...Visibility is very poor, so it's impossible to see how badly the flagging real economy will be undermined by this," comments HervéGoulletquer, head of fixed income markets for French Investment Bank Calyon Crédit Agricole. "Growth in emerging markets next year had been expected to mitigate zero-growth anticipated in Europe and the U.S. After all that's happened, no one can say: this could be a mild slowing, or it could be severe...
Hervé Goulletquer, head of fixed income markets for Calyon, agrees that rescue plans in the U.S. and Europe have "created a complete menu to address the multiple areas of troubles threatening the banking system," thus staving off what he says would have been a "global depression." Still, he says the contagion and mutation of the crisis from one financial activity to others makes it impossible to know what to expect in macro terms in the medium run. Indeed, Paul Tsang, senior vice president at Polaris Securities in Hong Kong, says he expects the rebound to continue as investors wait...
...Neidl, director of U.S. research for airline financier Calyon Securities, says that while consolidation is not imminent, when it comes "it will be fast and furious." In an industry update dated Nov. 7, Neidl wrote that "the most probable kickoff" would be Delta bidding for Anderson's alma mater Northwest Airlines, due to no overlap in routes and a smooth integration of workforce seniority lists. Neidl, like other analysts, says that six major carriers will give way to fewer - probably three - as consolidation begins in two or three quarters, or perhaps longer...