Word: jpmorgan
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...Bear Stearns careened toward its eventual fire sale to JPMorgan Chase last weekend, the cost of protecting its debt, through an instrument called a credit default swap, began to rise rapidly as investors feared that Bear would not be good for the money it promised on its bonds. Not familiar with credit default swaps? Well, we didn't know much about collateralized debt obligations (CDOs) either - until they began to undermine the economy. Credit default swaps, once an obscure financial instrument for banks and bondholders, could soon become the eye of the credit hurricane...
...from a year earlier) from transaction fees, not lending, so it doesn't have to worry nearly as much as banks do about people making their credit-card payments. Another is that the banks that own Visa stand to make more than $10 billion from the IPO--JPMorgan Chase alone should clear $1 billion--and they need the money...
...industry is free to raise prices on existing customers at any time and for any reason is tied to deregulation, which began in banking in the 1970s and effectively eliminated caps both on interest and fees. Thanks to mergers and consolidation, the top six card issuers?Bank of America, JPMorgan Chase, Citigroup, American Express, Capital One and Discover?now float about 75% of all outstanding credit-card debt, according to The Nilson Report. Consolidation allows competitors to be less competitive: from 1995 to 2005 the average late fee soared 162% from $12.83 to $33.64, according to CardTrak.com. Fees now account...
...offset issues in the far larger professional segment, though. U.S. regulations have slashed Medicare payments for imaging services performed outside hospitals. That has pared lucrative sales of new imaging machines in the U.S.--Philips' largest health-care market--as much as 10% last year, according to research by JPMorgan. Still, "Philips probably has the most defensive exposure to the nonhospital imaging market" compared with rivals Siemens and GE, according to Citigroup...
...causing Philips no such pain. With revenues touching $9 billion in 2007, the company leads the global market--illuminating offices and airports, streets and sports arenas. And with a slew of acquisitions in advanced light-emitting diode (LED) know-how, Philips is "'light' years ahead" of the competition, says JPMorgan analyst Andreas Willi...