Word: lehman
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...another Japanese bottom fisher took a step it had been preparing for since spring, when Kenichi Watanabe, CEO of Nomura Holdings, began raising a $5.6 billion war chest to increase his firm's international footprint. Tokyo's biggest investment bank said it would buy the Asia operations of Lehman Bros., the bankrupt Wall Street firm, and was in negotiations to take over its European operations as well. The $225-million deal saves the jobs of about 3,000 Lehman employees, some of whom expressed surprise as well as relief that they might keep their jobs. "Now we have a parent...
...Because many other Asian countries are growing at least three times as fast, most analysts view Nomura's acquisition of Lehman's Asia assets for $225 million as a steal. MUFG, too, was already looking beyond Japan for growth. In August, it paid $3.5 billion to buy the remaining 35% of Union Bank of California that it didn't already own. Union Bank of California has a relatively healthy balance sheet and its stock is undervalued, analysts...
...dominoes fell one right after another: the demise of Lehman Brothers tipping into the rushed sale of Merrill Lynch to Bank of America, followed by the federal takeover of AIG. Then, the desperate credit crunch of Wednesday caused the emergency maneuvering by the Federal Reserve and the Treasury on Thursday and Friday...
...financial woes. Asian stock markets, despite a recent rally, have tumbled in recent months on concerns over the state of the U.S. economy. Losses may also continue to mount as the financial crisis in the U.S. unfolds. Major Japanese banks, for example, have some $3 billion in exposure to Lehman Bros., which filed for bankruptcy last week. Individuals have also been hurt. In Hong Kong, hundreds of residents who purchased Lehman bonds held a protest on Sunday demanding the government help secure their investments...
...rational conclusion is simple. Just like in the past, the U.S. government remains unwilling to withstand a downturn in house prices. As every investor knows, past performance is no guarantee of future performance; yet past performance does remain a powerful market sign. Regardless of the tragic fate of Lehman Brothers, this seems like a perfect time for foreign investors to get some exposure to U.S. real estate. For if something were to go wrong, history suggests some sort of bailout will protect them, and none other than the American taxpayer will foot the bill. Despite all the talk about avoiding...