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Fri Nov 21

• FT.com / Lex / Financial services & property - Citi options: The simple problem is that Citi, like most banks, remains leveraged to the hilt. Worse, the market?s renewed focus on banks? assets versus their tangible common equity renders the government?s injections of preferred stock redundant. This is perhaps unfair ? preference shares do help to pay the bills. Citi maintains it can, with sound fundamentals, tough out the market?s frenzy, opting for inaction over a kneejerk move. The authorities? assuming effective control through purchases of common stock is unlikely. An engineered carve-up is less so. Either way, the government is again singled out as the only party in a position to assuage fears. If action is required, it will be theirs.
• Contract Management Software - Contract Management Software - Contraxx by ECTEON: Contract Management Software - Contraxx by ECTEONContract Management Software by Ecteon. For over 20 years, Ecteon has worked with organizations to centralize, standardize and systemize the contract management lifecycle to Source: www.ecteon.com DiCa...
• This is Not Financial Meltdown - Finance Blog - Felix Salmon - Market Movers - Portfolio.com: this is no reprise of the financial crisis we saw in the wake of Lehman's collapse. Rather, it's an old-fashioned economic crisis, which severely erodes the equity of leveraged banks, but where money still flows and even the occasional IPO can get away if it's priced at a discount. Or, to put it another way: it's a bear market, not a financial meltdown. Which might be little solace to anybody whose stocks have been crushed of later, but which might help reassure policymakers at least a little.
• What's Happening to Berkshire Hathaway? - Finance Blog - Felix Salmon - Market Movers - Portfolio.com: So yes, Berkshire might be looking cheap -- but other stocks are looking cheaper, and always remember that Berkshire, like any insurance company, is very highly leveraged, with contingent liabilities many times higher than its asset base. AIG and the monolines were brought down because they stopped insuring real-world risks and started insuring financial risks. Berkshire' ;s in the same business, with its credit default swaps and equity puts. Which means that in fraught times like these, there will be lots of question marks over its real value.
• Pushing on a string - Paul Krugman Blog - NYTimes.com: Bernanke?s problem, and ours. This picture shows the target Fed funds rate, the usual tool of monetary policy; the 10-year Treasury rate; and two rates that actually matter to the private sector, the mortgage rate and the rate on Baa-rated corporate bonds. The Fed has had no success in reducing mortgage rates, and corporate borrowing costs have gone up, not down. Add in falling expectations of inflation, and in real terms monetary policy has gotten tighter, not easier.
• The Epicurean Dealmaker: Graveyard Spiral: While descending turns are commonly performed by pilots as a standard flight manoeuvre, the spiral dive is differentiated from a descending turn owing to its feature of accelerating speed. It is therefore an unstable flight condition and pilots are trained to recognise its onset, and to implement recovery procedures safely and immediately. Without intervention by the pilot, acceleration of the aircraft will lead to structural failure of the airframe, either as a result of excess aerodynamic loading or flight into terrain. Spiral dive training therefore revolves around pilot recognition and recovery.
• Modulo: Governance, Risk, Compliance, Management, software, IT
• End of the beginning? ? Crooked Timber: "The national bankruptcy of Iceland seems likely to followed by something similar for Switzerland&qu ot; - too big to fail, too big to save
• naked capitalism: The Ill-Considered Problem of a GM Bankruptcy: However, a second, and potentially far more damaging issue, may have been largely overlooked. The proponents of letting GM go argue that it can go into Chapter 11 just like other big companies that get themselves in trouble. That may not come to pass, and a Chapter 7 (liquidation) would be a seismic event. We have noted more than once on this blog that debtor-in-poss ession financing, along with other forms of credit, has become virtually non-existent and costly. DIP is essential for most Chapter 11 bankruptcies. Why? It actually takes time to get the plan of reorganization approved by creditors and the courts. Most companies, and GM is in that category, head to bankruptcy court when they are at the end of their rope liquidity-wise .
• Curious Cat - What's the Value of a Big Bonus?: Extracted from the NYT (once again their website is functionally borked) - "the offer of a higher bonus led to poorer performance&qu ot; - Dan Ariely (NYT, Nov 2008) - cf. Alfie Kohn (NYT, 1993, plus ca change) - risk of extrinsic motivation (betting the farm/company/c ountry)

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