Washington Mutual - Grösste Sparkasse der USA! Chancen & Risiken. (Seite 34234)
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Werte aus der Branche Finanzdienstleistungen
| Wertpapier | Kurs | Perf. % |
|---|---|---|
| 32,00 | +27,95 | |
| 3,1365 | +21,50 | |
| 12,700 | +19,81 | |
| 3,8000 | +18,01 | |
| 34,04 | +17,79 |
| Wertpapier | Kurs | Perf. % |
|---|---|---|
| 1,8775 | -14,17 | |
| 5,6000 | -14,50 | |
| 0,9927 | -29,60 | |
| 2,0000 | -33,33 | |
| 0,7500 | -34,78 |
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Why WaMu Has Hung On Longer Than Lehman Or Bear
By Marshall Eckblad, Of DOW JONES NEWSWIRES
NEW YORK -(Dow Jones)- If Washington Mutual Inc. (WM) were a troubled investment bank instead of a large and loss-riddled West Coast thrift, it would have closed its doors months ago.
After all, Lehman Brothers Holdings Inc. (LEH) and Bear Stearns Cos. slid from viable to insolvent in a matter of days as their stock prices plunged. Merrill Lynch & Co. (MER) had to move quickly last weekend, selling itself to Bank of America Corp. (BAC) to prevent a similar fate.
Washington Mutual's stock, in comparison, has sat at basement-level prices for months even as the thrift continues to do business, report earnings, and even give indications that things may be getting better. On Wednesday afternoon, the stock sold for $2.14, down 7.8%, a decline of 65% so far this year.
WaMu could be bought any time. JPMorgan Chase & Co. (JPM) continues to headline the list of suitors.
But WaMu's ability so far to stay independent despite its vanishing stock price reflects its ability to tap funds - including, most significantly, retail deposits - that the disappearing securities firms didn't have access to.
Lehman's and Bear Stearns' days were numbered once the investment banks' shares began to tank amid growing market chatter that had them melting down quickly.
By contrast, the slowly unfolding troubles at WaMu - which ousted its long- time Chief Executive Kerry Killinger only 10 days ago, after months of seeing its shares slide - show just how resilient traditional banks can be when markets go south.
Investors now realize that an investment bank's financial health is tied directly to how many active customers and clients that bank has. But investment- banking customers' accounts aren't insured by the government - and when Lehman's, Bear's and even Merrill's trading partners started heading for the exits, more quickly followed to avoid losing their assets.
Customers at retail banks like WaMu, however, aren't so quick to head for the door, as the government's Federal Deposit Insurance Corp. insures all deposits up to $100,000. For most bank customers, therefore, a traditional bank failure is more inconvenience than catastrophe.
"The average retail deposit" - from, say, a checking- or savings-account customer - "is much less sensitive" to a firm becoming uncreditworthy by ratings agencies' standards, says Jaime Peters, an analyst at Morningstar Inc. (MORN) While investment-banking customers must judge how likely a firm is to fail, and therefore pay close attention when ratings agencies like Standard & Poors or Moody's Investors Service downgrade a firm's creditworthiness, retail banking customers are far more insulated.
"While Lehamn was losing customers left and right" after being downgraded, says Peters, "any downgrade for WaMu doesn't normally cost them much in terms of customers."
Washington Mutual has seen a modest loss in deposits in the last few months - from $149.5 billion at the end of June to $143 billion at the end of August - but the company said in a statement last week that its level of retail deposits is "essentially unchanged from year-end 2007."
Adding slack to WaMu's tight leash is the fact that WaMu has financing agreements in place that give it access to "approximately $50 billion of liquidity from reliable funding sources," the statement said.
What's more, that funding is more stable than some firms' as most of the debt's terms don't change if and when WaMu is downgraded - which it was last week by both Moody's and S&P.
WaMu pointed out that the downgrades had little impact on its current financial condition - in stark contrast to the crisis facing American International Group Inc. (AIG), which was forced to post billions in collateral as soon as it faced a ratings downgrade.
WaMu's unsecured debt isn't "subject to ratings-based financial covenants that would result in acceleration or early maturity events or defaults," the company said. "The company does not expect the impact of S&P's actions on borrowings, collateral or margin requirements to be material."
But WaMu must nonetheless take stock of its brand's reputation - especially when the daily drumbeat of financial news continues to focus much attention on WaMu's future, and the fact that its shares trade at levels normally assigned to firms at risk of failing.
Should retail customers begin steadily heading for the exits, WaMu will find it harder to sit tight.
-By Marshall Eckblad, Dow Jones Newswires; 201-938-4306; marshall.eckblad@ dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http:// www.djnewsplus.com/al?rnd=BB07S3gOH0a%2FA3rShDugPQ%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
09-17-081614ET
Copyright (c) 2008 Dow Jones & Company, Inc.
By Marshall Eckblad, Of DOW JONES NEWSWIRES
NEW YORK -(Dow Jones)- If Washington Mutual Inc. (WM) were a troubled investment bank instead of a large and loss-riddled West Coast thrift, it would have closed its doors months ago.
After all, Lehman Brothers Holdings Inc. (LEH) and Bear Stearns Cos. slid from viable to insolvent in a matter of days as their stock prices plunged. Merrill Lynch & Co. (MER) had to move quickly last weekend, selling itself to Bank of America Corp. (BAC) to prevent a similar fate.
Washington Mutual's stock, in comparison, has sat at basement-level prices for months even as the thrift continues to do business, report earnings, and even give indications that things may be getting better. On Wednesday afternoon, the stock sold for $2.14, down 7.8%, a decline of 65% so far this year.
WaMu could be bought any time. JPMorgan Chase & Co. (JPM) continues to headline the list of suitors.
But WaMu's ability so far to stay independent despite its vanishing stock price reflects its ability to tap funds - including, most significantly, retail deposits - that the disappearing securities firms didn't have access to.
Lehman's and Bear Stearns' days were numbered once the investment banks' shares began to tank amid growing market chatter that had them melting down quickly.
By contrast, the slowly unfolding troubles at WaMu - which ousted its long- time Chief Executive Kerry Killinger only 10 days ago, after months of seeing its shares slide - show just how resilient traditional banks can be when markets go south.
Investors now realize that an investment bank's financial health is tied directly to how many active customers and clients that bank has. But investment- banking customers' accounts aren't insured by the government - and when Lehman's, Bear's and even Merrill's trading partners started heading for the exits, more quickly followed to avoid losing their assets.
Customers at retail banks like WaMu, however, aren't so quick to head for the door, as the government's Federal Deposit Insurance Corp. insures all deposits up to $100,000. For most bank customers, therefore, a traditional bank failure is more inconvenience than catastrophe.
"The average retail deposit" - from, say, a checking- or savings-account customer - "is much less sensitive" to a firm becoming uncreditworthy by ratings agencies' standards, says Jaime Peters, an analyst at Morningstar Inc. (MORN) While investment-banking customers must judge how likely a firm is to fail, and therefore pay close attention when ratings agencies like Standard & Poors or Moody's Investors Service downgrade a firm's creditworthiness, retail banking customers are far more insulated.
"While Lehamn was losing customers left and right" after being downgraded, says Peters, "any downgrade for WaMu doesn't normally cost them much in terms of customers."
Washington Mutual has seen a modest loss in deposits in the last few months - from $149.5 billion at the end of June to $143 billion at the end of August - but the company said in a statement last week that its level of retail deposits is "essentially unchanged from year-end 2007."
Adding slack to WaMu's tight leash is the fact that WaMu has financing agreements in place that give it access to "approximately $50 billion of liquidity from reliable funding sources," the statement said.
What's more, that funding is more stable than some firms' as most of the debt's terms don't change if and when WaMu is downgraded - which it was last week by both Moody's and S&P.
WaMu pointed out that the downgrades had little impact on its current financial condition - in stark contrast to the crisis facing American International Group Inc. (AIG), which was forced to post billions in collateral as soon as it faced a ratings downgrade.
WaMu's unsecured debt isn't "subject to ratings-based financial covenants that would result in acceleration or early maturity events or defaults," the company said. "The company does not expect the impact of S&P's actions on borrowings, collateral or margin requirements to be material."
But WaMu must nonetheless take stock of its brand's reputation - especially when the daily drumbeat of financial news continues to focus much attention on WaMu's future, and the fact that its shares trade at levels normally assigned to firms at risk of failing.
Should retail customers begin steadily heading for the exits, WaMu will find it harder to sit tight.
-By Marshall Eckblad, Dow Jones Newswires; 201-938-4306; marshall.eckblad@ dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http:// www.djnewsplus.com/al?rnd=BB07S3gOH0a%2FA3rShDugPQ%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
09-17-081614ET
Copyright (c) 2008 Dow Jones & Company, Inc.
RT USD 2,11
morgen wieder vorbörsliche kurse beoabchten und gehe davon
aus das mal wieder ängstliche germyn people werfen
mmhh 1,2 - 1,3 könnte es wieder klappen
morgen wieder vorbörsliche kurse beoabchten und gehe davon
aus das mal wieder ängstliche germyn people werfen
mmhh 1,2 - 1,3 könnte es wieder klappen
Washington Mutual investor agrees to take dilution
Mittwoch, 17. September 2008, 21:20 Uhr Diesen Artikel drucken | Einzelne Seite[-] Text [+] By Jonathan Stempel
NEW YORK (Reuters) - A major Washington Mutual Inc investor has waived an agreement that restricted the largest U.S. savings and loan from raising capital, a move that reflects the financial difficulties of the Seattle-based thrift.
TPG Inc, a private equity firm led by David Bonderman, had invested $2 billion earlier this year as part of a $7 billion capital raising by Washington Mutual, which has been battered by mortgage losses.
According to a U.S. Securities and Exchange Commission filing, TPG agreed to waive a provision requiring Washington Mutual to make up any dilution if the thrift raised capital at less than $8.75 per share, about what TPG paid for its stake.
The provision would have kicked in had Washington Mutual raised more than $500 million of equity for less than $8.75 per share, or sold itself for less than that price.
Washington Mutual spokesman Brad Russell declined immediate comment. TPG did not immediately return a call for comment.
Shares of Washington Mutual sank as low as $1.50 on Tuesday after its credit ratings were cut to junk status by Moody's Investors Service and Standard & Poor's, and following the bankruptcy of Lehman Brothers Holdings Inc.
While the thrift ended August with about $143 billion of retail deposits, investors are worried about its ability to cover credit problems in its mortgage business, which have led to $6.3 billion of overall losses in the last three quarters.
Many analysts have said Washington Mutual may be sold to JPMorgan Chase & Co or another buyer once there is greater clarity about its mortgage losses, which the thrift has said could reach $19 billion through
Last week, the thrift said it expects to set aside $4.5 billion for credit losses in the third quarter, down from the second quarter's $5.9 billion.
In afternoon trading, Washington Mutual shares were down 12 cents at $2.24 on the New York Stock Exchange. Their 52-week high is $39.25, set last Sept 19.
(Editing by Gerald E. McCormick)
Mittwoch, 17. September 2008, 21:20 Uhr Diesen Artikel drucken | Einzelne Seite[-] Text [+] By Jonathan Stempel
NEW YORK (Reuters) - A major Washington Mutual Inc investor has waived an agreement that restricted the largest U.S. savings and loan from raising capital, a move that reflects the financial difficulties of the Seattle-based thrift.
TPG Inc, a private equity firm led by David Bonderman, had invested $2 billion earlier this year as part of a $7 billion capital raising by Washington Mutual, which has been battered by mortgage losses.
According to a U.S. Securities and Exchange Commission filing, TPG agreed to waive a provision requiring Washington Mutual to make up any dilution if the thrift raised capital at less than $8.75 per share, about what TPG paid for its stake.
The provision would have kicked in had Washington Mutual raised more than $500 million of equity for less than $8.75 per share, or sold itself for less than that price.
Washington Mutual spokesman Brad Russell declined immediate comment. TPG did not immediately return a call for comment.
Shares of Washington Mutual sank as low as $1.50 on Tuesday after its credit ratings were cut to junk status by Moody's Investors Service and Standard & Poor's, and following the bankruptcy of Lehman Brothers Holdings Inc.
While the thrift ended August with about $143 billion of retail deposits, investors are worried about its ability to cover credit problems in its mortgage business, which have led to $6.3 billion of overall losses in the last three quarters.
Many analysts have said Washington Mutual may be sold to JPMorgan Chase & Co or another buyer once there is greater clarity about its mortgage losses, which the thrift has said could reach $19 billion through
Last week, the thrift said it expects to set aside $4.5 billion for credit losses in the third quarter, down from the second quarter's $5.9 billion.
In afternoon trading, Washington Mutual shares were down 12 cents at $2.24 on the New York Stock Exchange. Their 52-week high is $39.25, set last Sept 19.
(Editing by Gerald E. McCormick)
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Antwort auf Beitrag Nr.: 35.155.692 von stauffenberg am 17.09.08 20:31:50Viele Gruesse aus dem Urlaub!
@Stauffenberg
Jep, das muss so kommen. 8$ werden nicht fuer WaMu-Shares gezahlt, aber auch keine 2.
Viel Spass und Spannung im Ueberraschungsei Septembber 2008!
@Stauffenberg
Jep, das muss so kommen. 8$ werden nicht fuer WaMu-Shares gezahlt, aber auch keine 2.
Viel Spass und Spannung im Ueberraschungsei Septembber 2008!
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Antwort auf Beitrag Nr.: 35.155.692 von stauffenberg am 17.09.08 20:31:50
Hi Stauffenberg.................:-)
Woher weißt Du.........?
Quelle ?
Gruß
wäre ja super........mit Gewinn ordentlich raus.......!
HENNEP
Hi Stauffenberg.................:-)
Woher weißt Du.........?
Quelle ?
Gruß
wäre ja super........mit Gewinn ordentlich raus.......!
HENNEP
TPG macht den Weg frei zu einer Übernahme von WAMU.
Ich erwarte die Übernahme von WAMU durch eine andere Bank noch in dieser Woche.
Ich erwarte die Übernahme von WAMU durch eine andere Bank noch in dieser Woche.
NEW YORK (dpa-AFX) - Angesichts massiver Verluste an den Aktienmärkten hat die US-Börsenaufsicht SEC die Vorschriften für Wetten auf fallende Kurse deutlich verschärft. Die Maßnahmen sollen vor allem den teils schwer gebeutelten Finanzwerten Luft verschaffen. Der fast totale Verlust des Börsenwerts hatte etwa die Probleme bei der nun im Insolvenzverfahren steckenden Investmentbank Lehman Brothers Holdings und dem gerade vom Staat gestützten Versicherer American International Group (AIG) massiv verschärft. Die strengeren Vorschriften waren bereits vor einigen Wochen befristet bei einigen Aktien getestet worden. Sie sollen nun von diesem Donnerstag an für alle gehandelten Aktien gelten, gab die SEC am Mittwoch bekannt. Die Wetten auf fallende Kurse durch sogenannte Leerverkäufe werden allerdings nicht generell untersagt, sondern lediglich bestimmte extreme Praktiken. Kritiker von Börsenwetten auf fallende Kurse hatten immer wieder beklagt, dass Spekulanten die Notierungen so erst massiv nach unten treiben. Das Volumen dieser Leerverkäufe ('Shortselling') liegt derzeit an den Börsen auf Rekordniveau. Beim 'Shortselling' verkaufen Investoren Aktien, die sie gar nicht besitzen, sondern sich von Dritten gegen Gebühr ausleihen. Sie hoffen auf fallende Kurse, um die Titel billiger zurückerwerben und dem Ausleiher wiedergeben zu können. Die Differenz zwischen den Preisen streichen sie als Gewinn ein./fd/DP/wiz//84679614
Antwort auf Beitrag Nr.: 35.149.207 von pacoraban am 17.09.08 14:33:58
Hi paco.....................,
Was soll ich Dir sagen,nach den Geschehnissen gestern AIG und LEH?
War mir auch sicher,bin aber eines besseren durch Wall Street und die Vorgänge belehrt worden.
Im Micky Land kann man doch nichts ausschließen,Oder?
Die Ganze Zeit auf Grossen max machen,und dann sowas.....entweder Hopp oder Top.....................:-)
Schmeckt mir auch nicht....der Countdown läuft.........eine Entscheidung wird fallen.......bis Freitag oder früher...!
für JPM ein Schnäppchen,könnten sich dann für die Zukunft positiv aufstellen,dann fast Monoliner......Wacho geht es ja auch nicht so gut..............! Spannender wie im Science Fiction.....,paco Du weißt doch ,man lernt nie aus und zweitens kommt es anders wie man denkt.................:-)
gruß in den hohen Norden
Hennep
Hi paco.....................,
Was soll ich Dir sagen,nach den Geschehnissen gestern AIG und LEH?
War mir auch sicher,bin aber eines besseren durch Wall Street und die Vorgänge belehrt worden.
Im Micky Land kann man doch nichts ausschließen,Oder?
Die Ganze Zeit auf Grossen max machen,und dann sowas.....entweder Hopp oder Top.....................:-)
Schmeckt mir auch nicht....der Countdown läuft.........eine Entscheidung wird fallen.......bis Freitag oder früher...!
für JPM ein Schnäppchen,könnten sich dann für die Zukunft positiv aufstellen,dann fast Monoliner......Wacho geht es ja auch nicht so gut..............! Spannender wie im Science Fiction.....,paco Du weißt doch ,man lernt nie aus und zweitens kommt es anders wie man denkt.................:-)
gruß in den hohen Norden
Hennep
Antwort auf Beitrag Nr.: 35.149.010 von hennep am 17.09.08 14:22:31mensch henni
ich dachte du schliesst die Verstaatlichung aus jetzt besteht sogar bei dir die Möglichkeit, sinneswandel oder wie?
ich dachte du schliesst die Verstaatlichung aus jetzt besteht sogar bei dir die Möglichkeit, sinneswandel oder wie?
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