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Wim Zwanenburg - Aju Citiparaplu

1. [verwijderd] 2 november 2007 13:48

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   Aju Citiparaplu
   
   Wim Zwanenburg - 2 nov, 13:30
   
   "Meredith Whitney van CIBC schildert een veel te zwart rapport van Citigroup, ondanks alles..."
   
   www.iex.nl/columns/columns_artikel.as...
2. Paulio 2 november 2007 14:23

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   Typefout of....
   
   Te zwart verhaal
   De analsite wil overigens in het rapport geen concreet twaalfmaands koersdoel afgeven.
3. wiegveld 2 november 2007 14:28

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   U geeft aan dat u de analiste van CIBC te negatief vindt en meldt aan het einde van uw artikel dat Citigroup meer openheid moet betrachten tav de problemen.
   U geeft daarmee in mijn ogen aan aan dat u ook niet weet wat er werkelijk bij deze bank aan de hand is. Waarom dan zo'n groot artikel???
   Zou het niet slimmer zijn om dat dan te stellen en dus ook duidelijk aan te geven dat instappen in dit fonds een loterij is met mogelijk grote nieten
4. wiegveld 2 november 2007 14:58

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   Black-Hole Banking
   Neil Weinberg, Bernard Condon and Susan Kitchens 11.12.07
   
   
   Citi and other big banks are organizing an SIV bailout. But what else is hidden by their murky accounting?
   
   Investors were shocked recently to discover Citigroup (nyse: C - news - people ) and a handful of other banks were on the hook, morally if not legally, for hundreds of billions of dollars' worth of a product so esoteric it had many scrambling for their finance dictionaries.
   
   The product, structured investment vehicles, or SIVs, didn't appear on the banks' balance sheets. Nor did SIVs show up among the liabilities banks scantily disclose as so-called off-balance-sheet items. In other words, they were a black hole. "There are no regulatory reports, no SEC filings. Everyone's in the dark," says Bert Ely, a Cato (nyse: CTR - news - people ) Institute scholar and banking consultant.
   
   Cassandras have long warned that institutional exposure to huge, poorly disclosed or undisclosed financial exotica poses systemic risk. Occasionally investors listen, as they did after Long-Term Capital Management blew up in 1998.
   
   Since then trading in everything from commercial paper to credit derivatives has soared. Bank accounting has gotten exotic as well. In the old days banks took in deposits, made loans and tallied up the results on their balance sheets. For regulators, it was a simple matter to add up assets and liabilities and declare how much capital banks needed to keep in reserve to cover losses.
   
   In recent years, though, banks have made generous use of accounting rules that permit them to use derivatives to push credit risk off their balance sheets, where disclosure and capital requirements are relatively skimpy and valuations more art than science. As derivative markets have grown, U.S. commercial banks have taken on $934 billion in exposure in them against which they are required to maintain reserves to cover potential losses.
   
   Among other ventures largely unaccounted for on balance sheets are those like Mica Funding. Large banks set it up to hold loans that could have landed on their own books. S&P bestowed an A-1 rating--its highest--for the short-term borrowings of this Channel Islands vehicle. This despite the fact that 63% of Mica's assets are rated either junk or not rated at all, and 42% aren't even identified by type. Investors have become wary of investment vehicles with such shoddy disclosure, however highly they are rated, and that has made it hard for them to continue financing themselves, says Joshua Rosner, an analyst at New York's Graham Fisher.
   
   Mica-like vehicles aren't the murkiest risk knocking around, either. Banks' off-balance-sheet accounts include only items for which they are contractually on the hook. But other items, which aren't disclosed anywhere, can also saddle them with unexpected losses.
   
   
   
   The SIVs, with $400 billion or so in assets, didn't show up on their balance sheets, their off-balance-sheet statements or anywhere else. That's because they're categorized as "bankruptcy remote vehicles," which the banks have no fiduciary duty to disclose and no contractual obligation to support.
   
   The problem with SIVs is that contracts are not the only form of binding obligation. Citigroup set up SIVs, with names like Beta, Centauri and Dorada, with $80 billion in assets. When investors began fearing they were packed with doggy paper tied to the subprime market, the financing to fund them dried up. That has left a handful of banks, led by Citigroup and with the support of Henry Paulson's Treasury, scrambling to patch together a bailout fund to buy assets from the SIVs. If Citi exercised its legal right to walk away, it would do damage to its ability to do other deals and to investor confidence generally. Contract or not, Citi is on the hook.
   
   How much risk do banks face from such noncontractual, off-off-balance-sheet activity? Quantifying it is mere speculation, Citi says. Regulators don't require banks to disclose such risks, or set aside money for them, until the banks actually step in to save the day. By then, of course, it may be too late.
   
   PS artikel van forbes bevat ookaardige grafiek.
   members.forbes.com/global/2007/1112/0...
   
   
5. handyman6 3 november 2007 17:09

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   Hoe was het ook al weer als je ,vroeger ,als piempie,kattekwaad had uitgehaald ,en je kwam thuis?Je pa ,zag het meteen aan je smoelwerk en hoe harder je ontkende,hoe meer je er van langs kreeg ,tot je vertelde wat je geflikt had..en meteen gingen de koersen vanzelf weer omhoog!H6
6. [verwijderd] 4 november 2007 13:49

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   Klopt helemaal dit verhaal. Wie is deze analist anyway? Citi heeft 2,2 TRILJOEN dollar in assets. Oeh, bibber die 30 miljard voor Citi. Dit gaat echt helemaal nergens over. Die analist is vast al bezig met inslaan. Haar man is overigens een (ex)professionele worstelaar. Je weet wel, Hulk Hogan en zijn vriendjes.
7. [verwijderd] 4 november 2007 13:54

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   quote:

   vinny j schreef:

   Klopt helemaal dit verhaal. Wie is deze analist anyway? Citi heeft 2,2 TRILJOEN dollar in assets. Oeh, bibber die 30 miljard voor Citi. Dit gaat echt helemaal nergens over. Die analist is vast al bezig met inslaan. Haar man is overigens een (ex)professionele worstelaar. Je weet wel, Hulk Hogan en zijn vriendjes.
   

   Wat het balanstotaal is, is helemaal niet relevant.
   Het gaat om de solvabiliteit en het eigen vermogen.
8. [verwijderd] 4 november 2007 14:01

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   akkoord, nu heb ik geen zin om het jaarverslag door te spitten maar hier de cijfers van citigroup op yahoo..
   
   Profitability
   Profit Margin (ttm): 24.74%
   Operating Margin (ttm): 36.55%
   
   Management Effectiveness
   Return on Assets (ttm): 1.13%
   Return on Equity (ttm): 17.82%
   
   Income Statement
   Revenue (ttm): 88.41B
   Revenue Per Share (ttm): 18.13
   Qtrly Revenue Growth (yoy): 17.40%
   Gross Profit (ttm): 146.56B
   EBITDA (ttm): N/A
   Net Income Avl to Common (ttm): 21.61B
   Diluted EPS (ttm): 4.38
   Qtrly Earnings Growth (yoy): 18.30%
   
   Balance Sheet
   Total Cash (mrq): 987.98B
   Total Cash Per Share (mrq): 198.606
   Total Debt (mrq): 901.36B
   Total Debt/Equity (mrq): N/A
   Current Ratio (mrq): N/A
   Book Value Per Share (mrq): 25.561001
   Cash Flow Statement
   Operating Cash Flow (ttm): -43.65B
   Levered Free Cash Flow (ttm): N/A
   
   Die 30 miljard, als dat al zo is, zal wel een deuk maken.. maar nou echt niet leiden tot de ondergang van zo een kolos....
9. wiegveld 4 november 2007 20:53

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   Sun Nov 4, 11:43 AM ET
   
   
   NEW YORK (Reuters) - The analyst whose downgrade of Citigroup Inc sparked a broad stock market sell-off on Thursday said she has received several death threats stemming from her research, the Times of London said.
   
   Meredith Whitney of CIBC World Markets Inc late Wednesday downgraded Citigroup to "sector underperformer," saying the largest U.S. bank by assets might need to raise more than $30 billion of capital and cut its dividend.
   
   Her downgrade triggered a 6.9 percent drop in Citigroup's shares on Thursday, leading to declines of 362 points in the Dow Jones industrial average and 2.6 percent in the Standard & Poor's 500, the biggest drop since August.
   
   It also led to renewed calls for Citigroup Chief Executive Charles Prince to step down.
   
   "People are scared to be negative, especially when a company has such a wide holding," Whitney told the Times of London in an article published Saturday.
   
   "Clients are not pleased with my call and I have had several death threats," she continued. "But it was the most straightforward call I've made in my career and I am surprised my peer analysts have been resistant. It's so straightforward, it's indisputable."
   
   Whitney did not immediately return requests for comment on Sunday. In 2005 she married John "Bradshaw" Layfield, a former World Wrestling Entertainment champion. CIBC World Markets is part of Canadian Imperial Bank of Commerce.
   
   Prince is expected to resign later Sunday at an emergency meeting of Citigroup's board of directors, the Wall Street Journal and New York Times said.
   
   His departure would follow significant losses at the bank from exposure to bad loans, mortgages and other debt. Citigroup's market value has fallen below that of Bank of America Corp, the second-largest U.S. bank by assets.
   
   (Reporting by Jonathan Stempel)
   
   
10. [verwijderd] 4 november 2007 21:29

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    quote:

    vinny j schreef:

    Haar man is overigens een (ex)professionele worstelaar. Je weet wel, Hulk Hogan en zijn vriendjes.
    

    geweldig argument