For several reasons that it lists as wellAs the tone used by the marks it evolvesOf Nathalie Benezet will no doubt less needDARRELL ISSArepresentative from California It is totally abnormal rail the authors of the studyWhile the deficit of the State is established at 67This is an ethic of aesthetics in gestationBank balance sheets have changed in natureBut the truth of a day is not that of the next dayCompromised last July with the highest euro to 1AIG: the outgoing CEO Robert Willumstad, could receive $ 7 million
CEO of AIG for three months, from June 2008 until his eviction by the Fed on the rescue of the U.S. insurer, Robert Willumstad emergency could receive a total of $ 7 million for severance benefits, including 4 million as a bonus in cash, according to David Schmidt, consultant of the firm James f. Reda & Associates, cited by Bloomberg.
Denis Kessler sees in the rescue of AIG's "distortion of competition."
The nationalization of the American insurer AIG is "a serious enough breach of competition", Denis Kessler, the CEO of the French reinsurer SCOR found yesterday. "There is no reason that an insurer has the support of the State while other insurers must, they cope with competition and convince the markets of their financial health", held the former Vice-President of the Medef, interviewed on radio BFM. "Normally, the insurance companies do not depend on the central banks." "See a Central Bank to lend money to an insurer is extremely surprising," he continued. For him, the US insurer AIG "suffers from the mediocrity of its investments" and that "the risks to which he exposed himself quite voluntarily." "The bankruptcy of an insurance company is not at all the same consequences as the bankruptcy of a bank player." "The systemic risk does not exist in the field of insurance and reinsurance", he still said.
Washington Mutual: the banking authorities would seek an affiliation, according to the "New York Post"
According to the American newspaper "new york post", the banking regulatory authorities would activate to find a buyer for Washington Mutual. They have made contact with several financial institutions, including Wells Fargo, JPMorgan Chase and HSBC. The Spanish Web site El Confidencial evoked the name of Santander, the Spanish giant of the Bank making no comment. The Seattle Bank is among the most exposed to the real estate sector. Always attacked on the stock market, it is now less than 4 billion and, for analyst Richard Bove of Ladenburg Thalmann, "the solution is a transaction assisted, with the sale of Washington Mutual to another party, with its losses covered by the FDIC", the Federal agency that guarantees bank deposits, knowing that the institution has many small depositors. Moreover, according to the "New York Times", Wachovia would have approached Morgan Stanley to repurchase.
The British Barclays acquires Indonesian Bank Akita
The British bank Barclays, which has acquired the U.S. operations of Lehman Brothers, announced yesterday the purchase of the small Indonesian Bank Akita for an indeterminate amount. "Akita is a small private bank with 10 branch offices in three cities in Indonesia", emphasized yesterday the direction of the British bank Barclays. Akita had in July of the assets of 959 billion rupees Indonesian, or approximately EUR 64 million. This acquisition "is in line with the strategy of Barclays increase with time exposure to emerging markets with good growth characteristics," concludes Barclays, which hopes to complete the transaction early next year.
Credit Switzerland will redeem for some 550 million dollars of bonds at auction
The Swiss Bank Credit Switzerland will redeem for 550 million (EUR 387,2 million) of bonds at auction, say "ARS" ("auction-rate securities"), to some individual investors, charities and small and medium-sized enterprises. Indeed, the Swiss banking group concluded an agreement with the justice of the State of New York and the North American Securities Administrators Association, which does not constitute "an admission of guilt", under the terms of his release. This operation is the investor who purchased their "auction-rate securities" before the date of February 14, 2008. Credit Switzerland will also seek a solution to institutional investors, those which have entrusted funds in addition to $ 10 million, and will also have to pay a fine of 15 million.
Bank of Ireland reduced its dividend in half
The Bank announced that it would reduce its dividend by 50 to preserve its capital base because of a rise in its losses on credit.
