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標題: 金融、保險股的 off-balance sheet items [打印本頁]

作者: COO 時間: 2008-9-17 12:07 標題: 金融、保險股的 off-balance sheet items

金融、保險股的 off-balance sheet items 相關資產和負債，將會是決定這些公司能否生存的關鍵！

大家從他們的 financial reports 內根本看不到這個是否黑洞。

作者: hardcat 時間: 2008-9-17 12:56

引用:

原帖由 COO 於 2008-9-17 12:07 發表
金融、保險股的 off-balance sheet items 相關資產和負債，將會是決定這些公司能否生存的關鍵！

大家從他們的 financial reports 內根本看不到這個是否黑洞。

Moreover, many banks in the US have a rising level of Level 3 Assets (Assets that are very illiquid, meaning no/few buyers), reaching a dangerous percentage.
Many of those illiquid assets are illiquid because nobody want them, they are nuclear waste like MBS, CDO, auto loans, Credit Card loans... Hence many banks are increasingly putting such assets into level 3 to prevent them from marking to market, to delay/avoid huge writedown, and of course making their balance sheet 'look' much better than they really are...
Level 3 assets' valuation are based on their own management's judgement, not basing on any market price and such, so be sure that they are way over-valued..

GS, MS for example has huge exposure to Level 3 assets relative to their total capital (a ratio of 2:1 is common)... time will tell how long can they hide this...

作者: peninsula 時間: 2008-9-17 20:58

引用:

原帖由 hardcat 於 2008-9-17 12:56 發表
ets are illiq ...

Credit card crunch is looming.

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