Thread: A note of caution for those with deposits in US Banks

Zurichers Say UBS `Won't Go Bankrupt' Like Swissair (Update3)


By Christian Baumgaertel and Antonio Ligi




Oct. 2 (Bloomberg) -- Hartmuth Wetzel stood in front of UBS AG's headquarters in Zurich, watching a flat-panel screen through a window for signs of a rebound in the Swiss bank's shares.

``UBS won't go bankrupt,'' said the 65-year-old industry consultant, who was debating the financial crisis in a crowd of mostly middle-aged men nervous about the fate of Switzerland's largest bank. Wetzel said the stock had already fallen too much for him to sell it, and besides, he has his cash in the bank. ``That's my hope.''

Writedowns of $44 billion, the most by any European lender, helped cut 70 percent off UBS's market value from last year's peak and eroded confidence in the country's third-largest private employer, which traces its roots back more than 150 years. UBS, which says the three keys in its corporate logo signify confidence, security and discretion, this year reported the first outflows of client assets in almost eight years, driven by Swiss customers.

Continued here:

Bloomberg.com: Exclusive

List of institutions that claimed they were not going bust before, er, going bust:

Northern Rock
Bradford and Bingley
Bear Sterns
Lehman Brothers
Washington Mutual
Wachovia
et al...

________________

Translation into Butterfly speak:

List of institutions that claimed they were not going getting into limited difficulty, er, before going into limited difficulty:

Northern Rock
Bradford and Bingley
Bear Sterns
Lehman Brothers
Washington Mutual
Wachovia
et al...

Originally Posted by bkkandrew

the bank that Butterfly described as having a "limited difficulty"

I thought that was B&B, or are you trying again to put things in my mouth ? in the case of LBH, I believe they are being restructured.

Originally Posted by bkkandrew

And Lehman (you remember - the bank that Butterfly described as having a "limited difficulty") set to cost bondholders $350BN:

Quote:
Sandy Chen, the analyst at Panmure who's been a smart predictor of credit-crunch accidents, estimates that payments on Lehman's battered bonds could be as much as $350bn.
BBC NEWS | The Reporters | Robert Peston

so a blog is news ? and the word "could" in English is the same as "is" ?

jesus, could you be any more pathetic ?

Originally Posted by Butterfly

so a blog is news ?

If you knew anything about business and economics, you would familiarise yourself with Robert Peston and read his work. He broke the BNP Paribas story (that brought about the term credit crunch), the Northern Rock story and the HBOS shotgun marriage story.

Who he?

The Business EDITOR of the BBC. So, yes, as everyone else knows, his blog is news.

Originally Posted by Butterfly

Originally Posted by bkkandrew

the bank that Butterfly described as having a "limited difficulty"

I thought that was B&B, or are you trying again to put things in my mouth ? in the case of LBH, I believe they are being restructured.

No, you were referring to Lehman, which you admitted to here:

https://teakdoor.com/us-domestic-issu...tml#post784179

Lehman being restructured?

Their Head Office on Wall St. has been sold off to Barclays. The have gone bankrupt with a loss of $350BN being the latest estimate of bankrutcy shortfall, staff have been fired and the former CEO will probably face jail. Some restructure! I am glad I don't work in the same office as you...

That link says nothing of the sort Andrew, you have made a mistake

try again, get the correct link

and this was hilarious

I see that Butterfly's longer membership of this board allows him to 'pull rank'...

you really know nothing eh?

^I know you are old and infirm, so I will try and help you.

Butterfly was responding to an article and comment in post 668, which was entirely about Lehman. He admitted in post 669 (which the link was for) that he described Lehman having "limited difficulties".

Perhaps you are too elderly for complex matters discussed on this type of thread. I hear DD has some soup-cooking threads. Why don't you try those?

Bradford and Bingley was a building society before it was ever a bank. Likewise the Halifax in HBOS is dragging that institution down. Many banks have limited expposure to housing loans.

^Correct, it is the mortgage debt timebomb that is the start, middle and end of this crisis.

Originally Posted by DrAndy

That link says nothing of the sort Andrew, you have made a mistake

don't bother the guy live in lala land ?

Originally Posted by bkkandrew

He admitted in post 669 (which the link was for) that he described Lehman having "limited difficulties".

Lehman brokers was still operating last time I check. Do you understand the meaning of a Holdings company ? and what are the Bankruptcy laws ? you have no clue as usual and keep saying things that didn't happen,

Originally Posted by Butterfly

Lehman brokers was still operating last time I check

They are in chapter 11 bankruptcy right now. So yes they are still operating. Chapter 11 basically means they are re-organising and not entering liquidation. I think we can safely say that they aint coming out of this coma they are in right now though.

While Butterfly hallucinates about Lehman having the best year in their history, I prefer to return to reality:

U.S. Stocks Drop as Recession Concern Outweighs Bailout Passage

By Eric Martin

Oct. 3 (Bloomberg) -- U.S. stocks slid, capping the worst week for the Standard & Poor's 500 Index since the 2001 terrorist attacks, on concern the $700 billion bank bailout isn't enough to unlock credit markets and prevent a recession.

JPMorgan Chase & Co., Discover Financial Services and Lennar Corp. fell more than 7 percent as a the biggest loss of jobs in five years overshadowed congressional approval of the plan to buy banks' troubled assets. Citigroup Inc. dropped 18 percent, its steepest plunge since 1988, after Wachovia Corp. agreed to be acquired by Wells Fargo & Co., snubbing a deal to sell its banking operations to Citigroup.

The S&P 500 declined 15.05 points, or 1.4 percent, to 1,099.23. The Dow Jones Industrial Average lost 157.47 points, or 1.5 percent, to 10,325.38. The Nasdaq Composite Index slipped 29.33, or 1.5 percent, to 1,947.39. More than three stocks decreased for each that rose on the New York Stock Exchange.

``Once you get over one hurdle, you start looking at the next hurdle, and the next one is the weakness in the U.S.,'' said John Davidson, president of PartnerRe Asset Management in Greenwich, Connecticut, which invests more than $12 billion. ```There's doubt that we'll avoid a recession.''

The S&P 500 lost 9.4 percent over the last five days, dragging the gauge to an almost four-year low. The benchmark index for U.S. stocks tumbled 4 percent yesterday as reports on jobless claims and factory orders reignited concern the economy is sinking into a recession. The Dow lost 7.3 percent in the week and the Nasdaq tumbled 10.8 percent, sending both to the lowest levels since 2005.

More here (especially some important news on LIBOR leaping again):

Bloomberg.com: Worldwide

Now, I believe that this thread only has a short time to live, before the only thread on this subject of newsworthy nature will be the Martial Law one. Wall Street, commentators and investors are realising the reality and this crash will turn ugly.

Now, the following article is lengthy, so I will just post the link:

Bloomberg.com: Worldwide

There are many interesting aspects of the bailout in this article, but the most pertinent are these:

1. The actual amount authorised for 'bad asset' purchase is $250BN.

This amount represents only 2/3 of the Wachovia loans identified as 'bad' and in need of bailout. It is a fart against thunder as by granddad used to say.

2. It describes the purchase of 'troubled assets'.

This is a misnomer. There are just assets. Some assets were valued in a ridiculous manner before and now they are valued realistically. That has caused them to be classified as 'troubled'. This is deluded - an asset is worth what someone is willing to pay. It is like buying a $250K house, setting fire to it and demanding $250K for the burnt-out wreck by discribing it as 'troubled'. This will simply distort the market and ultimately leave the US taxpayer out of pocket, whilst not solving the problem of US banks being insolvent to the tune of $2-3TRILLION.

Originally Posted by Begbie

Bradford and Bingley was a building society before it was ever a bank. Likewise the Halifax in HBOS is dragging that institution down. Many banks have limited expposure to housing loans.

Andrew may drone "correct" and state the obvious, but the fact that B&B and Halifax were building societies has nothing to do with the current problems. These have been created by the later bank managements exposing themselves to high risk loans

Originally Posted by bkkandrew

While Butterfly hallucinates about Lehman having the best year in their history,

again "making up" stories that didn't happen,

Originally Posted by bkkandrew

I prefer to return to reality:

which one would that be, andrew ?

Originally Posted by DrAndy

You are one of those who shout and jump around when someone predicts something you don't agree with, then, after they have been proven right, point a finger and say "that is what I said", or "I said that in February"

so much for him to be a financial expert for all that he did was to get his predictions from that BBC blog, making it more funny !!! and since when a journalist is a financial analyst ?

Originally Posted by Spin

They are in chapter 11 bankruptcy right now.

The holdings company yes, NOT the brokers arm and a good majority of their business. Check the stories. I know most people don't and will go for the simplification of everything, it's easier. That's how our friend bkka like to read them, over simplification, and the world is coming to an end.

The Holdings company is a different legal structure. The idea is you don't "take down" all your profitable business if you have one business that goes wrong.

Originally Posted by Butterfly

Check the stories

You are quite right, as per this Lehman press release link
It quite clearly states, at the top of the document in huge bold text.....

"LEHMAN BROTHERS HOLDINGS INC. ANNOUNCES IT INTENDS TO FILE CHAPTER 11 BANKRUPTCY PETITION; NO OTHER LEHMAN BROTHERS’ U.S. SUBSIDIARIES OR AFFILIATES, INCLUDING ITS BROKER-DEALER AND INVESTMENT MANAGEMENT SUBSIDIARIES, ARE INCLUDED IN THE FILING"

Originally Posted by DrAndy

Originally Posted by bkkandrew

^I know you are old and infirm, so I will try and help you.

Perhaps you are too elderly for complex matters discussed on this type of thread. I hear DD has some soup-cooking threads. Why don't you try those?

Oh you are trying the ageism card, jolly good

can you tell me my age please? or are you just following the crowd, like most financial "experts"?

You are one of those who shout and jump around when someone predicts something you don't agree with, then, after they have been proven right, point a finger and say "that is what I said", or "I said that in February"

of course you did, you are a financial "expert"
expert at following the crowd

and boring too

68.

Anyway, if you cannot follow a simple thread, when given links and post numbers, most people would draw their own conclusions.

Originally Posted by DrAndy

Originally Posted by Begbie

Bradford and Bingley was a building society before it was ever a bank. Likewise the Halifax in HBOS is dragging that institution down. Many banks have limited expposure to housing loans.

Andrew may drone "correct" and state the obvious, but the fact that B&B and Halifax were building societies has nothing to do with the current problems. These have been created by the later bank managements exposing themselves to high risk loans

It has everything to do with the problem. The two companies loan books have always been mainly against the UK property sector. The fact that:

a) They have grown massively since conversion, increasing massively their exposure to a property crash and;

b) There has been a massive property crash in the UK.

Were the fundamental reasons why I predicted their failure in April.

Originally Posted by Butterfly

Originally Posted by DrAndy

You are one of those who shout and jump around when someone predicts something you don't agree with, then, after they have been proven right, point a finger and say "that is what I said", or "I said that in February"

so much for him to be a financial expert for all that he did was to get his predictions from that BBC blog, making it more funny !!! and since when a journalist is a financial analyst ?

Incorrect, Robert Peston was behind the curve on this for quite a while. My first post on a specialist financial forum relating to the crash was 12-months prior to the crash commencing, the date which is synonomous with Peston breaking the BNP Paribas story about having trouble with valueing their assets. Now he has caught up, being the BBC's Business Editor makes him a reliable author of source material.

Which is probably why you had never heard of him prior to me including a link on this thread.

I think that you stating a) agrees with what I said

They have grown massively since conversion, therefore it was the later bank managements that created the problem. The building societies were always fairly careful in their lending habits, they were not bonus and dividend oriented.

I am not going to be patronising and say things like "read the post" or "pay attention" or even call you a fool, as is your wont, but it is hardly worth arguing by agreeing with me

your point b) just brought home the problem. They were ignoring the market fundamentals and jumping on the greed bandwagon. As with most financial "experts" they did not know what they were doing, just concentrating on new business and increasing their bonuses.

Originally Posted by Spin

Originally Posted by Butterfly

Check the stories

You are quite right, as per this Lehman press release link
It quite clearly states, at the top of the document in huge bold text.....

"LEHMAN BROTHERS HOLDINGS INC. ANNOUNCES IT INTENDS TO FILE CHAPTER 11 BANKRUPTCY PETITION; NO OTHER LEHMAN BROTHERS’ U.S. SUBSIDIARIES OR AFFILIATES, INCLUDING ITS BROKER-DEALER AND INVESTMENT MANAGEMENT SUBSIDIARIES, ARE INCLUDED IN THE FILING"

Yes - and its assets are now being/have been sold off, including subsidiaries. For example, Wall Street Head Office building sold to Barclays. Japanese equities business and London equities business to Nomura.

If they are not bankrupt, then someone ought to tell the following list of companies that have reported loss as a result of the bankruptcy:

DOW JONES NEWSWIRES

The following is a list of companies which hold or recently held equity or debt of Lehman Brothers Holdings Inc. (LEHMQ). The list, which runs in reverse order by date of disclosure, will be updated on a daily basis as companies continue to report their exposure.
Company: Chiba Bank Ltd. (8331.TO) Lehman exposure: n/a Date of disclosure: Oct. 2 Notes: Chiba sold Y4.9 billion of holdings including Lehman corporate bonds, and the bank lowered its 2008 net profit projection due to U.S. financial turmoil. Company: GLG Partners Inc. (GLG) Lehman exposure: $95 million; Lehman holds 13.7% stake in firm Date of disclosure: Oct. 2 Notes: GLG said its Lehman exposure was less than 1% of assets managed. Company: Mega Financial Holding Co.'s (2886.TW) Mega International Commercial Bank Co. Lehman exposure: n/a Date of disclosure: Oct. 2 Notes: Mega International booked an additional $40 million loss on Lehman bonds held by its overseas branches, not including an NT$840 million loss taken for Lehman bonds held for trading purposes. On Sept. 22, Mega International recognized a NT$1.9 billion asset-impairment loss on investments in Lehman commercial paper. Company: American Safety Insurance Holdings Ltd. (ASI) Lehman exposure: $7.7 million book value in Lehman, Fannie and Freddie investments at Sept. 30 Date of disclosure: Oct. 1 Notes: American Safety will record a third-quarter pretax charge for the full book value and will book a net loss because of those and other securities-related impairments. Company: FBL Financial Group Inc. (FFG) Lehman exposure: senior subordinated bonds with $6 million amortized cost; fixed-for-floating interest rate swap with Lehman Brothers Specialty Financing, with estimated mark-to-market value $2.1 million payable to Lehman, currently being terminated Date of disclosure: Oct. 1 Notes: FBL expects a $5.2 million other-than-temporary impairment in the third quarter on its debt holdings and an unknown charge from its other relationships with Lehman. FBL previously posted collateral of $2.8 million on the swap. Company: HCC Insurance Holdings Inc. (HCC) Lehman exposure: None Date of disclosure: Oct. 1 Notes: HCC sold all of its positions in the preferred stock of Fannie, Freddie, and Wachovia and in the securities of AIG and Lehman during the third quarter. The company will realize a $19.4 million pretax loss as a result of the sales and a net realized investment loss of $12.1 million before taxes from all securities sales. Company: Hua Nan Financial Holding Co. (2880.TW) Lehman exposure: NT$370 million in bonds and bills, disclosed mid-September Date of disclosure: Oct. 1 Notes: Hua Nan Commercial Bank booked a NT$152 million loss for its Lehman investments. Company: PSB Holdings Inc. (PSBH) Lehman exposure: $2 million in debt Date of disclosure: Oct. 1 Notes: PSB expects to book a $5.4 million pretax impairment from its Lehman and Freddie holdings, including $1.8 million from its Lehman debt. Company: Shin Kong Financial Holding Co. (2888.TW) Lehman exposure: NT$2.5 billion in bonds, disclosed mid-September Date of disclosure: Oct. 1 Notes: Shin Kong Commercial Bank booked a NT$517 million loss for its Lehman investment. Company: Ace Ltd. (ACE) Lehman exposure: $167 million aggregate par value debt in Lehman and related companies, including $75 million senior debt and $92 million subordinated debt Date of disclosure: Sept. 30 Notes: More than 90% of the securities are classified as "available for sale" and are marked to market. Company: Royal Bancshares of Pennsylvania Inc. (RBPAA) Lehman exposure: $6 million in debt Date of disclosure: Sept. 30 Notes: Royal Bancshares will record a $9.6 million charge related to its investments in Lehman, WaMu and two collateralized mortgage obligations, $3.9 million of which relates to Lehman investments. Company: Wachovia Corp. (WB) Lehman exposure: Evergreen Investments' Evergreen Institutional Money Market Fund had $309 million (1.9% of assets), Money Market Fund had $110 million (1.66% of assets), Prime Cash Management had $75 million (0.97% of assets) invested in Lehman credit at Sept. 12 Date of disclosure: Sept. 15, updated Sept. 30 Notes: Wachovia will buy the Lehman debt held in the three funds, expecting the deal to be completed Oct. 1. Evergreen applied to participate in the Treasury Department's Money Market Guarantee Program. Wachovia said Sept. 15 it would support the value of the Lehman credit in the three funds. Citigroup Inc. (C) bout most of Wachovia on Sept. 29. Company: Aetna Inc. (AET) Lehman exposure: $163 million reinsurance recoverable from Lehman affiliate at Aug. 31 Date of disclosure: Sept. 29 Notes: Aetna is pursuing its claims regarding the recoverable through liquidation proceedings. Aetna took possession of the assets supporting the recoverable on Sept. 19. Company: Charles Schwab Corp. (SCHW) Lehman exposure: $50 million in senior floating rate notes due 2009 and 2010, value at 15% of par as of Sept. 26 Date of disclosure: Sept. 29 Notes: Schwab expects to book $75 million in third-quarter pretax charges for its Lehman and Washington Mutual holdings.
Company: Matrix European Real Estate Investment Trust (MERE.LN) Lehman exposure: two fixed-interest loans of EUR138.5 million and EUR10 million secured on IZD Tower, Vienna, reported in 2007 annual report Date of disclosure: Sept. 29 Notes: Matrix received notice in April that Lehman novated their interest in the loans to Landesbank Hessen-Thuringen and Deutsche Postbank AG. Company: American Equity Investment Life Holding Co. (AEL) Lehman exposure: $1.3 million preferred stock at amortized cost; $27 million unsecured counterparty exposure Date of disclosure: Sept. 26 Notes: American Equity will book an other-than-temporary charge on its Lehman holdings. Company: Danske Bank A/S (DANSKE.KO) Lehman exposure: secured deals including interest rate swaps, foreign currency and bond deals, extended facilities to Lehman units including $800 million repo transaction with 50% nominal excess cover; Lehman guaranteed $300 million repo transaction secured by prime mortgages with 30% excess cover Date of disclosure: Sept. 26 Notes: Danske doesn't expect its Lehman-related losses to exceed $100 million. Company: FPIC Insurance Group Inc. (FPIC) Lehman exposure: securities with amortized $4.1 million cost Date of disclosure: Sept. 25 Notes: n/a Company: Goodyear Tire & Rubber Co. (GT) Lehman exposure: n/a Date of disclosure: Sept. 25 Notes: Goodyear will draw $600 million from its credit lines, $360 million of which covers money locked in the Reserve Primary Fund, which broke the buck after Lehman filed for bankruptcy. Company: JPMorgan Chase & Co. (JPM) Lehman exposure: owed $23 billion Date of disclosure: Sept. 25 Notes: JPMorgan is Lehman's largest secured creditor, according to a Lehman filing. Company: Mega Financial Holding Co. (2886.TW) Lehman exposure: Mega Asset Mgmt. Co. bond fund had NT$939 million in asset-backed commercial paper, sold to sister Mega International Commercial Bank Co. Date of disclosure: Sept. 25 Notes: Mega may report a loss of as much as NT$2.6 billion. Mega International recognized a NT$1.9 billion asset impairment loss on investments in Lehman's commercial papers. The bond fund has seen major redemptions, cutting its size to NT$5 billion from more than NT$35 billion, according to a company official. Company: MetLife Inc. (MET) Lehman exposure owed $878.4 million Date of disclosure: Sept. 25 Notes: The figure comes from a Lehman filing of the seven firms holding the largest secured claims against the bank. Company: Songbird Estates PLC (SBDB.LN) Lehman exposure: leases 1 million square feet at 25 Bank Street in London to Lehman Date of disclosure: Sept. 25 Notes: Songbird said it's unclear whether its December property valuations will be hurt by Lehman's failure. Company: State Street Corp. (SST) Lehman exposure: owed $1 billion Date of disclosure: Sept. 25 Notes: The figure comes from a Lehman filing of the seven firms holding the largest secured claims against the bank. Company: Swedbank (SWDBY) Lehman exposure: owed $1.35 billion Date of disclosure: Sept. 25 Notes: Swedbank is Lehman's third-largest secured creditor, according to a filing by Lehman. Company: Bank of East Asia Ltd. (0023.HK) Lehman exposure: HK$422.8 million at Sept. 22 Date of disclosure: Sept. 24 Notes: n/a Company: Bank of New York Mellon Corp. (BK) Lehman exposure: n/a Date of disclosure: Sept. 24 Notes: Bank of NY Mellon expects to record a $425 million third-quarter charge from its support of 10 funds but does expect to remain profitable. The bank said Sept. 24 that six funds needed help to avoid "breaking the buck." Company: StanCorp Financial Group Inc. (SFG) Lehman exposure: $29 million debt securities Date of disclosure: Sept. 24 Notes: n/a Company: Allstate Corp. (ALL) Lehman exposure: $65 million estimated fair value fixed income securities at Sept. 19 (down from $185 million at June 30); $74 million net payables in counterparty exposure under master netting pacts; Lehman contributes $80 million under $1 billion credit pact Date of disclosure: Sept. 23 Notes: n/a Company: CNB Financial Corp. (CCNE) Lehman exposure: $2 million subordinated corporate bond Date of exposure: Sept. 23 Notes: CNB Financial estimates it will have a $1.3 million other-than- temporary noncash impairment charge. Company: GLG Partners Inc. (GLG) Lehman exposure: exposure "will not be material" Date of disclosure: Sept. 23 Notes: n/a Company: Harleysville Group (HGIC) Lehman exposure: $6 million in unsecured notes Date of exposure: Sept. 23 Notes: Harleysville expects to take a third-quarter investment charge.
Company: Industrial & Commercial Bank Of China Ltd. (1398.HK) Lehman exposure: some Lehman securities were among Chinese banks' primary investment choices Date of disclosure: Sept. 23 Notes: ICBC's chairman said he expects limited losses from the company's Lehman exposure. Company: Queens Walk Investment Ltd. (QWIL.LN) Lehman exposure: EUR1.66 million direct; indirect exposure through swap on which Lehman Brothers Special Financing Inc. is counterparty Date of disclosure: Sept. 23 Notes: Queens Walk would expect cashflows for its Eurosail 2006-1 securitization to be materially affected if swap payments aren't made. Company: Shinsei Bank Ltd. (8303.TO) Lehman exposure: up to Y38 billion: Y25 billion to Japanese unit and Y9 billion in corporate bonds Date of disclosure: Sept. 23 Notes: Shinsei expects a fiscal first half loss of Y15 billion from its Lehman exposure; the company previously forecast a Y28 billion profit. Shinsei also cut its full-year forecast to Y12 billion from Y62 billion. Company: Central Virginia Bankshares Inc. (CVBK) Lehman exposure: $1 million debt security Date of exposure: Sept. 22 Notes: Central Virginia Bankshares expects to record a $660,000 other-than- temporary noncash charge in the quarter ending Sept. 30. Company: Federal Agricultural Mortgage Corp. (AGM) Lehman exposure: $60 million principal amount of senior debt Date of exposure: Sept. 22 Notes: The price of Farmer Mac's Lehman securities has fallen to about 19% of its principal amount, about $48 million below the $59.9 million amortized cost of the securities at June 30. The company expects to record a noncash, other-than-temporary pretax impairment charge on its investment. On an after-tax basis, the resulting noncash impairment charge is expected to be the full amount of the loss. Company: Metropolitan Bank & Trust Co. (MBT.PH) Lehman exposure: extended PHP2.4 billion loan to Lehman's Philippine Investment One Inc. and Philippine Investment Two Inc; $20.4 million in bonds Date of disclosure: Sept. 22 Notes: Metrobank asked a local court to place the units under corporate rehabilitation to stop all claims against them. Metrobank said the loan is current. Metrobank set aside a $14 million provision. Company: Northern Trust Corp. (NTRS) Lehman exposure: 1/10 of 1% of assets under management; managed client funds hold less than 300,000 common shares (down from 7 million at bankruptcy); commingled funds hold $821 million in securities Date of disclosure: Sept. 22 Notes: n/a Company: Paris Re Holdings Ltd. (PRI.FR) Lehman exposure: $5.1 million senior debt in Lehman, affiliates Date of exposure: Sept. 22 Notes: Paris Re's Lehman exposure represents 0.09% of its total investment portfolio. Company: PMA Capital Corp. (PMACA) Lehman exposure: senior debt securities at $9 million amortized cost Date of disclosure: Sept. 22 Notes: n/a Company: United Fire & Casualty Co. (UFCS) Lehman exposure: $7.6 million debt Date of exposure: Sept. 22 Notes: A default by Lehman would cut third-quarter earnings by an added $4 million. Company: Unitrin Inc. (UTR) Lehman exposure: combined Lehman, AIG securities less than $12 million at June 30 Date of disclosure: Sept. 22 Notes: n/a Company: Accuride Corp. (ACW) Lehman exposure: Lehman Commercial Paper represents 19% of undrawn $125 million revolving credit pact Date of disclosure: Sept. 19 Notes: The impact from Lehman's bankruptcy can range from $0 to $24 million in reduced availability under the credit facility but Accuride doesn't expect it to be material to its overall liquidity position. Company: Ameren Corp. (AEE) Lehman exposure: less than $1 million pre-tax Date of disclosure: Sept. 19 Notes: Ameren doesn't expect its Lehman holdings to have a material adverse impact. Company: Calamos Asset Management (CLMS) Lehman exposure: Mutual funds have "minimal exposure" Date of disclosure: Sept. 19 Notes: n/a Company: China Citic Bank Corp. (0998.HK) Lehman exposure: $76 million Date of disclosure: Sept. 19 Notes: n/a Company: China Construction Bank Corp. (0939.HK) Lehman exposure: $191.4 million in bonds, including $141.4 million senior bonds and $50 million in subordinated bonds Date of disclosure: Sept. 19 Notes: Lehman paper accounts for 0.019% of Construction Bank's assets at June 30. Company: Cigna Corp. (CI) Lehman exposure: debt with book value $10 million Date of disclosure: Sept. 19 Notes: n/a Company: Commerzbank AG (CBK.XE) Lehman exposure: "no reason for concern" Date of disclosure: Sept. 19 Notes: Commerzbank dismissed a television report that the company had EUR300 million in Lehman exposure but didn't provide specific figures for its actual exposure.
Company: Hanmi Financial Corp. (HAFC) Lehman exposure: unsecured senior debt with $2.8 million carrying value at June 30; derivative contract with $1.2 million carrying value at June 30 Date of exposure: Sept. 19 Notes: Hanmi expects to take a noncash other-than-temporary impairment charge in the third quarter related to the senior debt and may have to take an other-than-temporary impairment charge related to derivative contract. Company: Mitsubishi UFJ Financial Group Inc. (8306.TO) Lehman exposure: $235 million Date of disclosure: Sept. 19 Notes: Mitsubishi UFJ expects a pretax hit to continuing operations of Y20 billion to Y30 billion as a result of its Lehman holdings. Company: Pathfinder Bancorp Inc. (PBHC) Lehman exposure: senior unsecured note issued at a cost of about $994,000 Date of disclosure: Sept. 19 Notes: Pathfinder will record a noncash impairment charge in the third quarter. Company: Phoenix Cos. (PNX) Lehman exposure: $16.1 million amortized Date of disclosure: Sept. 19 Notes: n/a Company: Service 1st Bancorp (SVCF) Lehman exposure: $430,000 corporate bond at book value Date of disclosure: Sept. 19 Notes: Service 1st is currently being acquired by Central Valley Community Bancorp (CVCY). Company: State Bank of India (500112.BY) Lehman exposure: $5 million floating rate notes Date of disclosure: Sept. 19 Notes: State Bank of India expects to recover 60%-70% of its total exposure. The company has made a full provision on the securities. Company: Swissquote Holding AG (SQN.EB) Lehman exposure: bonds as collateral to secure third-party transactions Date of disclosure: Sept. 19 Notes: Swissquote will take a CHF9 million charge in the third quarter but still expects the period to be profitable. Company: United Bankshares Inc. (UBSI) Lehman exposure: $10 million senior corporate bond Date of disclosure: Sept. 19 Notes: United Bankshares expects to record a noncash other-than-temporary impairment charge in the third quarter. Company: Aetna Inc. (AET) Lehman exposure: $132 million in debt securities; $163 million reinsurance recoverable at Aug. 31 from Lehman affiliate not associated with bankruptcy Date of disclosure: Sept. 18 Notes: n/a Company: Banca Popolare dell'Emilia Romagna (BPE.MI) Lehman exposure: bonds with notional value EUR23.5 million, net mark-to- market replacement risks of EUR1.6 million Date of disclosure: Sept. 18 Notes: n/a Company: BlueBay Asset Management PLC (BBAY.LN) Lehman exposure: counterparty to $50 million in trades Date of disclosure: Sept. 18 Notes: n/a Company: CRM Holdings Ltd. (CRMH) Lehman exposure: senior debt Date of disclosure: Sept. 18 Notes: CRM Holdings expects a noncash charge of $640,000 from Lehman senior debt. Company: Dexia SA (DEXB.BT) Lehman exposure: EUR500 million senior bonds including $6.5 million in direct bond exposure of FSA Date of disclosure: Sept. 18 Notes: Dexia now expects EUR350 million in related losses, down from the EUR500 million it estimated Sept. 15. On Sept. 15, the company said it had EUR500 million in unsecured direct long-term bond credit; EUR1.5 billion repo transactions and EUR282 million Negative Basis Trade AAA transactions collateralized with "haircuts" Company: Eaton Vance Corp. (EV) Lehman exposure: $15.9 million debt and stock holdings through funds at Sept. 12; $2.2 million derivatives deals with non-broker-dealer Lehman affiliate Date of disclosure: Sept. 18 Notes: n/a Company: Erie Indemnity Co. (ERIE) Lehman exposure: preferred stock, bonds Date of disclosure: Sept. 18 Notes: Erie Indemnity expects to book a third-quarter $2.4 million charge from its Lehman exposure, Erie Insurance Exchange anticipates a $12.2 million charge from its Lehman securities and Erie Family Life Insurance sees booking a $4.8 million charge on its Lehman holdings. Company: Evergreen Solar Inc. (ESLR) Lehman exposure: Lehman underwrote $374 million of 4% senior convertible notes due 2013. Date of disclosure: Sept. 18 Notes: Evergreen demanded the prompt return of 30.9 million shares from a Lehman unit, to which it had loaned the shares for a sale. The company has a "capped call transaction" to reduce the potential dilution from the conversion of 4% notes into shares of common stock. Evergreen may terminate the capped call and find a new counterparty. Company: First Mercury Financial Corp. (FMR) Lehman exposure: $3.18 million par value securities from Lehman, AIG and Freddie (book value $2.95 million at June 30). Date of disclosure: Sept. 18 Notes: n/a
Company: Freddie Mac (FRE) Lehman exposure: $400 million servicing-related exposure on single-family loans; $1.2 billion unsecured Lehman payment due Sept. 15 wasn't made Date of disclosure: Sept. 18 Notes: Freddie Mac is still evaluating the extent of exposure to Lehman and said actual losses could exceed current estimates. Company: Great-West Lifeco Inc. (GWO.T) Lehman exposure: C$101 million par value of fixed income securities Date of disclosure: Sept. 18 Notes: n/a Company: Hartford Financial Services Group Inc. (HIG) Lehman exposure: $91 million senior debt, $127 million subordinated debt, $34 million preferred stock, about $50 million unsecured counterparty exposure in connection with derivatives deals, $30 million senior debt through credit default swaps Date of disclosure: Sept. 18 Notes: n/a Company: Industrial & Commercial Bank of China Ltd. (1398.HK) Lehman exposure: $151.8 million in bonds Date of disclosure: Sept. 18 Notes: Industrial & Commercial's Lehman holdings make up 0.01% of its assets at June 30. Company: Industrial Bank Co. (601166.SH) Lehman exposure: $33.6 million in investments and contracts Date of disclosure: Sept. 18 Notes: Industrial Bank hasn't made any provision yet for the exposure. Company: Korea Investment Holdings (071050.SE) Lehman exposure: KRW169 billion in asset-backed securities for Lehman Brothers Corporate CLN through Korea Investment & Securities Date of disclosure: Sept. 18 Notes: Korea Investment hasn't decided whether to hold the securities until maturity. Company: Montpelier Re Holdings Ltd. (MRH) Lehman exposure: senior debt at cost of $19 million, capital stock at cost of less than $100,000 Date of disclosure: Sept. 18 Notes: n/a Company: Nicor Inc. (GAS) Lehman exposure: $2.6 million pretax, about $400,000 of which related to bankrupt Lehman units Date of disclosure: Sept. 18 Notes: n/a Company: OfficeMax Inc. (OMX) Lehman exposure: OMX Timber Finance Investments II LLC unit issued $735 million securitization notes secured by $817.5 million installment notes guaranteed by Lehman Date of disclosure: Sept. 18 Notes: OfficeMax said an event of default occurred under the installment notes. Company: Scor SE (SCR.FR) Lehman exposure: EUR35 million, mainly senior notes Date of disclosure: Sept. 18 Notes: Scor expects "significant recoveries" on the notes. Company: State Street Corp. (STT) Lehman exposure: "no unsecured exposure" Date of disclosure: Sept. 18 Notes: n/a Company: Straumur-Burdaras Investment Bank (STRB.IC) Lehman exposure: EUR48.2 million cash, EUR16.8 million equity at Sept. 15 related to brokerage services; EUR6 million mark-to-market gain owed on derivative portfolio Date of disclosure: Sept. 18 Notes: Lehman Brothers International Europe is a prime broker and principal counterparty to a number of Straumur-Burdaras's derivatives deals. Straumur sold credit protection referencing Lehman Brothers Holding with a EUR29 million notional value. Company: Swiss Life Holding AG (SLHN.VX) Lehman exposure: around CHF20 million in bonds Date of disclosure: Sept. 18 Notes: n/a Company: Torchmark Corp. (TMK) Lehman exposure: $82 million at Aug. 31, including $74 million senior debt, $8 million subordinated debt Date of disclosure: Sept. 18 Notes: Torchmark may have a $136 million impairment if all Lehman, Fannie, Freddie, AIG and Washington Mutual investments are other than temporarily impaired. Company: West Bancorp (WTBA) Lehman exposure: senior unsecured note for sale at cost of $2 million Date of disclosure: Sept. 18 Notes: West Bancorp expects to record a $1 million "impact" in the third quarter related to its Lehman holdings. Company: ArvinMeritor Inc. (ARM) Lehman exposure: $43 million in lending commitments from Lehman Commercial Paper Date of disclosure: Sept. 17 Notes: ArvinMeritor said the impact of Lehman's bankruptcy could range from $0 to $43 million in reduced availability but doesn't expect it to hurt its overall liquidity position. Company: B&G Foods Inc. (BGS) Lehman exposure: Lehman unit commits $3.1 million and is administrative agent for $155 million credit pact Date of disclosure: Sept. 17 Notes: B&G has never drawn upon the credit facility and has no plans to do so in the foreseeable future.
Company: Bank of China Ltd. (3988.HK) Lehman exposure: $75.62 million in bonds; New York branch extended $53.2 million in loans Date of disclosure: Sept. 17 Notes: Bank of China's Bank of China (Hong Kong) Ltd. holds the bulk of $69.21 million in bonds. The bonds and loans account for 0.01% of its total assets at June 30. Company: BOC Hong Kong (Holdings) Ltd. (2388.HK) Lehman exposure: $69.21 million, including $50 million senior unsecured bonds held by Bank of China (Hong Kong) Ltd. and a HK $150 million senior unsecured bond held by BOC Group Life Assurance Co. Date of disclosure: Sept. 17 Notes: n/a Company: Breitburn Energy Partners LP (BBEP) Lehman exposure: "limited;" counterparty to 2011 oil hedge; counterparty to $50 million interest rate swap Date of disclosure: Sept. 17 Notes: n/a Company: Dynegy Inc. (DYN) Lehman exposure: $70 million Lehman Brothers Commercial Paper commitment under $1.15 billion revolving credit facility; $850 million letter of credit facility Date of disclosure: Sept. 17 Notes: Dynegy doesn't foresee any material adverse effects. Company: Eagle Rock Energy Partners L.P. (EROC) Lehman exposure: Lehman unit has 2.6% stake in $176 million senior secured revolving credit pact Date of disclosure: Sept. 17 Notes: n/a Company: Friends Provident (FP.LN) Lehman exposure: GBP18 million nominal debt, mainly senior debt Date of disclosure: Sept. 17 Notes: The company expects the ultimate loss from its holdings to be "substantially lower" than its nominal exposure in part because of taxes and recoveries. Company: Grupo Financiero Banorte SAB (GFNORTE.MX) Lehman exposure: $22 million senior notes, counterparty to $2 million in interest rate swaps Date of disclosure: Sept. 17 Notes: The exposure represents 0.07% of Banorte's total assets and 0.6% of its capital at June 30. Company: Integrys Energy Group Inc. (TEG) Lehman exposure: $8 million pretax, or 6 cents a share, if unable to net certain units' transactions Date of disclosure: Sept. 17 Notes: Integrys doesn't expect Lehman's bankruptcy to hurt it. Company: Kinder Morgan Energy Partners LP (KMP) Lehman exposure: Lehman provides under 5% of the $1.85% credit pact; Lehman holds under 10% of Rockies Express's $2 billion facility and less than 10% of Midcontinent Express's $1.4 billion facility; Rockies Express owes less than $5 million under interest rate swap Date of disclosure: Sept. 17 Notes: Kinder Morgan owns 50% of each Rockies Express and Midcontinent Express. Company: Kingsway Financial Services Inc. (KFS) Lehman exposure: $17 million fixed income Date of disclosure: Sept. 17 Notes: n/a Company: LKQ Corp. (LKQX) Lehman exposure: two Lehman units funded about $12.4 million under a $610 term loan facility; one Lehman unit committed for $15 million under a $100 million revolving facility Date of disclosure: Sept. 17 Notes: LKQ doesn't believe Lehman's bankruptcy will have a material adverse effect. Company: Meadowbrook Insurance Group Inc. (MIG) Lehman exposure: preferred stock acquired under the ProCentury Corp. merger Date of disclosure: Sept. 17 Notes: Meadowbrook expects a pre-tax other than temporary $5.8 million impairment from Fannie, Freddie and Lehman preferred stock. Company: Mega Financial Holding Co. Ltd. (2886.TW) Lehman exposure: $115.7 million in notes through Mega International Commercial Bank Date of disclosure: Sept. 17 Notes: n/a Company: Northern Trust Corp. (NTRS) Lehman exposure: fixed-income securities, both short- and long-term; equity securities, mainly related to index strategies Date of disclosure: Sept. 17 Notes: n/a Company: Old Mutual (OML.LN) Lehman exposure: U.S. Life has collateralized counterparty exposure through derivatives contracts, securities lending deals; $50 million fixed income and $5.7 million collateralized derivatives at Sept. 12 Date of disclosure: Sept. 17 Notes: Old Mutual said its U.S. exposure isn't material within the context of Old Mutual as a whole. It doesn't expect the unwinding of its transactions to have a material impact on its earnings or capital position. Company: Petroleum Development Corp. (PETD) Lehman exposure: $21.6 million in Lehman senior notes Date of disclosure: Sept. 17 Notes: Since August 31, external managers sold $3 million of Lehman senior debt and realized $1.3 million in proceeds on the sale. Company: Plains All American Pipeline LP (PAA) Lehman exposure: "no material credit exposure" Date of disclosure: Sept. 17 Notes: n/a
Company: Portland General Electric Co. (POR) Lehman exposure: $55 million commitment from Lehman under $400 million unsecured credit pact; counterparty with Lehman Brothers Commodity Services Inc. in some power supply deals Date of disclosure: Sept. 17 Notes: Portland General will evaluate the need to seek additional credit from other banks if Lehman doesn't continue to participate in the credit pact. The company doesn't expect its exposure to Lehman to have any material adverse effect. Company: Prudential Financial Inc. (PRU) Lehman exposure: securities worth $117 million amortized (fair value Sept. 16 about one third that price); debt wit fair value $8 million (down about $16 million since June 30); $90 million in unsecured counterparty derivatives exposure Date of disclosure: Sept. 17 Notes: Prudential will take a third-quarter impairment charge on its Lehman holdings. Company: Raiffeisen Bank Aval (BAVL.UR) Lehman exposure: EUR252 million in debt through Raiffeisen Zentralbank Oestrreich Date of disclosure: Sept. 17 Notes: Raiffeisen Zentralbank is the parent company of Raiffeisen International Bank-Holding AG (RIBH.VI). Company: Reinsurance Group of America Inc. (RGA) Lehman exposure: $9.9 million in senior Lehman and AIG notes; $12 million in subordinated Lehman and AIG notes; $8.5 million amortized in Lehman and AIG preferred securities; $1.4 million in funds withheld portfolio Date of disclosure: Sept. 17 Notes: n/a Company: Rizal Commercial Banking Corp. (RCB.PH) Lehman exposure: n/a Date of disclosure: Sept. 17 Notes: Rizal is setting aside PHP980 million to cover losses that may arise from its Lehman investment. Company: SNS Reaal Group nv (39070.AE) Lehman Exposure: "negligible; counterparty in derivatives deals including interest rate swaps Date of disclosure: Sept. 17 Notes: SNS Reaal doesn't see a material impact on its earnings or capital position from unwinding its transactions. Company: Societe Generale SA (13080.FR) Lehman exposure: EUR76 million in senior debt: granted EUR3 million in loans to Lehman Date of disclosure: Sept. 17 Notes: SG estimates the replacement risk for the activities in which Lehman group companies were counterparties is around EUR400 in current market conditions. Company: Swiss Reinsurance Co. (RUKN.VX) Lehman exposure: net CHF50 million at Sept. 15, including investments, purchases or sales of CDS protection and credit reinsurance, portfolio CDS, counterparty exposure Dates of disclosure: Sept. 17 Notes: n/a Company: Targa Resources Partners L.P. (NGLS) Lehman exposure: "no significant counterparty exposure" Date of disclosure: Sept. 17 Notes: n/a Company: UBI Banca (UBI.MI) Lehman exposure: "very limited;" EUR11.3 million bond exposure at June 30; net derivatives exposure negative for EUR7 million Date of disclosure: Sept. 17 Notes: n/a Company: UniCredit SpA (UCG.MI) Lehman exposure: bonds and certificates with EUR120 million notional value Date of disclosure: Sept. 17 Notes: n/a Company: Aegon NV (30370.AE) Lehman exposure: "substantially lower" than EUR265 million though it has EUR265 million general account fixed income exposure, including credit default swaps-related exposure; also has counterparty exposure through derivatives contracts and securities lending transactions Date of disclosure: Sept. 16 Notes: Aegon said it actively lowered its Lehman exposure by about 20% throughout the year. The company's counterparty exposure is either collateralized or on bankruptcy remote entities. Company: Allianz SE (AZ) Lehman exposure: up to EUR400 million gross, excluding Dresdner Bank Date of disclosure: Sept. 16 Notes: n/a Company: Ambac Financial Group Inc. (ABK) Lehman exposure: direct exposure to 6 interest-rate currency swaps with Lehman as counterparty: "insignificant" net payable balance to Lehman; up to $137 million in reinsured surety at several brokerages; about $1.3 billion in outstanding GICs backing credit-linked notes with Lehman as counterparty Date of disclosure: Sept. 16 Notes: n/a Company: Aozora Bank Ltd. (8304.TO) Lehman exposure: sees exposure potentially less than $25 million; Y60 billion in outstanding loans, of which Y50 billion is to Lehman Brothers Japan and Y10 billion is to U.S. unit; Y9.3 billion in derivatives claims receivable Date of disclosure: Sept. 16 Notes: n/a Company: Australia & New Zealand Banking Group Ltd. (ANZ.AU) Lehman exposure: about $120 million Date of disclosure: Sept. 16 Notes: n/a
Company: Aviva PLC (AV.LN) Lehman exposure: "minimal" equity exposure; GBP270 million face value debt exposure at Sept. 15, mostly in senior debt; collateralized counterparty exposure through derivative contracts and securities lending transactions Date of disclosure: Sept. 16 Notes: Aviva expects its losses from Lehman debt holdings to be substantially" lower than face value exposure because of taxes and recoveries. Aviva doesn't expect to incur any material writedowns from unwinding its derivative contracts. Company: AXA SA (AXA) Lehman exposure: EUR300 million debt exposure net of tax and policyholder participation; "non-material" equity exposure Date of disclosure: Sept. 16 Notes: AXA holds a proprietary equity interest of about 0.05% of Lehman's common shares. AXA also holds 7.25% of Lehman's shares for third parties but says that has no impact on its own balance sheet. AXA released the EUR300 million and 7.25% figures on Sept. 15. Company: Banca Popolare di Milano S.C.A.R.L. (PMI.MI) Lehman exposure: less than EUR10 million, including equity and counterparty risk at mark-to-market Date of disclosure: Sept. 16 Notes: n/a Company: Banco de Oro Unibank Inc. (BDO.PH) Lehman exposure: n/a Date of disclosure: Sept. 16 Notes: Banco de Oro is setting aside PHP3.8 billion to cover losses related to Lehman and still expects to post a "reasonable" profit for the year. Company: Bangkok Bank PCL (BBL.TH) Lehman exposure: THB3.5 billion in short-term bonds Date of disclosure: Sept. 16 Notes: n/a Company: Bank Leumi Le Israel (LUMI.TV) Lehman exposure: $88 million Date of disclosure: Sept. 16 Notes: Bank Leumi cashed in the week of Sept. 8 on $100 million in certificates it had in Lehman. Company: BNP Paribas S.A. (13110.FR) Lehman exposure: around EUR400 million, including EUR200 million in net derivative claims, $250 million bank loan, around EUR25 million in letters of credit and "negligible" securities Date of disclosure: Sept. 16 Notes: n/a Company: Boston Properties Inc. (BXP) Lehman exposure: leases NYC office space (1.4% of Boston's square footage) with annual gross revenue $44.9 million, lease expires 2016 Date of disclosure: Sept. 16 Notes: Boston Properties expects to establish a $13.2 million reserve (before Lehman filed for bankruptcy). If Lehman rejects its lease, the company may recognize a charge equal to the aggregate carrying amount of leasing commissions, about $8.9 at June 30. Company: Boussard & Gavaudan Holding Ltd. (BGHL.AE) Lehman exposure: Doesn't see exposure above 1.1% of Sark Fund's assets under management if all claims settled; currently, 0.37% of Sark Fund's assets from trades made Sept. 12; 0.4% of fund's assets via OTC Equity Derivatives positions; 0.7% of fund's assets through loan in sub participation through Lehman Commercial Paper Inc. Date of disclosure: Sept. 16 Notes: Ninety-nine percent of Boussard & Gavaudan's Lehman holdings are in Sark Fund. Company: Chiba Bank (8331.TO) Lehman exposure: Y5 billion in corporate bonds Date of disclosure: Sept. 16 Notes: n/a Company: Chinatrust Financial Holding Co. (2891.TW) Lehman exposure: outstanding notional derivatives of NT$17.73 billion with unrealized mark-to-market gain of NT$72 million Date of disclosure: Sept. 16 Notes: n/a Company: Chuo Mitsui Trust Holdings Inc. (8309.TO) Lehman exposure: Y15 billion in loans extended Date of disclosure: Sept. 16 Notes: Chuo Mitsui doesn't expect a major change in its projected Y5 billion credit costs for the first half through September. Company: Citigroup Inc. (C) Lehman exposure: "modest" Date of disclosure: Sept. 16 Notes: n/a Company: Commonwealth Bank of Australia (CBA.AU) Lehman exposure: less than A$150 million Date of disclosure: Sept. 16 Notes: n/a Company: Credit Agricole S.A. (4507.FR) Lehman exposure: less than EUR20 million; holds no Lehman bonds Date of disclosure: Sept. 16 Notes: Credit Agricole expects the costs to replace Lehman collateralized market transactions to be less than EUR250 million. Company: DBS Group Holdings Ltd. (D05.SG) Lehman exposure: "insignificant" direct exposure Date of disclosure: Sept. 16 Notes: n/a Company: Ford (F) Lehman exposure: a Lehman affiliate committed $890 million under an $11.5 billion revolving credit facility; another unit provides $238 million under $16.3 million facilities supporting the retail securitization program of Ford Motor Credit Co. LLC. Date of disclosure: Sept. 16 Notes: n/a Company: Hertz Global Holdings Inc. (HTZ) Lehman exposure: "immaterial" Date of disclosure: Sept. 16 Notes: n/a Company: ICICI Bank Ltd. (532174.BY) Lehman exposure: "not material;" U.K. unit holds EUR57 million in senior bonds Date of disclosure: Sept. 16 Notes: ICICI's U.K. unit has already made a provision of about $12 million against investments in the bonds. The unit may need to make an additional $28 million provision based on a 50% recovery estimate. Company: ING NV (ING) Lehman exposure: EUR100 million before tax Date of disclosure: Sept. 16 Notes: ING's gross lending and bond exposure is about EUR200 million; considering hedges and collateral, the bank sees a EUR40 million pretax hit. The company expects to take a EUR60 million hit from derivative exposure. Company: Intesa Sanpaolo SpA (ISP.MI) Lehman exposure: EUR260 million, including around EUR51 million in on- balance-sheet loans, EUR3 million in guarantees, bonds for a nominal value of about EUR166 million and EUR40 million net mark-to-market replacement risk Date of disclosure: Sept. 16 Notes: n/a Company: Investec Capital Accumulator Trust Ltd. (ICA.LN) Lehman exposure: 9.64% of net asset value at Sept. 12 as counterparty to ZEBRA investments Date of disclosure: Sept. 16 Notes: n/a Company: Janus Capital Group Inc. (JNS) Lehman exposure: 1.5% of Janus Twenty Fund's assets at end of 2Q Date of disclosure: Sept. 16 Notes: n/a Company: Jyske Bank A/S (JYSK.KO) Lehman exposure: Up to DKK10 million in derivative contracts Date of disclosure: Sept. 16 Notes: n/a Company: LaPorte Bancorp Inc. (LPSB) Lehman exposure: $480,000 carrying value in debt at June 30 Date of disclosure: Sept. 16 Notes: The company intends to record a charge of about $297,000, or 6 cents a share, due to Lehman's bankruptcy filing. Company: Lincoln National Corp. (LNC) Lehman exposure: debt securities with amortized cost $100 million at Aug. 31; about $21 million exposure to counterparty risk on derivative instruments with Lehman affiliates, net of collateral, at Aug. 31; indirect exposure through investments in credit-linked notes Date of disclosure: Sept. 16 Notes: Lincoln National expects third-quarter gross realized losses to be sequentially higher but doesn't expect the losses to have a material effect on its financial condition or liquidity. Company: Macquarie Group Ltd. (MQG.AU) Lehman exposure: "negligible" Date of disclosure: Sept. 16 Notes: n/a Company: Magellan Health Services Inc. (MGLN) Lehman exposure: no direct exposure Date of disclosure: Sept. 16 Notes: n/a Company: Manulife Financial Corp. (MFC) Lehman exposure: $383 million par value fixed income investments; net derivatives exposure of $12 million Date of disclosure: Sept. 16 Notes: n/a Company: Mediolanum SpA (MED.MI) Lehman exposure: EUR160 million at Aug. 29 (original nominal value EUR213 million) Date of disclosure: Sept. 16 Notes: n/a Company: Metropolitan Bank & Trust Co. (MBT.PH) Lehman exposure: PHP959 million (about $20.4 million) in direct bond exposure; PHP2.4 billion exposure to a Philippine-based unit of Lehman Date of disclosure: Sept. 16 Notes: Metrobank has set aside a provision equivalent to $14 million using current market prices. Company: Mitsubishi UFJ Financial Group Inc. (8306.TO) Lehman exposure: $235 million net, including a Y183 million loan for Lehman's Japanese unit, a $35 million loan to the parent company and $42 million in corporate bonds Date of disclosure Sept. 16 Notes: n/a Company: Mizuho Financial Group Inc. (8411.TO) Lehman exposure: total exposure Y40 billion; net exposure less than Y20 billion Date of disclosure: Sept. 16 Notes: n/a Company: Mizuho Trust & Banking Co. (8404.TO) Lehman exposure: Y11.8 billion owed by Lehman (unrecoverable), including Y10 billion in a credit-link loan and Y1.8 billion in senior corporate bonds issued by Lehman Holdings Date of disclosure: Sept. 16 Notes: Mizuho Trust cut its net fiscal year profit view to Y9 billion from Y21 billion due to uncollectable loans to Lehman. Company: Munich Re AG (MUV2.XE) Lehman exposure: EUR350 million, including derivatives used for hedging Date of disclosure: Sept. 16 Notes: n/a
Company: Natixis (12068.FR) Lehman exposure: At Sept. 12: EUR21 million net counterparty risk on Lehman's signature; EUR34 million mark-to-market exposure linked to off- balance-sheet transactions protected by credit support annexes; counter- guarantee on a performance swap with EUR40 million placement value; EUR14 million in various counterparty risks; over-collateralized securities lending transactions with EUR267 million nominal value Date of disclosure: Sept. 16 Notes: n/a Company: New York Community Bancorp Inc. (NYB) Lehman exposure: securities with $37 million book value, including $25 million senior note and two preferred stock issues (acquired in Roslyn Bancorp Inc. merger) with combined $12 million value Date of disclosure: Sept. 16 Notes: n/a Company: NewAlliance Bancshares Inc. (NAL) Lehman exposure: preferred stock with $195,500 book value Date of disclosure: Sept. 16 Notes: n/a Company: Nordea Bank AB (NDA.SK) Lehman exposure: "insignificant" capital exposure, has traded as counterparty in derivatives transactions Date of disclosure: Sept. 16 Notes: Nordea is replacing most of its derivative contracts currently held with Lehman with other counterparties and expects the replacement costs to be "minimal." Company: Oversea-Chinese Banking Corp. (O39.SG) Lehman exposure: "not significant" Date of disclosure: Sept. 16 Notes: n/a Company: PartnerRE Ltd. (PRE) Lehman exposure: $110 million face value of fixed income securities, including $82 million in senior notes and $28 million in subordinated notes Date of disclosure: Sept. 16 Notes: PartnerRE's Lehman exposure represents less than 1% of its total investment portfolio. Company: PPL Corp (PPL) Lehman exposure: direct net exposure to Lehman Brothers Commodity Services seen below $2 million; Lehman Bros. Bank has $185 million lending commitment under $4.74 billion facility at Sept. 15 Date of disclosure: Sept. 16 Notes: n/a Company: Sempra Energy (SRE) Lehman exposure: total disclosure to Lehman and AIG expected to be less than $20 million Date of disclosure: Sept. 16 Notes: n/a Company: Sumitomo Mitsui Financial Group Inc. (8316.TO) Lehman exposure: $980 million in loans, $880 million of which is secured; Y500 million in corporate bonds Date of disclosure: Sept. 16 Notes: SMFG expects Y10 billion in losses from credits to Lehman. Company: Sumitomo Trust & Banking Co. (8403.TO) Lehman exposure: Y6 billion net exposure through derivatives Date of disclosure: Sept. 16 Notes: Sumitomo doesn't expect any impact on its earnings for the current fiscal year ending in March. Company: Swedbank AB (SWED-A.SK) Lehman exposure: $1.35 billion securities; SEK202 million unsecured, including SEK80 million in derivatives and bonds with a nominal value of SEK122 million Date of disclosure: Sept. 16 Notes: Swedbank doesn't believe any provisions are necessary at this time. Company: TXU Corp. (TXU) Lehman exposure: "not material" with respect to units' transactions; units have been counterparties with Lehman subsidiaries on energy wholesale marketing deals Date of disclosure: Sept. 16 Notes: TXU believes that as of Sept. 15 its overall corporate hedging program isn't materially impacted by the termination of its counterparty deals with Lehman. Company: UBS AG (UBS) Lehman exposure: direct and counterparty exposures, net of hedges, "substantially closed out" Date of disclosure: Sept. 16 Notes: UBS doesn't expect the costs associated with closing its Lehman exposure to exceed $300 million. Company: Washington Mutual Inc. (WM) Lehman exposure: de minimus trading exposure Date of disclosure: Sept. 16 Notes: n/a Company: Zenith National Insurance Corp. (ZNT) Lehman exposure: $12 million par value of senior debt securities Date of disclosure: Sept. 16 Notes: Zenith's Lehman holdings represent less than 0.5% of the company's total investment portfolio. Company: Ameriprise Financial Inc. (AMP) Lehman exposure: $157 million in senior notes (trading at 35% of par value); will buy up to $100 million in commercial paper (trading at 35% of par value) to maintain the $1 NAV of money market funds at its RiverSource Investments unit Date of disclosure: Sept. 15 Notes: n/a Company: Assicurazioni Generali SpA (G.MI) Lehman exposure: EUR110 million in debt, no stocks Date of disclosure: Sept. 15 Notes: n/a Company: Banco Santander SA (STD) Lehman exposure: EUR11 million direct exposure, EUR44.6 million in derivatives with collateral agreement as guarantee at Sept. 12 Date of disclosure: Sept. 15 Notes: n/a Company: Bank Hapoalim B.M. (POLI.TV) Lehman exposure: $109 million, mostly bonds and membership in first-to default basket; $15 million in net credit default swaps Date of disclosure: Sept. 15 Notes: Bank Hapoalim said its exposure in credit default swaps was recently $160 million. Company: BNP Paribas (13110.FR) Lehman exposure: "manageable" Date of disclosure: Sept. 15 Notes: According to Lehman's bankruptcy filing, BNP is owed $250 million and is one of Lehman's largest creditors. Company: Constellation Energy Group Inc. (CEG) Lehman exposure: several units have contractual relationships with Lehman Date of disclosure: Sept. 15 Notes: Constellation Energy said Lehman's bankruptcy won't hurt the company. Company: Danske Bank A/S (DANSKE.KO) Lehman exposure: "nothing worth mentioning" for parent company; comfortable with subsidiary exposure; some trading lines with "significant underlying securities Date of disclosure: Sept. 15 Notes: n/a Company: Exelon Corp. (EXC) Lehman exposure: less than $30 million pretax direct exposure to Lehman Brothers Commodity Services Inc.; $7.6 billion in credit facilities with lenders including Lehman Brothers Bank (Lehman's commitment was $238 million at Sept. 12) Date of disclosure: Sept. 15 Notes: Exelon said it won't see an adverse material effect from Lehman's bankruptcy filing. Company: Fortis (NL) N.V. (30086.AE) Lehman exposure: direct exposure via EUR137 million in bonds, including EUR5 million secured; EUR270 million collateralized in reverse repo deals; EUR7 million negative net profit and loss impact in credit default swaps; EUR117 million indirect exposure through credit default swaps bought from Lehman as protection on different companies Date of disclosure: Sept. 15 Notes: Fortis said the marked-to-market value of off-balance-sheet deals with Lehman was close to zero and are covered by a Credit Support Annex. Company: Humana Inc. (HUM) Lehman exposure: debt securities valued at $25.7 million at Sept. 12; about $29.2 million of cash collateral under securities lending program invested in Lehman at Sept. 12; assets related to an interest swap agreement with Lehman Brothers Special Financing worth about $7.1 million at June 30 Date of disclosure: Sept. 15 Notes: Humana's debt securities invested in Lehman make up about 0.5% of the company's investment portfolio. Company: KBC Group NV (KBC.BT) Lehman exposure: Seen below EUR50 million: EUR145 million purchased bonds; EUR85 million outstanding credit pacts, of which EUR30 million are secured; also has indirect exposure in underlying assets of CDOs Date of disclosure: Sept. 15 Notes: KBC Group owes EUR200 million to Lehman from professional transactions. Company: National Australia Bank (NAB.AU) Lehman exposure: "negligible;" less than A$100 million, including any exposure held in conduits Date of disclosure: Sept. 15 Notes: n/a Company: Primus Guaranty Ltd. (PRS) Lehman exposure: $80 million in credit default swaps; also has CDS exposure in bespoke tranche portfolios; has sold CDS protection to Lehman Brothers Special Financing Inc. with mark-to-market value $56 million at Sept. 12 Date of disclosure: Sept. 15 Notes: Primus expects to make cash settlement payments to its transaction counterparties. The company doesn't expect to have to make payments on its CDS in the bespoke tranche portfolios but sees capital requirements associated with each tranche increasing as a result of reduced tranche subordination. Primus intends to continue swap contracts to maturity until their mark-to-market value is zero. Company: SEB SA (12170.FR) Lehman exposure: EUR64 million, not related to shares or subordinated debt Date of disclosure: Sept. 15 Notes: n/a Company: Skandinaviska Enskilda Banken AB (SEB-A.SK) Lehman exposure: EUR64 million in bond claims, none related to shares or subordinated debt issued by the parent company Date of disclosure: Sept. 15 Notes: n/a Company: Storebrand ASA (STB.OS) Lehman exposure: n/a Date of disclosure: Sept. 15 Notes: Storebrand Livsforsikring AS booked a NOK72 million loss Monday, including NOK69 million in its customer portfolio and NOK3 million in its company portfolio. The loss represents less than 0.05% of the company's insurance reserves. SPP's equity holding in Lehman shares resulted in a NOK1.2 million booked loss. Company: Sun Life Financial Inc. (SLF) Lehman exposure: C$334 million par value of bond securities; C$15 million net value of derivative instruments; holds collateral security for net derivative exposure Date of disclosure: Sept. 15 Notes: Sun Life will book a third-quarter charge in connection with its Lehman holdings. Most of Sun Life's exposure is held in segments backing liabilities. Company: UniCredit SpA (UCG.MI) Lehman exposure: "very limited," "close to zero" Date of disclosure: Sept. 15 Notes: n/a Company: United Overseas Bank Ltd. (U11.SG) Lehman exposure: "very small and insignificant" Date of disclosure: Sept. 15 Notes: n/a Company: Wells Fargo & Co. (WFC) Lehman exposure: $199 million, including $109 million in notes and $90 million in preferred stock; $50 million in unsecured counterparty exposure; no direct lending exposure Date of disclosure: Sept. 15 Notes: Wells Fargo will record a non-cash charge to third-quarter earnings.

Originally Posted by bkkandrew

Originally Posted by DrAndy

Originally Posted by bkkandrew

^I know you are old and infirm, so I will try and help you.

Perhaps you are too elderly for complex matters discussed on this type of thread. I hear DD has some soup-cooking threads. Why don't you try those?

Oh you are trying the ageism card, jolly good

can you tell me my age please? or are you just following the crowd, like most financial "experts"?

You are one of those who shout and jump around when someone predicts something you don't agree with, then, after they have been proven right, point a finger and say "that is what I said", or "I said that in February"

of course you did, you are a financial "expert"
expert at following the crowd

and boring too

68.

Anyway, if you cannot follow a simple thread, when given links and post numbers, most people would draw their own conclusions.

As I have just said, being patronising is merely the resort of the ignorant, Your link was incorrect; if you read it there was nothing in it that made any connection with what you had said. We are not all mind readers. Post numbers? maybe in a different post?

and I am nowhere near 68, so much for numerical astuteness!