The hidden costs of college
Think tuition is high enough already? Just wait for all the unexpected 'extras' you'll have to cover. MSN Money's Liz Pulliam Weston shares the clever ways some experienced students and parents save.
Wednesday, September 10, 2008
Lehman strategic plan in sight as KDB talks end
SEOUL/LONDON (Reuters) - Lehman Brothers will try to regain investor confidence on Wednesday with a set of "key strategic initiatives" as hopes for a Korean-led rescue crumbled only hours ahead of the planned announcement.
The struggling U.S. investment bank's plan could include the sale of a package of British real estate assets to BlackRock Inc to raise much-needed capital and survive the credit crisis.
Earlier on Wednesday state-run Korea Development Bank confirmed talks had ended with Lehman Brothers Holdings Inc over a possible investment.
The Wall Street Journal reported on its website that Lehman is in talks with BlackRock over the sale of UK residential real estate assets and could unveil a separate plan to spin off some commercial real estate assets into a new company, citing people familiar with the matter.
Blackstone and Kohlberg Kravis Roberts are each looking to buy parts of Lehman's real estate and asset management units, people familiar with the situation told Reuters on Friday. The real estate unit could be worth $5 billion, the sources said.
Lehman, a casualty of the U.S. subprime mortgage crisis, has brought forward the release of the initiatives and quarterly results by a week to 7:30 a.m. EDT on Wednesday after its shares sank as much as 46 percent on Tuesday on growing concern over its ability to raise capital.
Lehman's shares trading in Frankfurt rose 8.2 percent to 7.15 euros by 0920 GMT, on optimism that some measures to help its capital position will be announced.
The fourth-biggest U.S. investment bank has already taken $7 billion in credit-related writedowns and losses since the start of the global credit crisis.
Facing what may be billions of dollars in additional writedowns, the bank has examined options from selling a stake to a Korean bank to spinning off its investment management unit, but investors have been frustrated at a lack of progress.
"We are announcing that we ended talks at this point in time because of a disagreement over conditions of a transaction and considering domestic and foreign financial market conditions," KDB said.
A South Korean government official said KDB had ended the talks with Lehman due to lack of progress.
World stocks fell towards two-year lows on Wednesday as the problems faced by Lehman stoked concern that banks are struggling to rebuild capital and financial markets remain brittle. The yen trimmed losses, while bonds remained in red.
"Lehman's meltdown won't probably be the last negative episode of this credit crisis," said Christian Jimenez, president of Imene Investment partners, in Paris.
KEY INITIATIVES
The Wall Street Journal said a new company, made up of some commercial real estate assets that are to be spun off, is being referred to internally at Lehman as SpinCo. The remaining portion of the firm, shorn of much of its distressed real-estate assets, is being called CleanCo.
People familiar with the matter told the Journal that a sale of a piece of the company's investment-management unit -- which includes the profitable asset-manager Neuberger & Berman -- could fetch about $5 billion.
Lehman spokespeople in Hong Kong and London declined to comment before the strategy initiatives are announced.
The firm's woes raised the possibility of a Washington-sponsored rescue just a few days after a bailout of mortgage companies Fannie Mae and Freddie Mac and months after the Bear Stearns meltdown, which resulted in a fire sale brokered by the government. U.S. officials declined to comment.
Shares of Lehman plunged as much as 46 percent on Tuesday, wiping out $4.4 billion in market value. The stock closed in New York at $7.79, down $6.36, slashing its market capitalization to under $6 billion, down from $36 billion a year ago and one-twelfth of the value of Goldman Sachs .
Investors are worried Lehman may fail to raise enough capital to keep the company operating as losses mount from soured mortgages and other toxic assets.
In what looked like a concerted effort to boost investor confidence in Lehman, a slew of Wall Street firms, including Goldman Sachs and Citigroup Inc , said they were still trading with the firm late on Tuesday afternoon.
(Reporting by Sweta Singh in Bangalore, Kim Yeon-hee and Marie-France Han in Seoul, Steve Slater and Natsuko Waki in London, Blaise Robinson in Paris; Writing by Jean Yoon; Editing by Lincoln Feast and Erica Billingham)
The struggling U.S. investment bank's plan could include the sale of a package of British real estate assets to BlackRock Inc to raise much-needed capital and survive the credit crisis.
Earlier on Wednesday state-run Korea Development Bank confirmed talks had ended with Lehman Brothers Holdings Inc over a possible investment.
The Wall Street Journal reported on its website that Lehman is in talks with BlackRock over the sale of UK residential real estate assets and could unveil a separate plan to spin off some commercial real estate assets into a new company, citing people familiar with the matter.
Blackstone and Kohlberg Kravis Roberts are each looking to buy parts of Lehman's real estate and asset management units, people familiar with the situation told Reuters on Friday. The real estate unit could be worth $5 billion, the sources said.
Lehman, a casualty of the U.S. subprime mortgage crisis, has brought forward the release of the initiatives and quarterly results by a week to 7:30 a.m. EDT on Wednesday after its shares sank as much as 46 percent on Tuesday on growing concern over its ability to raise capital.
Lehman's shares trading in Frankfurt rose 8.2 percent to 7.15 euros by 0920 GMT, on optimism that some measures to help its capital position will be announced.
The fourth-biggest U.S. investment bank has already taken $7 billion in credit-related writedowns and losses since the start of the global credit crisis.
Facing what may be billions of dollars in additional writedowns, the bank has examined options from selling a stake to a Korean bank to spinning off its investment management unit, but investors have been frustrated at a lack of progress.
"We are announcing that we ended talks at this point in time because of a disagreement over conditions of a transaction and considering domestic and foreign financial market conditions," KDB said.
A South Korean government official said KDB had ended the talks with Lehman due to lack of progress.
World stocks fell towards two-year lows on Wednesday as the problems faced by Lehman stoked concern that banks are struggling to rebuild capital and financial markets remain brittle. The yen trimmed losses, while bonds remained in red.
"Lehman's meltdown won't probably be the last negative episode of this credit crisis," said Christian Jimenez, president of Imene Investment partners, in Paris.
KEY INITIATIVES
The Wall Street Journal said a new company, made up of some commercial real estate assets that are to be spun off, is being referred to internally at Lehman as SpinCo. The remaining portion of the firm, shorn of much of its distressed real-estate assets, is being called CleanCo.
People familiar with the matter told the Journal that a sale of a piece of the company's investment-management unit -- which includes the profitable asset-manager Neuberger & Berman -- could fetch about $5 billion.
Lehman spokespeople in Hong Kong and London declined to comment before the strategy initiatives are announced.
The firm's woes raised the possibility of a Washington-sponsored rescue just a few days after a bailout of mortgage companies Fannie Mae and Freddie Mac and months after the Bear Stearns meltdown, which resulted in a fire sale brokered by the government. U.S. officials declined to comment.
Shares of Lehman plunged as much as 46 percent on Tuesday, wiping out $4.4 billion in market value. The stock closed in New York at $7.79, down $6.36, slashing its market capitalization to under $6 billion, down from $36 billion a year ago and one-twelfth of the value of Goldman Sachs .
Investors are worried Lehman may fail to raise enough capital to keep the company operating as losses mount from soured mortgages and other toxic assets.
In what looked like a concerted effort to boost investor confidence in Lehman, a slew of Wall Street firms, including Goldman Sachs and Citigroup Inc , said they were still trading with the firm late on Tuesday afternoon.
(Reporting by Sweta Singh in Bangalore, Kim Yeon-hee and Marie-France Han in Seoul, Steve Slater and Natsuko Waki in London, Blaise Robinson in Paris; Writing by Jean Yoon; Editing by Lincoln Feast and Erica Billingham)
The upside of a down economy
Many Americans are wising up, determined to cut back and nail down that precious commodity known as financial sanity.
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Digg This By MP Dunleavey
Editor's note: Join columnist MP Dunleavey and a group of women as they seek to strip away the myths around money, liberate themselves from debt and find financial sanity. Follow the continuing quest of the Women in Red every other Wednesday in Dunleavey's column on MSN Money.
Words like "recession," "crisis" and "collapse" are running rampant through the news. But by my own financial forecast, things are looking up.
In addition to providing a much-needed wake-up call -- hello, overspent Americans! -- the bumpy economy is leading many of us to develop financial muscles we didn't know we had.
Take Jennifer Vos, who says the economy, along with her decision to join the Women in Red a year ago, has helped her and her husband to make the tough choices necessary to get their financial lives in balance.
They run a home-building company in Oregon and saw the effect of the real-estate implosion firsthand, Vos says. With the numbers on the wall, she and her husband decided it was time to scale way back.
"Basically, we just downsized," she says, describing how they sold a truck, a trailer and a piece of investment property and used the money to shed $102,000 worth of debt.
More from MSN Money
6 reasons to love cash
Save big with the flashback budget
10 things you should never buy used
10 things you shouldn't buy new
Save $6,000 by paying attentionNot only that, but they have managed to save about $22,000 in personal and retirement accounts this past year, Vos says.
"The economy may be worse than it was in 2007, but I feel very confident that we are living smarter and happier than a year ago," she says.
A life you can afford Other people are scaling back by looking to the past. One member of the Women in Red says she finds herself taking the attitudes of older generations that didn't grow up with our easy access to credit and expectations of instant gratification.
"I think those folks might've had it right," poster "CapnG30" wrote on the Women in Red message board. "Today, people are really evaluating whether we need all this 'stuff.'"
Suzanna De Baca, the president of Private Capital Solutions Group, a financial advisory firm in Des Moines, Iowa, is seeing it, too. De Baca, whose clients range from middle-class to downright rich, says she is finding people "at all levels taking stock of their budgets."
Video on MSN Money
Solving money problemsMSN Money's Liz Pulliam Weston gives you a few simple steps that can start you on the road to financial security.Part of that process is adjusting expectations.
"Before, when people had money, they spent it, and they didn't really know where it went. But look what's happening to Starbucks," De Baca says, referring to the wave of nationwide store closings. "People are taking steps to cut out the frivolities.
"The fact that Wal-Mart had record earnings tells me that people are pre-emptively changing their habits."
Our grandparents would roll their eyes at the idea that living within your means might require people to make radical lifestyle changes. Maybe we're lucky: We're getting a little fear in our hearts and changing our ways without having to face a real depression.
I've noticed that even people who don't need to worry are cutting back. A close friend, who is financially prudent and makes a six-figure salary, admitted she is hand-washing rather than dry-cleaning as often, cooking more of her meals and scaling back on treats like pedicures. She even wondered aloud to me whether she should be saving more than she is.
It's interesting. On paper, my friend is saving plenty and doesn't need to be economizing. But the current climate has made her realize that a life of little luxuries may not be smart, especially when her good fortune would allow her to save more and still have splurges.
No dishwasher? No problem The financial anxiety in the air has me hunkering down, too.
In May, I joined the Women in Red Racers, the group of women "racing" online to vanquish their debt once and for all. My debt was about $6,400 then, and now it's down to a sweet $3,400 -- light at the end of the tunnel.
But my reason for joining the Racers wasn't just to get out of debt. It was to free a monthly chunk of cash so my husband and I could nail a bigger goal: total financial security.
With the economy in a swivet, reaching that stability has become paramount for both of us. Like many of the Women in Red, I've been worried about layoffs and job changes.
It has taken me more than a year to save close to a month's worth of living expenses in my emergency fund -- about $5,000 -- and once our debt is gone, we plan to triple that amount in the next 12 months.
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Digg This By MP Dunleavey
Editor's note: Join columnist MP Dunleavey and a group of women as they seek to strip away the myths around money, liberate themselves from debt and find financial sanity. Follow the continuing quest of the Women in Red every other Wednesday in Dunleavey's column on MSN Money.
Words like "recession," "crisis" and "collapse" are running rampant through the news. But by my own financial forecast, things are looking up.
In addition to providing a much-needed wake-up call -- hello, overspent Americans! -- the bumpy economy is leading many of us to develop financial muscles we didn't know we had.
Take Jennifer Vos, who says the economy, along with her decision to join the Women in Red a year ago, has helped her and her husband to make the tough choices necessary to get their financial lives in balance.
They run a home-building company in Oregon and saw the effect of the real-estate implosion firsthand, Vos says. With the numbers on the wall, she and her husband decided it was time to scale way back.
"Basically, we just downsized," she says, describing how they sold a truck, a trailer and a piece of investment property and used the money to shed $102,000 worth of debt.
More from MSN Money
6 reasons to love cash
Save big with the flashback budget
10 things you should never buy used
10 things you shouldn't buy new
Save $6,000 by paying attentionNot only that, but they have managed to save about $22,000 in personal and retirement accounts this past year, Vos says.
"The economy may be worse than it was in 2007, but I feel very confident that we are living smarter and happier than a year ago," she says.
A life you can afford Other people are scaling back by looking to the past. One member of the Women in Red says she finds herself taking the attitudes of older generations that didn't grow up with our easy access to credit and expectations of instant gratification.
"I think those folks might've had it right," poster "CapnG30" wrote on the Women in Red message board. "Today, people are really evaluating whether we need all this 'stuff.'"
Suzanna De Baca, the president of Private Capital Solutions Group, a financial advisory firm in Des Moines, Iowa, is seeing it, too. De Baca, whose clients range from middle-class to downright rich, says she is finding people "at all levels taking stock of their budgets."
Video on MSN Money
Solving money problemsMSN Money's Liz Pulliam Weston gives you a few simple steps that can start you on the road to financial security.Part of that process is adjusting expectations.
"Before, when people had money, they spent it, and they didn't really know where it went. But look what's happening to Starbucks," De Baca says, referring to the wave of nationwide store closings. "People are taking steps to cut out the frivolities.
"The fact that Wal-Mart had record earnings tells me that people are pre-emptively changing their habits."
Our grandparents would roll their eyes at the idea that living within your means might require people to make radical lifestyle changes. Maybe we're lucky: We're getting a little fear in our hearts and changing our ways without having to face a real depression.
I've noticed that even people who don't need to worry are cutting back. A close friend, who is financially prudent and makes a six-figure salary, admitted she is hand-washing rather than dry-cleaning as often, cooking more of her meals and scaling back on treats like pedicures. She even wondered aloud to me whether she should be saving more than she is.
It's interesting. On paper, my friend is saving plenty and doesn't need to be economizing. But the current climate has made her realize that a life of little luxuries may not be smart, especially when her good fortune would allow her to save more and still have splurges.
No dishwasher? No problem The financial anxiety in the air has me hunkering down, too.
In May, I joined the Women in Red Racers, the group of women "racing" online to vanquish their debt once and for all. My debt was about $6,400 then, and now it's down to a sweet $3,400 -- light at the end of the tunnel.
But my reason for joining the Racers wasn't just to get out of debt. It was to free a monthly chunk of cash so my husband and I could nail a bigger goal: total financial security.
With the economy in a swivet, reaching that stability has become paramount for both of us. Like many of the Women in Red, I've been worried about layoffs and job changes.
It has taken me more than a year to save close to a month's worth of living expenses in my emergency fund -- about $5,000 -- and once our debt is gone, we plan to triple that amount in the next 12 months.
A desperate but necessary bailout
The Treasury's intervention to shore up Fannie Mae and Freddie Mac allays the fears of foreign investors, but turning around the US economy will take something close to a miracle.
Latest Market Update
September 09, 2008 -- 16:20 ET
[BRIEFING.COM] Stocks plummeted Tuesday due to continued concerns over financial firms and a sell-off in energy and material stocks. The S&P 500 fell 3.4%, ending the session at its lows, marking the largest one day percent decline since... More
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Digg This By Jon Markman
The government's stunning takeover of troubled mortgage titans Fannie Mae (FNM, news, msgs) and Freddie Mac (FRE, news, msgs) on Sunday was sold to the public as a prudent, measured attempt to restore order to the U.S. housing market and keep people in their homes.
But look an inch beneath the public-relations job that most media outlets have accepted and you'll find the sad spectacle of a desperate borrower trying to stay one step ahead of its creditors.
The new plan put forward by Treasury Secretary Hank Paulson is a bailout all right. But not of Americans in Kansas and California who have lost their homes to foreclosure. Not by a long shot. Instead, it's an expensive ploy to keep the sovereign wealth funds and central banks of China, Kuwait and Singapore from foreclosing on their Fannie Mae and Freddie Mac debt and plunging the U.S. economy into chaos.
Announced on the first weekend of the new pro football season, the deal amounts to a frantic Hail Mary pass. It was a throw Paulson never wanted to make, as it exposes taxpayers to unlimited losses and violates every rule in the capitalist playbook, yet circumstances left him with few alternatives.
Twisting the Treasury's arm Major foreign investors, including more than 60 countries' central banks, hold more than $1.4 trillion in securities of U.S. agencies such as Fannie and Freddie, and they were getting extremely nervous as the two companies teetered on the edge of insolvency this summer. So were major U.S. financial institutions such as JPMorgan Chase (JPM, news, msgs) and Pimco, prompting the chief investment officer of the latter, Bill Gross, to pen a scathing article last week that warned of a financial "tsunami" if the U.S. Treasury failed to act quickly to guarantee their investments.
In late July, the Financial Times reported that the U.S. Embassy in Kuwait called that country's sovereign wealth fund managers to assure them of the soundness of U.S. agencies' bonds after the Kuwaitis announced they were not planning to buy the bonds in the future.
More from MSN Money
How the Fannie-Freddie takeover affects you
Warning: Worldwide wipeout ahead
5 banks safe from the storm
Are we headed for an epic bear market?
Why Wall Street rescues are failingAround the same time, Yu Yongding, a Chinese economist and former adviser to China's central bank, warned that if the U.S. government allowed Fannie and Freddie to fail and international investors were not compensated adequately, the consequences would be “catastrophic."
He added: "If it's not the end of the world, it is the end of the current financial system."
Over the top? Not really, for U.S. mortgage loans had become the foundation of what Pimco co-CEO Mohammed El-Erian called the "global liquidity factory." If payments were scuttled, trillions of dollars that were borrowed against them in debt derivatives would become worthless, an event that had the potential to bring down countries, not just companies.
Video on MSN Money
Paulson on Fannie Mae and Freddie MacThe Treasury chief discusses the government's decision to seize the mortgage giants.Now that Paulson has made his play, Americans are exposed to incredible danger. If that sounds like hyperbole, do the math:
Of the $4.7 trillion in U.S. debt already in private hands through last week, $2.4 trillion, more than half, was held by foreign investors. The Paulson plan to take over Fannie and Freddie adds an additional $5.4 trillion to U.S. debt, of which $1.4 trillion is owned by foreigners. Thus Paulson has committed to doubling U.S. debt and increased foreign exposure by around 50%.
This is plainly a troublesome matter on its face and may affect the country's overall sovereign credit rating. Now add to this exposure the likelihood of a sharp rise in demand for funds from the Federal Deposit Insurance Corp. and increased demands from the Federal Home Loan Bank system -- and consider that the U.S. faces slowing tax revenues from falling incomes amid swelling joblessness and recession -- and you begin to understand the size of the risk Paulson is taking in our behalf.
A bad choice -- and the only one Satyajit Das, a credit derivatives expert based in Australia who first helped us understand this mess a year ago (see "Are we headed for an epic bear market?"), concludes that it may mean the end of the U.S. dollar as the world reserve currency, which creates a different set of problems.
Yet Das has looked at the problem inside out and concluded that the Treasury secretary had little alternative. "What Paulson is doing is trading today for tomorrow -- struggling to survive to be able to come back and fight another day," Das concludes.
So will the plan work?
Latest Market Update
September 09, 2008 -- 16:20 ET
[BRIEFING.COM] Stocks plummeted Tuesday due to continued concerns over financial firms and a sell-off in energy and material stocks. The S&P 500 fell 3.4%, ending the session at its lows, marking the largest one day percent decline since... More
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Advertisementvar inDapIF=true;window.setTimeout("document.close();",30000);\n\n'));" frameBorder=0 width=300 scrolling=no height=250>
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Tools Index
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Article Index
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Digg This By Jon Markman
The government's stunning takeover of troubled mortgage titans Fannie Mae (FNM, news, msgs) and Freddie Mac (FRE, news, msgs) on Sunday was sold to the public as a prudent, measured attempt to restore order to the U.S. housing market and keep people in their homes.
But look an inch beneath the public-relations job that most media outlets have accepted and you'll find the sad spectacle of a desperate borrower trying to stay one step ahead of its creditors.
The new plan put forward by Treasury Secretary Hank Paulson is a bailout all right. But not of Americans in Kansas and California who have lost their homes to foreclosure. Not by a long shot. Instead, it's an expensive ploy to keep the sovereign wealth funds and central banks of China, Kuwait and Singapore from foreclosing on their Fannie Mae and Freddie Mac debt and plunging the U.S. economy into chaos.
Announced on the first weekend of the new pro football season, the deal amounts to a frantic Hail Mary pass. It was a throw Paulson never wanted to make, as it exposes taxpayers to unlimited losses and violates every rule in the capitalist playbook, yet circumstances left him with few alternatives.
Twisting the Treasury's arm Major foreign investors, including more than 60 countries' central banks, hold more than $1.4 trillion in securities of U.S. agencies such as Fannie and Freddie, and they were getting extremely nervous as the two companies teetered on the edge of insolvency this summer. So were major U.S. financial institutions such as JPMorgan Chase (JPM, news, msgs) and Pimco, prompting the chief investment officer of the latter, Bill Gross, to pen a scathing article last week that warned of a financial "tsunami" if the U.S. Treasury failed to act quickly to guarantee their investments.
In late July, the Financial Times reported that the U.S. Embassy in Kuwait called that country's sovereign wealth fund managers to assure them of the soundness of U.S. agencies' bonds after the Kuwaitis announced they were not planning to buy the bonds in the future.
More from MSN Money
How the Fannie-Freddie takeover affects you
Warning: Worldwide wipeout ahead
5 banks safe from the storm
Are we headed for an epic bear market?
Why Wall Street rescues are failingAround the same time, Yu Yongding, a Chinese economist and former adviser to China's central bank, warned that if the U.S. government allowed Fannie and Freddie to fail and international investors were not compensated adequately, the consequences would be “catastrophic."
He added: "If it's not the end of the world, it is the end of the current financial system."
Over the top? Not really, for U.S. mortgage loans had become the foundation of what Pimco co-CEO Mohammed El-Erian called the "global liquidity factory." If payments were scuttled, trillions of dollars that were borrowed against them in debt derivatives would become worthless, an event that had the potential to bring down countries, not just companies.
Video on MSN Money
Paulson on Fannie Mae and Freddie MacThe Treasury chief discusses the government's decision to seize the mortgage giants.Now that Paulson has made his play, Americans are exposed to incredible danger. If that sounds like hyperbole, do the math:
Of the $4.7 trillion in U.S. debt already in private hands through last week, $2.4 trillion, more than half, was held by foreign investors. The Paulson plan to take over Fannie and Freddie adds an additional $5.4 trillion to U.S. debt, of which $1.4 trillion is owned by foreigners. Thus Paulson has committed to doubling U.S. debt and increased foreign exposure by around 50%.
This is plainly a troublesome matter on its face and may affect the country's overall sovereign credit rating. Now add to this exposure the likelihood of a sharp rise in demand for funds from the Federal Deposit Insurance Corp. and increased demands from the Federal Home Loan Bank system -- and consider that the U.S. faces slowing tax revenues from falling incomes amid swelling joblessness and recession -- and you begin to understand the size of the risk Paulson is taking in our behalf.
A bad choice -- and the only one Satyajit Das, a credit derivatives expert based in Australia who first helped us understand this mess a year ago (see "Are we headed for an epic bear market?"), concludes that it may mean the end of the U.S. dollar as the world reserve currency, which creates a different set of problems.
Yet Das has looked at the problem inside out and concluded that the Treasury secretary had little alternative. "What Paulson is doing is trading today for tomorrow -- struggling to survive to be able to come back and fight another day," Das concludes.
So will the plan work?
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