Tuesday, July 27, 2010

$GS UK warns its banks it could impose further taxes on profits-Banks are flush w/so much liquidity

·         UK warns its banks it could impose further taxes on profits if lending levels don’t rise – London Telegraph.  http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7911219/Vince-Cable-threatens-tax-on-profits-if-banks-pay-staff-rather-than-lend.html   
·         Rescap – auction of the mortgage firm moves into the second round, but hurdles remain; among the potential buyers are Centerbridge, MET, PennyMac (which is backed by BLK); BX is no longer seriously looking at the firm.  Some buyers would prefer only parts of Rescap.  Rescap is hoping to consumate a deal by the end of the year.  Reuters 
·         Banks are flush w/so much liquidity that some are starting to turn away deposits; the worry is that excess liquidity could be a drag on earnings in the coming qtrs – American Banker
·         Fin reg reform - Moody's says the net impact of the reforms on US banks will be a modest positive for their stand-alone financial strength ratings....however, debt and deposit ratings of some banks could come under pressure as Moody’s assumptions re gov’t support are reduced. 
·         Japan banks seeking growth in the US – the WSJ discusses how Japan’s biggest banks are exploring acquisition opportunities in the US to help drive growth; Mitsubishi aims to be a top 10 commercial bank in the US – WSJ (the article doesn’t really break any incremental news – over the last few weeks a couple major Japanese banks have made comments to the press expressing a desire to buy assets in the US).  WSJ  
·         GS – the SEC said Goldman will be allowed to continue to issue securities after settling civil fraud charges earlier this month (Reuters headline mid-day; there was some doubt about this for Golman and the stock opened lower on Mon). 

No comments:

Post a Comment