Saturday, Dec 29, 2007
like i say banks are NOT stupid
CNN: Citigroup, HSBC Hldgs may sell 'noncritical' assets
banks are raising money in other ways, by getting rid of assets, this surely must point to the end of asset value growth....
Posted by mark @ 09:46 AM (241 views) Add Comment
2 Comments
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1. alan said...
Barclays are selling the freehold on their bank in my High St.
It's a sale & leaseback deal with Barclays keeping control of the ground floor. Purchasers get a vacant 1st floor and a fixed term rental income.
2. happyrenterz said...
Well they WERE stupid to get themselves in this mess in the first place. They acted as a herd handing out easy money miscalculating the risks because they thought their financial engineering had ushered in a brave new world. Since they are now going cap in hand to sovereign wealth funds, after reporting their first write-downs, you know there is a lot of rotten debts still in the skeleton cupboards. The housing crash in USA is gathering momentum so worse to come. Some economists are saying the next "subprime" crash is going to be in credit cards. They have the same teaser-rate structure, 0% for a year and then above 25%. If there is an economic recession then the easy money problems to do with corporate debt will be exposed as well.