Die Bomben im Keller der West LB (mTuL)

DT , Samstag, 19.01.2008, 02:24 (vor 6581 Tagen) @ Ackid

Fischer & Co, und auch schon vorher Leusder und Consorten haben der West LB weitere 13 Mrd Belastungen besorgt. Diese 1 oder 2 Milliarden, die jetzt kolportiert werden, sollen die wahren Zahlen verschleiern. Hier mal ein Quartal mit 1-2 Mrd, da mal ein Quartal mit 3 Mrd, das hört sich weniger schlimm an als ein Quartal mit 13 Mrd. Wie wir von den ABX wissen, sind die Tranchen fast nichts mehr wert, auch wenn Herr weissgarnix das anders sieht.

43 Mrd von Leusder, Süss, Bellavite-Hönermann & Co bei der Sachsen LB, 13 Mrd bei der West LB, noch ein paar Mrd bei der LBBW, alles in allem kommen wir dann auf die 80 Mrd, die wir schon im August letzten Jahres hier diskutiert haben.

Sanio wußte das, Ackermann wußte das, und trotzdem hat keiner was gesagt.

Diese Handvoll Verbrecher, insgesamt so 10-20 incl. Politiker, die ihnen Rückendecken gaben, haben also mal kurz pro Nase in Dtld. 1000 EUR Kosten verursacht.

Wenn man nur die Quellen genau anschaut, dann sieht man auch JETZT schon in der Presse die 13 Mrd aus den SIVs Kestrel und Harrier, die wir angesprochen hatten:

http://www.guardian.co.uk/feedarticle?id=7233480
(Text weiter unten)

Übrigens soll am Sonntag ein Sondertreffen der WestLB Aufsichtsräte stattfinden. Kein Wunder, denn ACA Capital als Versicherer fällt aus (67 Mrd Verlust), und gestern abend wurde AMBAC downgegradet (557 Mrd betroffen). Da sind natürlich auch die West LB, die LBBW incl. Sachsen LB betroffen.

http://www.reuters.com/article/bondsNews/idUSL1868859720080118

Nächste Woche wird richtig super. Die Banken und Versicherungen werden sowas von zerlegt werden! Denn das AMBAC downgrading kann nicht folgenlos bleiben!

UPDATE 1-WestLB owners set to meet Sunday - sources
Fri Jan 18, 2008 3:01pm EST

(Releads with WestLB management meeting Sunday)

FRANKFURT, Jan 18 (Reuters) - The owners of German state bank WestLB [WDLG.UL] are set to meet on Sunday to discuss shoring up the balance sheet of the stricken lender, two sources familiar with the matter said on Friday.

One source said those at the meeting would also discuss a potential 1.2 billion-euro ($1.75 billion) write-down, though WestLB and its auditors were still working out final numbers.

That came after fellow German state bank LBBW [LBBW.UL] said it expected to report a 2007 profit despite all the credit market turmoil linked to the U.S. subprime mortgage market.

WestLB, which is suffering from the credit crunch on top of a series of trading losses last year, had warned that 2007 losses would amount to hundreds of millions of euros.

The credit crisis, which started when U.S. home owners were squeezed by falling property prices and rising interest rates, has rocked confidence in the global economy.

German newspaper Rheinische Post, which quoted sources close the bank's owners, said in a report to be published on Saturday that WestLB was likely to suffer losses of more than 1 billion euros in 2007.

Separately, another German newspaper, Koelner Stadt-Aanzeiger, said WestLB's owners would discuss injecting 2 billion euros into the bank at the Sunday meeting.

A WestLB spokesman declined to comment on the report.

Earlier this week, WestLB said it would take two investment vehicles hit by the subprime crisis onto its books, a move that will squeeze its capital.

LBBW IN THE BLACK

On the other hand, LBBW said on Friday it expected net profit of more than 300 million euros in 2007.

"The worsened result compared with the prior year is in large part due to price declines in bank and government securities held in LBBW's investment portfolios," LBBW said in a statement, adding that it expected no defaults because the securities had good ratings.

The result was being published for the first time under IFRS international accounting rules. LBBW did not give a figure for prior-year profit. Under German accounting rules, LBBW's 2007 net profit was about 700 million euros compared with 828 million in 2006.

Its reserves fell by 700 million euros as a result of the financial market turmoil but were still "clearly positive."

An spokesman repeated that LBBW did not have direct investments in subprime assets but its securities were hit by general market weakness.

LBBW is due to hold its annual results news conference on April 28. (Reporting by Jonathan Gould and Matthias Inverardi; Editing by Quentin Bryar and Braden Reddall) ($1=.6822 Euro)

Aus dem Guardian:

WestLB to foot bill for troubled SIVs

* Reuters
* Thursday January 17 2008

(Adds details and background)
By Matthias Inverardi
DUESSELDORF, Germany, Jan 17 (Reuters) - Stricken German lender WestLB will probably foot the bill for two structured investment vehicles (SIVs) by putting them onto its books, its chief executive told Reuters on Thursday.
The move would squeeze its capital base and profits further.
WestLB, which ran a series of investment vehicles -- including SIVs -- with a volume of about 25 billion euros ($36.65 billion), is worth about 7 billion euros -- roughly the same as the value of its equity.
Earlier this year, it absorbed a stricken investment vehicle onto its balance sheet as the subprime credit storm hit, sapping capital.
On Thursday, Alexander Stuhlmann said that it would probably take two further SIVs onto its books before the year end.
"It looks like that is the way it's going to be," Stuhlmann said.

These two SIVs -- Harrier and Kestrel -- have a combined volume of about $13 billion and such a move would erode the bank's capital base further.

Late last year, WestLB, one of Germany's biggest regional lenders, warned that the crisis in financial markets was getting worse as it skidded into the red and said 2007 losses would mount to hundreds of millions of euros.
The bank's move to absorb an offshore investment company onto its books saw its tier one capital ratio shrivel to 6.5 percent from 8.1 percent. This means the bank's financial muscle is withering -- when the ratio sinks it can become harder for a bank to borrow.
Germany, Europe's biggest economy, has taken an especially hard beating from the credit market turbulence. Regional state-backed landesbanks such as WestLB have been hit badly.
Struggling after the disappearance of government guarantees that made it cheaper for them to borrow, many seized on the booming market in securitised debt to bolster profit only to run into trouble when credit markets seized up.
The credit crisis, which started when U.S. home owners were squeezed by falling property prices and rising interest rates, has rocked confidence in the global economy.
It battered SIVs, which raise funding by issuing short-term debt and longer-term capital, investing mainly in bank debt and asset-backed securities.
The off-balance-sheet vehicles have been caught out as investors shunned complex debt instruments and refused to cough up short-term funding, forcing fast asset sales to repay debt. But at the same time the value of their investments has tumbled.
Two German banks nearly collapsed in the wake of the crisis. IKB, a formerly little-known small-business lender, has become a byword for the subprime crisis, while state bank SachsenLB was also saved by a last-minute rescue.
The crisis could push some banks into hastily arranged marriages. SachsenLB was sold to another public-sector regional lender, LBBW, in southern Germany.
WestLB has been touted as a partner for LBBW. But the local government, fearing loss of face and jobs, is reluctant to sell. (Editing by Louise Ireland)