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U.S. Woes Could Generate Global Recriminations

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U.S. Woes Could Generate Global Recriminations 36 THURSDAY, SEPTEMBER 25, 2008 THE WALL STREET JOURNAL. HEARD ON THE STREET Financial Analysis and Commentary more at WSJ.com/heard VOL. XXVI NO. 167 THURSDAY, SEPTEMBER 25, 2008 One Lehman lesson: the perils of rehypothecation Œ2.90 Not so sweet Œ2.90 Cruising attitude: Airlines The collapse of Lehman posted with the broker as For the hedge funds, cating assets valued at Few things are more em- - Spain Brothers is providing a sal- collateral, in exchange for there are straightforward more than around 140% of - France load up A380s with perks barrassing for a chief execu- Power play utary lesson in risk man- offering the client easier ways to counter this rehy- what a client owes them. MARKETPLACE | PAGE 31 U.S. woes could generate tive than calling a press con- Œ3.20 Year-to-date share agement for the hedge- credit terms. By lending pothecation risk. One way Lehman’s administrators ference only to find there is Sk 100/Œ3.32 performance fund industry. out clients’ securities or to limit the potential dam- think the bank’s European nothing to announce. Elec- - Finland In a rush to get their using them as collateral, age is to write trigger prime brokerage rehypothe- At CVS golf gala, suppliers tricité de France Chief Exec- 60% typically for repurchase cated $22 billion of its cli- - Slovakia funds to market, many events, such as the fall in Dkr 22 British Energy Œ3 utive Pierre Gadonneix put 40 agreements, rehypotheca- ents’ assets. This has pay to get executive access global recriminations managers ignored advice the broker’s share price or that August setback tion lets brokers enhance raised concerns about the 20 that they should protect credit rating below a set NEWS IN DEPTH | PAGES 18-19 - Denmark squarely behind him their own returns. level of rehypothecation at - Portugal their assets on the off level, into the client-bro- Wednesday in confirming a 0 other brokerage houses. Countries question But here is the catch. In ker contract. When Pushing to remedy financial distress chance their prime broker Kc 110 Œ15.7 billion ($23.1 billion) –20 the process, a client’s rehy- Excesses like this lend Zl 10.50 went bust. That has breached, the broker’s re- agreement to acquire Brit- pothecated assets become weight to calls for greater economic leadership –40 turned out to be a less far- hypothecation rights are ish Energy. EDF mixed up with the bro- disclosure by the prime- - Poland –60 reduced. But such triggers EDF has pulled off the fetched scenario than ker’s, so in the event of a broking industry, as well as bailouts mount Nkr 27 2008 might have been believed are rarely used. - Czech Republic What’s News— acquisition without making bankruptcy filing, like Leh- as tighter regulation. If in- Source: Thomson Reuters before the credit crisis. Instead, many hedge The turmoil in the U.S. financial major concessions to minor- man’s, clients have to join creased transparency be- 7 7 - Norway HRK 20 Business&Finance World-Wide ity shareholders who balked Datastream At issue is rehypotheca- the bank’s other unsecured funds have taken the easy comes the norm, it will be sector threatens to undermine sup- at the first offer of 765 tion, a common practice creditors at the back of route, relying on brokers too late for some overea- Œ2.90 Democratic leaders in the U.S. U.S. financial-sector turmoil port for the dollar among foreign in- pence ($14.21) a share. The where a broker appropri- the line to retrieve some to stick to limits that pre- ger hedge funds. - Croatia Congress are seriously consid- threatens to hurt the dollar’s vestors, damage American efforts may prove less so in the me- ates a client’s assets, of what they are owed. vent them from rehypothe- —Sean Walters ering placing restrictions on standing among foreign inves- to free more markets of regulation, turmoil on financial mar- Œ2.90 the proposed financial-market kets and tightening credit dium term in the light of - Netherlands tors, damage American efforts and bolster competition from other made EDF’s cash hard to slack U.K. and European eco- bailout, including a require- to free markets of regulation countries’ banks and financial mar- Dh 24 turn down once the utility nomic growth. - Belgium ment that the $700 billion and bolster competition from kets that are looking to expand their Œ3 Despite optimism, bottom line hasn’t hit bottom £1.40 found a way to leave British In any case, EDF retains sought by the White House be other countries’ banks and mar- global influence. Energy investors with resid- 80% of any of this extra rev- - Morocco doled out in portions rather kets, as U.S. economic leader- In country after country, the reac- enue for its own sharehold- Remarkably, Wall near-term prospect, as the to be $156 billion. Not for energy profits also re- - Austria than in a lump sum. Page 1 ship is being questioned. Page 1 tion to the financial failures and gov- ual exposure to the compa- Œ2.90 ers, as well as benefiting Street’s consensus on earn- private sector deleverages. only would that represent main strong, reflecting lin- ernment bailouts of recent weeks is ny’s likely operational turn- n AIG formally agreed to ac- n Obama and McCain remain from all of the significant ings is: “Fine in ’09.” Consumer spending, which more than double the ex- gering hopes about global Lk 370.00 around and any rise in U.K. – United Kingdom cept a U.S. government bailout essentially tied in the presiden- U.S. Fed Chairman synergies it expects from Even as politicians re- is 70% of gross domestic pectation for this year, it economic decoupling. $2 plan where it will receive $85 By Jason Dean in Beijing, energy prices. - Luxembourg tial race amid the U.S. financial Ben Bernanke combining British Energy make the Street, its deni- product, and corporate in- would imply the sector ac- Marcus Walker in Berlin, At 774 pence, the new of- That thesis appears to billion in exchange for a nearly turmoil, a Wall Street Journal/ prepares to testify with its existing operations zens remain optimistic. vestment will necessarily tually making more in be coming apart as far as 80% equity interest. Page 2 Evan Ramstad in Seoul fer is only slightly sweeter. L£ 4000 NBC News poll shows. Page 2 before the Joint in the U.K. EDF is doubling Collectively, analysts ex- suffer. 2009 than in 2007 when, and Chip Cummins in Dubai Shareholders can take it all Europe is concerned, at n A Libyan sovereign fund is n McCain said he will suspend Economic Committee its installed capacity in Brit- pect S&P 500 earnings to Expecting a big profits to paraphrase one of its in cash or opt for 700 least. Another headwind, ready to acquire a stake in the his campaign on Thursday to fo- - Lebanon - U.S. Military (Eur) to question America’s long-stand- ain. And a side deal in the expand by 23.9% in 2009, rebound in this climate more high-profile casual- at the per-share level, is Reuters pence in cash and the bal- works to sell 25% of British according to Thomson holding company that controls cus on the economic crisis and ing economic leadership —and re- the sharp decline in S&P Œ2.90 Page 4 ance in contingent value Energy to Centrica would Reuters. Telecom Italia. called for a delay in the election visit policies that follow the U.S. n Crisis puts focus n Rapid-fire bailout n Trader who 500 stock buybacks, which YTL 4.25 - Italy debate scheduled Friday. Page 3 rights that, British Energy help smooth the transaction What’s more, that fig- Hopes for energy profits also n A former board member at model. says, could be worth as fell 44% in the second on U.S. Treasury talk stirs calls for turned big profit past the competition author- ure has increased slightly Œ2.90 n quarter, according to Stan- Siemens claimed the company Iraq’s parliament approved In South Korea, legislators are re- much as an additional 575 - Turkey ities. since July, despite the re- remain strong, reflecting secretly financed a labor group a provincial-elections law after considering plans to liberalize the leadership come greater financial attacks heart of pence over 10 years. dard & Poor’s. Then there is the accom- cent intensification of the to curb Germany’s most power- months of deadlock, under in- country’s financial industry. Ger- As corporate manage- S£ 150 January ..13 ........ oversight.21..... rescue plan.34 .. That isn’t nearly as gen- plishment of EDF’s strategic credit crunch. lingering hopes about global ful industrial union. Page 4 tense U.S. pressure. Gunmen man chancellor Angela Merkel has ment teams head toward - Ireland (Rep.) erous as it looks at first goal of grabbing pole posi- Such bottom-up analy- n tipped off about a raid am- refreshed her defense of a law that economic decoupling. the end of a turbulent - Syria French utility EDF remains sight. Payments on the Ft 530 tion in one of the four key sis, however, will be hungry for overseas nuclear bushed Iraqi policemen and gives the state an effective veto CVRs are based on keeping year, expect budgets to be lysts there say. mist at Peking University’s China markets it has identified as crushed by top-down pres- projects, even as it confirmed U.S.-allied fighters, killing 22. over takeovers of Europe’s largest British Energy’s aging a new nuclear age dawns.
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