Montenegro anuncia redução de IRS nas rendas, isenção de mais-valias e maior dedução à coleta

[domhenri]

Mas ainda alguém pensa que o dinheiro se extingue, se transforma em ar, quando acontecem "crises"?? Apenas muda de bolsos e, como sempre, o pequeno investidor fica sempre do lado perdedor. Estas "crises" servem apenas para abanar a árvore para alguns cairem e a roda segue de novo.
Nesta "crise do sub-prime, foi mais um modo de arrefecer para mais tarde (quando é que é mais dificil prever) se voltarem a encher. Se houve alguns bancos a perder dinheiro, é evidente que alguém teve que o ganhar. Nada desaparece!
A Bolsa é um jogo, sofisticado e cada vez mais complexo, mas não é mais que um casino com as regras próprias. E como nos casinos, a casa fica sempre a ganhar.

[USA Boy]

EUA/Banca 2007-12-24 09:33
Director executivo do Goldman Sachs recebe bónus recorde de 68 milhões de dólares
67,9 milhões de dólares (cerca de 4,74 milhões de euros) foi o bónus concedido a Lloyd Blankfein, o Chief Executive Officer (CEO) do Goldman Sachs, o que perfaz o maior montante alguma vez atribuído em Wall Street. O prémio deveu-se a lucro recorde conseguido pelo banco, apesar da crise do mercado hipotecário de alto risco ('subprime').

Susana Teodoro

De acordo com o avançado pela Bloomberg, o bónus de final de ano foi repartido entre 26,8 milhões em dinheiro e 41,1 milhões de acções e opções restritas. O montante foi divulgado pela companhia a 21 de Dezembro numa nota.

O ordenado de Blankfein já subiu 26% desde 2006, quando as perdas relacionadas com o subprime levaram o CEO do Morgan Stanley, John Mack e James 'Jimmy' Cayne líder do Bear Stearns a renunciar aos seus prémios de fim de ano. Segundo avança a Lusa, o salário de Blankfein é um recorde absoluto em Wall Street.

O bónus de fim do ano é um prémio tradicional no centro de negócios de Nova Iorque, para os presidentes executivos, com o qual os seus salários anuais podem atingir os 600 mil dólares.

Numa altura em que o sector bancário luta para recuperar da crise o Goldman Sachs anunciou um lucro liquido anual de 11,600 milhões de dólares, em forte alta, que superou as estimativas dos especialistas, ao contrário da maioria dos bancos mundiais.

in DE

Já repararam como está o EUR/USD para esta jornalista.

[fsma]

Lehman Brothers - não sei se ganhou com os subprime mas pelo menos não perdeu.

Pelo contrário o Citigroup perdeu e muito...

[USA Boy]

“Subprime” leva Bear Stearns a primeiro prejuízo desde a entrada em bolsa
A Bear Stearns registou os seus primeiros prejuízos desde que está em bolsa, há 22 anos, em resultado da amortização de activos relacionada com o crédito hipotecário de alto risco, o chamado “subprime”, e de uma quebra nas receitas fixas provenientes da negociação.
Paulo Moutinho
paulomoutinho@mediafin.pt


A Bear Stearns registou os seus primeiros prejuízos desde que está em bolsa, há 22 anos, em resultado da amortização de activos relacionada com o crédito hipotecário de alto risco, o chamado "subprime", e de uma quebra nas receitas fixas provenientes da negociação.

Os prejuízos do quarto trimestre fiscal, os primeiros desde que a Bear Stearns está cotada (1985), ascenderam aos 854 milhões de dólares, ou 6,91 dólares por acção, nos três meses terminados a 30 de Novembro. No período homólogo, o banco tinha registado lucros de 563 milhões de dólares.

Os resultados líquidos negativos foram quase quatro vezes piores do que o esperado pelos analistas. Os especialistas consultados pela Bloomberg esperavam um prejuízo médio de 1,82 dólares por acção.

A Bears Stearns, liderada por James Cayne, revelou que foi penalizada por uma amortização de activos relacionada com o "subprime" no valor de 1,9 mil milhões de dólares, acima dos 1,2 mil milhões estimados pela instituição no mês passado. Além disso, a Bear Stearns assistiu também a uma quebra nas receitas de negociação.

A Bear Stearns é a quarta das cinco maiores casas de investimento de Wall Street a apresentar os resultados trimestrais, depois da Goldman Sachs, da Lehman Brothers e da Morgan Stanley. A Morgan anunciou ontem prejuízos de 3,56 mil milhões de dólares neste quarto trimestre.

[USA Boy]

Morgan Stanley regista o pior resultado de sempre
O grupo Morgan Stanley, a segunda maior firma de securities dos EUA, anunciou hoje que no quarto trimestre do seu exercício fiscal sofreu um prejuízo maior do que o esperado, dado ter amortizado 9,4 mil milhões de dólares (6,53 mil milhões de euros) em activos relacionados com o mercado hipotecário de alto risco.

Cristina Barreto

Segundo um comunicado emitido hoje pelo banco de investimento norte-americano, no trimestre que terminou a 30 de Novembro de 2007, o seu prejuízo líquido foi de 3,59 mil milhões de dólares (2,49 mil milhões de euros), ou 3,61 dólares por acção, contra um lucro de 1,98 mil milhões de dólares (1,37 mil milhões de euros), ou 1,87 dólares por título, registado um ano antes.

Este resultado desiludiu os analistas consultados pela agência Bloomberg que esperavam em média um prejuízo por acção de apenas 39 cêntimos.

Neste período, as receitas líquidas do Morgan Stanley registaram também um saldo negativo de 450 milhões de dólares (312,6 milhões de euros), contra os 7,85 mil milhões de dólares (5,45 mil milhões de euros) positivos contabilizados nos últimos três meses do exercício anterior.

A instituição refere ainda no documento que as despesas antes de juros totalizaram os 5,4 mil milhões de dólares (3,75 mil milhões de euros) no trimestre em análise, mais 3% do que no mesmo período de 2006.

Infelizmente estes são a regra, não excepção como a Goldman.

[ng37779a]

Isto sim foi apostar em grande.....

A Goldman Sachs vai obter novament lucros record este ano, e tudo por ter apostado contra os subprime. Agora a questao ee, enquanto a Goldman Sachs comprava derivativos contra os Sub Prime, vendia os CDOs, sobre os respectivos Sub prime, aos seus clients. Sera justo fazer dinheiro assim?

The subprime-mortgage crisis has been a financial catastrophe for much of Wall Street. But at Goldman Sachs, thanks to a tiny group of traders, it has generated one of the biggest windfalls the securities industry has seen in years.

The group's big bet that securities backed by risky home loans would fall in value generated nearly $4 billion of profits during the year that ended Nov. 30, according to sources familiar with the firm's finances. Those gains erased $1.5 billion to $2 billion of mortgage-related losses elsewhere in the firm.

On Tuesday, despite a terrible November and some of the worst market conditions in decades, analysts expect Goldman Sachs (GS, news, msgs) to report a record net annual income of more than $11 billion.

Goldman's trading home run was blasted from an obscure corner of the firm's mortgage department -- the structured-products trading group, which now numbers about 16 traders.

Two of them, Michael Swenson, 40, and Josh Birnbaum, 35, pushed Goldman to wager that the subprime market was heading for trouble. Their boss, mortgage-department head Dan Sparks, 40, backed them during heated debates about how much money the firm should risk.

This year, the three men are expected to be paid between $5 million and $15 million apiece, people familiar with the matter say.

Under Chief Executive Lloyd Blankfein, Goldman has stood out on Wall Street for its penchant for rolling the dice with its own money. The upside of that approach was obvious in the third quarter: Despite credit-market turmoil, Goldman earned $2.9 billion, its second-best three-month period ever. Blankfein is set to be paid close to $70 million this year, according to one person familiar with the matter.

Goldman's success at wringing profits out of the subprime fiasco, however, raises questions about how the firm balances its responsibilities to its shareholders and to its clients.

Making a market
Goldman's mortgage department underwrote collateralized debt obligations, or CDOs, complex securities created from pools of subprime mortgages and other debt. When those securities plunged in value this year, Goldman's customers suffered major losses, as did units within Goldman itself, due to their CDO holdings.

The question now being raised: Why did Goldman continue to peddle CDOs to customers early this year while its own traders were betting that CDO values would fall? A spokesman for Goldman Sachs declined to comment on the issue.

The structured-products trading group that executed the winning trades isn't involved in selling CDOs minted by Goldman, a task handled by others. Its principal job is to "make a market" for Goldman clients trading various financial instruments tied to mortgage-backed securities. That is, the group handles clients' buy and sell orders, often stepping in on the other side of trades if no other buyer or seller is available.

The group also has another mission: If it spots opportunity, it can trade Goldman's own capital to make a profit. And when it does, it doesn't necessarily have to share such information with clients, who may be making opposite bets. This year, Goldman's traders did a brisk business handling trades for clients who were bullish on the subprime-mortgage-securities market. At the same time, they used Goldman's money to bet that market would fall.

Financial firms have good reason to keep a tight leash on proprietary traders. In 1995, bad bets by Nicholas Leeson, a young trader, led to $1.4 billion in losses and the collapse of Barings. Last year, the hedge fund Amaranth Advisors shut down after a young Canadian trader lost more than $6 billion on natural-gas trades. But big trading wins such as George Soros' 1992 bet against the British pound, which netted more than $1 billion for his hedge fund, tend to be talked about for years.

The subprime trading gains notched by Birnbaum and Swenson and their Goldman associates are large by recent Wall Street standards. Traders at Deutsche Bank (DB, news, msgs) and Morgan Stanley (MS, news, msgs) also bet against the subprime-mortgage market this year, but in each case, their gains were essentially wiped out because their firms underestimated how far the markets would fall.

New York hedge-fund company Paulson also turned a considerable profit on the subprime meltdown this year, as did Hayman Capital Partners, a Dallas hedge-fund firm, say people familiar with the matter.

As recently as a year ago, few on Wall Street thought that the market for home loans made to risky borrowers, known as subprime mortgages, was heading for disaster. At that point, Goldman was bullish on bonds backed by such loans.

Last December, Sparks, a longtime trader of bond-related products, was named head of Goldman's 400-person mortgage department. That gave him a seat on the firm's risk committee, which numbers about 30 and meets weekly to hash out the firm's risk profile. It also gave him authority over the structured-products trading group, which then had just eight traders and was run jointly by Swenson and David Lehman, 30, a former Deutsche Bank trader.

Swenson, known as Swenny on the trading desk, is a former Williams College hockey player with four children and an acid wit. A veteran trader of asset-backed securities, he joined Goldman in 2000. In late 2005, he helped persuade Birnbaum, a Goldman veteran, to join the group. Birnbaum had developed and traded a new security tied to mortgage rates.

Swenson and Sparks, then No. 2 in the mortgage department, wanted Birnbaum to try his hand at trading related to the first ABX index, which was scheduled to launch in January 2006. Because securities backed by subprime mortgages trade privately and infrequently, their values are hard to determine. The ABX family of indexes was designed to reflect their values based on instruments called credit-default swaps.

A more bearish posture
These swaps, in essence, are insurance contracts that pay out if the securities backed by subprime mortgages decline in value. Such swaps trade more actively, with their values rising and falling based on market sentiments about subprime default risk.

Swenson and Sparks told Birnbaum the ABX was going to be a hot product, according to people with knowledge of their pitch.

They were right. On the first day of trading, Goldman netted $1 million in trading profits. But the index was tough to trade. In comparison to huge markets like Treasury bonds, there wasn't much buying and selling. That meant that Swenson's team nearly always had to use Goldman's capital to complete trades for clients looking to buy or sell.

Last December, David Viniar, Goldman's chief financial officer, gave the group a big push, suggesting that it adopt a more bearish posture on the subprime market, according to people familiar with his instructions.

During a discussion with Sparks and others, Viniar noted that Goldman had big exposure to the subprime mortgage market because of CDOs and other complex securities it was holding. Emerging signs of weakness in the market meant that Goldman needed to hedge its bets, the group concluded.

Swenson and his traders began shorting certain slices of the ABX, or betting against them, by buying credit-default swaps. At that time, new subprime mortgages still were being pumped out at a rapid clip, and gloom hadn't yet descended on the market. As a result, the swaps were relatively cheap.

Still, trading volume was thin, so it took months for the group to accumulate enough swaps to fully hedge Goldman's exposure to the subprime market. By February, Goldman had built up a sizable short position and was poised to profit from the subprime meltdown.

The timing was nearly perfect. Goldman's bets were focused on an ABX index that reflects the value of a basket of securities that came to market in early 2006, known as the 06-2 index. Goldman bet that the riskiest portion of that index -- a subindex that reflects the value of the slices of the securities with the lowest credit ratings -- would plunge in value.

This January, as concerns about subprime mortgages grew, that subindex dropped from about 95 to below 90. The traders handling the ABX trades were sitting on big profits.

Like other Wall Street firms, Goldman weighs its financial risk by calculating its average daily "value at risk," or VaR. It's meant to be a measure of how much money the firm could lose under adverse market conditions. Because the ABX had become so volatile, the VaR connected to the trades was soaring.

Goldman's co-president, Gary Cohn, who oversees the firm's trading business, became a frequent visitor, as did the firm's risk managers. More than once, Sparks was summoned to Blankfein's office to discuss the market. Goldman's top executives understood the group's strategy, say people with knowledge of the matter, but were uncompromising about the VaR. They demanded that risk be cut by as much as 50%.

Swenson and Birnbaum, however, argued that the mortgage market was heading down, and Goldman should take full advantage by maintaining large short positions, people familiar with the matter say.

One day in late February, with the riskiest portion of the 06-2 index heading toward 60, the discussion about what to do grew heated. Birnbaum argued that Goldman would be leaving money on the table by unwinding some of the trades his group had used to bet on the mortgage market's decline.

"This is the wrong price" to close out the positions, Birnbaum snapped at a colleague assigned to help reduce risk, slamming down his phone receiver, these people say. He was overruled.

In March and April, the risky portion of the 06-2 index, which had taken a beating in February, bounced back from near 60 into the mid-70s. By then, the CDO underwriting business, which had been lucrative for Goldman, Merrill Lynch (MER, news, msgs) and other Wall Street firms, was slowing dramatically. Potential buyers had grown worried about the market.

Thanks to the wager that the ABX index would fall, Goldman's mortgage department earned several hundred million dollars during the first quarter, say people familiar with the matter. But the traders had unwound that bet in the weeks that followed. That left Goldman unhedged against further carnage, a worrisome situation for the second quarter.

In late April, Sparks, the mortgage-department chief, met with Cohn, the trading head, Viniar, the chief financial officer and a couple of other senior executives. "We've got a big problem," Sparks told them as they paged through a handout listing the declining values of Goldman's CDO portfolio, according to people with knowledge of the meeting. Prices were heading straight down, he told them. He suggested that Goldman cancel a number of pending CDO deals and sell whatever it could of the firm's roughly $10 billion in CDOs and related securities -- probably at a loss.

Led by Lehman, the co-head of the structured-products trading group, Goldman began selling off the majority of its CDO holdings. The losses pushed the mortgage group into the red for the second quarter.

By then, the subprime-mortgage market was cratering.

Dozens of lenders had filed for bankruptcy protection, and legions of subprime borrowers were losing their homes. At Bear Stearns (BSC, news, msgs), two internal hedge funds that had invested in risky portions of CDOs and other securities were struggling. Merrill and Citigroup, among others, were sitting on billions of dollars in depreciating mortgage holdings.

Although it had become more expensive to wager against the ABX index, Swenson and Birnbaum got a green light to once again ratchet up the firm's bet that securities backed by subprime mortgages would fall further. In July, the riskiest portion of the index plunged.

The structured-products traders were working long hours. Swenson would leave his home in northern New Jersey in time to hit the gym and be at his desk by 7:30 a.m. When Birnbaum arrived from his Manhattan loft, they'd begin executing large trades on behalf of clients. There was no time for breaks. They took breakfast and lunch at their desks.

Sparks, the mortgage chief, climbed into his car at 5:30 each morning for the drive in from New Canaan, Conn. To calm his nerves, he'd stop by the gym in Goldman's downtown building to briefly jump rope and lift weights.

Sometimes he worked past midnight. He canceled a family ski trip to Wyoming. Although he loves to attend Texas A&M football games, is a major donor to the university's athletic program and owns a second home near the university, Sparks decided not to join his wife and two children on more than one trip.

By late July, the Bear Stearns funds had collapsed and rumors were circulating of multibillion-dollar CDO losses at Merrill. Goldman was raking in profits.

But once again, concern was growing about VaR, the all-important measure of risk. At one point in July, senior executives called another meeting to demand the mortgage traders pull back, according to people familiar with the matter. The traders agreed.

Around Labor Day, Birnbaum was asked to ratchet back one of his short positions by $250 million, according to Hayman Capital's Kyle Bass, a client who had similar positions at the time. Bass says he made $100 million by relieving Goldman of that particular short bet. "It appeared to me that (the traders) constantly fought a VaR battle with the firm once the market started to break," says Bass.

In the first three quarters of its fiscal year, Goldman's VaR rose 38%, ending that period at $139 million per day, an all-time high, regulatory filings indicate.

During the third quarter ended Aug. 30, the structured-products trading group made more than $1 billion, say people knowledgeable about its performance. That helped the mortgage department notch record quarterly earnings of $800 million, these people say.

The subprime market continued to deteriorate through the fall. Both Merrill and Citigroup announced massive write-downs connected to the subprime mess, and their chief executive officers resigned.

Goldman pressed forward with its bearish bets on the ABX index, people familiar with its strategy say. In October, Goldman's mortgage unit moved from one downtown Manhattan office building to another. Despite their stellar year, traders were crowded into a low-ceiling floor where 150 employees shared one small men's room.

In late November, Sparks summoned Birnbaum and Swenson to his office for separate visits. He thanked each trader for what he had done for the firm.

But there has been no time to relax. Two weeks into Goldman's new fiscal year, credit markets are looking bleaker than ever. Already, analysts are trimming their estimates of how much Goldman and other Wall Street firms will make in the coming year.