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- Super SIV seems to be losing steam
Filed under: Citigroup Inc. (C), JPMorgan Chase (JPM), Bank of America (BAC), Wachovia Corp (WB)
Looks like Citigroup (NYSE: C) may have to look elsewhere for a bailout if it doesn't want to take its SIVs back onto its own books. The Super SIV, which would have raised funds to aid banks with SIVs in trouble, just doesn't seem to be getting many takers.
According to the Wall Street Journal today, even banks that had expressed interest are now shying away from it including Wachovia (NYSE: WB) and two Japanese banks, Sumitomo Mitsui Financial Gorup and Mitsushishi UFJ Financial Group. Even banks that it was envisioned would benefit from the Super SIV, have begged off. HSBC decided to bail its SIVs out by taking $45 billion in assets back on the books. French bank Societe Generale, Standard Chartered PLC and Netherlands-based Rabobank Group took similar actions according to the Journal. Gordian Knot, which has one of the largest SIVs, also let the Super SIV promoters know that it's not interested in the bail out.
What it gets down to is that Citigroup wants the money and Bank of America (NYSE: BAC) and J.P. Morgan Chase (NYSE: JPM), the other two champions of the Super SIV, probably want the fees they could make. But they may be the only key players. Black Rock, which is the money management firm serving as the fund's adviser, told the Journal that if the fund doesn't succeed, "it's probably going to be more of an expense" than an income source.
The Fed's move yesterday working with other central banks will probably do more to help the credit crisis than what's left of the Super SIV bailout.
Lita Epstein has written more than 20 books including the "Complete Idiot's Guide to the Federal Reserve."
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- Where to invest in 2008, best affordable suburbs & best places to park cash - Today in Money 12/13
Filed under: Money and Finance Today, Bank of America (BAC), Costco Wholesale (COST), Goldman Sachs Group (GS), Merck and Co (MRK), Lehman Br Holdings (LEH)
In the News: · Wholesale Prices Surge 3.2% in November; Largest Gain Since 1973 · Retail Sales Surge in November · Lehman Brothers Profit Drops, But Tops Estimates · Costco Profit Rises on Membership Growth · Merck Recalls Common Children's Vaccine · Bank of America Sees Disappointing 4Q · Goldman Sachs CEO Set to Break Bonus Record With $70 Million · Biogen Can't Find a Buyer, Stock Plummets · House Passes Fix to AMT Tax, Senate Likely to Kill · 'Penthouse' Makes $500M Hookup with Social Site Various · Working Late Shift Gets More Deadly for Fast-Food Workers
Where to Invest in 2008
In 2008, we expect a similarly bifurcated stock market. The U.S. economy and consumer will be subdued, but investors will have plenty of opportunities thrown up by the boom in emerging markets. So get ready to profit handsomely from what's happening half a world away.
Where to Invest in 2008 - Kiplinger.com
Also: 10 Best Stocks for 2008
Also: 4 Internet Stocks to Buy for 2008
Best Affordable Suburbs 2007
Demand-and prices-for homes in the best suburbs remains strong. But good deals in good communities exist if you know where to look. Here is a state-by-state look at the most affordable suburb that offer the lowest crime rate, finest schools, and best quality of life for the dollar.
Where the Affordable Suburbs Are - BusinessWeek State-by-State Guide
Best Places to Park Your Cash
CDs and money market funds measure up well vs. the yields on investment-grade bonds, with much less risk.
The Best Places to Park Your Cash - TheStreet.com
Millionaires-in-Chief
The top White House contenders are a lot richer than the rest of us. But a review of their finances shows they make a lot of the same mistakes we all do. Here is where they got it and where it goes.
Millionaires-in-chief - MONEY The Candidates: See How Much Each Candidate Has
Holiday Party Lawsuits
At a 2005 Christmas party for a California-based shipping company, a male supervisor greeted one of his subordinates, a male truck driver, with an affectionate hug and a kiss on the cheek in front of the employee's co-workers. What that supervisor apparently perceived as harmless joking, the subordinate now claims was sexual harassment, and he's suing the company for damages. One too many at the company holi