Monday, May 19, 2008

The King needs a Bank

King George needs a bank. My freind Ben Bernake has changed the rules to make banking foolproof. If I have losses, I can now transfer them from my income statement to my balance sheet. The following Banks are playing with fire. The first number is bank losses, the second number is amount moved from income statement to balance sheet and the last number are total bank losses. Information provided by Bloomberg.



Firm Writedown & Hidden
Credit Loss Writedowns Total

Citigroup 40.9 2 42.9

Merrill Lynch 31.7 5.3 37

HSBC 18.3 1.3 19.5

IKB Deutsche 9 7 16

Washington Mutual 8.3 0.8 9.1

HBOS 5.9 1 6.9

Bayerische Landesbank 3.6 3.1 6.7

Fortis 5.1 1.5 6.6

ING 0.4 5.6 6

WestLB 3.2 1.6 4.8

LB Baden-Wuerttemberg 2 2 4

Natixis 3.2 0.2 3.4

Lloyds TSB 1.3 1.5 2.8

HSH Nordbank 2.3 0.2 2.5

Commerzbank 1.3 0.6 1.9

Alliance & Leicester 0.7 0.7 1.4

Sovereign Bancorp 0.3 0.7 0.9

Norddeutsche LB 0.6 0.3 0.9

HVB Group 0.6 0.1 0.7

Aozora Bank 0.5 0.1 0.6
____ _____ _____

TOTALS* 139 35.4 174.4
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