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  • Taxpayers May Be Liable for Billions From Bear, Mortgage Rescueyu

    2008-3-26

    Even as the Bush administration insists it won't risk public funds in a bailout, American taxpayers may already be liable for billions of dollars stemming from Federal Reserve and Treasury efforts to quell a financial crisis.

    History suggests the Fed may not recover some of the almost $30 billion investment in illiquid mortgage securities it received from Bear Stearns Cos., said Joe Mason, a Drexel University professor who has written on banking crises. Treasury's push to have Fannie Mae and Freddie Mac buy more mortgage bonds reduces the capital the government-chartered companies hold in reserve at a time when foreclosures and defaults are surging.

    Regulators ``are playing with fire,'' said Allan Meltzer, a Fed historian and economics professor at Carnegie Mellon University in Pittsburgh. ``With good luck, none of these liabilities will come due. We can't expect that good luck, and we haven't had it.''

    Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson were forced to respond after capital markets seized up and Bear Stearns faced a run by creditors. In an emergency action that jeopardizes the dividend it pays the Treasury, the Fed authorized a $29 billion loan against illiquid mortgage- and asset-backed securities from Bear Stearns that will be held in a Delaware corporation. JPMorgan contributed $1 billion.

    Dividend Jeopardized

    The Delaware company will liquidate the assets over 10 years, with JPMorgan absorbing the first $1 billion in losses, with the Fed bearing any that remain. Any such losses would hurt the Fed's balance sheet, and ultimately the taxpayer, because they would reduce the stipend the Fed pays to the Treasury from earnings on its portfolio. The dividend was $29 billion in 2006.

    ``The fact that Treasury and Congress have been unwilling or unable to be proactive and provide a solution that involves putting taxpayer money at risk means that the Fed has had to take more measures itself, also putting taxpayer money at risk,'' said Laurence Meyer, a former Fed governor, and now vice chairman of Macroeconomic Advisers LLC in Washington.

    The Treasury is counting on voluntary loan restructurings and $117 billion in tax rebates to support the economy through the worst housing recession in a quarter century.

    Scrutinizing Proposals

    Treasury spokeswoman Jennifer Zuccarelli referred to remarks Paulson made March 16 that he is ``looking very carefully'' at additional proposals, ``but all the ones I've seen call for much more government intervention.''

    Republican presidential candidate John McCain signaled willingness to go further, saying in a speech yesterday that ``when we commit taxpayer dollars as assistance, it should be accompanied by reforms'' to ensure ``transparency and accountability.''

    The average recovery on failed bank assets is 40 cents on the dollar over a six-year period, according to Drexel's Mason, a former official at the Treasury's Office of the Comptroller of the Currency. Nobody knows if that historical benchmark will hold for the Fed portfolio because the assets haven't been disclosed, they have already been marked down and the Fed has 10 years to recover value.

    ``Over 10 years, you might eventually get your money back,'' said Janet Tavakoli, president of Tavakoli Structured Finance Inc. in Chicago.

    `Going to Be Lucky'

    Still, ``that isn't costless to the Fed, it isn't the same as holding Treasuries,'' she said. On some low-documentation loans, ``you are going to be lucky to get 40 percent.''

    Paulson reversed Treasury's stand of the previous three years in approving the decision to direct Fannie Mae and Freddie Mac to expand their $1.5 trillion mortgage assets. Previously, Treasury and the Fed had called for cuts in the portfolios held by the government-chartered companies.

    Fannie Mae and Freddie Mac will buffer against more risk by raising ``significant'' capital, Fannie Mae Chief Executive Officer Daniel Mudd and Freddie Mac Chief Executive Officer Richard Syron said at a press conference with James Lockhart, director of the Office of Federal Housing Enterprise Oversight that regulates the two companies.

    The companies reported record fourth-quarter losses totaling $6 billion and warned days before announcing the additional purchases that credit losses will rise this year.

    Lockhart dismissed the view that taxpayers could be liable for such losses. ``Certainly not,'' he said. The companies ``have the capital, they support their own'' mortgage-backed securities.

    Implicit Guarantee

    Yet the Treasury's authority to buy $2.25 billion in each of the companies' securities has created investor expectations that the firms hold an implicit federal guarantee against losses.

    Lenders allow Fannie Mae and Freddie Mac to borrow more cheaply than rival companies because they expect Treasury would provide a bailout before letting them default.

    Because Fannie Mae and Freddie Mac own or guarantee about 40 percent of the $11.5 trillion home loan market, the cost of a bailout would be ``in the hundreds of billions of dollars,'' said Andrew Laperriere, managing director at International Strategy & Investment Group in Washington. ``Taxpayers should be increasingly concerned about the contingent liability.''

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  • A sleepless night

    2008-3-18

      Yesterday afternoon,the three colleagues in my deparment proposed to have a coffee in the starbucks.During the coffee time,we mainly discussed our future plan and whole market reaction in the past few days.Though i had have a lot of coffee in my college life,the cup of coffee in my front still spur me to have a taste.I can't resist its aroma.In a short time,the bottle is empty.

      After a home routine,i climbed to the bed.After several hours,my head was still clear and a little exciting.I thought i got the reason but i had nobody to blame.So I had to force myself to run into peace.After successing cheating myself,i dreamed into last night.But all of my effort were wasted when i woke because i was thirty badly.I tried in vain to make myself sleep again.Oh,i turned myself from one side to the other,my head is still think wildly.The feeling is bad.Then i came to an conclusion:no coffee,no sleeplessness.

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  • Solutia bankruptcy hearing continues

    2008-3-17

    Solutia Inc, the nylon and plastics maker seeking to force Citigroup Inc and other banks to fund its US$2-billion bankruptcy exit loan, knew the loan might be nullified by a change in the markets, a witness for the banks testified.

    David Jaffe, a director in the asset-based finance group at Citigroup, testified in the United States Bankruptcy Court in New York on Saturday that Solutia officials never asked for specific written criteria in the so-called market MAC clause. Such clauses cite "material adverse changes" as a reason to cancel a contract.

    "I remember telling them, it's like pornography; you know it when you see it," Jaffe told US Bankruptcy Judge Prudence Carter Beatty. Asked if he remembered the response of Solutia Chief Financial Officer James Sullivan, Jaffe said Sullivan laughed.

    The testimony was presented on the third day of a four-day trial in which St Louis-based Solutia is suing New York-based Citigroup, Goldman Sachs Group Inc and Deutsche Bank AG to force them to fund the loan or pay US$2.25 billion in damages.

    Solutia filed for bankruptcy in 2003, according to Bloomberg News. It has said its reorganization will be thrown into doubt if the banks don't fund the loan because it will lose a commitment on February 28 from investors who agreed to back a US$250-million rights offering. It also said its settlement with former parent Monsanto Co is in jeopardy.

    The banks said deterioration in the credit markets from October 25, when the loan was signed, to late January, when they pulled out of the deal, triggered the market MAC clause.

    Beatty previously said she will consider how the banks portrayed the loan to Solutia, as well as how different clauses in the loan agreement interact.

    Last year, Citigroup sought a cash infusion from the ruling family of Abu Dhabi because losses on US subprime-mortgage investments left the bank short of its own capital targets.

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  • China can further tighten monetary policies

    2008-3-17

    THERE is room for China to raise interest rates and the reserve requirement for banks, the central bank governor Zhou Xiaochuan said again.

    Some economists said it means the central government will continue to tighten monetary policies to curb inflation.

    But the regulator gave no indication of when such moves would take place.

    "The central bank will take full control of the timing and strength to adjust the monetary policies," said Zhou in Beijing yesterday.

    His remarks were made against the backdrop that consumer prices, the main gauge of inflation, surged 8.7 percent in February from a year earlier, the highest in nearly 12 years.

    Also last week, the National Bureau of Statistics reported producer prices, the factory-gate inflation gauge, increased 6.6 percent last month, a three-year high.

    Although China's M2, the broadest measure of money supply, rose 17.5 percent to 42.1 trillion yuan (US$5.9 trillion) at the end of February, slower than January's 18.9-percent growth, it does not ease pressure brought by surging prices.

    "We believe Zhou's remarks show that the central bank is preparing to raise the interest rate, possibly with different rates for lending and borrowing," said Li Maoyu, an analyst at Changjiang Securities Co.

    Wang Tao, an economist with the Bank of America, predicted the central bank would renew credit controls with a modest interest rate increase possibly, later this month.

    Morgan Stanley predicted the reserve requirement would be raised, but that interest rates would remain at present levels.

    Since last year, China has increased interest rates six times and raised the reserve ratio on 11 occasions to cool the economy and tame inflation.

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  • Shoule we keep our promise??

    2008-3-17

       As an emerging big coutry in the international community,china is exerting its role nearly in every aspects.from economic to politics,from post-war rebuilding to region peace talking.We are seeing a rising china everythere.

      In military area,there is still a long distance between US and China.It obviously shows in the military force carrage and put their force into the battle fields.But our greatest advantage lies in we can now  in a positive defensive position.So somewhat we don't need to consider how to carry our military force to the battle fields.The question we face is how prevent us from accessing the Taiwan straits.there is a frequent hot word in US military report "anti-access"(反介入)，so we can see that the us military is considering how to react to our anti-access statigies.As father as i know,our anti-access weapon falls into two catagaries.one is the submarine and the other is ballistic missiles. If we use the sbumarine to stop the us force.we have many difficuties.We need to know where the airplane carrier is and we have to dispatch our submarines in advanage in order to ensure a successful attack.but when talk about this situation ,we often neglect one important fact,that is the US also gets their submarine.So the US submarine will be a headache for China navy.If our submarine can't be a threat to US airplane carrier,our airforce will suffer a great loss in the civil war of the straits.At the same time,the japanese force also can play an important role in the logistics supply.

      now let's talk about the missile attack.According common sense,the carrier weapon syster is based on saturated attack.As we know the Aegis(宙斯盾)antimissile system is rather advantageous.So the missile is somewhat will be a test for the anti-saturated attack.

     Considering all this, our last option we have is to use the nuclear weapons.But it seems now we promise the international community that we wouldn't use the nuclear weapons first and i think this will be an big problem for us.So we have to reconsider all promise.When our great china facing a fatal moments,we can use our kings first. 

     

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  • China Says It Will Combat Tibetan Separatism, Ensure Stability

    2008-3-17

    China's provincial government in Tibet said it will combat any separatist movement and ensure stability in the Himalayan region as the biggest protests in almost 20 years spread to neighboring provinces.

    Qiangba Puncog, chairman of the Tibet Autonomous Regional Government, said police ``showed restraint'' in tackling demonstrators and rejected the Dalai Lama's criticism of the security crackdown, state-run Xinhua News Agency reported.

    Thirteen civilians were burned or stabbed to death by protesters in the capital, Lhasa, on March 14 and the Dalai Lama's portrayal of the demonstrations as peaceful is ``ridiculous,'' Qiangba told reporters in Beijing today.

    Tibetan activists are stepping up an international campaign against Chinese rule, as the government in Beijing prepares to host the Olympic Games in August. Tibet's government-in-exile says at least 80 protesters were killed in the demonstrations that began last week.

    The Dalai Lama, Tibet's spiritual leader, yesterday accused China of committing ``cultural genocide'' in the territory and condemned its ``rule of terror.''

    Protests began March 10 when hundreds of Buddhist monks marched in Lhasa calling for an end to religious restrictions and the release of imprisoned colleagues. The date marked the anniversary of a failed Tibetan uprising against Chinese rule in 1959, after which the Dalai Lama fled to India.

    Lhasa Riots

    Rioters in Lhasa set fire to more than 300 buildings and smashed 56 vehicles, Xinhua cited Qiangba as saying. Sixty-one police officers were injured in the violence, which seriously disturbed social order, he added.

    ``Whether intentionally or unintentionally, some kind of cultural genocide is taking place,'' the Dalai Lama told reporters yesterday in the northern Indian town of Dharamshala, where the government-in-exile is based.

    ``Particularly the local leaders, they simply rely on using force in order to achieve stability and peace,'' said the Dalai Lama, the 1989 Nobel Peace Prize winner.

    Demonstrations spread into the Chinese provinces of Sichuan, Qinghai and Gansu yesterday, forcing authorities to deploy security forces, the Associated Press reported. In Lhasa, authorities set a deadline for demonstrators to surrender to police by today.

    At least seven people were killed in Sichuan province when police shot at hundreds of rioting Tibetans in the town of Ngawa, Agence France-Presse reported yesterday, citing a resident and two unidentified activist groups.

    Olympic Games

    Hundreds of people protested outside Chinese embassies in The Hague, Paris, Prague, Rome, Brussels and New York yesterday condemning China's crackdown, AFP said. Some demonstrators called for a boycott of the Olympic Games.

    International Olympic Committee President Jacques Rogge, who rejects boycotting the Games, said yesterday the body is ``very concerned'' by the situation in Tibet, AP reported.

    The IOC hopes there can be an appeasement as soon as possible,'' the news agency cited him as saying in St. Lucia.

    The Dalai Lama said the event should go ahead.

    ``China deserves to be a host of the Olympic Games,'' he said. ``The international community has a moral responsibility to remind the Chinese government to be a good host.''

    Tibet had varying degrees of autonomy from China until the Chinese Communist Party came to power in 1949. It deployed troops there a year later and annexed the region in 1951.

    The protests are the largest in Tibet since pro- independence demonstrations in 1989 prompted President Hu Jintao, who was then head of the region's Communist Party, to declare martial law.

    Australian Prime Minister Kevin Rudd today called the situation ``disturbing'' and said the Chinese authorities should ``exercise restraint.''

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  • puzzling

    2007-10-31

        It has been long that the adipic acid price has dropped sharply and our daparment have been in deficit for more than 6 month.And even worse that the bad situation is likely to continue in the coming two month.

       As for the adipic acid ,we nearly pull in nearly RMB40000000 yuan and nylon 66 20000000 yuan.In total the capital we ocuppy is nearly 60000000yuan.The interest rate is now increasing and it now becomes a big burden for us and acounts for a large part of department cost.

       I often wondering why we don't sell out all the goods in order to cut down the interest.however,i am not the manager now,so it is not my bussiness to think over this problem.But i do wonder to know how can we overcome it.

       The world is always complicated than you can handle.that's why we are here for,i often tell myself.I hope the future will soon show its brightness.

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  • 银行汇票的结算知识

    2007-10-15

        一：定义 ：

       银行承兑汇票是由在承兑银行开立存款账户的存款人出票，向开户银行申请并经银行审查同意承兑的，保证在指定日期无条件支付确定的金额给收款人或持票人的票据。对出票人签发的商业汇票进行承兑是银行基于对出票人资信的认可而给予的信用支持。我国的银行承兑汇票每张票面金额最高为1000万元（含）。银行承兑汇票按票面金额向承兑申请人收取万分之五的手续费，不足10元的按10元计。承兑期限最长不超过6个月。承兑申请人在银行承兑汇票到期未付款的，按规定计收逾期罚息。

       二：银行承兑汇票的出票人具备的条件

    　　（1）在承兑银行开立存款帐户的法人以及其他组织；

    　　（2）与承兑银行具有真实的委托付款关系；

    　　（3）能提供具有法律效力的购销合同及其增值税发票；

    　　（4）有足够的支付能力，良好的结算记录和结算信誉。

    　　（5）与银行信贷关系良好，无贷款逾期记录。

    　　（6）能提供相应的担保，或按要求存入一定比例的保证金。

      三：银行承兑汇票的相关业务：

    a:银行承兑汇票包买是指银行根据包买申请人（持票人）的申请，无追索权买入其持有的、由符合同业授信管理规定银行承兑的、以人民币计价的远期银行汇票的一种授信业务。

      四：相关的票据行为：

    银行承兑汇票的出票

    　　银行承兑汇票是由出票人签发的，由银行承兑的，委托付款人在指定日期无条件支付确定的金额给收款人或者持票人的票据。

    　　银行承兑汇票的出票人必须具备下列条件：

    　　（一）在承兑银行开立存款帐户的法人以及其它组织；

    　　（二）与承兑银行具有真实的委托付款关系；

    　　（三）资信状况良好，具有支付汇票金额的可靠资金来源。

    　　签发银行承兑汇票必须记载下列事项：

    　　（一）表明“银行承兑汇票”的字样； （标题）

    　　（二）无条件支付的委托；（承兑协议编号下面一栏）

    　　（三）确定的金额；

    　　（四）付款人名称；

    　　（五）收款人名称；

    　　（六）出票日期；

    　　（七）出票人签章。

    银行承兑汇票的提示付款

    　　提示付款是指票据的持票人在票据的付款期限内向票据付款人提示票据，要求票据付款人偿付票据金额的行为。

    　　银行承兑汇票的持票人应当自汇票到期日起十日内向付款人提示付款。

    　　持票人应当在提示付款期限内通过开户银行委托收款或直接向付款人提示付款。对异地委托收款的，持票人应匡算邮程，提前通过开户银行委托收款。持票人超过提示付款期限提示付款的，持票人的开户银行不予受理。

    　　通过委托收款银行或者通过票据交换系统向付款人提示付款的，视同持票人提示付款，其提示付款日期以持票人向开户银行提交票据日为准。

    　　银行承兑汇票的持票人超过规定的提示付款期限提示付款的，丧失对其前手的追索权。

    　　持票人未按照上述规定期限提示付款的，在作出说明后，仍可以向承兑人请求付款，承兑人或者付款人仍应当继续对持票人承担付款责任。


    [编辑]

    银行承兑汇票的付款

    　　付款是指票据付款人在持票人提示付款时按票据上的记载事项向持票人支付票据金额的行为。

    　　付款是支付票据金额的行为，并且只以支付票据上记载的金额为限，如果是给付实物或者其他有价证券，都不构成票据的付款；付款是消灭票据关系的行为，票据一经付款，票据关系得以消灭，票据上的一切债务人均解除其票据责任。

    　　银行承兑汇票的付款期限，最长不得超过6个月。定日付款的汇票付款期限自出票日起计算，并在汇票上记载具体的到期日；出票后定期付款的汇票付款期限自出票日起按月计算，并在汇票上记载；见票后定期付款的汇票付款期限，自承兑或绝拒承兑日起按月计算，并在汇票上记载。持票人依照《票据法》规定提示付款的，付款人应当在见票当日足额付款。

    　　票据债务人对下列情况的持票人可以拒绝付款：

    　　（一）对不履行约定义务的与自己有直接债权债务关系的持票人；

    　　（二）以欺诈、偷盗或者胁迫等手段取得票据的持票人；

    　　（三）对明知有欺诈、偷盗或者胁迫等情形，出于恶意取得票据的持票人；

    　　（四）明知债务人与出票人或者持票人的前手之间存在抗辩事由而取得票据的持票人；

    　　（五）因重大过失取得不符合《票据法》规定的票据的持票人；

    银行承兑汇票的追索

    　　追索是指票据持票人在依照票据法的规定请求付款人承兑或者付款而被拒绝后向他的前手（出票人、背书人、保证人、承兑人以及其它票据债务人）要求偿还票据金额、利息和相关费用的行为。

    　　追索权的行使必须在票据法规定的期限内，并且只有在获得拒绝证明时才能行使。

    　　银行承兑汇票到期被拒绝付款的，持票人可以行使追索权。

    　　持票人行使追索权时，应当提供被拒绝承兑或者被拒绝付款的有关证明。持票人不能出示拒绝证明、退票理由书或者未按照规定期限提供其他合法证明的，丧失对其前手的追索权。但是，承兑人或者付款人仍应当对持票人承担责任。

    　　拒绝证明应当包括下列事项：

    　　（一）被拒绝承兑、付款的票据种类及其主要记载事项；

    　　（二）拒绝承兑、付款的事实依据和法律依据；

    　　（三）拒绝承兑、付款的时间；

    　　（四）拒绝承兑人、拒绝付款人的签章。

    　　退票理由书应当包括下列事项：

    　　（一）所退票据种类；

    　　（二）退票的事实依据和法律依据；

    　　（三）退票时间；

    　　（四）退票人签章。

    　　（六）对取得背书不连续票据的持票人；

    　　（七）符合《票据法》规定的其他抗辩事由

      

    银行承兑汇票的背书

    　　背书是一种票据行为，是票据权利转移的重要方式。

    　　背书从按目的可以分为两类：一是转让背书，即以转让票据权利为目的的背书，二是非转让背书，即以设立委托收款或票据质押为目的的背书。

    银行本票仅限于在其票据交换区域内背书转让。

    　　背书不得附有条件。背书时附有条件的，所附条件不具有票据上的效力。将汇票的一部分转让的背书或者将汇票金额分别转让给二人以上的背书背书无效。

    　　汇票被拒绝付款或超过提示付款期限的，不得再背书转让，背书转让的，背书人应当承担票据责任。

    银行承兑汇票的保证

    　　银行承兑汇票的债务可以由保证人承担保证责任。保证人必须由票债务人以外的其他人担当。保证人对合法取得银行承兑汇票的持票人所享有的银行承兑汇票权利，承担保证责任，但是，被保证人的债务因银行承兑汇票记载事项欠缺而无效的除外。被保证的银行承兑汇票，保证人应当与被保证人对持票人承担连带责任。银行承兑汇票到期后得不到付款的，持票人有权向保证人请求付款，保证人应当足额付款。

    　　保证人应当在银行承兑汇票或者粘单上记载下列事项：

    　　（一）表明"保证"的字样；

    　　（二）保证人名称和住所；

    　　（三）被保证人的名称；

    　　（四）保证日期；

    　　（五）保证人签章。

    　　 其中，第（一）项、第（五）为保证行为的必须记载事项，保证人在银行承兑汇票或者粘单上未记载上列第（二）项的，以保证人的营业场所、住所或者经常居住地为保证人住所。保证人在银行承兑汇票或者粘单上未记载上列第（三）项的，以出票人或承兑人为被保证人。保证人在银行承兑汇票或者粘单上未记载前条第（四）项的，出票日期为保证日期。

    　　保证不得附有条件；附有条件的，所附条件不影响对银行承兑汇票的保证责任。

    　　保证人为二人以上的，保证人之间承担连带责任。保证人清偿银行承兑汇票债务后，可以行使持票人对被保证人及其前手的追索权。

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  • A boring day.

    2007-10-15

       Today i woke up at 5:00 and i strench my hand to close the mobil clock.Though i was too sleepy,i had to force myself to be clear.After a quick wash of face and teeth,i picked up my clothes and close the door heading for the elevator.It was still gloomy outside and i waved down a taxi to the Hongqiao airport.The taxi driver told me there was enough time to catch the plane.I didn't remember the content of the radio but in my memomry the chanel was good.
      Soon i arrive at the airport and obviously i was a early bird.I went to  the check-in.nearly 1.5 hours later ,the loudspeaker came the vioce for the boardingment.I relieved at the excellent news.

      After a safe journey,i called a taxi to the wenzhou fupin industry zone.After dealing the bussiness ,i decide to return to the airport to book the airticket.it is a pity that i booked the airplane at 9:30 at night which meant that i had to wait more than 9 hours at the airport waiting room.

      lonely and lonely again,i was finally on the airplane and i was back home.After i came out of airport ,there was a long quequ wait for the taxi.But suck situation wouldn't disturb me cos i know how to deal with this.I went straight to the bus station and got on the bus .It was nearly 12:00 after i got to pudong and then I got off and called the taxi to take me home.

      It was my dream that i could have a good and long sleep.I saw my bed with affection.Oh,god.I found my bed was so attractive to me.I swear it is my paradise.I think you already guess i want to do next.As a whole , a boring and tiresome day passed.

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  • 再说中国股市与房地产市场

    2007-10-10

        As a common peron,I think the change of the stock is somewhat unrelative with me.It is ironical that it appears that the more the government trying to cool dowm the stock or the real estate industry ,the stock and the estate becomes even hotter.

       For the most of common people ,the stock is just a game of the wealth redistribution of rich people.Coz the participants of the market is most rich people or at least in the total money amount.But when we come to the real estate , It indeed concerned a lot of common people.Every people sharing a houding is a dream of a harmony society.But there is a tough gab between reality and the ideal.

      If you look at today's news,you can see that there will be a great shortage in the supply of new land compared to the demand .the newspaper said that the supple has come to a new six-year low record.As the government screaming to control the price ,the market seems to vioce in a complete different way.

     Another news I noted today is that In Guangdong,the foreign capital even counts for more 30% of total investment in the real estate industy and there is no trendency of slowing down.

      To be sorrow or to be relieve??It seems that nobody knows the answer.Let's wait and see.

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