Bailout 6: Getting an equity infusion발음듣기
대기중
Bailout 6: Getting an equity infusion
162문장
99%
스페인어 번역 1명 참여
출처 : 칸아카데미
번역
0%
And I've made this balance sheet so messy I think it would make sense to redraw it cleaned up a little bit.발음듣기
대기중
All I have now, I have a little bit of cash, let me write that down, I had $1 billion of cash.발음듣기
대기중
Because then it won't be able to even transact with its customers, or pay its rent, or send its executives on their Learjets, whatever it needs to do.발음듣기
대기중
And at least the management of this company thinks that it has $4 billion worth of residential CDOs.발음듣기
대기중
And this is the toxic stuff that's the focus of this government bailout, which is really historic in its proportions.발음듣기
대기중
So if you believe what the accountants or the bank management has said about their assets, if you wanted to just liquidate everything.발음듣기
대기중
If you had $5 billion in assets, you liquidate them, got $5 billion, you paid off your $3 billion in loans, you'd be left with $2 billion.발음듣기
대기중
But we had to take those commercial mortgages that we thought were worth $10 billion, actually ended up being worth $9 billion.발음듣기
대기중
And maybe at this point the market value of the share, so that's essentially the stock price if you were to look up this company's ticker price, let's say it's at $1.발음듣기
대기중
Because they're like, boy, after all this Bear Stearns and Lehman Brothers, this is all getting a little nerve racking.발음듣기
대기중
So they're saying essentially that the market cap, and that's equivalent to the market value of the equity, or what the market thinks the equity is worth, that's $1 times 500 million shares.발음듣기
대기중
So the market is actually saying, no, you don't have $2 billion of equity, you only have half a billion of equity.발음듣기
대기중
Two of those other loans, they came due, no-one was willing to renew the loans, or give them new loans.발음듣기
대기중
So they say, things are really shady, your assets they look very similar to Lehman Brothers and Bear Stearns, we're not going to renew your loan.발음듣기
대기중
So now, all my models and all my assumptions are going to see if they were even vaguely accurate.발음듣기
대기중
Because there's a lot of people who want to unload them, but there's not really anybody who's keen on buying it.발음듣기
대기중
So you broadcast it out to every hedge fund and private equity fund and every bank out there.발음듣기
대기중
And some private equity firm comes and says, OK well, I think that those things are pretty toxic, but they're probably worth maybe something.발음듣기
대기중
So the market price of this, because you've shopped it around, you've gone to the market, you've gone to everyone you can, the market price for this is, essentially, the market is offering you $1 billion for this CDO.발음듣기
대기중
If you sell this for $1 billion, you get $1 billion here, you have $1 billion of cash, you have a total of $2 billion, that still won't pay your loan.발음듣기
대기중
All of a sudden for the first time in my career when I was getting $30 million a year bonuses, I heavily believed in the market.발음듣기
대기중
I say, the only reason why I'm only getting $1 billion for this is because everyone is afraid.발음듣기
대기중
And these things, if someone were to just hold them to maturity, if someone were to just hold these assets for the 30 years over which the underlying mortgages will just pay out, someone's going to collect roughly $4 billion.발음듣기
대기중
Collateral on a loan is you give me a loan, and you take this as collateral, and if I don't pay the loan, you just keep the asset.발음듣기
대기중
The Fed traditionally only gives loans if you give something really nice as a collateral, like treasuries, essentially just treasuries.발음듣기
대기중
But over this whole credit crunch, the Fed has gotten looser and looser in terms of what it's willing to accept as collateral.발음듣기
대기중
So actually, the Fed, I don't know the details of how toxic of an asset they were willing to take as collateral, but they started loosening it up to pretty toxic assets.발음듣기
대기중
You have a bank, and it's essentially being forced, or it perceives it, forced into bankruptcy.발음듣기
대기중
So you could get a loan from the Fed or someone else if they're willing to take this kind of toxic stuff as collateral.발음듣기
대기중
If you can convince someone that no, your firm is really in the future going to be worth a lot more.발음듣기
대기중
So you go to some sovereign wealth fund, and that's just a way of saying some foreign government that's been collecting dollars because they've been selling us oil or cheap manufactured goods.발음듣기
대기중
We are this great brand in the banking industry, wouldn't you like to have a piece of this thing that represents American capitalism?발음듣기
대기중
So they say, well the market price is $1 and I think that's probably a little distressed, so we'll be willing to pay $1.50 per share.발음듣기
대기중
So let's say the sovereign wealth fund, they're going to buy 2 billion shares at $1.50 per share.발음듣기
대기중
Well instead of our share account being 500 million shares, this is how many shares we had before, the company essentially created 2 billion new shares.발음듣기
대기중
Now the value of our share after the investment, and you can kind of call this the post money valuation or book value, is $5 billion.발음듣기
대기중
It's someplace in between our old book value and the price that the company paid, or the sovereign wealth fund paid, $1.50 per share.발음듣기
대기중
칸아카데미 더보기더 보기
-
29문장 0%번역 좋아요0
번역하기 -
The House of Represenatives in comparison to ...
47문장 0%번역 좋아요0
번역하기 -
Hans Haacke: "A Breed Apart" in South Africa
12문장 0%번역 좋아요0
번역하기 -
34문장 0%번역 좋아요1
번역하기
