Financial Future

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Wall Street rise from the fall because it was saved by manufacturing data and the achievement of profit from Ford. But the increase in the shares held by the statement the U.S. Federal Reserve officials about the bank loan losses.

Data from the Institute of Supply Management revealed manufacturing sector purchasing index rises more than expected to 55.7%. Industrial stocks and materials went up, with the industrial index S & P up 1%.

But a statement from the U.S. Federal Reserve officials about the loss of commercial real estate loans to investors off financial stocks. This caused an increase in the stock index restrained.

“The market turned from action to action buy sell,” said Terry Morris, Vice President National Penn Investors Trust was quoted as saying by Reuters on Tuesday (3/11/2009).

In trading Monday (2/11/2009), the Dow Jones industrial average (DJIA) closed up 76.71 points (0.79%) to the 9789.44 level. Index Standard & Poor’s 500 also rose 6.69 points (0.65%) to the level of 1042.88 and the Nasdaq rose 4.09 points (0.20%) to the level of 2049.20.

Morot Ford shares rose 8.3% after automakers reported a profit in the third quarter-2009. Ford scored a surprise profit up to U.S. $ 997 million.

Oil Price Rise

Meanwhile, world crude oil prices back up due to the weakening U.S. dollar and economic data of China and the U.S. are improving.

The main contract light sweet crude December delivery rose 1.13 dollars to U.S. $ 78.13 per barrel. Brent oil December delivery rose 1.35 dollars to U.S. $ 76.55 per barrel.

Largest SME bank in the United States, CIT Group finally register on Sunday for bankruptcy protection (1/11/2009). Bankruptcy bank that has received U.S. government bailout fund of U.S. $ 2.33 billion has now become one of the largest in the United States.

CIT was founded in 1908 and made history as one of the banks to the largest segment of SMEs in the U.S.. As the crisis, CIT Group did not escape the shock.

CIT hopes its status as a creditor SME sector could win political support after struggling early this year. But in July, the Federal Deposit Insurance Corp refuses to be a guarantor of debt issuance CIT. The Company also had to struggle to find their own funding.

A group of bondholders CIT eventually provide loans of U.S. $ 3 billion in July. The shareholders also agreed to exchange old bonds for U.S. $ 1 billion in new debt.

These measures do give time for the CIT to breathe, though still has not secured debt and maturing in November for U.S. $ 800 million. And more than U.S. $ 3 billion in unsecured debt maturing in late March.

Last week, CIT successfully secured additional funding of U.S. $ 4.5 billion from investors that will help them through the bankruptcy process. Icahn on Friday and have also agreed to provide credit facility of U.S. $ 1 billion.

CIT eventually enroll Chapter 11 protection in Manhattan court for expediting the process of restructuring its debts. Banks that have 101-year-old was reported total assets of U.S. $ 71 billion with liabilities of U.S. $ 65 billion, which was recorded as one of the largest bankruptcy record.

Here’s a list of 20 largest U.S. bankruptcy following its asset value since 1980, who quoted from the AFP, Monday (2/11/2009).

1. Lehman Brother (banks), 15 September 2008, U.S. $ 691 billion
2. Washington Mutual (the bank), 26 September 2008, U.S. $ 327.9 billion.
3. WorldCom (telecommunications), July 21, 2008, U.S. $ 103.9 billion.
4. General Motors (automotive), June 1, 2009, U.S. $ 91 billion.
5. CIT (bank loans), 1 November 2009, U.S. $ 71 billion.
6. Enron (energy trading), December 2, 2001, U.S. $ 65.5 billion.
7. Conseco (insurance), December 17, 2002, U.S. $ 61.4 billion.
8. Chrysler (automotive), April 30, 2009, U.S. $ 39.3 billion.
9. Pacific Gas and Elctric (utility), 6 April 2001, U.S. $ 36.1 billion
10. Texaco (oil), 21 April 1987, U.S. $ 34.9 billion.
11. Financial Corporation of America (the bank), 9 Seotember 1988, U.S. $ 33.8 billion.
12. Refco (trade), October 17, 2005, U.S. $ 33.3 billion.
13. IndyMac (bank), July 31, 2008, U.S. $ 32.7 billion.
14. Global Crossing (telecommunications), January 28, 2002, U.S. $ 30.1 billion.
15. The Bank of New England (bank), January 7, 1991, U.S. $ 29.7 billion.
16. Lyondell (chemistry), January 6, 2009, U.S. $ 27.4 billion.
17. Calpone (electric company), December 20, 2005, U.S. $ 27.2 billion.
18. New Century Financial Corporatuon (trade), 2 April 2007, U.S. $ 26.1 billion.
19. United Airlines (airline), December 9, 2002, U.S. $ 25.2 billion.
20. Colonial Bank (bank), August 14, 2009, U.S. $ 25 billion.

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President Barack Obama warned Wall Street to no longer return to the reckless behavior and excessive, because this could started the crisis. Obama also warned that financial institutions learn from the bankruptcy of Lehman Brothers.

Obama delivered the warning in a speech at Federal Hall, Manhattan, as quoted by the AFP, Tuesday (15/9/2009).

Obama’s speech was delivered just a year after the collapse of financial giant Lehman Brothers. Lehman is the fourth largest investment bank was finally registered U.S. bankruptcy on September 15, 2008, which resulted in a tsunami of global financial crisis.

And a year after the bankruptcy of Lehman Brothers, the financial industry warned Obama not to misread the lessons of the crisis.

“They do not only for their own interests, but our country,” said Obama.

“So I want them to hear my words: We’re not going back to the days where one’s oats uhal behavior and excessive at the heart of this crisis, in which too many who are motivated only to the desire to kill quickly and to dredge a bonus,” added Obama.

He also warned that the crisis this time is a collective failure of the Washington, Wall Street and across America. According to him, Washington has failed to make proper regulations for the financial industry, coupled with the housing sector credit reckless, then the next thing that triggered the crisis.

“This is a collective failure of responsibility of Washington, Wall Street and across America who make our financial system nearly collapsed a year ago,” said Obama.

Obama also reminded the G20 to perform financial policy reform. This financial reforms will be a major issue in the G20 meeting in Pittsburgh next week.

“Because the U.S. is aggressively reform the regulatory system, then we will work to ensure other countries do the same thing,” Obama said ending the conversation.