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XMFSinchiruna (27.48)

An important list! The tally of $335 Billion in write-downs listed by company.

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June 05, 2008 – Comments (6)

A few months ago, I spent many hours collecting the data necessary to tally the $200 billion figure which appeared in my February article about the mortgage crisis.  I am relieved to see that someone is tracking and compiling this data now, as it is a crucial ingredient to understanding the scope of the overall credit crisis.  However, keep in mind that this list does not tell the whole story.  Many creative accounting processes, many of which have no basis in rationality, are being used to prevent these write-downs from reaching much higher levels.  Any such understatements of losses, though, will be only temporary smoke screens.

http://www.reuters.com/article/marketsNews/idINN2938258720080605?rpc=44

NEW YORK, June 5 (Reuters) - Financial institutions
worldwide have suffered more than $300 billion of write-downs
and credit losses during the credit crisis. Below is a
breakdown of an estimated $335 billion of credit-related
write-downs and losses recorded by major institutions since the
credit crunch hit in the third quarter of 2007.
FIRM                              $ AMOUNT (Billions)
Citigroup (C.N: Quote, Profile, Research)                    46.40    
UBS (UBSN.VX: Quote, Profile, Research)                      36.70    
Merrill Lynch (MER.N: Quote, Profile, Research)              31.10    
AIG (AIG.N: Quote, Profile, Research)                        20.23    
HSBC (HSBA.L: Quote, Profile, Research)                      18.70    
RBS (RBS.L: Quote, Profile, Research)                        16.50    
IKB (IKBG.DE: Quote, Profile, Research)                      14.73    
Bank of America (BAC.N: Quote, Profile, Research)            14.60    
Morgan Stanley (MS.N: Quote, Profile, Research)              11.70    
Credit Suisse (CSGN.VX: Quote, Profile, Research)             9.17    
Ambac (ABK.N: Quote, Profile, Research)                       9.22    
Wachovia (WB.N: Quote, Profile, Research)                     8.90    
MBIA Inc (MBI.N: Quote, Profile, Research)                    8.41    
Washington Mutual (WM.N: Quote, Profile, Research)            8.10    
Deutsche Bank (DBKGn.DE: Quote, Profile, Research)            7.35
HBOS (HBOS.L: Quote, Profile, Research)                       6.90    
Bayerische Landesbank               6.75     
(BLGGgg.F: Quote, Profile, Research)
Societe Generale(SOGN.PA: Quote, Profile, Research)           6.40    
Mizuho Financial Group  (8411.T: Quote, Profile, Research)    6.24    
JPMorgan (JPM.N: Quote, Profile, Research)                    6.05    
Barclays (BARC.L: Quote, Profile, Research)                   5.20    
Dresdner Bank   (ALVG.DE: Quote, Profile, Research)           3.45    
Bear Stearns                        3.40    
Fortis (FOR.BR: Quote, Profile, Research)                     3.10    
WestLB (WDLGgb.F: Quote, Profile, Research)                   3.10    
BNP Paribas (BNPP.PA: Quote, Profile, Research)               2.70    
UniCredit (CRDI.MI: Quote, Profile, Research)                 2.70   
Nomura Holdings (8604.T: Quote, Profile, Research)            2.46    
DZ Bank (DGBGg.F: Quote, Profile, Research)                   2.00    
Natixis (CNAT.PA: Quote, Profile, Research)                   2.00    
Swiss Re (RUKN.VX: Quote, Profile, Research)                  1.85
HSH Nordbank [HSH.UL]               1.70    
LBBW                                1.70    
Lloyds TSB (LLOY.L: Quote, Profile, Research)                 1.40    
Commerzbank (CBKG.DE: Quote, Profile, Research)               1.24
Mitsubishi UFJ (8306.T: Quote, Profile, Research)             1.19    
Sumitomo (8316.T: Quote, Profile, Research)                   1.19    

Grand Total 334.53 * Estimates based on write-downs, loss provisions and trading losses from subprime securities, mortgages, CDOs, derivatives, and SIVs. * Sources: Reuters, company filings (Reporting by Jonathan Stempel, Dan Wilchins, Steven Bertoni, Steve Slater, John O'Donnell and Lilla Zuill)

 

6 Comments – Post Your Own

#1) On June 05, 2008 at 4:06 PM, ATWDLimited (< 20) wrote:

The FED

Hey, so what we can just pump. 450 Billion Dollars of Liquidity and it will be just fine. 

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#2) On June 05, 2008 at 4:07 PM, mandrake66 (94.10) wrote:

Goldman Sachs stands out by its absence. Have they really not written down any noteworthy amounts?

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#3) On June 05, 2008 at 4:12 PM, ATWDLimited (< 20) wrote:

I think their loss was negated, by that fact that they shorted the other guys and the housing market. Just my opinion, I am sure they took some losses, but I think they switched last year on thier call, thus made money of the rise and decline.

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#4) On June 05, 2008 at 6:24 PM, AnomaLee (28.54) wrote:

To me I think the major declines in investment operations are equally alarming. For banks it is actually a cash positive activity yet they show up as liabilities on the balance sheet. When they decline it looks positive.

Someone correct me if I'm wrong about the details. I don't know because no one has mentioned it...

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#5) On June 10, 2008 at 3:46 PM, PhillyGator (< 20) wrote:

Very interesting list.  What's more...Noticeably absent is all the B-piece buyers of CMBS and CDO originations- writedown potential in the trillions??

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#6) On June 15, 2008 at 7:32 PM, hansthered0 (< 20) wrote:

And Bear Sterns is a little guy on that list....scarry.

Nice research

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