Credit Suisse Group (ADR) (CS)

cashsage (86.16) Submitted: 11/16/2008 4:08:21 AM : Start Price: $26.26 CS Score: -68.67

CS is one of the ten most heavily leveraged bank of the world with the most illiquid balance sheet. For instance it has about $4 billion of proprietary capital tied in its illiquid private equity funds, nearly 15% of its balance sheet equity. It is actually craving for a cash recapitalisation, as it is losing its cheap financing with its deposits decreasing every quarter from CHF 460 billion on 2007-06 to CHF 375 billion on 2008-06, so nearly $70 billion in one year. This Friday the Financial Times confirmed that CS tries to sell all or part of its asset management division. 2008 eanings estimates just turned negative, as per Thomson data. 2009 earnings estimates are slashed recently. CS may also go bankrupt.