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The Five Dumbest Things on Wall Street This Week
The Five Dumbest Things on Wall Street
04/25/08 - 06:59 AM EDT
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4. A Royal Bank's Pain
In raising fresh capital, Nat City was only taking a page from the playbook of the big boys. Citigroup C, UBS UBS, Merrill Lynch MER, Wachovia WB and Washington Mutual WM all have taken similar steps. Across the pond, Royal Bank of Scotland RBS announced the biggest stock sale in British corporate history this week, asking shareholders for $23.9 billion after revealing hefty new losses from exposure to bad U.S. mortgages. Oh, and RBS is also hurting for capital because it chose to acquire ABN Amro of the Netherlands last year with a consortium of investors for $101 billion -- the largest banking takeover ever. That little nugget won't be far from the minds of shareholders when RBS seeks its approval for the rights issue next month during its annual meeting. Current holders will be offered 11 new shares for every 18 existing shares at $3.98 each. "You could call it unfortunate" that the ABN Amro deal was done "at a time when bank valuations were much higher than they are now," said RBS Chairman Tom McKillop.
Dumb-o-meter score: 79. You could call it a few other things too.
American Apparel -- accounting in peril; Wachovia whacked; Pilgrim's Pride squawks; Buster City: Traders' Ptooy-taries.
Volcker: fearful Fed Heads; JPM's favored accounting status; Goldman's assets hit Defcon 3; another AOL merger? Really?; Flying the paranoid skies.
Corn pops as beans get the drop; what does Bear do now?; Schering-plowed; UBS -- stands for 'under the bus'?; AAR maintains innocence, not much else.
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