Der Schweizer Staat, das Land mit weltweit agierenden Banken, beteiligt sich mit 3,9 Milliarden Euro an der UBS (quasi eine Teilverstaatlichung), welche in den USA stark engagiert war / ist, und die Ramschpapiere der UBS werden in eine Zweckgesellschaft ausgelagert.
Der Schweizer Staat, das Land mit weltweit agierenden Banken, beteiligt sich mit 3,9 Milliarden Euro an der UBS (quasi eine Teilverstaatlichung), welche in den USA stark engagiert war / ist, und die Ramschpapiere der UBS werden in eine Zweckgesellschaft ausgelagert.
-qbz
Vorzugs oder Stammaktien?
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'I've got to say that all this stuff about bank rescue plans cutting back on (or even killing) big industry bonuses has made me smile. If anything, the action of central banks and world governments will result in even bigger bonuses for the chosen few.
And by 'chosen few', I'm not talking about the top executives who run these banks - no, they will certainly see their cash compensation affected until they can get the government monkeys off their backs. But, for guys like me, the sky remains the limit.
Let me explain it in basic terms. I'm just a simple equities trader. The volatility in the market has meant that I have made a bundle for my firm recently (although I didn't get it right every day). I'm not a maverick. I respect the disciplines of the limits imposed on me, don't try and be too clever, engage with (and cooperate with) the compliance team, and simply use my experience in the markets to seek out opportunities and capitalize on short-term price movements. In short, I'm an ideal employee - I make my firm a lot of money, but go about it in a quiet and efficient way.
Now several banks (and potential employers) around the world have made a Faustian pact with their governments (or been forced into one). These banks don't want to be part-owned by the state (God, isn't that against everything people like us believe in ?), and they will be doing everything they can to rid themselves of their new 'partners' as quickly as possible. And, to that end, they will need just one thing (something that has admittedly been rather elusive recently) - and that's profits. They will simply need excess cash to redeem government investments and equity injections.
To achieve this, of course, the banks will need to do a number of things. Firstly, they will have to cut back on their expenses, paring back on headcount. They will need to exit non-core businesses. They will also need to scale back on unnecessary risk. But, most importantly, they will need to retain people like me - those that they can rely on to put in strong performances without undue risk. Sure, they will chop the prima donnas and showboaters, they will cut-back on pay to executives and support staff (those guys always get it in the neck when the going gets tough), but people like me will thrive in this environment.
A colleague said to me earlier this week that 'half the market's got nothing to do, and the other half doesn't know what to do'. He's almost right. For those of us revenue-generators who have been around awhile and know how to keep our powder dry, the future looks bright. And if I don't get paid out by my existing firm, there are plenty more out there keen to get their hands on my revenues (I've had four calls directly from rival firms in the last few days). Last week, the number one priority for market participants was survival. Now it's ditching their bail-out 'partners'. And, with people like me, they will be able to regain their freedom at a much earlier date. Cut my bonus - are you having a laugh ?'.
By Warren E. Buffett
The financial world is a mess, both in the United States and abroad. Its problems, moreover, have been leaking into the general economy, and the leaks are now turning into a gusher. In the near term, unemployment will rise, business activity will falter and headlines will continue to be scary.
So ... I’ve been buying American stocks. This is my personal account I’m talking about, in which I previously owned nothing but United States government bonds. (This description leaves aside my Berkshire Hathaway holdings, which are all committed to philanthropy.) If prices keep looking attractive, my non-Berkshire net worth will soon be 100 percent in United States equities.
Why?
A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful. And most certainly, fear is now widespread, gripping even seasoned investors. To be sure, investors are right to be wary of highly leveraged entities or businesses in weak competitive positions. But fears regarding the long-term prosperity of the nation’s many sound companies make no sense. These businesses will indeed suffer earnings hiccups, as they always have. But most major companies will be setting new profit records 5, 10 and 20 years from now.
Let me be clear on one point: I can’t predict the short-term movements of the stock market. I haven’t the faintest idea as to whether stocks will be higher or lower a month — or a year — from now. What is likely, however, is that the market will move higher, perhaps substantially so, well before either sentiment or the economy turns up. So if you wait for the robins, spring will be over.
A little history here: During the Depression, the Dow hit its low, 41, on July 8, 1932. Economic conditions, though, kept deteriorating until Franklin D. Roosevelt took office in March 1933. By that time, the market had already advanced 30 percent. Or think back to the early days of World War II, when things were going badly for the United States in Europe and the Pacific. Themarket hit bottom in April 1942, well before Allied fortunes turned. Again, in the early 1980s, the time to buy stocks was when inflation raged and the economy was in the tank. In short, bad news is an investor’s best friend. It lets you buy a slice of America’s future at a marked-down price.
Over the long term, the stock market news will be good. In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.
You might think it would have been impossible for an investor to lose money during a century marked by such an extraordinary gain. But some investors did.
The hapless ones bought stocks only when they felt comfort in doing so and then proceeded to sell when the headlines made them queasy.
Today people who hold cash equivalents feel comfortable. They shouldn’t. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value. Indeed, the policies that government will follow in its efforts to alleviate the current crisis will probably prove inflationary and therefore accelerate declines in the real value of cash
accounts.
Equities will almost certainly outperform cash over the next decade, probably by a substantial degree. Those investors who cling now to cash are betting they can efficiently time their move away from it later. In waiting for the comfort of good news, they are ignoring Wayne Gretzky’s advice: “I skate to where the puck is going to be, not to where it has been.”
I don’t like to opine on the stock market, and again I emphasize that I have no idea what the market will do in the short term. Nevertheless, I’ll follow the lead of a restaurant that opened in an empty bank building and then advertised: “Put your mouth where your money was.” Today my money and my mouth both say equities.
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Die Paralympics im ZDF werden präsentiert von Ihren Apotheken
..."Die Gehälter der Manager sollen nun grundsätzlich auf 500.000 Euro jährlich begrenzt werden. Ausnahmen sind vorgesehen."
...damit ist klar, die Ausnahme wird die Regel sein...das ist wieder so eine typisch deutsche Regelung, im Prinzip gilt es so für alle, aber im Einzelfall natürlich nicht unbedingt... ...
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