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* * * 2007 ANNUAL GOANETTERS MEET - GOA * * *
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WHERE: Foodland Cafe - Miramar Residency - Miramar, Goa
WHEN: December 27, 2007 @ 4:30pm
More info:
http://lists.goanet.org/pipermail/goanet-goanet.org/2007-December/066098.html
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On 13/12/2007, Mervyn Lobo <[EMAIL PROTECTED]> wrote:
>
> Gabe,
> There is an old saying in the business world. "When you owe the bank a
> million dollars you are in trouble. When you owe the bank 100 million
> dollars, the bank is in trouble". ................................ Citibank
> was forced to raise money by issuing a convertible debt with a 11 percent
> coupon. 11%? Isn't that junk bond territory?
COMMENT:
We had a worse situation, around 1980's when Junk Bonds came into
being - Michael Milken of Drexel made a killing took home 1.3 billion
as his share; he was the originator of Junk Bonds.
RJR Reynolds / Nabisco at that time issued bonds yielding 23 percent
or more - can't remember now.
When I had stated that a deal was done at 23 percent interbank in
Singapore - an ostensible MBA quipped that US $ interest rates were
never at 23 percent !
Now that the US # 1 Bank has paid 11 percent as you state; MBA man
will inform us that US interest rates were never at 11 percent in
2007.
I don't know the coupon rate that Citi paid but I have read that UBS
(Swiss Bank) has paid 9 % for their injection.
On another point:-
Working the grave yard shift at Ford Motor in Michigan, can cause
cancer...please see the following :-
http://www.smh.com.au/news/science/night-work-increases-cancer-risk/2007/11/30/1196394608317.html
Could that explain our friends predicament ?
--
DEV BOREM KORUM.
Gabe Menezes.
London, England
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Spread the Christmas Cheer, even when you're not here!
Send classic greetings to your loved ones in Goa.
EXPRESSIONS - 2007 Christmas Hamper
Visit http://www.goa-world.com/expressions/xmas/
Or e-mail: [EMAIL PROTECTED]
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