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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Lucretius who started this subject	9/29/2001 8:44:06 AM
From: sun-tzu	Read Replies (2) of 436258

Massive European redemptions to resume in earnest... MBNA Corp (KRB) is no longer teetering on the edge, it has moved off the cliff and is desperately scrambling to securitize their massive credit card receivables. biz.yahoo.com biz.yahoo.com They continue to hide their bad debt through securitization, but with increased write offs and delinquencies they have absolutely no margin for error. With the S&P at 970.43 on 12/31/97, KRB was worth $18.20. This was also when KRB was in it's parabolic growth phase. The company has since matured and is now mired in a nasty, global economic downturn. With a 6 month lag time associated with their charge offs, it's the stock and noteholders who will be left holding the bag. The fundamentals can be viewed in an SNLData Profile released on Sep 28, 2001. The profile can be accessed through Multex for a fee. Of course, the insiders are seeing their way towards disposing of their shares as fast as humanly possible: biz.yahoo.com Worse, is their institutional holdings: biz.yahoo.com AXA financial which now owns Alliance Capital has a big problem: yahoo.marketguide.com They must rebalance their portfolio quickly as they are in the midst of their worst quarter EVER. In addition, the corporate year end is perilously close and I suspect the massive European liquidation will continue in earnest. The global link of these financial behemoths will create a mess for the ages. Banks, brokerages, insurers are all intimately intertwined and the massive liquidation's across industries globally will reverberate for years. (~)^(~)

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