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To: Les H who wrote (212412)	1/4/2003 9:13:36 PM
From: Haim R. Branisteanu	Read Replies (2) \| Respond to of 436258

German financial names stand in 2003 under no good star (alta vista translation) Yield on equity hopelessly under the European cut - Commerzbank loses 2002 half of their market capitalization Frankfurt/Main to of Europe tail lights Hypo Vereinsbank (HVB) might belong, to Dresdner bank AG and other German credit institutes also in this year. An imminent change of trend considers the majority of the institutes improbable, shows an Bloomberg inquiry under ten credit institutes. "with it the situation in the loan business and in the Investmentbanking again relaxed, would be necessary a noticeable economic situation recovery", stresses Bernd driving wood, chairman of the board of the Dresdner bank, which proved a loss of 174 millions euro in the third quarter 2002: "this does not appear in the short term however." Of Germany banks are at larger pressure than their European competitors. Too many strive for the customers, press the margins in the loan business. The Top five in the country - German bank, HVB, Dresdner, Commerzbank and DZ bank - came last year on a own capital funds profitability of on the average 1.7 per cent. The European-wide cut is with eleven per cent. German bank, HVB, Dresdner and Commerzbank proved a loss of 962 millions euro in the third quarter together, after the resetting for distressed credits had risen by 86 per cent. For 2003 Analysten expect a similarly high prevention of risk. "those are nevertheless even to debt", judge Lorenzo Carcano, fund manager with the banking house Metzler in Frankfurt. The German banks "are inflexible, not really do not strive for changes and are most inefficient in the European comparison." Commerzbank and HVB lost last year over half of its market capitalization. Their share quotations broke in 57 per cent and/or 63 per cent. Alliance AG, majority owner of the Dresdner bank, lost 66 per cent. The shares of the German bank lost 45 per cent at value. "also the year 2003 a difficult year for the German banks", confirmed HVB speaker Thomas Pfaff: "the HVB Group is itself over the fact in the clear that from the economic situation and the capital markets first no tail wind is to be expected." Profit growth can be attained only over output shortages, reads the tenor. HVB, Dresdner and Commerzbank, which announced the dismantling of approximately 25 000 jobs, want to adapt further their personnel level to the declining incomes. Red pencil measures announced also the German postal bank and the WestLB for 2003. "the employment figures further to sink", confirms Ulrich ram, chief political economist of the Commerzbank: "in the spring we know more." According to data of the bank stand beside the 4750 jobs, which are diminished at present, further 2000 on the dump. The profit prognoses are accordingly careful for 2003. Some banks, among them Commerzbank and WestLB, refer to a possible US military strike against the Iraq and the associated oil price rise as well as the tax plans of the Federal Government. The 700 institutes represented by the association of savings banks do not expect dismissals. Munich back, the largest rueckversicherer, wants to reduce overlaps and do in such a way without new employment. A place dismantling "to larger extent" is not planned. Also DAB bank, the on-line broker of HVB, does not expect further shortening. How explained Munich enterprises, go it to the customers particularly around a financial plan laid out on a long-term basis. The stock broking moved into the background. welt.de

To: Les H who wrote (212412)	1/4/2003 9:35:36 PM
From: Tommaso	Read Replies (1) \| Respond to of 436258

Yes, I watched her last night, too, with the kind of fascination with which one takes note of a serious leak in the roof of one's house. Things must have been so much worse in past centuries with royal familes that actually exercised power. Imagine if you had to try to outlive some dunce like that who had inherited a throne. Then someone worse would come along. I wonder why Gretchen Morgenson has not does a job on these strange products of capitalist enterprise. But better by far a capitalist moron than a communist one.