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Week 8-9, October 6-17, 2008
WORLD TODAY
1) Warren Buffett INVEST IN Goldman Sachs and General Electric
Famous Investment Guru Warren Buffett has invested US$5 Billion and US$ 3 Billion of preferred shares on Goldman Sachs and General Electric respectively within the span of TWO weeks. Want to know the terms of the deal? Do you know Warren Buffett has already “earned” from these 2 deals technically? Read more in the following article
Bloomberg
2) Previously, US Subprime, NOW EUROPE’S TURN?
BNP Paribas SA agreed to take control of Fortis in Belgium and Luxembourg for 14.5 billion euros ($19.8 billion), completing a breakup of the largest Belgian financial- services company after a government rescue failed. In addition, Germany's second-largest mortgage lender, Hypo Real Estate, is on the brink of collapse after a bail-out deal to rescue it fell apart.
Bloomberg
In the News.co.uk
3) Wells Fargo vs Citigroup : THE BATTLE OF WACHOVIA
The battle of Wachovia Bank continues as the fight may end up with the bank been spilt among the 2 banking giants.
4) US Senate and House APPROVE US$700 Billon Bill to curb Credit Crisis: Poor Helping the Rich!!!!
The passing of the Bill to curb the credit crisis means that each American is forking out US$2,000 to help those who have suffered i.e. the RICH. Is it fair? Is it justifiable? Will this bill really solves the problem?
5) WaMu became the biggest failure in U.S. history following its stunning collapse Thursday with assets totalled US$307 Billion
JPMorgan Chase acquired the banking assets of Washington Mutual late Thursday after the troubled thrift was seized by federal regulators, marking the biggest bank failure in the nation's history and the latest stunning twist in the ongoing credit crisis. Under the deal, JPMorgan Chase will acquire all the banking operations of WaMu, including $307 billion in assets and $188 billion in deposits
CNN Money
LOCAL INSIGHTS
1) FM Tharman Announced that Slow Economic Growth to last SEVERAL QUARTERS!!
2) STI Drop 5% to end at 2168.32: Is the BOTTOM Near?
3) Less than 3,000 policyholders terminate their policies with AIA
BOOK REVIEW
Ever dreamt about being an Investment Banker?
Want to know about the reality of Investment Banking?
Want to see what the bankers’ lives are?
Hook up with
Monkey Business: Swinging Through the Wall Street Jungle by John Rolfe and Peter Troob
Available via LKS Library or SMU E.y.E Library
