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"US Banking Sector: Lehman Q3 Net Falls Less Than Expected" Video Transcription
Host: Geoff Cutmore
Host: Let’s get to Hong Kong, Todd Everts, he’s the CEO of Wall Street Global.
Todd, you are looking very closely at what these banks are telling us at this point.
How confident can we feel that Lehman is on the mark both with its numbers at this
point and the message?
Todd G. Everts: Well, the message that they’re putting out is obviously the
one that they want to be on their favor based on their stock price. The issues that
face us going forward are the further fallout from the sub prime crisis. I mean
if we look at these borrowers, may of these borrowers, if we start at one end, the
borrowers maybe shouldn’t have a mortgage to begin with and we’re finding the possibility
of a lot of fraud and inflated values of these homes. On the other end we have large
investors that are using tremendous amounts of credit to purchase, namely hedge
funds, buying these mortgages and so we have in the middle the banks and these banks
are tightening their lines with the hedge funds and on the other end we have people
that just can’t pay their mortgages. So this is an event that we’re going to continue
to see fall out in the weeks to come
Host: In terms of the...you know...what the banks have to tell us about the
earnings that they’ve been able to generate through the recent period, are we going
to start to see any big hit to trading income given the difficulty now with which
many professionals are having making money in this environment?