Thursday, 12 June 2008 05:00
Name brand investing in the WSJ
Tweet me! Reading through the journal, I came across the following chart and thought, "Hey, I shorted all of those companies last year. Thanks guys!":
BULLDOZED
Among the many disastrous bets made on struggling financial institutions, here are some of the worst whoppers:
| Buyer/Company | Deal Terms | Status |
| Citigroup/Old Lane Partners | Acquired in July 2007 for nearly $800 million | Citigroup plans to shut down the hedge fund |
| Bank of America/Countrywide Financial | Bought stake last August with an $18-a-share conversion price | Mortgage lender's stock now trading at $4.77; BofA is buying the company |
| Joseph Lewis/Bear Stearns | British billionaire spent $1.1 billion building a roughly 9.6% stake at prices near $100 a share | Bear sold to J.P. Morgan Chase for $10 a share |
| Abu Dhabi Investment Authority/Citigroup | $7.5 billion infusion in November 2007 gave ADIA convertible stock | Citigroup shares plunged 35% since then |
| Warburg Pincus/MBIA | Private-equity firm agreed in December to buy $500 million in stock for $31 a share | Bond insurer's shares now at $4.91 |
Reference my post on reliance on name brands, we are all wrong some of the time.
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