Apart from the almost 14 billion dollars of damage Hurricane Sandy created in New York state, it now seems that we could possibly add another 70 billion dollar loss, as floodwaters inundated a 10,000-square-foot underground vault right here on downtown wall street, soaking 1.3 million bond and stock certificates — including bearer bonds that function like cash — and putting them in danger of dissolving into mush. The exact value of the threatened notes under 55 Water St. is only known to the innermost circle of Wall Street bankers. Only Goldman Sachs admitted to having bearer bonds in that vault, but stated that the value of the bonds they hold is worth less than 10,000 dollars, and THAT they said shortly before hiring a Texas-based recovery firm, to restore the damaged papers. The process of restoring them could cost upward of $2 million.
It may have been a false alarm after all and some folks’ investment into
20,000 dollar Twinkie packs on e-bay, may have been slightly premature,
as it seems that the delicious golden sponge cakes with the white cream
filling inside, may survive the bankruptcy of Hostess Brands. Istead of
filing for Chapter 11, Hostess brands decided to ask the court for
permission to sell assets and go out of business. With the immense brand
recognition and $2.5 billion in revenue per year, other companies should
definitely be interested in bidding for at least some pieces of Hostess.
Twinkies alone made $68 million in revenue so far this year, which could
be a very attractive investment opportunity for another snack-maker.
HSBC is in talks to sell its $9.3 billion stake in China’s Ping An
Insurance, a strategic move by Europe’s biggest bank to shed non-core
operations, to boost profitability. A sale, widely expected as part of
HSBC’s three-year recovery plan after the 2008 financial crisis and
regulatory reforms, could earn the bank a pre-tax profit of up to $6.5
billion. A sale would require approval from China’s insurance and
banking regulators, narrowing the list of possible buyers because
Chinese authorities have traditionally allowed only financial groups to
take stakes in the country’s major banks and insurers.
Apart from the almost 14 billion dollars of damage Hurricane Sandy created in New York state, it now seems that we could possibly add another 70 billion dollar loss, as floodwaters inundated a 10,000-square-foot underground vault right here on downtown wall street, soaking 1.3 million bond and stock certificates — including bearer bonds that function like cash — and putting them in danger of dissolving into mush. The exact value of the threatened notes under 55 Water St. is only known to the innermost circle of Wall Street bankers. Only Goldman Sachs admitted to having bearer bonds in that vault, but stated that the value of the bonds they hold is worth less than 10,000 dollars, and THAT they said shortly before hiring a Texas-based recovery firm, to restore the damaged papers. The process of restoring them could cost upward of $2 million.
It may have been a false alarm after all and some folks’ investment into
20,000 dollar Twinkie packs on e-bay, may have been slightly premature,
as it seems that the delicious golden sponge cakes with the white cream
filling inside, may survive the bankruptcy of Hostess Brands. Istead of
filing for Chapter 11, Hostess brands decided to ask the court for
permission to sell assets and go out of business. With the immense brand
recognition and $2.5 billion in revenue per year, other companies should
definitely be interested in bidding for at least some pieces of Hostess.
Twinkies alone made $68 million in revenue so far this year, which could
be a very attractive investment opportunity for another snack-maker.
HSBC is in talks to sell its $9.3 billion stake in China’s Ping An
Insurance, a strategic move by Europe’s biggest bank to shed non-core
operations, to boost profitability. A sale, widely expected as part of
HSBC’s three-year recovery plan after the 2008 financial crisis and
regulatory reforms, could earn the bank a pre-tax profit of up to $6.5
billion. A sale would require approval from China’s insurance and
banking regulators, narrowing the list of possible buyers because
Chinese authorities have traditionally allowed only financial groups to
take stakes in the country’s major banks and insurers.