Bear Stearns, which was registered as a foreign institutional investor in 2004, sold an additional 40.2 million shares valued at Rs 677 crore on the National Stock Exchange on Monday, taking its total sales to Rs 943 crore in the last two days.
The shock and anger that had consumed Bear Stearns' 14,000 employees on Sunday afternoon had, by mid-week, yielded to a sense that the door of opportunity may have just opened.
In today's circumstances, however, getting people to borrow more is the last thing on the minds of financial service providers. Most of them are reeling under the weight of assets whose prices have declined precipitously because nobody in his right mind wants to buy them.
Not only has the Sensex swung wildly in the interim, staying below 10,000 for months in late 2008, but the market's winning stocks have changed in composition and character.
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It was a manic Monday for the Indian markets with the benchmark Bombay Stock Exchange Sensex slipping to its second biggest points' fall and the lowest since August in line with an Asia-wide slide after the Federal Reserve cut its discount interest rate at an emergency meeting and JPMorgan Chase agreed to buy sub-prime hit Bear Stearns for less than a tenth of its value last week.
US Treasuries, another key indicator of market sentiment, also slipped sharply, with June 13 seeing the largest one-day fall since 2004, with the 10-year bond yield climbing above 5.25 per cent and breaking a long-term technical resistance.
US President Barack Obama's administration has faced extensive criticism for its failure to prosecute bankers criminally for behavior that led to the financial crisis.
The US market regulator Securities and Exchange Commission was doing what it could to stem the flow. It temporarily prohibited naked short-selling in the securities of major financial players including Freddie Mac and its sister firm Fannie Mae in July. But this didn't really help. It was only after global central banks pumped in unprecedented liquidity into global markets, that the storm was finally calmed.
The broader economy risks a potential flight of foreign portfolio capital, therefore pressure on the rupee and more bad news on the stock market, warns T N Ninan.
For the banking system a new cycle starts in FY2024. It's fraught with fresh challenges on asset quality and profitability, warns Tamal Bandyopadhyay.
In a brief letter to his colleagues and shareholders, Dimon disclosed that the cancer was detected quickly and is confined to the original site and adjacent lymph nodes on the right side of his neck with no evidence of cancer elsewhere in his body.
Jim Rogers' decision not to invest now is not India-specific, but has to do with the problems relating to how the major global economies are shaping up.
FIFA president Sepp Blatter and its secretary general Jerome Valcke have both hired high-powered US lawyers to represent them as a corruption probe roils soccer's global governing body.
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Indian business, on quite a different trajectory from its global counterpart, remains relatively insulated from any kind of backlash.
'I can confidently say there will be another financial crisis soon enough, and probably more than one global crisis within the next century, given the increasingly integrated nature of the global economy.'
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