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Video Transcription - Page 1
"Where Next for Lehman?"
Host: Martin Soong
Anchored by veterans Martin Soong and Karen Tso, the new "Squawk Box" continues to be the jumpstart on the business day for the corporate and financial communities. CNBC's signature show is better than ever, providing viewers with the edge to stay ahead: breaking news, connecting with newsmakers and chasing the hottest stories, as well as the ones that aren't hot... yet.
Host: Let’s get to Todd Everts, President and CEO at Wall Street Global.
He joins us live from our studio up in Hong Kong as our guest host for this hour.
Todd, good morning. Great to see you. What do you make of what’s going on with Lehman?
You know, they came out with earnings 3.9 billion loss, worst they’ve done in the
quarter but more than re-structuring plan all these coming earlier pushed ahead
because the KDB strategic take sales talks broke down. I mean this is great they
come out with plan but in terms of the details, in terms of execution that’s what
investors are waiting for. Todd G. Everts: Yes, they’re certainly waiting
for it and it’s probably a little too late. Unfortunately a lot of the talented
at Lehman Brothers has probably looking to go elsewhere, the clients, their counterparties,
they deal with are probably trying to find other relationships to make sure that
they’re not caught in a sinking ship. Their flagship jewel Neuberger Berman probably
will be sold -- it is a you know fantastic fund house and management firm but as
some of the other guests have said without a clear definition of what the plan is,
they’re basically saying we’re putting ourselves up for options but the clients,
the investors, many other top talent are probably already heading for the door.
Host: Yes, that’s a scary thought you know even with the official word that guys like Citi … Etcetera, Goldman they’re still doing counterparty business that’s safe but on the other hand yes, you’re probably right. They’re probably looking for other business elsewhere. I got to ask you though even if they do match to execute on this plan let’s say sell Neuberger, pick up 4 billion from that, sell their UK real estate assets and also spin off their commercial real estate assets, at the end of the day could they be still looking -- could they still be net down on equity?
Todd G. Everts: It still could be, you know the problem that they have is taking on new equity would sell such a substantial stake. It’s very difficult for them to take the kind of equity they need to really clean up their balance sheet. And meanwhile you’ve got -- the unlike one of your other guest that was quoted earlier saying it won’t have that much effect. The fourth largest investment banking firm with over a hundred seventy five years of experience that has spent a tradition of sound money management since they acquired Neuberger Berman a few years ago and as a very well respected firm it’s very very difficult to see how they could ever emerge from this.
Host: Okay and the knock out effect you know a couple of minutes ago we were showing folks how financials are here in Asia are getting hurt. Does that surprise you at all?
About CNBC's Squawk Box (Asia)
Anchored by veterans Martin Soong and Karen Tso, the new "Squawk Box" continues to be the jumpstart on the business day for the corporate and financial communities. CNBC's signature show is better than ever, providing viewers with the edge to stay ahead: breaking news, connecting with newsmakers and chasing the hottest stories, as well as the ones that aren't hot... yet.
Host: Yes, that’s a scary thought you know even with the official word that guys like Citi … Etcetera, Goldman they’re still doing counterparty business that’s safe but on the other hand yes, you’re probably right. They’re probably looking for other business elsewhere. I got to ask you though even if they do match to execute on this plan let’s say sell Neuberger, pick up 4 billion from that, sell their UK real estate assets and also spin off their commercial real estate assets, at the end of the day could they be still looking -- could they still be net down on equity?
Todd G. Everts: It still could be, you know the problem that they have is taking on new equity would sell such a substantial stake. It’s very difficult for them to take the kind of equity they need to really clean up their balance sheet. And meanwhile you’ve got -- the unlike one of your other guest that was quoted earlier saying it won’t have that much effect. The fourth largest investment banking firm with over a hundred seventy five years of experience that has spent a tradition of sound money management since they acquired Neuberger Berman a few years ago and as a very well respected firm it’s very very difficult to see how they could ever emerge from this.
Host: Okay and the knock out effect you know a couple of minutes ago we were showing folks how financials are here in Asia are getting hurt. Does that surprise you at all?
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