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<table border="0" cellpadding="3" cellspacing="1" width="100%" class="forumline"> <tr> <th class="thCornerL" width="22%" height="26">Author</th> <th class="thCornerR">Message</th> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>Bloomberg</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Thu, Nov 8 2007, 11:10 am EST<span class="gen"> </span> Post subject: Banks Face $100 Billion of Writedowns on Level 3 Rule</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">Banks Face $100 Billion of Writedowns on Level 3 Rule (Update3) <br /> <br />By John Glover <br /> <br />Nov. 7 (Bloomberg) -- U.S. banks and brokers face as much as $100 billion of writedowns because of Level 3 accounting rules, in addition to the losses caused by the subprime credit slump, according to Royal Bank of Scotland Group Plc. <br /> <br />Morgan Stanley, the second-largest U.S. securities firm, fell for a fifth-straight day, dropping 6 percent to $51.19 in New York Stock Exchange composite trading. Lehman Brothers Holdings Inc. and Bear Stearns Cos., the No. 1 and No. 2 underwriters of U.S. mortgage bonds, each declined more than 5 percent. All three firms are based in New York. <br /> <br />The Financial Accounting Standards Board's rule 157 makes it more difficult for companies to avoid putting market prices on their hardest-to-value securities, known as Level 3 assets, Royal Bank chief credit strategist Bob Janjuah wrote in a note today. While the rule hasn't gone into effect yet, the biggest U.S. lenders and brokerages have already begun reporting their Level 3 holdings. <br /> <br />``This credit crisis, when all is out, will see $250 billion to $500 billion of losses,'' said Janjuah, who's based in London. ``The heat is on and it is inevitable that more players will have to revalue at least a decent portion'' of assets they currently value using ``mark-to-make believe.'' <br /> <br />Wall Street's biggest firms have written down at least $40 billion as prices of mortgage-related assets dwindle because of record foreclosures. Morgan Stanley has 251 percent of its equity in Level 3 assets, making it the most vulnerable to writedowns, followed by Goldman Sachs Group Inc. at 185 percent, according to Janjuah. Goldman, the biggest U.S. securities firm, fell 4 percent in New York trading today. <br />... <br /><a href="http://www.bloomberg.com/apps/news?pid=20601009&sid=ap42s_XrP58Q" target="_blank">http://www.bloomberg.com/apps/news?pid=20601009&sid=ap42s_XrP58Q</a></span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> </table>
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