Chillin' out till it needs to be funded
Loan originators bank of america, citi and wells fargo are still nursing their wounds.. and good for another decade . Federal agencies of the Treasury will continue to struggle with 5% of their stake in pandit’s citi; citi holdings hasn’t sold much of the bad bank; AIG’s AIA buyer, Prudential is up with $21b in rights and follow on public offers to pay the $36b for the purchase. Metlife is also tied up on funding its AIG Life unit purchase, and mort and prime mortgage processor Fidelity National Information is being sold for a creditable $15b. The purchase by Blackstone and two other PE players gets processing and outsourcing businesses that are operationally rich into the limelight as the winding up proceedings for the crisis enter the last stage. 2011 will be a happy year, and we are almost sure about that. The best was how the car businesses and even life insurance in north asia [japan and korea] came back in confidence in the public markets despite the continuing crisis of confidence in primary markets and in europe..Big ticket PE deals in infrastructure have been heartening too with satisfactory financial closure and dubai still standing, uk with a government and greece and spain finally dealing with the pain of welfare and public enterprise.