{"id":1034,"date":"2007-08-02T00:46:21","date_gmt":"2007-08-02T04:46:21","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=1034"},"modified":"2007-08-02T00:46:21","modified_gmt":"2007-08-02T04:46:21","slug":"proof-that-the-sub-prime-panic-has-reached-the-silly-stage","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=1034","title":{"rendered":"Proof that the Sub-Prime Panic has Reached the Silly Stage"},"content":{"rendered":"

OK, maybe this isn’t really worth a post all of its own. But I can’t resist.<\/p>\n

Bloomberg has a story up now, Taiwan Life Has Loss on Subprime Fund; Shares Fall<\/a>:<\/p>\n

\n

Taiwan Life Insurance Co. booked a NT$428 million ($13 million) loss in the first half on its investment in a Bear Stearns Cos. fund containing U.S. sub-prime mortgages. The company’s shares slumped. The life insurer wrote off its entire investment in the Bear Stearns High Grade Credit Strategies fund to fully reflect the fund’s value, Taipei-based Taiwan Life said in an e-mailed statement today.
\n…<\/strong>
\nTaiwan Life had a first-half profit of NT$1.66 billion, including the loss on the Bear Stearns fund, up from NT$660 million a year earlier, according to the statement.<\/p>\n<\/blockquote>\n

I also had a look at\u00a0Taiwan Life’s English language website<\/a>, which is pretty amateurish, but much better than my Chinese language website:<\/p>\n

\n

Presently, the shareholders include state-owned banks and the conglomerate: the Bank of Taiwan, the Land Bank of Taiwan, the Long Bon Development Company, with a total asset reaching NT$3.4 trillion. It is a reliable insurance company that has rich financial resources, stable management and unlimited responsibilities for its insurants.\u00a0<\/p>\n<\/blockquote>\n

So let’s see if we have things straight here:<\/p>\n

    \n
  • 1H07 Profit: 1,660-million<\/li>\n
  • After Bear-Stearns Fund Loss of: 448-million<\/li>\n
  • Total Assets: 3,400,000-million<\/li>\n<\/ul>\n

    I’m sure that the shareholders of Taiwan Life did not appreciate seeing 20% of their first half’s profit getting vapourized, but is this really a significant enough event to warrant Bloomberg home-page coverage? Is it really<\/em>?\n<\/p>\n

    <\/p>\n","protected":false},"excerpt":{"rendered":"

    OK, maybe this isn’t really worth a post all of its own. But I can’t resist. Bloomberg has a story up now, Taiwan Life Has Loss on Subprime Fund; Shares Fall: Taiwan Life Insurance Co. …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[],"class_list":["post-1034","post","type-post","status-publish","format-standard","hentry","category-sub-prime"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1034","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1034"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1034\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1034"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}