| GAMCO Reports Record Results for 2007 (5º)
14/03/2008 21:12:00 Business Wire US3614381040 Gabelli Global Deal Fund 1.3 20.8 (GDL) mil 15.99 15.99 19.89 mil 1.5 mil Westwood Holdings (WHG) 1.2 44.9 mil 37.60 17.65 17.65 mil 1.3 mil ------ -------- Total $118.6 $ 7.0 mil.
mil *T Our debt consisted of $100 million of 5.5% senior notes due May 2013 and a $50.0 million 6% convertible note due August 2011.
We had cash and investments in securities, net of debt and minority interest, of $18.96 per share on December 31, 2007 compared with $17.12 per share on December 31, 2006.
We caution that this metric, while correct from an accounting point of view, is not always the same as investors would view cash-on-hand.
Stockholders equity was $501.3 million or $17.86 per share on December 31, 2007 compared to $451.6 million or $15.99 per share on December 31, 2006.
Fears That Bear Stearns's Downfall May Spread
The cash squeeze that brought Bear Stearns to its knees is fanning fears that other investment banks might be vulnerable to the crisis of confidence gripping Wall Street, according to a report in the New York Times. Investors are bracing for another volatile week in the markets as bankers and policy makers deal with the fallout from their bid to rescue Bear Stearns. For now, the prospect of a new wave of consolidation in the beleaguered financial services industry seems remote. That is because would-be acquirers and everyday investors alike have lost faith in the values that Wall Street firms are placing on their own assets. Of particular concern are the so-called marks placed on mortgage-linked investments like those that undid Bear Stearns, prompting a run on the firm that led the Federal Reserve and JPMorgan Chase to throw Bear Stearns a financial lifeline last week.
Banking On Global Expansion
In economics, "decoupling" is a confusingly imprecise term. Originally used in physics, it described interactions disappearing between objects. Economists often apply the word to countries becoming less dependent on wealthy consumer markets such as Europe and the U.S. The idea: Economies like China and Brazil, exporters that may once have had all their eggs in the occidental basket, have now diversified. .
Quebec digs into Hydro's pockets
The story behind Finance Minister Monique Jérôme-Forget's balanced budget yesterday is that the government is counting on Hydro-Québec to pay its bills. Without an $1.8-billion reserve, most of it generated from the sale of the Quebec-owned utility's assets in China and South America, and its growing dividends, Jérôme-Forget would have announced a $1.3-billion deficit in her 2008-09 budget. And the minister served notice she is taking a bigger bite from Hydro-Québec's profit stream, increasing the government's dividend to 75 per cent from 50 per cent. .
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