Morgan Stanley shares soar as MUFG deal closes

By Joseph A. Giannone NEW YORK (Reuters) - Morgan Stanley stock nearly doubled after Japan's Mitsubishi UFJ Financial Group Inc (MUFG) completed its $9 billion investment in the bank on Monday. U.S. government support helped Morgan nail down a critical deal that many investors had feared could fall apart. Morgan Stanley shares soared as much as 97 percent after Japan's largest bank bought a 21 percent stake one day earlier than expected. Last week, the New York bank's stock plunged by more than half amid fears that Morgan, forced to wait five days before completing the deal, might not survive the crisis. "It's different terms, but it's done, and I think people should breathe a sigh of relief that it's done," said Peter Boockvar, equity strategist at Miller Tabak & Co in New York. Merrill Lynch analyst Guy Moszkowski raised his rating on Morgan Stanley to "buy," citing the capital infusion and saying the shares were "cheap" at 50 percent of book value. Amending the terms of a September 29 agreement, Mitsubishi bought only preferred stock in Morgan Stanley, in contrast with the initial deal under which it had agreed to buy $3 billion of common stock at $31.25 a share -- Morgan's book value. About $7.8 billion of MUFG's investment was in preferred shares with a conversion price of $25.25 a common share and with no maturity date. The other $1.2 billion is in preferred stock that is not convertible and also has no maturity date. Both preferred series pay a 10 percent interest rate, unchanged from the original pact. About $7.8 billion of MUFG's investment was in preferred shares with a conversion price of $25.25 a common share and with no maturity date. The other $1.2 billion is in preferred stock that is not convertible and also has no maturity date. Both preferred series pay a 10 percent interest rate, unchanged from the original pact. The Japanese bank pushed for new terms after Morgan's stock price plunged last week to $9.28. Morgan's total value had fallen to $10 billion and customers were starting to lose confidence. For MUFG, owning convertible shares helps it avoid any immediate paper loss on the common stock, ensures a generous $900 million in interest payments per year, and lets MUFG benefit from a recovery in Morgan Stanley. The U.S. government did not invest in Morgan Stanley, as had been speculated, but federal officials were involved in the talks and assured MUFG over the weekend that its investment would be protected, a person familiar with the matter said. After two days of talks this weekend, Treasury officials urged a hesitant MUFG to proceed. The Japanese government and MUFG pressed the U.S. Treasury to guarantee that if the United States were to inject money into Morgan, it would ensure that MUFG's investment would not be diluted, the source said. Morgan Stanley stock closed at $18.10, up $8.42, or 87 percent, on the New York Stock Exchange. Tokyo markets were closed. NEW DEAL "This investment further strengthens our capital position and gives us a powerful strategic partner going forward," Morgan Chief Executive John Mack told employees in a memo. Morgan Stanley estimates that thanks to the cash infusion, it now has a Tier 1 capital ratio of 15.7 times and a gross leverage ratio below 20 times, considerably stronger than a year ago. Morgan also disclosed it reduced total assets by 9 percent to less than $900 billion since the end of August. "We think these strong ratios and a strong partner in MUFG should lead to some stability in the client franchise and allay some fears in the credit markets," UBS brokerage analyst Glenn Schorr told clients. Schorr stopped short of rating the stock "buy," citing erosion in Morgan's prime brokerage and derivatives businesses and broader market weakness. Morgan's investment deal is similar to one struck by Goldman Sachs Group Inc with billionaire investor Warren Buffett last month when it sold him $5 billion in preferred shares that pay 10 percent. Goldman also sold $5 billion of stock in a public offering. Shares in Goldman Sachs rose as much as 30 percent, nosing above $115, and closed at $111.00, up 25 percent, on Monday on the New York Stock Exchange. Goldman Sachs on Monday applied to New York state's banking department to become a "full-service state-chartered bank," New York Governor David Paterson said. With $150 billion in assets, Goldman would rank among the 10 largest U.S. banks. It was a tense week for Morgan Stanley, which had secured an agreement from MUFG two weeks ago and received antitrust approval, but still had to wait five days before closing. During that period, the Securities and Exchange Commission also lifted its short-sales ban, adding pressure to Morgan's stock. MUFG delivered its 10-figure payment with a check because bank holidays in the United States and Japan precluded an electronic transfer, people familiar with the situation said. MUFG also will bolster the market's shaken confidence in Morgan Stanley by providing letters of credit and credit lines. Last month Morgan became a bank holding company, and its links to MUFG will help it expand its deposit-gathering business. "MUFG and Morgan Stanley are working toward numerous areas of collaboration, including pursuing a lending relationship," Mack wrote. Morgan will pursue deals to expand its deposit base, he said. (Additional reporting by Jui Chakravorty Das, Paritosh Bansal and Ellis Mnyandu; editing by Lincoln Feast, Andrew Callus, Jeffrey Benkoe, Susan Kelly, Gary Hill) http://www.reuters.com/article/newsOne/idUSTRE4985ZV20081013?pageNumber=1&virtualBrandChannel=10278

Bursa Saham Mulai Rebound

Jakarta - Bursa-bursa saham mulai rebound. IHSG yang sempat terpuruk hingga 90 poin, akhirnya berhasil mencatat kenaikan. Sementara bursa-bursa Eropa bahkan reboundhingga 5 persen.

Pada perdagangan sesi II Senin (13/10/2008) pukul 14.45 waktu JATS, IHSG mencatat kenaikan tipis 3,577 poin (0,25%) ke level 1.455,246. Padahal IHSG hingga penutupan sesi I masih mengalami aksi jual hebat.

Ini adalah kenaikan pertama setelah IHSG di lantai Bursa Efek Indonesia (BEI) dilanda aksi jual hebat yang berujung pada kemerosotan sehingga otoritas BEI memutuskan untuk menghentikan sementara perdagangan saham pada Rabu, 9 Oktober 2008 pukul 11.08 WIB.

Sejumlah langkah darurat yang diumumkan pemerintah tampaknya cukup berhasil meredam gejolak di awal-awal perdagangan. Sejumlah kebijakan yang diumumkan antara lain:

1. Kenaikan nilai penjaminan dana nasabah menjadi Rp 2 miliar, dari sebelumnya hanya Rp 100 juta.
2. Perluasan agunan bank, dari hanya SBI dan SUN menjadi aset kredit yang berkolektibilitas baik.

Sementara saham-saham di bursa Asia dan Eropa juga menguat. Indeks FTSE 100 di London dibuka menguat hingga 5,04% ke level 4.130,10 dalam 15 menit awal perdagangan. Sementara indeks DAX Frankfurt juga dibuka naik 5,35% ke level 4.787,47.
 
Kenaikan saham-saham di Eropa terjadi setelah para pemimpin Eropa sepakat untuk menginjeksikan miliaran dolar ke bank-bank yang bermasalah untuk memulihkan kepercayaan pada sistem finansial.

Saham-saham perbankan mencatat kenaikan di bursa Frankfurt, misalnya Deutsche Bank naik 15,29%, Commerzbank naik 15,63%, Postbank naik 12,11%, Hypo Real Estate naik 25,42%.

Sedangkan bursa-bursa regional yang juga mencatat kenaikan adalah indeks KOSPI di Koresel yang ditutup naik 3,8%, Shanghai naik 3,65%, Hong Kong naik 7,6%, Taipei naik 2,15%.
(qom/ir)

Dana Jaminan LPS Kini Mampu Lindungi 50% Deposit Perbankan

Jakarta - Kalangan perbankan memperkirakan dengan dinaikannya jaminan Lembaga Penjamin Simpanan (LPS) menjadi Rp 2 miliar dari sebelumnya Rp 100 juta akan memberikan ketenangan para nasabah. Jumlahnya diperkirakan bisa mencakup 50% dari total deposit perbankan.

"Kira-kira itu 50% dari seluruh deposan sudah terjamin, dan kalau sudah 50% cukup menenangkan," kata Ketua Umum Perbanas Sigit Pramono saat ditemui dalam acara pertemuan anggota Kadin di Graha Niaga, Jakarta, Senin (13/10/2008).

Menurutnya sejak lama kalangan perbankan mengharapkan kenaikan jaminan LPS ini, karena yang penting di tengah krisis sekarang ini pemerintah harus fokus pada perbankan sebagai jantung perekonomian.

"Pemerintah tampaknya sudah merespons dengan baik sekali. Tentang apakah cukup Rp 2 miliar itu yang penting adalah action dari pemerintah untuk berikan jaminan simpanan. Itu bagus dan kita apresiasi," ucap Sigit.

Ia yakin dengan kebijakan baru ini akan berdampak menenangkan nasabah. Bahkan dari sisi perbankan, bank-bank akan menjadi lebih percaya diri dalam menghadapi ancaman krisis global.

Sigit kembali menegaskan bahwa fundamental keuangan Indonesia jauh lebih bagus dibandingkan dengan periode krisis 1997-1998.

"Dengan adanya krisis ini 1 atau 2 bank akan berdampak, NPL 3,8% per Agustus, LDR lebih dari 30%, CAR juga lebih dari 12% dari persyaratan 9%," imbuh Sigit.

"Jadi dengan berbagai indikator itu maka kondisi saat ini lebih baik dibanding 1997 sumber krisis juga berbeda, kalau dulu dari dalam sekarang dari luar, meski begitu mungkin sedikit dampak akan terasa, kita akan tetap waspada," tambahnya.

Hal yang sama pun dikatakan oleh Menteri Keuangan Sri Mulyani, bahwa pemerintah berharap dengan peraturan ini masyarakat bisa lebih tenang menyimpan uangnya di bank.

"Jaminan LPS sampai Rp 2 miliar jadi 20 kali lipat atau 99,7 % nasabah yang meletakan uangnya diperbankan, lebih 50% total deposit di perbankan. Semoga memberikan ketenangan dan kepercayaan para penabung kita," harapnya.

(hen/ddn)

http://www.detikfinance.com/read/2008/10/13/182915/1019473/5/dana-jaminan-lps-kini-mampu-lindungi-50-deposit-perbankan

Penjaminan Dana Nasabah di Bank Naik Jadi Rp 2 Miliar

Pemerintah Indonesia akhirnya mengikuti langkah Eropa dan Australia yang menaikkan penjaminan dana nasabah di bank.

Dana nasabah yang dijamin pemerintah kini mencapai Rp 2 miliar atau naik 20 kali lipat dibanding dana penjaminan saat ini sebesar Rp 100 juta.

Hal tersebut disampaikan Menteri Keuangan Sri Mulyani Indrawati dalam jumpa pers di Gedung Pajak, Jalan Gatot Subroto, Jakarta, Senin (13/10/2008).

"Jadi dengan adanya perubahan ini nasabah tidak usah khawatir, karena pemerintah menjamin," ujarnya.

Dengan naiknya dana penjaminan menjadi Rp 2 miliar, pemerintah telah menjamin 97 persen dana dari seluruh nasabah perbankan.

Sebagai payung hukum penjaminan, pemerintah telah mengeluarkan Peraturan Pemerintah yang diteken Presiden Susilo Bambang Yudhoyono (SBY) pada hari ini. Ketentuan penjaminan ini berlaku mulai hari ini tanggal 13 Oktober 2008.

Sejalan dengan PP ini, pemerintah juga sudah mengeluarkan Peraturan Pemerintah Pengganti Undang-Undang mengenai perubahan UU mengenai Lembaga Penjaminan Simpanan (LPS) Nomor 25 Tahun 2004.

Pemerintah dalam Perpu ini menambah satu lagi kriteria penjaminan menjadi 4 kriteria. 1 Kriteria tambahan yakni bahwa pemerintah bisa mengubah jumlah penjaminan apabila ada ancaman krisis keuangan yang membahayakan sektor keuangan.

"Situasi sekarang sudah seperti itu, karena sektor keuangan mengalami tekanan khususnya perbankan, jadi dengan tambahan kriteria tersebut pemerintah mengubah jaminan simpanan yang ditetapkan dalam PP dan disebutkan jumlahnya secara eksplisit yaitu dengan kondisi saat ini diubah dari Rp 100 juta menjadi maksimal Rp 2 miliar, jadi naik 20 kali lipat," ujarnya.

Besarnya maksimum simpanan yang dijamin oleh LPS berdasarkan UU LPS selama ini  memang dapat dirubah apabila dipenuhi salah satu atau lebih kriteria sebagai berikut; (1) terjadi penarikan dana perbankan dalam jumlah besar secara bersamaan (2) terjadi inflasi yang cukup besar dalam beberapa tahun atau (3) jumlah nasabah yang dijamin seluruh simpanannya menjadi kurang dan 90% dari jumlah nasabah seluruh bank. Namun kini kriteria itu bertambah satu lagi yakni mengenai ancaman krisis keuangan.

Mengenai masa berlakunya penjaminan hingga Rp 2 miliar ini, Menkeu mengatakan hal itu tergantung dari situasinya. "Kita lihat situasinya, tergantung pada situasinya," ujarnya.
(ddn/qom) 

http://www.detikfinance.com/read/2008/10/13/105456/1019100/5/penjaminan-dana-nasabah-di-bank-naik-jadi-rp-2-miliar

Mitsubishi UFJ Financial Group and Morgan Stanley Obtain Key Regulatory Clearances $9 Billion Investment by MUFG Will Further Bolster Morgan Stanley’s Strong Capital Position Oct 07 2008 | New York

Morgan Stanley (NYSE: MS) today announced that it and Mitsubishi UFJ Financial Group (“MUFG”) received key regulatory clearances for MUFG’s $9 billion investment in the Firm.  The investment is being made in connection with a global strategic alliance between the two companies.  The investment has been approved by the Federal Reserve in the United States and other key global regulators.  Additionally, “early termination” under the Hart-Scott-Rodino Act has been granted by the U.S. government.  The transaction is expected to close promptly after the expiration of the Federal Reserve five-day post-approval waiting period. The MUFG investment will further bolster Morgan Stanley’s strong capital position.  Reflecting only the MUFG investment, Morgan Stanley’s Tier 1 Capital Ratio is estimated to be more than 15.5 percent on a pro-forma basis as of August 31, 2008.  This is more than double the 6 percent required by the Federal Reserve to be treated as well-capitalized and is one of the highest Tier 1 Capital Ratios among bank holding company peers.  This investment also will reduce Morgan Stanley’s leverage ratio to under 20x and its adjusted leverage ratio to just over 10x, on a pro-forma basis at August 31, 2008.  In addition, Morgan Stanley has continued to reduce the size of its balance sheet since the end of the third quarter.  As of today, total assets are now under $900 billion, down from $987 billion at August 31, 2008. Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services.  The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 35 countries.  For further information about Morgan Stanley, please visit www.morganstanley.com. The information above contains forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made and which reflect management's current estimates, projections, expectations or beliefs and which are subject to risks and uncertainties that may cause actual results to differ materially.  The Company’s actual results or performance may differ materially from those suggested, expressed or implied by forward-looking statements due to a wide range of factors including, but not limited to, the general business environment, regulatory actions or changes, and the risk that the proposed private placement transaction is not successfully completed.  For a discussion of additional risks and uncertainties that may affect the future results of the Company, please see “Forward-Looking Statements” immediately preceding Part I, Item 1, “Competition” and “Regulation” in Part I, Item 1, “Risk Factors” in Part I, Item 1A, “Legal Proceedings” in Part I, Item 3, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 and “Quantitative and Qualitative Disclosures about Market Risk” in Part II, Item 7A of the Company's Annual Report on Form 10-K for the fiscal year ended November 30, 2007 and “Management's Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in the Company's Quarterly Reports on Forms 10-Q and other items throughout the Form 10-K, Forms 10-Q and the Company's 2008 Current Reports on Form 8-K. Media Relations Contact: Jeanmarie McFadden, 212.762.6901 http://www.morganstanley.com/about/press/articles/7015.html

AIG knew of potential problems in valuing swaps: report

| 12 Oct 2008 | 02:32 PM ET

NEW YORK (Reuters) - Top executives at American International Group Inc knew of potential problems in valuing derivatives contracts, known as credit default swaps, long before questions about the risky transactions caused its stock to plummet, the Wall Street Journal said, citing documents released by congressional investigators.

The problems with these swaps would have driven AIG into bankruptcy -- if not for a $123 billion federal rescue, the Wall Street Journal said Sunday in a story on its website.

A federal criminal probe is investigating how candid AIG executives were with investors at a December 2007 investor conference and whether executives at AIG's financial-products unit, which sold derivatives contracts, misled AIG's outside auditor last fall, the Journal said.

At congressional hearings on Tuesday, a former internal AIG auditor wrote that he had expressed concerns early on about being excluded from conversations about the swaps valuation, the Journal said.

"The auditor, Joseph St. Denis, wrote in a letter to the House Committee on Oversight and Government Reform that in early September 2007, he learned that AIG's financial-products unit had been asked for billions of dollars in collateral related to derivatives it had sold," the newspaper said.

Credit-default swaps protect buyers against default risk on other investments. AIG believed the likelihood of making payouts was remote, the Journal said.

St. Denis wrote he wasn't personally involved in the AIG unit's swaps valuation. In late September 2007, according to St. Denis's letter, the AIG unit's head, Joseph Cassano, said he had "deliberately excluded" St. Denis "because I was concerned that you would pollute the process," the WSJ said. St. Denis said in his letter he resigned on October 1, 2007. AIG's chief auditor, Michael Roemer, asked him later that month why he quit. St. Denis said he told Roemer about Cassano's comment.

"That would indicate that a key AIG executive last fall was aware of Mr. St. Denis's concerns," the Journal said.

AIG declined to comment on the documents or make Roemer available for comment, the WSJ said. An AIG spokesman did not return Reuters' phone calls on Sunday.

(Reporting and writing by Ilaina Jonas; Editing by Jan Paschal)

Copyright 2008 Reuters.

http://www.cnbc.com/id/27149972/for/cnbc/

Kadin Beri 20 Rekomendasi Atasi Krisis Global

Kamar Dagang dan Industri Indonesia (Kadin) memberikan 20 rekomendasi kepada pemerintah sebagai tindakan preventif dan antisipatif menyikapi gejolak pasar keuangan global.

20 rekomendasi itu terbagi dalam 7 rekomendasi di bidang moneter, 9 rekomendasi di bidang sektor riil dan 4 rekomendasi untuk memperkuat resiliensi ekonomi domestik.

Hal tersebut disampaikan Ketua Kadin MS Hidayat dalam siaran pers yang diterimadetikFinance, Senin (6/10/2008).

"Kadin, sebagai satu-satunya wadah dunia usaha nasional, memandang penting upaya preventif agar krisis keuangan global tidak melanda Indonesia," ujarnya.

Berikut rekomendasi Kadin di bidang moneter:

1. Bank Indonesia perlu merelaksasi kebijakan uang ketat melalui perubahan kebijakan terkait likuditas seperti penurunan tingkat Giro Wajib Minimum (GWM) yang dikaitkan dengan LDR, perluasan repo SUN untuk jangka waktu yang lebih panjang
2. Pemerintah perlu untuk mempercepat pembelanja APBN agar mengembalikan likuiditas di sektor keuangan yang sebelumnya ditarik melalui SUN
3. Bank Indonesia dan pemerintah perlu untuk memperkuat protokol implementasi Financial Safety Net dan peran sebagai lender of the last resort dengan tetap memperhatikan aspek governance yang berlaku.
4. Meningkatkan kepercayaan pada sektor keuangan dengan meningkatkan jumlah dana yang ditanggung oleh LPS.
5. Pemerintah perlu mendorong penempatan dana valuta asing di perbankan besar melalui himbauan atas penempatan dana BUMN yang mempunyai akses valuta asing maupun himbauan kepada eksportir besar untuk membawa masuk proceed ekspornya. Kebijakan ini penting sebagai safety line bagi BUMN ataupun korporasi apabila mengalami kesulitan cash flow valuta asing agar dapat dibiayai oleh perbankan dalam negeri.
6. Perlu dibentuknya financial pool secara khusus guna membiayai proyek-proyek yang bersifat prioritas misalnya infrastruktur.
7. BI diharapkan dapat berkoordinasi dengan bank sentral negara ASEAN lainnya untuk memperoleh cadangan devisa pasar tambahan serta melakukan operasi pasar.

Di sektor riil, guna menjaga ekspor dan produksi nasional, Kadin memberikan 9 rekomendasi:

1. Penurunan biaya logistik di pelabuhan
2. Peninjauan ulang mengenai kebijakan biaya listrik pada beban puncak (peak hours cost)
3. Kenaikan UMR seyogyianya dapat diserahkan kepada kesepakatan masing-masing perusahaan dengan serikat pekerjanya.
4. Perlunya dukungan khusus untuk komoditas ekspor andalan
5. Peningkatan kemudahan dan percepatan waktu restitusi perpajakan
6. Rasionalisasi terhadap berbagai iuran dan retribusi baik di pusat dan daerah
7. Perkuatan perlindungan pasar dalam negeri sesuai mekanisme WTO
8. Upaya intensif untuk penurunan bea masuk ke negara tujuan ekspor
9. Meningkatkan diversifikasi perekonomian sehingga mengurangi ketergantungan pada ekonomi Amerika dan Eropa

Untuk memperkuat resiliensi ekonomi domestik Kadin memberikan rekomendasi:

1. Menjaga tingkat kepercayaan konsumen
2. Meningkatkan efektivitas pola penyerapan APBN
3. Penurunan atau pembebasan pajak, seperti PPN dan PPnBM
4. Percepatan pelaksanaan pembangunan infrastruktur yang masih menghadapi kendala.

"Kadin berharap bahwa pemerintah juga sudah mengambil langkah-langkah yang penting untuk mencegah dampak negatif krisis finansial global," ujarnya.

(ddn/qom)

BNP Paribas Ambil Alih Fortis

Brussel - Perpindahan kepemilikan bank di Eropa terus berlanjut. Yang terbaru, Bank Perancis, BNP Paribas mengambil alih kontrol bisnis lembaga keuangan Fortis di Belgia dan Luksemburg. Fortis merupakan korban terbaru dari krisis keuangan global.

Seperti dikutip Reuters, Senin (6/10/2008), pengambilalihan itu akan membuat BNP Paribas sebagai pemegang saham bank terbesar di Belgia.

Perjanjian ini merupakan perjanjian lintas batas yang paling spektakuler sejak krisis keuangan AS merambah ke Eropa.

Menurut PM Belgia Yves Leterme, BNP akan memperoleh 75 persen saham Fortis dan kontrol dari seluruh operasi perusahaan asuransi itu di Belgia.

Sebagai gantinya, pemerintah Belgia akan memperoleh 11,7 persen saham di BNP melalui penerbitan saham baru senilai 8,25 miliar euro (US$ 11,43 miliar).

BNP juga setuju untuk membeli 66 persen saham Fortis di Luksemburg dan gantinya sedikit saham untuk pemerintah Luksemburg.

"Pengalihan saham ini sepenuhnya dilandaskan pada komitmen pemerintah Belgia kepada nasabah dan pelanggan, dan juga komitmen untuk mempertahankan tenaga kerja di Fortis Group," ujar Leterme.

Investasi portofolio Fortis diperkirakan mencapai 10,4 miliar euro. Investasi ini akan ditangani secara terpisah oleh ketiga pihak, yakni 66 persen oleh Fortis Group, 24 persen oleh pemerintah Belgia dan sisanya oleh BNP Paribas.