Sinopec inherited Zhongyuan -- and the Sudan venture -- as part of a complex swap of assets with China National Petroleum in 1998.
Behind and "off" the simple-looking balance sheet is a massively complex set of assets with trillions of dollars in notional amount.
Two other German banks, Sachsen LB and IKB Deutsche Industriebank, were nearly ruined by exposure to subprime mortgages, which were rolled into complex packages of asset-backed securities.
This research responds to an inquiry by the Program Executive Officer—Integrated Weapons System US Departmentt of the Navy) regarding the value of open architecture (OA) in the design of complex assets.
Two years ago, the problems seemed to be contained to a handful of big banks, which took large markdowns on the value of complex mortgage assets and other securities.
The crux of the issue is that Lehman, as a dominant provider of both complex derivative assets to funds and a prominent insurer of credit default swaps, was an essential conduit for hedge funds investing in these esoteric areas.
Motivated by the practice of indicative bidding, which is commonly used in sales of complex and valuable assets, this paper develops a theory of two-stage auctions based on the assumption that learning valuation is costly.
Clients, such as hedge funds, have the technology to trade across different sorts of assets in increasingly complex strategies.
Lehman, while it was a large and complex business trading in a web of assets, also supported 100% mortgage loans offered by specialist lenders to people with few visible means of support.
Fed Governor Sarah Bloom Raskin raised concerns about a section of the rule that allows the largest banks, those with more than $250 billion in assets, to use complex formulas to determine the risk of assets and consequently the capital needed to offset that risk.
We recognise that over the years, News Corporation's broad collection of assets has become increasingly complex.
