〖粮油市场〗583.03亿元！大连豆粕成交金额创新高
昨日大连商品交易所豆粕期货成为明星，该品种成交金额达到583.03亿
元，创历史新高。成交金额比2007年9月4日的历史记录564.51亿元多18.52亿
元，但成交量却比183.94万手整整少44万手。
近期牛市冲天的豆类市场，昨日大幅跳水。早盘豆类各合约纷纷创下新
高，此后在芝加哥期货交易所（CBOT）远东电子盘的大幅跳水刺激下，豆类
市场大幅下挫，其中主力合约大豆下跌2.5%，豆油下跌4.32%，豆粕下跌
1.99%。粕强油弱的格局仍在继续。其中豆粕异常火爆，合约总成交额创下2007
年9月4日以来的新高，共计成交139.94万手。
良运期货分析师张如明分析指出，国内市场豆粕成交火爆，原因是目前豆粕多
空交织，市场分歧在加大。一方面目前大豆、豆粕基本面利多格局的明朗无疑
将很大程度上限制期价调整的空间，盘中的调整未必能成气候。无论是连豆还
是豆油、豆粕，多头的强势地位都难以撼动，适当的通过获利回吐洗盘也是行
情上涨中的一部分；但另一方面，大豆、豆粕近期上涨幅度较大，有获利回吐
的要求。考虑到牛市行情中的调整往往凶狠快速，因此在近期操作中应加强风
险防范。
中期期货分析师曹彦辉认为，阿根廷政府积极的缓和态度让市场看到阿根
廷罢工终将结束的预期，一旦阿根廷大豆正常出口，南美的季节性压力开始显
现，这是今日豆粕高开低走的主要因素。此外我国外汇局、商务部、海关总署
日前联合颁布实施《出口收结汇联网核查办法》，决定自2008年7月14日起对
出口收结汇实行联网核查管理。国家对于热钱的流入打击以及针对粮油农产品
(000061,股吧)的调控政策预期开始加强。前期高涨的利多题材在慢慢消化，
不确定因素不断涌现，国内外豆类面临调整走势。
2008年7月6日星期日
信行發盈喜半年料多賺１５０％，煤氣１０月起加費
《日出而作》信行發盈喜半年料多賺１５０％，煤氣１０月起加費
2008/07/07 08:02
《外圍重點》歐美主要股市指數收市：
紐約道瓊斯 １１２８８．５４ 升 ７３．０３點╱０．６５％
納斯達克 ２２４５．３８ 跌 ６．０８點╱０．２７％
倫敦富時１００ ５４１２．８０ 跌 ６３．８０點╱１．１６％
法蘭克福ＤＡＸ ６２７２．２１ 跌 ８１．５３點╱１．２８％
巴黎ＣＡＣ４０ ４２６６．００ 跌 ７７．９９點╱１．８０％
﹡紐約油市周五休市，布蘭特期油跌逾１％守１４４關，伊朗局勢緩和
﹡香港時間８：００ａｍ美元兌日圓１０６．７４，歐元兌美元１．５６９０
《最新資訊》﹡美國周五休市，歐洲市受銀行集資憂慮而下挫
﹡美假期休市成交淡靜，東京美元兌歐元軟日圓變化不大
﹡東亞（０００２３）旺角漢普頓酒店短期拍賣，估值逾１﹒８億元
﹡煤氣（０００３）１０月起加費十年來首次，９０％用戶每月多付少於５元
﹡城規會屯門東設高限，長實（００００１）雅文閣重建計劃料受阻
﹡四川震後內地客略減，遠東發展（０００３５）：旗下酒店未見入住率下降
﹡莊士中國（００２９８）未擬增儲土地，集中發展二線城市項目
﹡中科環保（００３５１）向高放等發新股及可換股債券，集資近４億元
﹡星美國際（００１９８）連蝕三年去年虧損２４９８萬元，核數師有保留
﹡鴻興（００４５０）獲歐資私募基金入主後研增財務實力，無意拆骨
﹡強積金上半年平均蝕逾９％，人均帳面損失逾萬元
﹡八國峰會倡建糧食儲備機制，穩定穀物價格遏炒風
﹡南韓推出石油應變計劃，公營機構帶頭減少用車
﹡美第二季住宅出租空置率維持５﹒９％不變，租金微升１％
﹡環球金融業不景商務客減，五星級酒店恐受壓
《國企紅籌》﹡中信銀行（００９９８）發中期盈利預喜
﹡中國中鐵（００３９０）奪兩項工程涉資９﹒５２億元
﹡重慶機電（０２７２２）為穩定股價，曾增購６７０７萬股
《中國要聞》﹡【駐京專電】今夏北京電負荷達１４６０萬千瓦，確保奧運供電
﹡【駐京專電】人民銀行明日發行６００萬張奧運１０元紀念鈔
﹡【駐京專電】溫家寶：克服國際經濟形勢不利因素，總體形勢良好
﹡【駐京專電】商務部︰中國商務運行總體保持較好態勢
﹡蒙古首都上周六結束緊急狀態，多黨會議未能達共識今續進行
2008/07/07 08:02
《外圍重點》歐美主要股市指數收市：
紐約道瓊斯 １１２８８．５４ 升 ７３．０３點╱０．６５％
納斯達克 ２２４５．３８ 跌 ６．０８點╱０．２７％
倫敦富時１００ ５４１２．８０ 跌 ６３．８０點╱１．１６％
法蘭克福ＤＡＸ ６２７２．２１ 跌 ８１．５３點╱１．２８％
巴黎ＣＡＣ４０ ４２６６．００ 跌 ７７．９９點╱１．８０％
﹡紐約油市周五休市，布蘭特期油跌逾１％守１４４關，伊朗局勢緩和
﹡香港時間８：００ａｍ美元兌日圓１０６．７４，歐元兌美元１．５６９０
《最新資訊》﹡美國周五休市，歐洲市受銀行集資憂慮而下挫
﹡美假期休市成交淡靜，東京美元兌歐元軟日圓變化不大
﹡東亞（０００２３）旺角漢普頓酒店短期拍賣，估值逾１﹒８億元
﹡煤氣（０００３）１０月起加費十年來首次，９０％用戶每月多付少於５元
﹡城規會屯門東設高限，長實（００００１）雅文閣重建計劃料受阻
﹡四川震後內地客略減，遠東發展（０００３５）：旗下酒店未見入住率下降
﹡莊士中國（００２９８）未擬增儲土地，集中發展二線城市項目
﹡中科環保（００３５１）向高放等發新股及可換股債券，集資近４億元
﹡星美國際（００１９８）連蝕三年去年虧損２４９８萬元，核數師有保留
﹡鴻興（００４５０）獲歐資私募基金入主後研增財務實力，無意拆骨
﹡強積金上半年平均蝕逾９％，人均帳面損失逾萬元
﹡八國峰會倡建糧食儲備機制，穩定穀物價格遏炒風
﹡南韓推出石油應變計劃，公營機構帶頭減少用車
﹡美第二季住宅出租空置率維持５﹒９％不變，租金微升１％
﹡環球金融業不景商務客減，五星級酒店恐受壓
《國企紅籌》﹡中信銀行（００９９８）發中期盈利預喜
﹡中國中鐵（００３９０）奪兩項工程涉資９﹒５２億元
﹡重慶機電（０２７２２）為穩定股價，曾增購６７０７萬股
《中國要聞》﹡【駐京專電】今夏北京電負荷達１４６０萬千瓦，確保奧運供電
﹡【駐京專電】人民銀行明日發行６００萬張奧運１０元紀念鈔
﹡【駐京專電】溫家寶：克服國際經濟形勢不利因素，總體形勢良好
﹡【駐京專電】商務部︰中國商務運行總體保持較好態勢
﹡蒙古首都上周六結束緊急狀態，多黨會議未能達共識今續進行
Goldman Sachs Ord Shs: Ownership
Goldman Sachs Ord Shs: Ownership
Goldman Sachs Ord Shs: OwnershipOwnership Information
Shares Outstanding 394.00 Mil
Institutional Ownership (%) 64.96
Top 10 Institutions (%) 24.30
Mutual Fund Ownership (%) 1.47
5%/Insider Ownership (%) 11.34
Float (%) 88.66
Ownership Activity
Description # of Holders Shares
Total Positions 984 255,931,232
New Positions 3 0
Soldout Positions 322 0
Net Position Change -181 -14,679,661
Buyers 523 27,378,242
Sellers 704 -42,057,904
Institution Name Shs Held Shs Chg %Chg $Chg* %Out %Port Rpt Date
Barclays Global Investors, N.A. 14,878,144 396,252 2.7 -653,634,624 3.8 0.4 03-31-08
State Street Global Advisors (US) 14,261,328 -13,448 -0.1 -711,109,568 3.6 0.5 03-31-08
Vanguard Group, Inc. 11,572,716 341,689 3.0 -501,220,864 2.9 0.4 03-31-08
Marsico Capital Management, L.L.C. 10,542,435 -3,953,775 -27.3 -1,373,796,608 2.7 2.7 03-31-08
Wellington Management Company, LLP 9,618,260 -142,683 -1.5 -508,326,784 2.4 0.6 03-31-08
AllianceBernstein L.P. 9,346,394 491,450 5.6 -358,455,616 2.4 0.6 03-31-08
Fidelity Management & Research 9,299,956 822,748 9.7 -284,903,872 2.4 0.3 03-31-08
Janus Capital Management LLC 5,690,874 465,989 8.9 -182,397,872 1.4 1.5 03-31-08
T. Rowe Price Associates, Inc. 5,480,074 979,438 21.8 -61,512,332 1.4 0.4 03-31-08
Capital Guardian Trust Company 5,049,235 1,959,356 63.4 170,614,496 1.3 1.8 03-31-08
OppenheimerFunds, Inc. 4,394,485 632,517 16.8 -82,207,344 1.1 0.9 03-31-08
MFS Investment Management 3,937,264 -152,432 -3.7 -228,305,024 1.0 0.9 03-31-08
TIAA-CREF 3,656,093 295,472 8.8 -118,020,328 0.9 0.5 03-31-08
BNY Mellon Wealth Management 3,617,687 -782,032 -17.8 -347,830,304 0.9 0.5 03-31-08
Putnam Investment Management, L.L.C. 3,273,059 -844,578 -20.5 -344,166,624 0.8 0.9 03-31-08
Mutual Fund Shs Held Shs Chg %Chg $Chg* %Out %Port Rpt Date
Vanguard 500 Index Fund 3,754,496 -11,833 -0.3 -188,992,960 1.0 0.6 03-31-08
SPDR Trust Series 1 2,818,429 440,443 18.5 -49,264,712 0.7 0.6 03-31-08
Vanguard Total Stock Market Index Fund 2,543,366 130,830 5.4 -98,168,560 0.6 0.4 03-31-08
CREF Stock Account 2,441,580 295,373 13.8 -61,355,988 0.6 0.3 03-31-08
Vanguard Institutional Index Fund 2,303,591 95,469 4.3 -93,865,720 0.6 0.6 03-31-08
Janus Twenty Fund 2,166,180 91,790 4.4 -82,021,552 0.5 4.1 01-31-08
Hartford Capital Appreciation Fund 1,998,050 -25,800 -1.3 -104,771,456 0.5 1.8 03-31-08
Statens Pensjonsfond Utland 1,402,374 178,384 14.6 57,578,120 0.4 0.2 12-31-07
Financial Select Sector SPDR Fund 1,364,250 456,805 50.3 30,487,260 0.3 3.4 03-31-08
Columbia Marsico Growth Fund 1,358,575 0 0.0 -21,057,912 0.3 4.5 01-31-08
Fidelity Disciplined Equity Fund 1,250,000 -450,000 -26.5 -178,550,496 0.3 1.7 03-31-08
Eaton Vance Tax-Managed Growth Fund 1,115,548 0 0.0 -55,398,112 0.3 1.1 03-31-08
Fidelity Growth & Income Fund 1,100,000 1,100,000 1.0 181,928,992 0.3 1.2 03-31-08
Columbia Marsico Growth Master Portfolio 1,092,673 -265,902 -19.6 -111,444,368 0.3 3.0 03-31-08
Oppenheimer Main Street Fund 1,057,700 51,300 5.1 -48,672,844 0.3 1.9 02-29-08
Holder Name Shs Held $ Market Value %Out Fully Diluted Shs Rpt Date
Goldman Sachs & Company, Inc. 24,589,244 4,705,644,032 6.2 39,115,196 04-01-08
Goldman Sachs Ord Shs: OwnershipOwnership Information
Shares Outstanding 394.00 Mil
Institutional Ownership (%) 64.96
Top 10 Institutions (%) 24.30
Mutual Fund Ownership (%) 1.47
5%/Insider Ownership (%) 11.34
Float (%) 88.66
Ownership Activity
Description # of Holders Shares
Total Positions 984 255,931,232
New Positions 3 0
Soldout Positions 322 0
Net Position Change -181 -14,679,661
Buyers 523 27,378,242
Sellers 704 -42,057,904
Institution Name Shs Held Shs Chg %Chg $Chg* %Out %Port Rpt Date
Barclays Global Investors, N.A. 14,878,144 396,252 2.7 -653,634,624 3.8 0.4 03-31-08
State Street Global Advisors (US) 14,261,328 -13,448 -0.1 -711,109,568 3.6 0.5 03-31-08
Vanguard Group, Inc. 11,572,716 341,689 3.0 -501,220,864 2.9 0.4 03-31-08
Marsico Capital Management, L.L.C. 10,542,435 -3,953,775 -27.3 -1,373,796,608 2.7 2.7 03-31-08
Wellington Management Company, LLP 9,618,260 -142,683 -1.5 -508,326,784 2.4 0.6 03-31-08
AllianceBernstein L.P. 9,346,394 491,450 5.6 -358,455,616 2.4 0.6 03-31-08
Fidelity Management & Research 9,299,956 822,748 9.7 -284,903,872 2.4 0.3 03-31-08
Janus Capital Management LLC 5,690,874 465,989 8.9 -182,397,872 1.4 1.5 03-31-08
T. Rowe Price Associates, Inc. 5,480,074 979,438 21.8 -61,512,332 1.4 0.4 03-31-08
Capital Guardian Trust Company 5,049,235 1,959,356 63.4 170,614,496 1.3 1.8 03-31-08
OppenheimerFunds, Inc. 4,394,485 632,517 16.8 -82,207,344 1.1 0.9 03-31-08
MFS Investment Management 3,937,264 -152,432 -3.7 -228,305,024 1.0 0.9 03-31-08
TIAA-CREF 3,656,093 295,472 8.8 -118,020,328 0.9 0.5 03-31-08
BNY Mellon Wealth Management 3,617,687 -782,032 -17.8 -347,830,304 0.9 0.5 03-31-08
Putnam Investment Management, L.L.C. 3,273,059 -844,578 -20.5 -344,166,624 0.8 0.9 03-31-08
Mutual Fund Shs Held Shs Chg %Chg $Chg* %Out %Port Rpt Date
Vanguard 500 Index Fund 3,754,496 -11,833 -0.3 -188,992,960 1.0 0.6 03-31-08
SPDR Trust Series 1 2,818,429 440,443 18.5 -49,264,712 0.7 0.6 03-31-08
Vanguard Total Stock Market Index Fund 2,543,366 130,830 5.4 -98,168,560 0.6 0.4 03-31-08
CREF Stock Account 2,441,580 295,373 13.8 -61,355,988 0.6 0.3 03-31-08
Vanguard Institutional Index Fund 2,303,591 95,469 4.3 -93,865,720 0.6 0.6 03-31-08
Janus Twenty Fund 2,166,180 91,790 4.4 -82,021,552 0.5 4.1 01-31-08
Hartford Capital Appreciation Fund 1,998,050 -25,800 -1.3 -104,771,456 0.5 1.8 03-31-08
Statens Pensjonsfond Utland 1,402,374 178,384 14.6 57,578,120 0.4 0.2 12-31-07
Financial Select Sector SPDR Fund 1,364,250 456,805 50.3 30,487,260 0.3 3.4 03-31-08
Columbia Marsico Growth Fund 1,358,575 0 0.0 -21,057,912 0.3 4.5 01-31-08
Fidelity Disciplined Equity Fund 1,250,000 -450,000 -26.5 -178,550,496 0.3 1.7 03-31-08
Eaton Vance Tax-Managed Growth Fund 1,115,548 0 0.0 -55,398,112 0.3 1.1 03-31-08
Fidelity Growth & Income Fund 1,100,000 1,100,000 1.0 181,928,992 0.3 1.2 03-31-08
Columbia Marsico Growth Master Portfolio 1,092,673 -265,902 -19.6 -111,444,368 0.3 3.0 03-31-08
Oppenheimer Main Street Fund 1,057,700 51,300 5.1 -48,672,844 0.3 1.9 02-29-08
Holder Name Shs Held $ Market Value %Out Fully Diluted Shs Rpt Date
Goldman Sachs & Company, Inc. 24,589,244 4,705,644,032 6.2 39,115,196 04-01-08
Countrywide Pact Nears Approval
By PEG BRICKLEY
July 5, 2008; Page B6
WILMINGTON, Del. -- A corporate-law judge Thursday granted preliminary approval to a settlement that ends a lawsuit over Countrywide Financial Corp.'s sale to Bank of America Corp.
But he set a date to hear from shareholders who said the settlement agreement trades away potential damage claims for nothing.
The settlement at issue is between Countrywide and individual shareholders who sued in Delaware's corporate-law court, challenging the price of the company's sale to Bank of America. Terms of the settlement say Countrywide cured the problems with the deal by making additional disclosures to shareholders. The settlement also stipulates that the class-action lawsuit should be dropped. Bank of America closed its $2.5 billion acquisition of the Calabasas, Calif., mortgage lender Tuesday.
Vice Chancellor John Noble Thursday set an October hearing to weigh final approval of the settlement, after hearing from institutional shareholders who said it was designed to block valid lawsuits against the company.
If it goes through, the settlement bars similar legal claims involving Countrywide, including some that institutional shareholders say are worth billions of dollars.
"For the damage claims, for the unfair price claims, the plaintiffs got absolutely nothing," said Stuart Grant, attorney for the Arkansas Teacher Retirement System and other plaintiffs who filed suit in federal court in California.
Countrywide attorneys said shareholders voted to approve the Bank of America deal, even after being told what they were giving up in terms of the right to sue for damages.
A Bank of America spokeswoman said, "The parties have already agreed to the settlement of this suit, the hearing concerned the preliminary approval of that settlement, and the judge approved it."
The proposed Delaware settlement wouldn't affect a federal securities class-action suit in California. But it would stymie potential claims in another case, where shareholders accuse Countrywide's board of ignoring the value of potential lawsuits against senior managers who they say profited personally while leading the mortgage lender into financial distress through predatory lending and other practices.
Write to Peg Brickley at peg.brickley@dowjones.com
Countrywide Financial Corp: OwnershipOwnership Information
Shares Outstanding 583.00 Mil
Institutional Ownership (%) 88.69
Top 10 Institutions (%) 56.50
Mutual Fund Ownership (%) 1.37
5%/Insider Ownership (%) .81
Float (%) 99.19
Ownership Activity
Description # of Holders Shares
Total Positions 362 517,064,544
New Positions 1 0
Soldout Positions 354 0
Net Position Change -306 -271,646,144
Buyers 186 109,968,552
Sellers 492 -381,614,688
Holder Name Shs Held $ Market Value %Out Fully Diluted Shs Rpt Date
Legg Mason Capital Management, Inc. 85,973,392 472,853,664 14.7 85,973,392 03-31-08
Brandes Investment Partners, LP 53,056,376 291,810,048 9.1 53,056,376 03-31-08
Capital Research Global Investors 47,300,000 260,150,000 8.1 47,300,000 03-31-08
Fintech Advisory, Inc. 36,509,300 155,164,528 6.3 36,509,300 06-26-08
Institution Name Shs Held Shs Chg %Chg $Chg* %Out %Port Rpt Date
Legg Mason Capital Management, Inc. 85,973,392 17,835,852 26.2 -136,295,952 14.7 1.1 03-31-08
Brandes Investment Partners, LP 53,056,376 -2,268,792 -4.1 -202,796,928 9.1 0.8 03-31-08
Capital Research Global Investors 47,300,000 21,850,000 85.9 32,627,000 8.1 0.1 03-31-08
Goldman Sachs & Company, Inc. 27,571,336 280,660 1.0 -92,336,288 4.7 0.2 03-31-08
Vanguard Group, Inc. 22,736,362 6,277,432 38.1 -22,092,844 3.9 0.0 03-31-08
Pzena Investment Management, LLC 20,954,280 -1,174,145 -5.3 -82,579,576 3.6 0.7 03-31-08
Barclays Global Investors, N.A. 20,127,874 -2,237,065 -10.0 -89,239,248 3.5 0.0 03-31-08
State Street Global Advisors (US) 19,027,648 1,426,066 8.1 -52,706,076 3.3 0.0 03-31-08
Capital World Investors 18,119,000 -13,140,000 -42.0 -179,800,960 3.1 0.0 03-31-08
Fidelity Management & Research 14,461,887 -15,385,169 -51.5 -187,292,304 2.5 0.0 03-31-08
Fir Tree Partners 12,362,600 9,362,600 312.1 41,174,300 2.1 2.1 03-31-08
T. Rowe Price Associates, Inc. 11,373,889 -3,025,027 -21.0 -66,169,920 2.0 0.0 03-31-08
Putnam Investment Management, L.L.C. 7,674,334 -14,110,106 -64.8 -152,544,064 1.3 0.1 03-31-08
RiverSource Investments, LLC 6,762,955 627,502 10.2 -17,654,696 1.2 0.1 03-31-08
Miura Global Management, L.L.C. 6,321,100 2,510,000 65.9 694,816 1.1 2.2 03-31-08
Mutual Fund Shs Held Shs Chg %Chg $Chg* %Out %Port Rpt Date
Legg Mason Value Trust, Inc. 28,924,800 7,999,800 38.2 -27,983,100 5.0 1.3 03-31-08
Statens Pensjonsfond Utland 14,218,218 9,353,942 192.3 -79,377,648 2.4 0.1 12-31-07
American Funds Insurance Series Growth-Income Fund 13,000,000 4,500,000 52.9 -4,490,000 2.2 0.3 03-31-08
Legg Mason Opportunity Trust 12,939,000 -561,000 -4.2 -49,525,500 2.2 1.4 03-31-08
American Funds Washington Mutual Investors Fund 12,794,000 -3,000,000 -19.0 -70,831,360 2.2 0.1 03-31-08
John Hancock Classic Value Fund 8,163,924 0 0.0 -28,083,900 1.4 1.0 03-31-08
Vanguard 500 Index Fund 5,443,919 2,403 0.0 -18,705,600 0.9 0.0 03-31-08
Vanguard Mid-Cap Index Fund 5,184,889 5,184,889 1.0 28,516,890 0.9 0.2 03-31-08
Fidelity Magellan Fund 5,019,195 19,195 0.4 -17,094,428 0.9 0.1 03-31-08
T. Rowe Price Equity Income Fund 4,974,000 0 0.0 -17,110,560 0.9 0.1 03-31-08
Vanguard Total Stock Market Index Fund 4,116,611 290,475 7.6 -11,564,295 0.7 0.0 03-31-08
SPDR Trust Series 1 4,046,363 581,639 16.8 -43,609,408 0.7 0.0 03-31-08
Brandes Global Equity Fund 4,011,675 4,011,675 1.0 35,864,376 0.7 1.1 12-31-07
American Funds Insurance Series Growth Fund 4,000,000 -3,740,000 -48.3 -47,195,600 0.7 0.1 03-31-08
Vanguard Institutional Index Fund 3,377,718 165,400 5.1 -10,140,674 0.6 0.0 03-31-08
July 5, 2008; Page B6
WILMINGTON, Del. -- A corporate-law judge Thursday granted preliminary approval to a settlement that ends a lawsuit over Countrywide Financial Corp.'s sale to Bank of America Corp.
But he set a date to hear from shareholders who said the settlement agreement trades away potential damage claims for nothing.
The settlement at issue is between Countrywide and individual shareholders who sued in Delaware's corporate-law court, challenging the price of the company's sale to Bank of America. Terms of the settlement say Countrywide cured the problems with the deal by making additional disclosures to shareholders. The settlement also stipulates that the class-action lawsuit should be dropped. Bank of America closed its $2.5 billion acquisition of the Calabasas, Calif., mortgage lender Tuesday.
Vice Chancellor John Noble Thursday set an October hearing to weigh final approval of the settlement, after hearing from institutional shareholders who said it was designed to block valid lawsuits against the company.
If it goes through, the settlement bars similar legal claims involving Countrywide, including some that institutional shareholders say are worth billions of dollars.
"For the damage claims, for the unfair price claims, the plaintiffs got absolutely nothing," said Stuart Grant, attorney for the Arkansas Teacher Retirement System and other plaintiffs who filed suit in federal court in California.
Countrywide attorneys said shareholders voted to approve the Bank of America deal, even after being told what they were giving up in terms of the right to sue for damages.
A Bank of America spokeswoman said, "The parties have already agreed to the settlement of this suit, the hearing concerned the preliminary approval of that settlement, and the judge approved it."
The proposed Delaware settlement wouldn't affect a federal securities class-action suit in California. But it would stymie potential claims in another case, where shareholders accuse Countrywide's board of ignoring the value of potential lawsuits against senior managers who they say profited personally while leading the mortgage lender into financial distress through predatory lending and other practices.
Write to Peg Brickley at peg.brickley@dowjones.com
Countrywide Financial Corp: OwnershipOwnership Information
Shares Outstanding 583.00 Mil
Institutional Ownership (%) 88.69
Top 10 Institutions (%) 56.50
Mutual Fund Ownership (%) 1.37
5%/Insider Ownership (%) .81
Float (%) 99.19
Ownership Activity
Description # of Holders Shares
Total Positions 362 517,064,544
New Positions 1 0
Soldout Positions 354 0
Net Position Change -306 -271,646,144
Buyers 186 109,968,552
Sellers 492 -381,614,688
Holder Name Shs Held $ Market Value %Out Fully Diluted Shs Rpt Date
Legg Mason Capital Management, Inc. 85,973,392 472,853,664 14.7 85,973,392 03-31-08
Brandes Investment Partners, LP 53,056,376 291,810,048 9.1 53,056,376 03-31-08
Capital Research Global Investors 47,300,000 260,150,000 8.1 47,300,000 03-31-08
Fintech Advisory, Inc. 36,509,300 155,164,528 6.3 36,509,300 06-26-08
Institution Name Shs Held Shs Chg %Chg $Chg* %Out %Port Rpt Date
Legg Mason Capital Management, Inc. 85,973,392 17,835,852 26.2 -136,295,952 14.7 1.1 03-31-08
Brandes Investment Partners, LP 53,056,376 -2,268,792 -4.1 -202,796,928 9.1 0.8 03-31-08
Capital Research Global Investors 47,300,000 21,850,000 85.9 32,627,000 8.1 0.1 03-31-08
Goldman Sachs & Company, Inc. 27,571,336 280,660 1.0 -92,336,288 4.7 0.2 03-31-08
Vanguard Group, Inc. 22,736,362 6,277,432 38.1 -22,092,844 3.9 0.0 03-31-08
Pzena Investment Management, LLC 20,954,280 -1,174,145 -5.3 -82,579,576 3.6 0.7 03-31-08
Barclays Global Investors, N.A. 20,127,874 -2,237,065 -10.0 -89,239,248 3.5 0.0 03-31-08
State Street Global Advisors (US) 19,027,648 1,426,066 8.1 -52,706,076 3.3 0.0 03-31-08
Capital World Investors 18,119,000 -13,140,000 -42.0 -179,800,960 3.1 0.0 03-31-08
Fidelity Management & Research 14,461,887 -15,385,169 -51.5 -187,292,304 2.5 0.0 03-31-08
Fir Tree Partners 12,362,600 9,362,600 312.1 41,174,300 2.1 2.1 03-31-08
T. Rowe Price Associates, Inc. 11,373,889 -3,025,027 -21.0 -66,169,920 2.0 0.0 03-31-08
Putnam Investment Management, L.L.C. 7,674,334 -14,110,106 -64.8 -152,544,064 1.3 0.1 03-31-08
RiverSource Investments, LLC 6,762,955 627,502 10.2 -17,654,696 1.2 0.1 03-31-08
Miura Global Management, L.L.C. 6,321,100 2,510,000 65.9 694,816 1.1 2.2 03-31-08
Mutual Fund Shs Held Shs Chg %Chg $Chg* %Out %Port Rpt Date
Legg Mason Value Trust, Inc. 28,924,800 7,999,800 38.2 -27,983,100 5.0 1.3 03-31-08
Statens Pensjonsfond Utland 14,218,218 9,353,942 192.3 -79,377,648 2.4 0.1 12-31-07
American Funds Insurance Series Growth-Income Fund 13,000,000 4,500,000 52.9 -4,490,000 2.2 0.3 03-31-08
Legg Mason Opportunity Trust 12,939,000 -561,000 -4.2 -49,525,500 2.2 1.4 03-31-08
American Funds Washington Mutual Investors Fund 12,794,000 -3,000,000 -19.0 -70,831,360 2.2 0.1 03-31-08
John Hancock Classic Value Fund 8,163,924 0 0.0 -28,083,900 1.4 1.0 03-31-08
Vanguard 500 Index Fund 5,443,919 2,403 0.0 -18,705,600 0.9 0.0 03-31-08
Vanguard Mid-Cap Index Fund 5,184,889 5,184,889 1.0 28,516,890 0.9 0.2 03-31-08
Fidelity Magellan Fund 5,019,195 19,195 0.4 -17,094,428 0.9 0.1 03-31-08
T. Rowe Price Equity Income Fund 4,974,000 0 0.0 -17,110,560 0.9 0.1 03-31-08
Vanguard Total Stock Market Index Fund 4,116,611 290,475 7.6 -11,564,295 0.7 0.0 03-31-08
SPDR Trust Series 1 4,046,363 581,639 16.8 -43,609,408 0.7 0.0 03-31-08
Brandes Global Equity Fund 4,011,675 4,011,675 1.0 35,864,376 0.7 1.1 12-31-07
American Funds Insurance Series Growth Fund 4,000,000 -3,740,000 -48.3 -47,195,600 0.7 0.1 03-31-08
Vanguard Institutional Index Fund 3,377,718 165,400 5.1 -10,140,674 0.6 0.0 03-31-08
Lehman Brothers Holdings Ord Shs: Ownership
Lehman Brothers Holdings Ord Shs: Ownership
Ownership Information
Shares Outstanding 553.00 Mil
Institutional Ownership (%) 71.90
Top 10 Institutions (%) 38.60
Mutual Fund Ownership (%) 1.15
5%/Insider Ownership (%) 4.00
Float (%) 96.00
Ownership Activity
Description # of Holders Shares
Total Positions 574 397,609,440
New Positions NA 0
Soldout Positions 355 0
Net Position Change -310 -5,834,569
Buyers 277 84,560,968
Sellers 587 -90,395,536
Institution Name Shs Held Shs Chg %Chg $Chg* %Out %Port Rpt Date
Fidelity Management & Research 51,298,456 19,601,924 61.8 -143,347,056 9.3 0.4 03-31-08
ClearBridge Advisors 39,947,720 4,966,729 14.2 -785,523,840 7.2 1.9 03-31-08
AllianceBernstein L.P. 37,474,244 -2,564,167 -6.4 -1,209,583,104 6.8 0.6 03-31-08
Barclays Global Investors, N.A. 19,980,650 649,658 3.4 -512,948,448 3.6 0.1 03-31-08
State Street Global Advisors (US) 19,062,644 2,416,997 14.5 -371,773,248 3.4 0.1 03-31-08
Vanguard Group, Inc. 15,199,870 599,077 4.1 -383,352,800 2.8 0.1 03-31-08
Capital Guardian Trust Company 9,670,883 4,090,778 73.3 -1,150,035 1.8 0.8 03-31-08
Pzena Investment Management, LLC 7,482,598 -45,306 -0.6 -210,981,056 1.4 1.6 03-31-08
Janus Capital Management LLC 7,150,243 3,761,631 111.0 47,384,376 1.3 0.4 03-31-08
Wellington Management Company, LLP 6,355,980 4,978,224 361.3 149,078,736 1.2 0.1 03-31-08
Columbia Management Advisors, Inc. 5,956,553 4,371,882 275.9 120,503,784 1.1 0.2 03-31-08
OppenheimerFunds, Inc. 5,624,427 1,569,015 38.7 -53,682,728 1.0 0.3 03-31-08
Oppenheimer Capital L.L.C. 5,524,604 -1,321,282 -19.3 -240,048,688 1.0 0.7 03-31-08
J.P. Morgan Investment Management Inc. (New York) 5,457,145 1,426,774 35.4 -58,340,540 1.0 0.2 03-31-08
Putnam Investment Management, L.L.C. 4,579,193 -1,341,299 -22.7 -215,076,176 0.8 0.3 03-31-08
Mutual Fund Shs Held Shs Chg %Chg $Chg* %Out %Port Rpt Date
Legg Mason Partners Aggressive Growth Fund, Inc. 11,984,300 -50,000 -0.4 -142,628,752 2.2 7.4 02-29-08
Fidelity Growth & Income Fund 6,700,000 2,500,000 59.5 -22,660,000 1.2 1.6 03-31-08
Vanguard 500 Index Fund 5,043,480 19,963 0.4 -138,902,368 0.9 0.2 03-31-08
Fidelity Balanced Fund 4,028,727 1,694,327 72.6 59,221,320 0.7 1.3 02-29-08
Fidelity VIP II Contrafund Portfolio 3,951,852 1,412,200 55.6 -17,447,118 0.7 0.7 03-31-08
SPDR Trust Series 1 3,780,100 687,523 22.2 -48,621,816 0.7 0.2 03-31-08
Fidelity Equity-Income II Fund 3,300,000 1,600,000 94.1 17,741,000 0.6 1.4 03-31-08
Vanguard Total Stock Market Index Fund 3,201,654 220,260 7.4 -74,592,168 0.6 0.1 03-31-08
Vanguard Institutional Index Fund 3,093,391 150,011 5.1 -76,179,552 0.6 0.2 03-31-08
Fidelity Puritan Fund 2,990,822 830,700 38.5 11,143,630 0.5 1.1 02-29-08
CREF Stock Account 2,650,492 -1,926,555 -42.1 -182,776,592 0.5 0.1 03-31-08
Fidelity Value Fund 2,475,300 524,500 26.9 -34,490,060 0.4 0.5 03-31-08
Columbia Marsico Growth Fund 2,463,981 0 0.0 -3,424,934 0.4 2.6 01-31-08
Columbia Value and Restructuring Fund 2,400,000 150,000 6.7 -56,904,000 0.4 1.0 03-31-08
Fidelity Advisor Equity Income Fund 2,200,000 600,000 37.5 -21,896,000 0.4 1.4 03-31-08
Holder Name Shs Held $ Market Value %Out Fully Diluted Shs Rpt Date
Fidelity Management & Research 51,298,456 1,930,873,856 9.3 51,298,456 03-31-08
ClearBridge Advisors 39,947,720 1,503,632,128 7.2 39,947,720 03-31-08
AllianceBernstein L.P. 37,474,244 1,410,530,560 6.8 37,474,244 03-31-08
Ownership Information
Shares Outstanding 553.00 Mil
Institutional Ownership (%) 71.90
Top 10 Institutions (%) 38.60
Mutual Fund Ownership (%) 1.15
5%/Insider Ownership (%) 4.00
Float (%) 96.00
Ownership Activity
Description # of Holders Shares
Total Positions 574 397,609,440
New Positions NA 0
Soldout Positions 355 0
Net Position Change -310 -5,834,569
Buyers 277 84,560,968
Sellers 587 -90,395,536
Institution Name Shs Held Shs Chg %Chg $Chg* %Out %Port Rpt Date
Fidelity Management & Research 51,298,456 19,601,924 61.8 -143,347,056 9.3 0.4 03-31-08
ClearBridge Advisors 39,947,720 4,966,729 14.2 -785,523,840 7.2 1.9 03-31-08
AllianceBernstein L.P. 37,474,244 -2,564,167 -6.4 -1,209,583,104 6.8 0.6 03-31-08
Barclays Global Investors, N.A. 19,980,650 649,658 3.4 -512,948,448 3.6 0.1 03-31-08
State Street Global Advisors (US) 19,062,644 2,416,997 14.5 -371,773,248 3.4 0.1 03-31-08
Vanguard Group, Inc. 15,199,870 599,077 4.1 -383,352,800 2.8 0.1 03-31-08
Capital Guardian Trust Company 9,670,883 4,090,778 73.3 -1,150,035 1.8 0.8 03-31-08
Pzena Investment Management, LLC 7,482,598 -45,306 -0.6 -210,981,056 1.4 1.6 03-31-08
Janus Capital Management LLC 7,150,243 3,761,631 111.0 47,384,376 1.3 0.4 03-31-08
Wellington Management Company, LLP 6,355,980 4,978,224 361.3 149,078,736 1.2 0.1 03-31-08
Columbia Management Advisors, Inc. 5,956,553 4,371,882 275.9 120,503,784 1.1 0.2 03-31-08
OppenheimerFunds, Inc. 5,624,427 1,569,015 38.7 -53,682,728 1.0 0.3 03-31-08
Oppenheimer Capital L.L.C. 5,524,604 -1,321,282 -19.3 -240,048,688 1.0 0.7 03-31-08
J.P. Morgan Investment Management Inc. (New York) 5,457,145 1,426,774 35.4 -58,340,540 1.0 0.2 03-31-08
Putnam Investment Management, L.L.C. 4,579,193 -1,341,299 -22.7 -215,076,176 0.8 0.3 03-31-08
Mutual Fund Shs Held Shs Chg %Chg $Chg* %Out %Port Rpt Date
Legg Mason Partners Aggressive Growth Fund, Inc. 11,984,300 -50,000 -0.4 -142,628,752 2.2 7.4 02-29-08
Fidelity Growth & Income Fund 6,700,000 2,500,000 59.5 -22,660,000 1.2 1.6 03-31-08
Vanguard 500 Index Fund 5,043,480 19,963 0.4 -138,902,368 0.9 0.2 03-31-08
Fidelity Balanced Fund 4,028,727 1,694,327 72.6 59,221,320 0.7 1.3 02-29-08
Fidelity VIP II Contrafund Portfolio 3,951,852 1,412,200 55.6 -17,447,118 0.7 0.7 03-31-08
SPDR Trust Series 1 3,780,100 687,523 22.2 -48,621,816 0.7 0.2 03-31-08
Fidelity Equity-Income II Fund 3,300,000 1,600,000 94.1 17,741,000 0.6 1.4 03-31-08
Vanguard Total Stock Market Index Fund 3,201,654 220,260 7.4 -74,592,168 0.6 0.1 03-31-08
Vanguard Institutional Index Fund 3,093,391 150,011 5.1 -76,179,552 0.6 0.2 03-31-08
Fidelity Puritan Fund 2,990,822 830,700 38.5 11,143,630 0.5 1.1 02-29-08
CREF Stock Account 2,650,492 -1,926,555 -42.1 -182,776,592 0.5 0.1 03-31-08
Fidelity Value Fund 2,475,300 524,500 26.9 -34,490,060 0.4 0.5 03-31-08
Columbia Marsico Growth Fund 2,463,981 0 0.0 -3,424,934 0.4 2.6 01-31-08
Columbia Value and Restructuring Fund 2,400,000 150,000 6.7 -56,904,000 0.4 1.0 03-31-08
Fidelity Advisor Equity Income Fund 2,200,000 600,000 37.5 -21,896,000 0.4 1.4 03-31-08
Holder Name Shs Held $ Market Value %Out Fully Diluted Shs Rpt Date
Fidelity Management & Research 51,298,456 1,930,873,856 9.3 51,298,456 03-31-08
ClearBridge Advisors 39,947,720 1,503,632,128 7.2 39,947,720 03-31-08
AllianceBernstein L.P. 37,474,244 1,410,530,560 6.8 37,474,244 03-31-08
Morgan Stanley Ord Shs: Ownership
Morgan Stanley Ord Shs: Ownership
Ownership Information
Shares Outstanding 1.11 Bil
Institutional Ownership (%) 72.04
Top 10 Institutions (%) 37.70
Mutual Fund Ownership (%) 1.53
5%/Insider Ownership (%) .78
Float (%) 99.22
Ownership Activity
Description # of Holders Shares
Total Positions 806 798,974,592
New Positions 2 0
Soldout Positions 389 0
Net Position Change -373 14,358,853
Buyers 362 140,778,256
Sellers 735 -126,419,408
Institution Name Shs Held Shs Chg %Chg $Chg* %Out %Port Rpt Date
State Street Global Advisors (US) 180,784,352 38,321,880 26.9 695,663,040 16.3 1.6 03-31-08
AllianceBernstein L.P. 60,213,648 16,899,856 39.0 451,368,160 5.4 1.1 03-31-08
Barclays Global Investors, N.A. 40,831,368 1,362,754 3.5 -230,184,576 3.7 0.3 03-31-08
Vanguard Group, Inc. 31,815,704 1,514,884 5.0 -155,298,880 2.9 0.3 03-31-08
Fidelity Management & Research 23,081,874 9,686,341 72.3 343,404,896 2.1 0.2 03-31-08
T. Rowe Price Associates, Inc. 20,782,120 4,588,249 28.3 89,686,392 1.9 0.4 03-31-08
UBS Global Asset Management (Americas), Inc. 19,293,996 -769,951 -3.8 -183,860,608 1.7 2.2 03-31-08
Credit Suisse Securities (USA) LLC 16,282,881 -1,550,400 -8.7 -202,997,888 1.5 0.9 03-31-08
Harris Associates L.P. 13,489,029 5,004,015 59.0 165,809,536 1.2 1.4 03-31-08
UBS Global Asset Management (Switzerland) 12,001,023 -246,799 -2.0 -102,035,072 1.1 1.8 03-31-08
J.P. Morgan Investment Management Inc. (New York) 11,237,811 1,972,842 21.3 21,505,460 1.0 0.5 03-31-08
Columbia Management Advisors, Inc. 10,086,328 4,612,184 84.3 170,213,408 0.9 0.3 03-31-08
Northern Trust Investments, N.A. 9,469,039 456,318 5.1 -45,930,528 0.9 0.4 03-31-08
Pzena Investment Management, LLC 9,198,077 1,889,641 25.9 32,201,084 0.8 2.4 03-31-08
TIAA-CREF 8,566,573 596,902 7.5 -31,776,840 0.8 0.3 03-31-08
Mutual Fund Shs Held Shs Chg %Chg $Chg* %Out %Port Rpt Date
Vanguard 500 Index Fund 10,499,744 449,042 4.5 -53,954,480 0.9 0.4 03-31-08
SPDR Trust Series 1 7,855,067 1,751,624 28.7 -25,540,348 0.7 0.4 03-31-08
Vanguard Total Stock Market Index Fund 6,786,973 527,060 8.4 -22,299,312 0.6 0.3 03-31-08
Fidelity Magellan Fund 6,500,000 6,000,000 1,200.0 270,495,008 0.6 0.8 03-31-08
CREF Stock Account 6,469,045 -102,366 -1.6 -118,363,536 0.6 0.3 03-31-08
Vanguard Institutional Index Fund 6,439,363 546,330 9.3 -18,700,094 0.6 0.4 03-31-08
Fidelity Equity-Income Fund 4,305,960 403,000 10.3 -10,503,834 0.4 0.7 03-31-08
Davis New York Venture Fund 3,836,213 -6,367 -0.2 -69,173,184 0.3 0.4 01-31-08
Financial Select Sector SPDR Fund 3,814,330 1,392,646 57.5 45,699,244 0.3 2.6 03-31-08
Statens Pensjonsfond Utland 3,471,374 1,718,567 98.0 41,633,600 0.3 0.1 12-31-07
Columbia Value and Restructuring Fund 3,100,000 400,000 14.8 -1,727,000 0.3 1.6 03-31-08
BlackRock Basic Value Fund, Inc. 3,047,800 290,700 10.5 -7,145,121 0.3 2.3 03-31-08
Eaton Vance Tax-Managed Growth Fund 3,028,692 -5,289 -0.2 -22,723,508 0.3 0.8 03-31-08
Putnam Fund for Growth and Income Fund 2,905,056 -165,100 -5.4 -30,294,926 0.3 1.4 03-31-08
Oakmark Select Fund 2,900,000 2,900,000 1.0 132,530,000 0.3 4.1 03-31-08
Ownership Information
Shares Outstanding 1.11 Bil
Institutional Ownership (%) 72.04
Top 10 Institutions (%) 37.70
Mutual Fund Ownership (%) 1.53
5%/Insider Ownership (%) .78
Float (%) 99.22
Ownership Activity
Description # of Holders Shares
Total Positions 806 798,974,592
New Positions 2 0
Soldout Positions 389 0
Net Position Change -373 14,358,853
Buyers 362 140,778,256
Sellers 735 -126,419,408
Institution Name Shs Held Shs Chg %Chg $Chg* %Out %Port Rpt Date
State Street Global Advisors (US) 180,784,352 38,321,880 26.9 695,663,040 16.3 1.6 03-31-08
AllianceBernstein L.P. 60,213,648 16,899,856 39.0 451,368,160 5.4 1.1 03-31-08
Barclays Global Investors, N.A. 40,831,368 1,362,754 3.5 -230,184,576 3.7 0.3 03-31-08
Vanguard Group, Inc. 31,815,704 1,514,884 5.0 -155,298,880 2.9 0.3 03-31-08
Fidelity Management & Research 23,081,874 9,686,341 72.3 343,404,896 2.1 0.2 03-31-08
T. Rowe Price Associates, Inc. 20,782,120 4,588,249 28.3 89,686,392 1.9 0.4 03-31-08
UBS Global Asset Management (Americas), Inc. 19,293,996 -769,951 -3.8 -183,860,608 1.7 2.2 03-31-08
Credit Suisse Securities (USA) LLC 16,282,881 -1,550,400 -8.7 -202,997,888 1.5 0.9 03-31-08
Harris Associates L.P. 13,489,029 5,004,015 59.0 165,809,536 1.2 1.4 03-31-08
UBS Global Asset Management (Switzerland) 12,001,023 -246,799 -2.0 -102,035,072 1.1 1.8 03-31-08
J.P. Morgan Investment Management Inc. (New York) 11,237,811 1,972,842 21.3 21,505,460 1.0 0.5 03-31-08
Columbia Management Advisors, Inc. 10,086,328 4,612,184 84.3 170,213,408 0.9 0.3 03-31-08
Northern Trust Investments, N.A. 9,469,039 456,318 5.1 -45,930,528 0.9 0.4 03-31-08
Pzena Investment Management, LLC 9,198,077 1,889,641 25.9 32,201,084 0.8 2.4 03-31-08
TIAA-CREF 8,566,573 596,902 7.5 -31,776,840 0.8 0.3 03-31-08
Mutual Fund Shs Held Shs Chg %Chg $Chg* %Out %Port Rpt Date
Vanguard 500 Index Fund 10,499,744 449,042 4.5 -53,954,480 0.9 0.4 03-31-08
SPDR Trust Series 1 7,855,067 1,751,624 28.7 -25,540,348 0.7 0.4 03-31-08
Vanguard Total Stock Market Index Fund 6,786,973 527,060 8.4 -22,299,312 0.6 0.3 03-31-08
Fidelity Magellan Fund 6,500,000 6,000,000 1,200.0 270,495,008 0.6 0.8 03-31-08
CREF Stock Account 6,469,045 -102,366 -1.6 -118,363,536 0.6 0.3 03-31-08
Vanguard Institutional Index Fund 6,439,363 546,330 9.3 -18,700,094 0.6 0.4 03-31-08
Fidelity Equity-Income Fund 4,305,960 403,000 10.3 -10,503,834 0.4 0.7 03-31-08
Davis New York Venture Fund 3,836,213 -6,367 -0.2 -69,173,184 0.3 0.4 01-31-08
Financial Select Sector SPDR Fund 3,814,330 1,392,646 57.5 45,699,244 0.3 2.6 03-31-08
Statens Pensjonsfond Utland 3,471,374 1,718,567 98.0 41,633,600 0.3 0.1 12-31-07
Columbia Value and Restructuring Fund 3,100,000 400,000 14.8 -1,727,000 0.3 1.6 03-31-08
BlackRock Basic Value Fund, Inc. 3,047,800 290,700 10.5 -7,145,121 0.3 2.3 03-31-08
Eaton Vance Tax-Managed Growth Fund 3,028,692 -5,289 -0.2 -22,723,508 0.3 0.8 03-31-08
Putnam Fund for Growth and Income Fund 2,905,056 -165,100 -5.4 -30,294,926 0.3 1.4 03-31-08
Oakmark Select Fund 2,900,000 2,900,000 1.0 132,530,000 0.3 4.1 03-31-08
CNOOC ADR representing 100 Class H Shares: Ownership
Ownership Information
Shares Outstanding 447.00 Mil
Institutional Ownership (%) 2.20
Top 10 Institutions (%) 1.30
Mutual Fund Ownership (%) .10
5%/Insider Ownership (%) .00
Float (%) .00
Ownership Activity
Description # of Holders Shares
Total Positions 166 9,812,330
New Positions 2 0
Soldout Positions 84 0
Net Position Change -38 -6,296,544
Buyers 94 1,928,945
Sellers 132 -8,225,489
Mutual Fund Shs Held Shs Chg %Chg $Chg* %Out %Port Rpt Date
UOB Global Strategies Funds - Kinetics Paradigm 382,200 32,000 9.1 10,312,892 0.1 0.9 06-30-07
AB Emerging Markets Growth 241,300 241,300 1.0 40,000,300 0.1 1.8 02-29-08
MLIIF World Energy 235,700 -314,300 -57.1 -28,523,012 0.1 0.8 02-29-08
Kinetics Paradigm Fund 228,000 0 0.0 -4,705,920 0.1 1.0 03-31-08
Claymore/BNY Bric ETF 197,059 37,434 23.5 3,204,484 0.0 3.2 02-29-08
PowerShares Golden Dragon Halter USX China 142,230 -61,911 -30.3 -13,301,386 0.0 4.6 03-31-08
Schroder International Select Emerging Markets 140,784 140,784 1.0 23,571,464 0.0 2.2 12-31-07
BLDRS Emerging Markets 50 ADR Index Fund 105,473 41,684 65.3 12,240,886 0.0 2.3 09-30-07
AIG Global Funds AIG Global Emerging Market Fd 99,300 99,300 1.0 16,625,799 0.0 0.9 12-31-07
Fidelity Emerging Markets Fund 98,000 30,000 44.1 1,834,660 0.0 0.3 03-31-08
AIM Asia Pacific Growth Fund 81,300 0 0.0 -1,678,032 0.0 2.1 03-31-08
Baring Emerging Markets (UMB) - Global Emerging Ma 78,643 78,643 1.0 17,025,424 0.0 2.7 10-31-07
DFA Emerging Markets Series 73,700 14,400 24.3 1,272,248 0.0 0.4 02-29-08
DWS Global Thematic Fund 66,000 66,000 1.0 10,940,820 0.0 0.6 02-29-08
Baillie Gifford Overseas Gr ICVC Emer Mkts Large C 61,300 26,600 76.7 10,301,558 0.0 2.1 10-31-07
Institution Name Shs Held Shs Chg %Chg $Chg* %Out %Port Rpt Date
Horizon Asset Management, Inc. 3,590,742 -25,501 -0.7 -78,382,544 0.8 2.1 03-31-08
Invesco Aim Management Group, Inc. 296,904 23,171 8.5 -2,248,578 0.1 0.1 03-31-08
BlackRock Investment Management (UK) Ltd. 278,700 -5,500 -1.9 -6,673,233 0.1 0.1 03-31-08
UBS Securities LLC 275,570 16,541 6.4 -2,918,305 0.1 0.1 03-31-08
Newgate Capital Management LLC 272,963 121,296 80.0 14,674,633 0.1 1.6 03-31-08
AllianceBernstein L.P. 254,900 51,000 25.0 3,277,794 0.1 0.0 03-31-08
Deutsche Investment Management Americas, Inc. 252,300 252,300 100.0 37,035,116 0.1 0.1 03-31-08
Claymore Advisors, LLC 250,953 4,233 1.7 -4,470,939 0.1 0.6 03-31-08
Trilogy Global Advisors, LLC 236,272 10,500 4.7 -3,118,639 0.1 0.7 03-31-08
BlackRock Investment Management, LLC 235,116 59,585 33.9 5,123,523 0.1 0.0 03-31-08
Schroder Investment Management Ltd. (SIM) 227,284 -8,400 -3.6 -1,170,728 0.1 0.3 12-31-07
William Blair & Company, L.L.C. 222,554 222,554 100.0 32,668,702 0.1 0.1 03-31-08
Dimensional Fund Advisors, LP 180,876 178,676 8,121.6 26,182,442 0.0 0.0 03-31-08
Fidelity Management & Research 166,060 32,850 24.7 2,072,597 0.0 0.0 03-31-08
Invesco PowerShares Capital Management LLC 142,230 -61,911 -30.3 -13,301,386 0.0 0.2 03-31-08
Shares Outstanding 447.00 Mil
Institutional Ownership (%) 2.20
Top 10 Institutions (%) 1.30
Mutual Fund Ownership (%) .10
5%/Insider Ownership (%) .00
Float (%) .00
Ownership Activity
Description # of Holders Shares
Total Positions 166 9,812,330
New Positions 2 0
Soldout Positions 84 0
Net Position Change -38 -6,296,544
Buyers 94 1,928,945
Sellers 132 -8,225,489
Mutual Fund Shs Held Shs Chg %Chg $Chg* %Out %Port Rpt Date
UOB Global Strategies Funds - Kinetics Paradigm 382,200 32,000 9.1 10,312,892 0.1 0.9 06-30-07
AB Emerging Markets Growth 241,300 241,300 1.0 40,000,300 0.1 1.8 02-29-08
MLIIF World Energy 235,700 -314,300 -57.1 -28,523,012 0.1 0.8 02-29-08
Kinetics Paradigm Fund 228,000 0 0.0 -4,705,920 0.1 1.0 03-31-08
Claymore/BNY Bric ETF 197,059 37,434 23.5 3,204,484 0.0 3.2 02-29-08
PowerShares Golden Dragon Halter USX China 142,230 -61,911 -30.3 -13,301,386 0.0 4.6 03-31-08
Schroder International Select Emerging Markets 140,784 140,784 1.0 23,571,464 0.0 2.2 12-31-07
BLDRS Emerging Markets 50 ADR Index Fund 105,473 41,684 65.3 12,240,886 0.0 2.3 09-30-07
AIG Global Funds AIG Global Emerging Market Fd 99,300 99,300 1.0 16,625,799 0.0 0.9 12-31-07
Fidelity Emerging Markets Fund 98,000 30,000 44.1 1,834,660 0.0 0.3 03-31-08
AIM Asia Pacific Growth Fund 81,300 0 0.0 -1,678,032 0.0 2.1 03-31-08
Baring Emerging Markets (UMB) - Global Emerging Ma 78,643 78,643 1.0 17,025,424 0.0 2.7 10-31-07
DFA Emerging Markets Series 73,700 14,400 24.3 1,272,248 0.0 0.4 02-29-08
DWS Global Thematic Fund 66,000 66,000 1.0 10,940,820 0.0 0.6 02-29-08
Baillie Gifford Overseas Gr ICVC Emer Mkts Large C 61,300 26,600 76.7 10,301,558 0.0 2.1 10-31-07
Institution Name Shs Held Shs Chg %Chg $Chg* %Out %Port Rpt Date
Horizon Asset Management, Inc. 3,590,742 -25,501 -0.7 -78,382,544 0.8 2.1 03-31-08
Invesco Aim Management Group, Inc. 296,904 23,171 8.5 -2,248,578 0.1 0.1 03-31-08
BlackRock Investment Management (UK) Ltd. 278,700 -5,500 -1.9 -6,673,233 0.1 0.1 03-31-08
UBS Securities LLC 275,570 16,541 6.4 -2,918,305 0.1 0.1 03-31-08
Newgate Capital Management LLC 272,963 121,296 80.0 14,674,633 0.1 1.6 03-31-08
AllianceBernstein L.P. 254,900 51,000 25.0 3,277,794 0.1 0.0 03-31-08
Deutsche Investment Management Americas, Inc. 252,300 252,300 100.0 37,035,116 0.1 0.1 03-31-08
Claymore Advisors, LLC 250,953 4,233 1.7 -4,470,939 0.1 0.6 03-31-08
Trilogy Global Advisors, LLC 236,272 10,500 4.7 -3,118,639 0.1 0.7 03-31-08
BlackRock Investment Management, LLC 235,116 59,585 33.9 5,123,523 0.1 0.0 03-31-08
Schroder Investment Management Ltd. (SIM) 227,284 -8,400 -3.6 -1,170,728 0.1 0.3 12-31-07
William Blair & Company, L.L.C. 222,554 222,554 100.0 32,668,702 0.1 0.1 03-31-08
Dimensional Fund Advisors, LP 180,876 178,676 8,121.6 26,182,442 0.0 0.0 03-31-08
Fidelity Management & Research 166,060 32,850 24.7 2,072,597 0.0 0.0 03-31-08
Invesco PowerShares Capital Management LLC 142,230 -61,911 -30.3 -13,301,386 0.0 0.2 03-31-08
HSBC ADR: Ownership
Ownership Information
Shares Outstanding 2.40 Bil
Institutional Ownership (%) 3.26
Top 10 Institutions (%) 1.90
Mutual Fund Ownership (%) .03
5%/Insider Ownership (%) 1.00
Float (%) 99.00
Ownership Activity
Description # of Holders Shares
Total Positions 394 78,280,888
New Positions NA 0
Soldout Positions 158 0
Net Position Change -118 -5,192,738
Buyers 180 16,977,712
Sellers 298 -22,170,450
Institution Name Shs Held Shs Chg %Chg $Chg* %Out %Port Rpt Date
Dodge & Cox 10,038,960 -2,583,490 -20.5 -230,418,880 0.4 0.8 03-31-08
Fidelity Management & Research 7,777,383 336,821 4.5 17,229,176 0.3 0.1 03-31-08
Capital Research Global Investors 5,670,638 -1,892,000 -25.0 -166,374,912 0.2 0.2 03-31-08
Fayez Sarofim & Co. 5,164,488 -19,709 -0.4 -8,931,769 0.2 1.5 03-31-08
Brandes Investment Partners, LP 4,766,242 135,836 2.9 4,650,431 0.2 1.0 03-31-08
Dimensional Fund Advisors, LP 3,898,117 3,801,889 3,950.9 312,759,776 0.2 0.5 03-31-08
UBS Securities LLC 2,416,562 -239,603 -9.0 -23,464,520 0.1 0.5 03-31-08
Macquarie Investment Management Ltd. 2,086,775 2,086,775 100.0 171,741,584 0.1 9.3 03-31-08
Merrill Lynch & Company, Inc. 1,974,382 1,340,322 211.4 109,414,480 0.1 0.2 03-31-08
Capital World Investors 1,892,000 1,892,000 100.0 155,711,600 0.1 0.1 03-31-08
ABN AMRO Asset Management Ltd. 1,559,786 1,507,106 2,860.9 123,960,544 0.1 1.7 03-31-08
Morgan Stanley Investment Management Inc. (US) 1,504,800 1,504,700 1,504,700.0 123,836,672 0.1 0.2 03-31-08
INVESCO Capital Management Inc. 1,477,908 -43,284 -2.8 -5,707,154 0.1 0.6 03-31-08
Lazard Asset Management, L.L.C. 1,474,610 -23,803 -1.6 -4,071,749 0.1 0.3 03-31-08
D. E. Shaw & Co., L.P. 1,304,468 931,713 250.0 76,154,392 0.1 0.3 03-31-08
*Category Headings: Shs Held - shares held at report date Shs Chg - position change within reporting period %Chg - % change $Chg - market value of the position change %Out - % of shares outstanding %Port - % Portfolio Rpt Date - report date
Mutual Fund Shs Held Shs Chg %Chg $Chg* %Out %Port Rpt Date
Dodge & Cox Stock Fund 5,490,300 -1,910,700 -25.8 -167,686,016 0.2 0.8 03-31-08
American Funds Washington Mutual Investors Fund 5,172,000 0 0.0 -7,292,520 0.2 0.6 03-31-08
Fidelity Diversified International Fund 3,700,000 500,000 15.6 30,910,000 0.2 0.6 03-31-08
DFA International Value Series 2,217,643 138,700 6.7 -10,871,991 0.1 2.0 02-29-08
Dodge & Cox Balanced Fund 1,749,700 -250,300 -12.5 -23,419,690 0.1 0.9 03-31-08
Fidelity Equity-Income Fund 1,661,861 -152,700 -8.4 -15,125,741 0.1 0.5 03-31-08
American Funds Insurance Series Growth-Income Fund 1,086,050 0 0.0 -1,531,331 0.0 0.4 03-31-08
American Funds Investment Company of America 1,079,588 0 0.0 -1,522,219 0.0 0.1 03-31-08
Fidelity Overseas Fund 985,200 186,400 23.3 14,214,412 0.0 1.0 03-31-08
Dreyfus Appreciation Fund Inc. 796,700 0 0.0 -1,123,347 0.0 1.7 03-31-08
Matthews Asian Growth and Income Fund 717,900 20,400 2.9 695,445 0.0 3.7 03-31-08
Fidelity VIP Equity-Income Fund 588,892 -79,000 -11.8 -7,443,428 0.0 0.5 03-31-08
Eaton Vance Tax-Managed Growth Fund 544,996 -33,335 -5.8 -3,558,917 0.0 0.3 03-31-08
DFA Tax-Managed International Value Portfolio 470,550 109,800 30.4 4,564,763 0.0 1.5 02-29-08
DFA International Core Equity Portfolio 383,772 40,600 11.8 -462,363 0.0 1.2 02-29-08
Shares Outstanding 2.40 Bil
Institutional Ownership (%) 3.26
Top 10 Institutions (%) 1.90
Mutual Fund Ownership (%) .03
5%/Insider Ownership (%) 1.00
Float (%) 99.00
Ownership Activity
Description # of Holders Shares
Total Positions 394 78,280,888
New Positions NA 0
Soldout Positions 158 0
Net Position Change -118 -5,192,738
Buyers 180 16,977,712
Sellers 298 -22,170,450
Institution Name Shs Held Shs Chg %Chg $Chg* %Out %Port Rpt Date
Dodge & Cox 10,038,960 -2,583,490 -20.5 -230,418,880 0.4 0.8 03-31-08
Fidelity Management & Research 7,777,383 336,821 4.5 17,229,176 0.3 0.1 03-31-08
Capital Research Global Investors 5,670,638 -1,892,000 -25.0 -166,374,912 0.2 0.2 03-31-08
Fayez Sarofim & Co. 5,164,488 -19,709 -0.4 -8,931,769 0.2 1.5 03-31-08
Brandes Investment Partners, LP 4,766,242 135,836 2.9 4,650,431 0.2 1.0 03-31-08
Dimensional Fund Advisors, LP 3,898,117 3,801,889 3,950.9 312,759,776 0.2 0.5 03-31-08
UBS Securities LLC 2,416,562 -239,603 -9.0 -23,464,520 0.1 0.5 03-31-08
Macquarie Investment Management Ltd. 2,086,775 2,086,775 100.0 171,741,584 0.1 9.3 03-31-08
Merrill Lynch & Company, Inc. 1,974,382 1,340,322 211.4 109,414,480 0.1 0.2 03-31-08
Capital World Investors 1,892,000 1,892,000 100.0 155,711,600 0.1 0.1 03-31-08
ABN AMRO Asset Management Ltd. 1,559,786 1,507,106 2,860.9 123,960,544 0.1 1.7 03-31-08
Morgan Stanley Investment Management Inc. (US) 1,504,800 1,504,700 1,504,700.0 123,836,672 0.1 0.2 03-31-08
INVESCO Capital Management Inc. 1,477,908 -43,284 -2.8 -5,707,154 0.1 0.6 03-31-08
Lazard Asset Management, L.L.C. 1,474,610 -23,803 -1.6 -4,071,749 0.1 0.3 03-31-08
D. E. Shaw & Co., L.P. 1,304,468 931,713 250.0 76,154,392 0.1 0.3 03-31-08
*Category Headings: Shs Held - shares held at report date Shs Chg - position change within reporting period %Chg - % change $Chg - market value of the position change %Out - % of shares outstanding %Port - % Portfolio Rpt Date - report date
Mutual Fund Shs Held Shs Chg %Chg $Chg* %Out %Port Rpt Date
Dodge & Cox Stock Fund 5,490,300 -1,910,700 -25.8 -167,686,016 0.2 0.8 03-31-08
American Funds Washington Mutual Investors Fund 5,172,000 0 0.0 -7,292,520 0.2 0.6 03-31-08
Fidelity Diversified International Fund 3,700,000 500,000 15.6 30,910,000 0.2 0.6 03-31-08
DFA International Value Series 2,217,643 138,700 6.7 -10,871,991 0.1 2.0 02-29-08
Dodge & Cox Balanced Fund 1,749,700 -250,300 -12.5 -23,419,690 0.1 0.9 03-31-08
Fidelity Equity-Income Fund 1,661,861 -152,700 -8.4 -15,125,741 0.1 0.5 03-31-08
American Funds Insurance Series Growth-Income Fund 1,086,050 0 0.0 -1,531,331 0.0 0.4 03-31-08
American Funds Investment Company of America 1,079,588 0 0.0 -1,522,219 0.0 0.1 03-31-08
Fidelity Overseas Fund 985,200 186,400 23.3 14,214,412 0.0 1.0 03-31-08
Dreyfus Appreciation Fund Inc. 796,700 0 0.0 -1,123,347 0.0 1.7 03-31-08
Matthews Asian Growth and Income Fund 717,900 20,400 2.9 695,445 0.0 3.7 03-31-08
Fidelity VIP Equity-Income Fund 588,892 -79,000 -11.8 -7,443,428 0.0 0.5 03-31-08
Eaton Vance Tax-Managed Growth Fund 544,996 -33,335 -5.8 -3,558,917 0.0 0.3 03-31-08
DFA Tax-Managed International Value Portfolio 470,550 109,800 30.4 4,564,763 0.0 1.5 02-29-08
DFA International Core Equity Portfolio 383,772 40,600 11.8 -462,363 0.0 1.2 02-29-08
Citigroup Ord Shs: Ownership
Citigroup Ord Shs: OwnershipOwnership Information
Shares Outstanding 5.09 Bil
Institutional Ownership (%) 63.08
Top 10 Institutions (%) 24.80
Mutual Fund Ownership (%) 1.51
5%/Insider Ownership (%) .83
Float (%) 99.17
Ownership Activity
Description # of Holders Shares
Total Positions 1,251 3,208,143,360
New Positions 3 0
Soldout Positions 561 0
Net Position Change -685 -216,467,152
Buyers 519 422,403,712
Sellers 1,204 -638,870,848
Mutual Fund Shs Held Shs Chg %Chg $Chg* %Out %Port Rpt Date
American Funds Growth Fund of America 56,685,600 9,469,600 20.1 -175,833,488 1.1 0.8 03-31-08
American Funds Investment Company of America 54,385,000 7,873,703 16.9 -204,365,888 1.1 1.9 03-31-08
Vanguard 500 Index Fund 49,488,608 2,207,092 4.7 -331,921,856 1.0 1.0 03-31-08
American Funds Washington Mutual Investors Fund 42,617,200 0 0.0 -341,789,952 0.8 1.3 03-31-08
Vanguard Windsor II Fund 39,467,740 3,573,000 10.0 -211,342,160 0.8 2.0 03-31-08
SPDR Trust Series 1 37,057,384 8,108,950 28.0 -557,254,272 0.7 1.0 03-31-08
Vanguard Total Stock Market Index Fund 36,721,056 3,850,397 11.7 -181,147,168 0.7 0.8 03-31-08
Dodge & Cox Stock Fund 36,104,500 12,852,200 55.3 88,810,680 0.7 1.4 03-31-08
American Funds Income Fund of America 31,685,000 3,220,500 11.3 -395,631,808 0.6 1.8 12-31-07
Vanguard Institutional Index Fund 30,352,638 2,630,521 9.5 -165,985,616 0.6 1.0 03-31-08
CREF Stock Account 29,012,260 -2,197,604 -7.0 -835,121,792 0.6 0.5 03-31-08
American Funds New Perspective Fund 22,906,510 4,543,933 24.7 -49,936,824 0.5 1.1 03-31-08
Davis New York Venture Fund 20,307,662 1,226,346 6.4 -227,440,304 0.4 1.3 01-31-08
American Funds Insurance Series Growth-Income Fund 19,145,000 4,780,000 33.3 -12,819,700 0.4 1.9 03-31-08
Fidelity Equity-Income Fund 18,285,684 1,461,100 8.7 -103,636,408 0.4 1.5 03-31-08
*Category Headings:
Institution Name Shs Held Shs Chg %Chg $Chg* %Out %Port Rpt Date
Barclays Global Investors, N.A. 200,969,584 36,902,032 22.5 -525,380,320 4.0 0.8 03-31-08
State Street Global Advisors (US) 182,140,080 13,426,348 8.0 -1,065,491,776 3.6 0.8 03-31-08
Capital Research Global Investors 176,832,992 24,608,704 16.2 -693,720,448 3.5 1.5 03-31-08
Vanguard Group, Inc. 158,690,624 11,528,252 7.8 -933,307,008 3.1 0.7 03-31-08
Capital World Investors 158,426,912 23,195,132 17.2 -587,719,104 3.1 1.1 03-31-08
AllianceBernstein L.P. 125,164,584 40,980,664 48.7 202,650,704 2.5 1.1 03-31-08
Fidelity Management & Research 90,135,960 -12,535,111 -12.2 -1,091,924,096 1.8 0.4 03-31-08
Dodge & Cox 64,484,268 22,745,880 54.5 152,474,880 1.3 1.3 03-31-08
Wellington Management Company, LLP 55,857,760 -8,987,427 -13.9 -712,569,088 1.1 0.5 03-31-08
Legg Mason Capital Management, Inc. 49,369,588 7,714,133 18.5 -168,840,032 1.0 2.6 03-31-08
BNY Mellon Wealth Management 47,184,476 2,306,526 5.1 -310,515,392 0.9 0.8 03-31-08
Northern Trust Investments, N.A. 43,569,048 2,972,008 7.3 -261,927,856 0.9 0.8 03-31-08
Van Kampen Asset Management Inc. 41,925,268 5,311,491 14.5 -179,870,368 0.8 1.4 03-31-08
UBS Global Asset Management (Americas), Inc. 41,899,188 7,914,185 23.3 -103,037,880 0.8 2.2 03-31-08
Barrow, Hanley, Mewhinney & Strauss, Inc. 39,493,376 189,619 0.5 -311,154,496 0.8 1.6 03-31-08
Shares Outstanding 5.09 Bil
Institutional Ownership (%) 63.08
Top 10 Institutions (%) 24.80
Mutual Fund Ownership (%) 1.51
5%/Insider Ownership (%) .83
Float (%) 99.17
Ownership Activity
Description # of Holders Shares
Total Positions 1,251 3,208,143,360
New Positions 3 0
Soldout Positions 561 0
Net Position Change -685 -216,467,152
Buyers 519 422,403,712
Sellers 1,204 -638,870,848
Mutual Fund Shs Held Shs Chg %Chg $Chg* %Out %Port Rpt Date
American Funds Growth Fund of America 56,685,600 9,469,600 20.1 -175,833,488 1.1 0.8 03-31-08
American Funds Investment Company of America 54,385,000 7,873,703 16.9 -204,365,888 1.1 1.9 03-31-08
Vanguard 500 Index Fund 49,488,608 2,207,092 4.7 -331,921,856 1.0 1.0 03-31-08
American Funds Washington Mutual Investors Fund 42,617,200 0 0.0 -341,789,952 0.8 1.3 03-31-08
Vanguard Windsor II Fund 39,467,740 3,573,000 10.0 -211,342,160 0.8 2.0 03-31-08
SPDR Trust Series 1 37,057,384 8,108,950 28.0 -557,254,272 0.7 1.0 03-31-08
Vanguard Total Stock Market Index Fund 36,721,056 3,850,397 11.7 -181,147,168 0.7 0.8 03-31-08
Dodge & Cox Stock Fund 36,104,500 12,852,200 55.3 88,810,680 0.7 1.4 03-31-08
American Funds Income Fund of America 31,685,000 3,220,500 11.3 -395,631,808 0.6 1.8 12-31-07
Vanguard Institutional Index Fund 30,352,638 2,630,521 9.5 -165,985,616 0.6 1.0 03-31-08
CREF Stock Account 29,012,260 -2,197,604 -7.0 -835,121,792 0.6 0.5 03-31-08
American Funds New Perspective Fund 22,906,510 4,543,933 24.7 -49,936,824 0.5 1.1 03-31-08
Davis New York Venture Fund 20,307,662 1,226,346 6.4 -227,440,304 0.4 1.3 01-31-08
American Funds Insurance Series Growth-Income Fund 19,145,000 4,780,000 33.3 -12,819,700 0.4 1.9 03-31-08
Fidelity Equity-Income Fund 18,285,684 1,461,100 8.7 -103,636,408 0.4 1.5 03-31-08
*Category Headings:
Institution Name Shs Held Shs Chg %Chg $Chg* %Out %Port Rpt Date
Barclays Global Investors, N.A. 200,969,584 36,902,032 22.5 -525,380,320 4.0 0.8 03-31-08
State Street Global Advisors (US) 182,140,080 13,426,348 8.0 -1,065,491,776 3.6 0.8 03-31-08
Capital Research Global Investors 176,832,992 24,608,704 16.2 -693,720,448 3.5 1.5 03-31-08
Vanguard Group, Inc. 158,690,624 11,528,252 7.8 -933,307,008 3.1 0.7 03-31-08
Capital World Investors 158,426,912 23,195,132 17.2 -587,719,104 3.1 1.1 03-31-08
AllianceBernstein L.P. 125,164,584 40,980,664 48.7 202,650,704 2.5 1.1 03-31-08
Fidelity Management & Research 90,135,960 -12,535,111 -12.2 -1,091,924,096 1.8 0.4 03-31-08
Dodge & Cox 64,484,268 22,745,880 54.5 152,474,880 1.3 1.3 03-31-08
Wellington Management Company, LLP 55,857,760 -8,987,427 -13.9 -712,569,088 1.1 0.5 03-31-08
Legg Mason Capital Management, Inc. 49,369,588 7,714,133 18.5 -168,840,032 1.0 2.6 03-31-08
BNY Mellon Wealth Management 47,184,476 2,306,526 5.1 -310,515,392 0.9 0.8 03-31-08
Northern Trust Investments, N.A. 43,569,048 2,972,008 7.3 -261,927,856 0.9 0.8 03-31-08
Van Kampen Asset Management Inc. 41,925,268 5,311,491 14.5 -179,870,368 0.8 1.4 03-31-08
UBS Global Asset Management (Americas), Inc. 41,899,188 7,914,185 23.3 -103,037,880 0.8 2.2 03-31-08
Barrow, Hanley, Mewhinney & Strauss, Inc. 39,493,376 189,619 0.5 -311,154,496 0.8 1.6 03-31-08
Exxon Mobil Corp: Ownership
Ownership Information
Shares Outstanding 5.28 Bil
Institutional Ownership (%) 50.69
Top 10 Institutions (%) 18.40
Mutual Fund Ownership (%) 1.09
5%/Insider Ownership (%) 1.00
Float (%) 99.00
Ownership Activity
Description # of Holders Shares
Total Positions 1,632 2,678,468,864
New Positions 3 0
Soldout Positions 143 0
Net Position Change -568 -105,193,616
Buyers 533 127,605,200
Sellers 1,101 -232,798
Institution Name Shs Held Shs Chg %Chg $Chg* %Out %Port Rpt Date
Barclays Global Investors, N.A. 194,708,272 8,526,285 4.6 -974,964,736 3.7 2.9 03-31-08
State Street Global Advisors (US) 188,101,168 -5,118,957 -2.6 -2,193,196,800 3.6 3.2 03-31-08
Vanguard Group, Inc. 166,300,304 3,040,370 1.9 -1,230,143,488 3.1 3.1 03-31-08
Fidelity Management & Research 92,793,184 -14,999,886 -13.9 -2,250,685,184 1.8 1.5 03-31-08
Columbia Management Advisors, Inc. 74,909,360 21,149,234 39.3 1,299,047,424 1.4 4.3 03-31-08
AllianceBernstein L.P. 73,806,304 1,091,538 1.5 -570,109,248 1.4 2.6 03-31-08
BNY Mellon Wealth Management 51,815,228 -3,255,747 -5.9 -777,067,648 1.0 3.7 03-31-08
Northern Trust Investments, N.A. 44,093,864 -612,902 -1.4 -459,117,856 0.8 3.4 03-31-08
T. Rowe Price Associates, Inc. 43,644,036 4,345,195 11.1 9,504,142 0.8 1.6 03-31-08
JPMorgan Private Bank (United States) 42,321,372 -1,639,433 -3.7 -539,146,176 0.8 13.9 03-31-08
TIAA-CREF 40,076,888 -745,352 -1.8 -434,932,480 0.8 2.5 03-31-08
Wellington Management Company, LLP 39,945,676 -9,843,926 -19.8 -1,286,182,528 0.8 1.3 03-31-08
State Farm Insurance Companies 37,062,400 0 0.0 -337,638,464 0.7 6.0 03-31-08
BlackRock Investment Management, LLC 36,585,884 -900,700 -2.4 -417,684,000 0.7 4.0 03-31-08
Enhanced Investment Technologies Inc. 34,035,924 -1,314,300 -3.7 -433,204,032 0.6 4.7 03-31-08
*Category Headings: Shs Held - shares held at report date Shs Chg - position change within reporting period %Chg - % change $Chg - market value of the position change %Out - % of shares outstanding %Port - % Portfolio Rpt Date - report date
Shares Outstanding 5.28 Bil
Institutional Ownership (%) 50.69
Top 10 Institutions (%) 18.40
Mutual Fund Ownership (%) 1.09
5%/Insider Ownership (%) 1.00
Float (%) 99.00
Ownership Activity
Description # of Holders Shares
Total Positions 1,632 2,678,468,864
New Positions 3 0
Soldout Positions 143 0
Net Position Change -568 -105,193,616
Buyers 533 127,605,200
Sellers 1,101 -232,798
Institution Name Shs Held Shs Chg %Chg $Chg* %Out %Port Rpt Date
Barclays Global Investors, N.A. 194,708,272 8,526,285 4.6 -974,964,736 3.7 2.9 03-31-08
State Street Global Advisors (US) 188,101,168 -5,118,957 -2.6 -2,193,196,800 3.6 3.2 03-31-08
Vanguard Group, Inc. 166,300,304 3,040,370 1.9 -1,230,143,488 3.1 3.1 03-31-08
Fidelity Management & Research 92,793,184 -14,999,886 -13.9 -2,250,685,184 1.8 1.5 03-31-08
Columbia Management Advisors, Inc. 74,909,360 21,149,234 39.3 1,299,047,424 1.4 4.3 03-31-08
AllianceBernstein L.P. 73,806,304 1,091,538 1.5 -570,109,248 1.4 2.6 03-31-08
BNY Mellon Wealth Management 51,815,228 -3,255,747 -5.9 -777,067,648 1.0 3.7 03-31-08
Northern Trust Investments, N.A. 44,093,864 -612,902 -1.4 -459,117,856 0.8 3.4 03-31-08
T. Rowe Price Associates, Inc. 43,644,036 4,345,195 11.1 9,504,142 0.8 1.6 03-31-08
JPMorgan Private Bank (United States) 42,321,372 -1,639,433 -3.7 -539,146,176 0.8 13.9 03-31-08
TIAA-CREF 40,076,888 -745,352 -1.8 -434,932,480 0.8 2.5 03-31-08
Wellington Management Company, LLP 39,945,676 -9,843,926 -19.8 -1,286,182,528 0.8 1.3 03-31-08
State Farm Insurance Companies 37,062,400 0 0.0 -337,638,464 0.7 6.0 03-31-08
BlackRock Investment Management, LLC 36,585,884 -900,700 -2.4 -417,684,000 0.7 4.0 03-31-08
Enhanced Investment Technologies Inc. 34,035,924 -1,314,300 -3.7 -433,204,032 0.6 4.7 03-31-08
*Category Headings: Shs Held - shares held at report date Shs Chg - position change within reporting period %Chg - % change $Chg - market value of the position change %Out - % of shares outstanding %Port - % Portfolio Rpt Date - report date
Hong Kong shares end morning firmer on Shanghai bounce; China Mobile leads
HONG KONG (XFN-ASIA) - Share prices finished the morning firmer as a rebound in Shanghai helped the market recover from early losses driven by a Wall Street slide and record oil prices.
China Mobile (nyse: CHL - news - people ), utilities firms and oil producer CNOOC (nyse: CEO - news - people ) led the rebound, while airlines were mostly down after oil prices broke through 145 usd a barrel.
Ping An Insurance slumped 6.8 pct, extending yesterday's 7.7 pct slump despite denying rumors it was under investigation for tax evasion.
China banks were down on continuing worries about potential interest rake hikes on the mainland.
The Hang Seng index ended the morning up 36.78 points or 0.17 pct at 21,741.23, off a low of 21,373.86 and high of 21,742.07.
Turnover was 39.8 bln hkd
China Mobile was up 2.1 hkd or 2.05 pct at 104.7 and CNOOC rose 0.18 hkd or 1.28 pct to 14.24.
In the utilities sector, Hongkong Electric was up 0.65 hkd or 1.41 pct at 46.85 and CLP holdings added 0.2 hkd or 0.3 pct at 66.7.
Ping An Insurance slumped 3.65 hkd or 6.8 pct at 49.85 and China Life lost 0.3 hkd or 1.14 pct at 26.05.
Among airlines, China Southern lost 0.05 hkd or 1.69 pct at 2.9, China Eastern was down 0.09 hkd or 3.83 pct at 2.26 and Air China fell 0.06 hkd or 1.62 pct to 3.64.
Cathay Pacific was up 0.02 hkd or 0.14 pct at 14.0 after dropping 5.9 pct yesterday following a profit-warning.
(1 usd = 7.8 hkd)
http://www.forbes.com/afxnewslimited/feeds/afx/2008/07/03/afx5179984.html
China Mobile (nyse: CHL - news - people ), utilities firms and oil producer CNOOC (nyse: CEO - news - people ) led the rebound, while airlines were mostly down after oil prices broke through 145 usd a barrel.
Ping An Insurance slumped 6.8 pct, extending yesterday's 7.7 pct slump despite denying rumors it was under investigation for tax evasion.
China banks were down on continuing worries about potential interest rake hikes on the mainland.
The Hang Seng index ended the morning up 36.78 points or 0.17 pct at 21,741.23, off a low of 21,373.86 and high of 21,742.07.
Turnover was 39.8 bln hkd
China Mobile was up 2.1 hkd or 2.05 pct at 104.7 and CNOOC rose 0.18 hkd or 1.28 pct to 14.24.
In the utilities sector, Hongkong Electric was up 0.65 hkd or 1.41 pct at 46.85 and CLP holdings added 0.2 hkd or 0.3 pct at 66.7.
Ping An Insurance slumped 3.65 hkd or 6.8 pct at 49.85 and China Life lost 0.3 hkd or 1.14 pct at 26.05.
Among airlines, China Southern lost 0.05 hkd or 1.69 pct at 2.9, China Eastern was down 0.09 hkd or 3.83 pct at 2.26 and Air China fell 0.06 hkd or 1.62 pct to 3.64.
Cathay Pacific was up 0.02 hkd or 0.14 pct at 14.0 after dropping 5.9 pct yesterday following a profit-warning.
(1 usd = 7.8 hkd)
http://www.forbes.com/afxnewslimited/feeds/afx/2008/07/03/afx5179984.html
Lehman issues shares to all its employees
By Ben White in New York
Published: July 3 2008 03:00 | Last updated: July 3 2008 03:00
Lehman Brothers has issued shares to all employees representing about 20 per cent of their equity compensation for the year, a person close to the matter said yesterday.
The early partial payment of annual bonuses follows demands from employees who believe the stock, hammered this year during the credit crunch, is likely to rise significantly in value, the person said. It is also meant to boost morale and encourage employees to stay at the investment bank.
Lehman yesterday declined to comment on the bonuses.
Lehman has been beset by rumours, none of them based on fact, that it plans an emergency sale to a larger US or foreign bank. The shares plunged 11 per cent on Monday on rumours that Barclays was about to buy Lehman for $15 per share, well below the investment bank's book value. The shares rebounded Tuesday when analysts and others noted that the rumour had no factual basis.
Lehman shares were up 6.7 per cent to close at $22.36 in New York yesterday. The shares are still down 66 per cent this year in the wake of sharply lower revenues in Lehman's dominant fixedincome business and writedowns on mortgage-related assets.
Lehman has been a top target of short-sellers who claim it could suffer a liquidity crisis similar to the one that forced Bear Stearns to the brink of bankruptcy before its emergency cut-price sale to JPMorgan Chase in March.
Lehman has countered that it has a much stronger capital base than Bear had and far more diverse revenue sources. Lehman recently raised $6bn from a group of largely US-based institutional investors to shore up its capital position. It has also reduced its use of borrowed money, which critics say threatens its long-term profitability.
Lehman continues to have access to an emergency lending facility allowing it to borrow directly from the Federal Reserve. Dick Fuld, the bank's chief executive, has said this facility should take issues surrounding the bank's liquidity position "off the table". The facility is temporary and could be removed by the Fed later this year or next year.
Pressure on Lehman mounted last month when the bank disclosed an embarrassing $2.8bn secondquarter loss and shook up top management, removing Joe Gregory as president and Erin Callan as chief financial officer.
The loss, driven by writedowns and the failure of previously successful hedging positions, was Lehman's first since it emerged as a public company in 1994.
Copyright The Financial Times Limited 2008
Published: July 3 2008 03:00 | Last updated: July 3 2008 03:00
Lehman Brothers has issued shares to all employees representing about 20 per cent of their equity compensation for the year, a person close to the matter said yesterday.
The early partial payment of annual bonuses follows demands from employees who believe the stock, hammered this year during the credit crunch, is likely to rise significantly in value, the person said. It is also meant to boost morale and encourage employees to stay at the investment bank.
Lehman yesterday declined to comment on the bonuses.
Lehman has been beset by rumours, none of them based on fact, that it plans an emergency sale to a larger US or foreign bank. The shares plunged 11 per cent on Monday on rumours that Barclays was about to buy Lehman for $15 per share, well below the investment bank's book value. The shares rebounded Tuesday when analysts and others noted that the rumour had no factual basis.
Lehman shares were up 6.7 per cent to close at $22.36 in New York yesterday. The shares are still down 66 per cent this year in the wake of sharply lower revenues in Lehman's dominant fixedincome business and writedowns on mortgage-related assets.
Lehman has been a top target of short-sellers who claim it could suffer a liquidity crisis similar to the one that forced Bear Stearns to the brink of bankruptcy before its emergency cut-price sale to JPMorgan Chase in March.
Lehman has countered that it has a much stronger capital base than Bear had and far more diverse revenue sources. Lehman recently raised $6bn from a group of largely US-based institutional investors to shore up its capital position. It has also reduced its use of borrowed money, which critics say threatens its long-term profitability.
Lehman continues to have access to an emergency lending facility allowing it to borrow directly from the Federal Reserve. Dick Fuld, the bank's chief executive, has said this facility should take issues surrounding the bank's liquidity position "off the table". The facility is temporary and could be removed by the Fed later this year or next year.
Pressure on Lehman mounted last month when the bank disclosed an embarrassing $2.8bn secondquarter loss and shook up top management, removing Joe Gregory as president and Erin Callan as chief financial officer.
The loss, driven by writedowns and the failure of previously successful hedging positions, was Lehman's first since it emerged as a public company in 1994.
Copyright The Financial Times Limited 2008
EU widens Billiton-Rio Tinto probe
BRUSSELS, Belgium
The European Commission on Friday widened its antitrust probe into the proposed acquisition of Rio Tinto Inc. by BHP Billiton Ltd., saying an initial investigation revealed concerns about higher prices and reduced choice for European customers of the mining concerns.
Both are British-Australian dual-listed companies mining and marketing iron ore, coal, uranium, aluminum, mineral sands, copper and diamonds and other base metals and industrial minerals.
Under European Union rules, the Commission now has until Nov. 11 to make a final decision.
EU antitrust chief Neelie Kroes said in a statement that the "commodities produced by BHP Billiton and Rio Tinto are basic inputs for major industrial sectors" that are key to the competitiveness of European industries.
"The recent surge in commodity prices has had a serious impact on the industries buying these commodities, their customers, and ultimately all the consumers in Europe and elsewhere in the world," she added.
"In this very sensitive, context any change making the situation worse could be extremely harmful."
Billiton's takeover of Rio Tinto would combine the No. 2 and No. 3 iron miners and allow them to overtake Companhia Vale do Rio Doce, the world's largest iron ore miner.
Rio Tinto has said BHP Billiton's offer undervalues it. BHP Billiton made a hostile, all-equity bid in February, then valued at $147.4 billion, for Rio Tinto. At 3.4 of BHP shares for every Rio Tinto share, the value of the deal fluctuates with share prices.
On Thursday, BHP Billiton said U.S. antitrust regulators had granted partial approval for its bid for Rio Tinto which it said was now valued at $170 billion.
It said the U.S. Department of Justice and the U.S. Federal Trade Commission had ended an antitrust waiting period on the proposed deal. The waiting period, under the Hart-Scott-Rodino Act, is used to determine if a takeover violates antitrust laws and BHP said the end of the period satisfied part of U.S. preconditions for clearing the deal.
The acquisition will also need EU and Australian regulatory approval.
In May, European steelmakers urged Kroes to block the deal saying it would allow a company that could fix prices for steel's key raw material.
The Commission indicated its preliminary investigation suggested the same thing.
The Billiton-Rio Tinto linkup will get a "significant share in the supply of iron ore and together with its next competitor would control a very large part of iron ore supplies," it said.
It said there was a serious risk that "the planned takeover could have a negative impact on the outcome of price negotiations with steel customers. Furthermore there is a serious risk that the merged entity might have the incentive to reduce the scale of its investment projects or slow down such investment, and so reduce supplies available on the market and increase prices."
------
On the Net:
http://ec.europa.eu/comm/competition/mergers/cases/index/m99.html#m--4985
The European Commission on Friday widened its antitrust probe into the proposed acquisition of Rio Tinto Inc. by BHP Billiton Ltd., saying an initial investigation revealed concerns about higher prices and reduced choice for European customers of the mining concerns.
Both are British-Australian dual-listed companies mining and marketing iron ore, coal, uranium, aluminum, mineral sands, copper and diamonds and other base metals and industrial minerals.
Under European Union rules, the Commission now has until Nov. 11 to make a final decision.
EU antitrust chief Neelie Kroes said in a statement that the "commodities produced by BHP Billiton and Rio Tinto are basic inputs for major industrial sectors" that are key to the competitiveness of European industries.
"The recent surge in commodity prices has had a serious impact on the industries buying these commodities, their customers, and ultimately all the consumers in Europe and elsewhere in the world," she added.
"In this very sensitive, context any change making the situation worse could be extremely harmful."
Billiton's takeover of Rio Tinto would combine the No. 2 and No. 3 iron miners and allow them to overtake Companhia Vale do Rio Doce, the world's largest iron ore miner.
Rio Tinto has said BHP Billiton's offer undervalues it. BHP Billiton made a hostile, all-equity bid in February, then valued at $147.4 billion, for Rio Tinto. At 3.4 of BHP shares for every Rio Tinto share, the value of the deal fluctuates with share prices.
On Thursday, BHP Billiton said U.S. antitrust regulators had granted partial approval for its bid for Rio Tinto which it said was now valued at $170 billion.
It said the U.S. Department of Justice and the U.S. Federal Trade Commission had ended an antitrust waiting period on the proposed deal. The waiting period, under the Hart-Scott-Rodino Act, is used to determine if a takeover violates antitrust laws and BHP said the end of the period satisfied part of U.S. preconditions for clearing the deal.
The acquisition will also need EU and Australian regulatory approval.
In May, European steelmakers urged Kroes to block the deal saying it would allow a company that could fix prices for steel's key raw material.
The Commission indicated its preliminary investigation suggested the same thing.
The Billiton-Rio Tinto linkup will get a "significant share in the supply of iron ore and together with its next competitor would control a very large part of iron ore supplies," it said.
It said there was a serious risk that "the planned takeover could have a negative impact on the outcome of price negotiations with steel customers. Furthermore there is a serious risk that the merged entity might have the incentive to reduce the scale of its investment projects or slow down such investment, and so reduce supplies available on the market and increase prices."
------
On the Net:
http://ec.europa.eu/comm/competition/mergers/cases/index/m99.html#m--4985
深圳炒房客69套房归零 从亿万富豪到民工
2006年到2007年6月，在深圳房价节节攀升的汹涌浪潮中，他们在房子来回倒卖中与房价一起疯狂，成为房价上涨的幕后主力推手之一。而今，浪潮退去，从去年10月份以来，深圳房价整体下跌超过30%，多数炒房客也成为裸泳者。
第一次和李金东见面，是在深圳市罗湖区人民南路的一家面馆里。本来记者想请他吃饭的，但他过惯了给别人买单的生活，更不愿意女孩子请他。
“如果是以前，我一定请你去咖啡厅喝咖啡。”李金东对记者说这句话的时候，一脸的疲惫。眯着的眼睛看起来似乎睡眠不足，蜡黄的脸上透着些许疲惫，灰白色衬衣和有些皱褶的裤子，俨然像个民工。就在不久前，他还是一个有着亿万资产的炒房客。
2006年到2007年6月，在深圳房价节节攀升的汹涌浪潮中，他们在房子来回倒卖中与房价一起疯狂，成为房价上涨的幕后主力推手之一。而今，浪潮退去，从去年10月份以来，深圳房价整体下跌超过30%，多数炒房客也成为裸泳者。
李金东就是其中一个被深套而猝死的典型，如今他成了住每月300元农民房的清贫一族。
零首付诱惑
2003年初，机械制图师李金东有了40万的积蓄。这时候他注意到深圳买房子都是零首付，不用花钱就可住新房，而且月供比租金还低。
“想买多少套都行，银行怕的是你不贷，因为深圳人就是想着创业，很少有人关注楼市。”李金东记得那时深圳关内的房价只有5000元到6000元一平方米，好的地段也不过8000元。
利用手里的闲钱，李金东2003年开始进入了楼市，抱着尝试的心态只买了两套，一套自住，一套出租。
买房赚租金初尝甜头，但李金东投资重心还是在实业领域，2004年初，李金东与他的4个同学合伙开了一家五金制品厂，他们发现租金和买房月供差不多，于是几个人一次性就买了十几套，用做写字楼、宿舍和仓库。
当然，这十多套房子仍然全是零首付贷款。李金东美滋滋地告诉记者：“银行求着你贷，贷了请你吃饭。”为了招徕个贷业务，一些银行甚至将价值50万的房子评估到60万-70万。
就在李金东他们埋头做实业的时候，全国房价上涨之风蔓延开来，先是上海、北京，到2004年底，深圳房价也开始异动。
2005年初，炒作之风开始盛行，先是开发商提价，紧跟着房产中介也活跃起来，为了找到更多的客户，中介们花钱从开发商售楼处买来业主资料，100元一份，然后一个个地给业主打电话，愿者上钩，业内戏称为“海选”。
“这些中介天天给我们打电话，说房子又涨了多少，一转手立马可以赚好多，于是我们这才开始关注。”李金东发现，一两年前买的房子转手少则赚几万，多则赚十几万，这钱比做实业好赚多了，不累而且还赚钱快。于是他们就把那些办厂的写字楼、宿舍全卖了，赚了近200万，而做实业一年也赚不到50万。
中介的推波助澜，和充足的贷款资金，越来越多的李金东们开始涌现出来，而李金东则成了一个全职的炒房客。
赌徒式疯狂
到2005年中期，为了打击炒作之风，深圳市国土局出台了对二手房征收营业税的新政，即在5年内出售的需征收5%的营业税。这一调控信号吓退了一些人，李金东则认为这是买房的好时机，他作出大胆买进的决定。
“如果不调控，就不会有机会。” 5个人拿出全部的自有资金约三四百万，买了近100套，到2005年底抛出去，差不多赚了一倍。
除了月供要用现金保证，李金东说那时贷款还和以前一样容易，1万块就可以买一套房。
2006年5月，新一轮房地产调控开始，但这次他们几个合伙人因意见不一而分道扬镳。因为有充足的现金，李金东留着20套房子没动，在收取租金中耐心等待。
因为调控连续3个月房价微弱下降，这时候李金东一位手里有20多套房子的朋友已付不起月供，他便以协议价格全盘吃下。按照协议，这些房产证的名字不变，李金东只是替他还银行贷款，但只要房价上涨，李金东每个月就得付给这位朋友一些好处费。
2006年9月，手里握有50多套房子的李金东登上了炒房生涯的巅峰。以协议价购进的这些房，让李金东赚了不少银两。李金东过上了贵族般的风光生活，手上随时都有上百万的现金可潇洒，每天去哪都有人开车接送，吃饭是天天进馆子过小年。
房价的节节攀升也让李金东完全变成了一个赌徒，他完全忘记了风险与知足。
2007年5月，因为担心调控，李金东出手卖了20多套，只剩下30套，但6月份没有调控出台。当时深圳正在炒作西部通道，李金东又大举买进，在南山区买了七八套，还有宝安区的宝中、西乡、龙华都有，加上之前买的，共有60多套。
2006年6月，李金东在宝安区龙华金地梅龙镇买下了一套103平方米的房子，买入价是7100元/平方米，从银行贷款56万，月供3000多。到2007年4月，这套房已经涨到110万，李金东没有出手，其实最初李金东的心理价位也就在100万左右，但因为贪心不足，把价位提高到了150万，6月份有人出130万李金东还是死守着没卖。到10月还有人出120万，李金东就是舍不得卖。
2007年8月份开始，伴随着银根紧缩等全面调控，深圳楼市成交量迅速萎缩，房价也开始走低。
到了2007年底，开始有一些人撑不住，供不起楼了。李金东以为降到了底，于是2007年12月和2008年1月又接手了近20套。
69套房归零
没想到这一次抄底抄到半山腰。此后深圳房价一路下行，目前整体降幅已超过30%。
而李金东手中的楼盘连续降价都卖不出去。其中位于南山蛇口半岛城邦楼盘就有一套典型的亏损楼，这套121平方米的房子，是2007年12月用310万买进的，李金东花了2000块好处费借用别人的身份证从银行贷款236万，从2008年4月份过户后开始还贷，每月贷款近2万元。李金东以为5月以后应该能卖到360万至400万，但放盘后一路从320万连续降到300万、280万都无人问津，最后降至250万也卖不出去。
面对各大银行每个月30多万的还贷压力，李金东想尽了各种挽救的办法。房子出租吧，租金远远抵不上月供。
李金东也学过一些炒房朋友，拿信用卡套现融资来还贷，他说一张信用卡最多可贷到10万，很多炒家手上大都有十多张信用卡。就在记者和李金东聊天的时候，他收到了一条 中国银行(行情 股吧)发来的短信，通知他的信用卡上已欠3872元，7月10日为还款日期。但巨额的月供，信用卡还贷难以支撑太久。
一些炒家用左手倒右手的方式在自救，就是将房子卖给亲戚或朋友，再出点钱贿赂一下中介和银行，一套100万的房子最后可能评估成200万，炒家再拿着这200万去还其他房子的贷款，又可以撑一段时间，但李金东担心这种左手倒右手的方式会越走越远踏上不归路。
昔日和李金东一起看房炒房的炒房团朋友，都在自扫门前雪想着自救，即使手里有充足的资金，也不会拿出来给李金东，因为谁也预料不到这场持久战还要打多久。
今年1月以后，李金东的炒房团朋友一直都劝他撑着，房价很快到底不用怕，而后来都劝他把房子协议卖掉，按市场价计算李金东那一个多亿的房子，全卖了要亏去5000万，但他们给他算的账似乎让李金东更没有信心：假如他的资产是两个亿，一个月跌20%，那就是跌4000万，加上银行利息和交易成本，一个亿一个月就可能亏3000万。
万般无奈之下，李金东只好把他的69套房子全部协议转让给以前的炒房团朋友，协议价格就是帮他还剩下的银行贷款。
“以前的那个李金东已经死了，我现在只是一个民工，一个住农民房的民工，一个卖音响的民工。”李金东连说了几个民工来唤醒自己。
第一次和李金东见面，是在深圳市罗湖区人民南路的一家面馆里。本来记者想请他吃饭的，但他过惯了给别人买单的生活，更不愿意女孩子请他。
“如果是以前，我一定请你去咖啡厅喝咖啡。”李金东对记者说这句话的时候，一脸的疲惫。眯着的眼睛看起来似乎睡眠不足，蜡黄的脸上透着些许疲惫，灰白色衬衣和有些皱褶的裤子，俨然像个民工。就在不久前，他还是一个有着亿万资产的炒房客。
2006年到2007年6月，在深圳房价节节攀升的汹涌浪潮中，他们在房子来回倒卖中与房价一起疯狂，成为房价上涨的幕后主力推手之一。而今，浪潮退去，从去年10月份以来，深圳房价整体下跌超过30%，多数炒房客也成为裸泳者。
李金东就是其中一个被深套而猝死的典型，如今他成了住每月300元农民房的清贫一族。
零首付诱惑
2003年初，机械制图师李金东有了40万的积蓄。这时候他注意到深圳买房子都是零首付，不用花钱就可住新房，而且月供比租金还低。
“想买多少套都行，银行怕的是你不贷，因为深圳人就是想着创业，很少有人关注楼市。”李金东记得那时深圳关内的房价只有5000元到6000元一平方米，好的地段也不过8000元。
利用手里的闲钱，李金东2003年开始进入了楼市，抱着尝试的心态只买了两套，一套自住，一套出租。
买房赚租金初尝甜头，但李金东投资重心还是在实业领域，2004年初，李金东与他的4个同学合伙开了一家五金制品厂，他们发现租金和买房月供差不多，于是几个人一次性就买了十几套，用做写字楼、宿舍和仓库。
当然，这十多套房子仍然全是零首付贷款。李金东美滋滋地告诉记者：“银行求着你贷，贷了请你吃饭。”为了招徕个贷业务，一些银行甚至将价值50万的房子评估到60万-70万。
就在李金东他们埋头做实业的时候，全国房价上涨之风蔓延开来，先是上海、北京，到2004年底，深圳房价也开始异动。
2005年初，炒作之风开始盛行，先是开发商提价，紧跟着房产中介也活跃起来，为了找到更多的客户，中介们花钱从开发商售楼处买来业主资料，100元一份，然后一个个地给业主打电话，愿者上钩，业内戏称为“海选”。
“这些中介天天给我们打电话，说房子又涨了多少，一转手立马可以赚好多，于是我们这才开始关注。”李金东发现，一两年前买的房子转手少则赚几万，多则赚十几万，这钱比做实业好赚多了，不累而且还赚钱快。于是他们就把那些办厂的写字楼、宿舍全卖了，赚了近200万，而做实业一年也赚不到50万。
中介的推波助澜，和充足的贷款资金，越来越多的李金东们开始涌现出来，而李金东则成了一个全职的炒房客。
赌徒式疯狂
到2005年中期，为了打击炒作之风，深圳市国土局出台了对二手房征收营业税的新政，即在5年内出售的需征收5%的营业税。这一调控信号吓退了一些人，李金东则认为这是买房的好时机，他作出大胆买进的决定。
“如果不调控，就不会有机会。” 5个人拿出全部的自有资金约三四百万，买了近100套，到2005年底抛出去，差不多赚了一倍。
除了月供要用现金保证，李金东说那时贷款还和以前一样容易，1万块就可以买一套房。
2006年5月，新一轮房地产调控开始，但这次他们几个合伙人因意见不一而分道扬镳。因为有充足的现金，李金东留着20套房子没动，在收取租金中耐心等待。
因为调控连续3个月房价微弱下降，这时候李金东一位手里有20多套房子的朋友已付不起月供，他便以协议价格全盘吃下。按照协议，这些房产证的名字不变，李金东只是替他还银行贷款，但只要房价上涨，李金东每个月就得付给这位朋友一些好处费。
2006年9月，手里握有50多套房子的李金东登上了炒房生涯的巅峰。以协议价购进的这些房，让李金东赚了不少银两。李金东过上了贵族般的风光生活，手上随时都有上百万的现金可潇洒，每天去哪都有人开车接送，吃饭是天天进馆子过小年。
房价的节节攀升也让李金东完全变成了一个赌徒，他完全忘记了风险与知足。
2007年5月，因为担心调控，李金东出手卖了20多套，只剩下30套，但6月份没有调控出台。当时深圳正在炒作西部通道，李金东又大举买进，在南山区买了七八套，还有宝安区的宝中、西乡、龙华都有，加上之前买的，共有60多套。
2006年6月，李金东在宝安区龙华金地梅龙镇买下了一套103平方米的房子，买入价是7100元/平方米，从银行贷款56万，月供3000多。到2007年4月，这套房已经涨到110万，李金东没有出手，其实最初李金东的心理价位也就在100万左右，但因为贪心不足，把价位提高到了150万，6月份有人出130万李金东还是死守着没卖。到10月还有人出120万，李金东就是舍不得卖。
2007年8月份开始，伴随着银根紧缩等全面调控，深圳楼市成交量迅速萎缩，房价也开始走低。
到了2007年底，开始有一些人撑不住，供不起楼了。李金东以为降到了底，于是2007年12月和2008年1月又接手了近20套。
69套房归零
没想到这一次抄底抄到半山腰。此后深圳房价一路下行，目前整体降幅已超过30%。
而李金东手中的楼盘连续降价都卖不出去。其中位于南山蛇口半岛城邦楼盘就有一套典型的亏损楼，这套121平方米的房子，是2007年12月用310万买进的，李金东花了2000块好处费借用别人的身份证从银行贷款236万，从2008年4月份过户后开始还贷，每月贷款近2万元。李金东以为5月以后应该能卖到360万至400万，但放盘后一路从320万连续降到300万、280万都无人问津，最后降至250万也卖不出去。
面对各大银行每个月30多万的还贷压力，李金东想尽了各种挽救的办法。房子出租吧，租金远远抵不上月供。
李金东也学过一些炒房朋友，拿信用卡套现融资来还贷，他说一张信用卡最多可贷到10万，很多炒家手上大都有十多张信用卡。就在记者和李金东聊天的时候，他收到了一条 中国银行(行情 股吧)发来的短信，通知他的信用卡上已欠3872元，7月10日为还款日期。但巨额的月供，信用卡还贷难以支撑太久。
一些炒家用左手倒右手的方式在自救，就是将房子卖给亲戚或朋友，再出点钱贿赂一下中介和银行，一套100万的房子最后可能评估成200万，炒家再拿着这200万去还其他房子的贷款，又可以撑一段时间，但李金东担心这种左手倒右手的方式会越走越远踏上不归路。
昔日和李金东一起看房炒房的炒房团朋友，都在自扫门前雪想着自救，即使手里有充足的资金，也不会拿出来给李金东，因为谁也预料不到这场持久战还要打多久。
今年1月以后，李金东的炒房团朋友一直都劝他撑着，房价很快到底不用怕，而后来都劝他把房子协议卖掉，按市场价计算李金东那一个多亿的房子，全卖了要亏去5000万，但他们给他算的账似乎让李金东更没有信心：假如他的资产是两个亿，一个月跌20%，那就是跌4000万，加上银行利息和交易成本，一个亿一个月就可能亏3000万。
万般无奈之下，李金东只好把他的69套房子全部协议转让给以前的炒房团朋友，协议价格就是帮他还剩下的银行贷款。
“以前的那个李金东已经死了，我现在只是一个民工，一个住农民房的民工，一个卖音响的民工。”李金东连说了几个民工来唤醒自己。
深圳房贷断供调查：八成炒房客成负翁
断供千亿的传闻把深圳的银行推到风口浪尖。如果说炒房者、开发商和银行之间已经展开一场一损俱损的“囚徒游戏”，目前看来，这场死亡游戏相当惨烈。地产商说，要死也是银行先死；银行说，贷款人无论如何也逃不掉……
“去年花170万买了一期的房子，按三期的价格，现在只值110万。”6月的深圳，金地梅陇镇小区，一位网名为“烟快灭了”的业主在论坛上发出如此哀叹。这位在房市的跌宕中单账面损失就已经高达35%的业主说：“要减少损失，最好的办法就是立即断供，让银行收回房子。”
从去年10月份深圳新房价格攀升至17350元/平方米的顶点，到今年深圳市国土和房产资源管理局披露5月份一手房交易均价已跌至11014元/平方米，仅过了7个月时间。在去年4-7月高位入市购进的房产，大多已经被“负资产”的囹圄牢牢困住。向银行断供，仿佛成了“负翁”们能捞到的最后一根救命稻草，以至于“深圳银行个人不良贷款余额数字惊人”的传言一时间甚嚣尘上。
然而真实的断供，并非潇洒的“挥挥袖不带走一片云彩”，甚至谈不上“杀人一万自损三千”。如果说炒房者、开发商和银行之间已经展开一场一损俱损的“囚徒游戏”，目前看来，这场死亡游戏相当惨烈。
银行：断供肯定不足千亿
月初，一篇名为《断供已过千亿次贷危机浮现》的博文在网络上广为流传，博主在文中称“某银行蛇口支行所办理的蛇口片区的房贷，目前已经有1000多宗超过三个月没有还款，其总的贷款金额已经超过15亿元。”根据去年该银行总的放贷额和蛇口片区所占的贷款比例，博主估算该银行目前在个人住房贷款一项上所产生的坏账就已经达到200亿元，并由此推断：“一家银行产生的坏账就达200亿元，那深圳这么多家银行，坏账最保守估计也过千亿。”
这无疑是继今年博鳌亚洲论坛上，任志强(博客)抛出“要死也是银行先死，房地产商后死”言论之后，对市场的敏感神经进行的又一次撩拨。
“这个数字太荒谬了。”深圳一家股份制商业银行的个贷部总经理对该说法竟然赢得相当的市场很感无奈。他表示，截至今年4月底，深圳个人贷款余额整体也不过2554亿元，出现1000亿元的坏账就意味着高达40%的不良贷款率，“这显然很想当然。”
深圳银监局也对这种说法予以了否认，“目前看来，应该还到不了千亿坏账如此严重的地步。”深圳银监局相关人士说，深圳银行包括房贷在内的全部坏账余额估计也不到1000亿元，而其中开发贷款的坏账率目前还低于全国平均水平。
“据我们掌握的情况，个人贷款现在仍然是银行的优质资产，绝大多数银行的不良个贷率控制在1%以内，人们担心的大规模断供尚未发生。”上述个贷部总经理如是说。
“因为资不抵债导致的断供情况的确已经出现，但并非像外界担忧的那样是‘爆发式’的。”一家银行的高层人士透露，该银行已经遭遇一宗断供案例。这位买家于去年7、8月份深圳房价涨得欲罢不能的时刻，以单价8000元购入位于宝安30区前进一路黄金地段的泰华大厦一套50多平方米的物业。而相关数据显示，今年6月18日，该楼盘挂牌出售的两套70余平方米的二手房，一套开价41万元，另一套开价44万元，单价仅为5600元左右，跌幅刚好30%。按照银行贷款七成来计算，跌破30%，意味着这套房已经沦为“负资产”。
今年1月份，这位买家便已当机立断停止还贷，并明确告知银行不再续供。银行经过调查发现，该买家名下有5套房产。显然，这是一位在深圳楼市只涨不跌神话中投机梦断的炒房客，因不堪重负所选择的一种了结。
无独有偶，银行内部人士证实，一度单价冲上3.5万元又直落至2万元以内的半岛城邦，以及曾经发生百名业主为抗议开发商6.5折出售二期楼盘，集体要求开发商退还差价或给予补偿事件的泰华阳光海，都有了断供实例。
“断供是业主的一种主动选择，但影响业主做出断供决定的关键因素有两个：其一，房产已经资不抵债；其二，业主不再有偿还能力。”中原地产深港研究中心总监张伟认为，是第二个因素更可能直接导致业主走出断臂而退的“臭棋”，正常情况下，不到万不得已，即使业主已经成了房产“负翁”，也不会走出主动断供这最艰难的一步。
深圳社科院城市营运中心主任高海燕认为，主动断供说法主要是情绪上的宣泄，从理论上说，只有降价的损失远远超过了购房者的首付，他们才可能考虑让银行收回房子。从目前房价的降幅判断，自住客户出现这种情况的可能性比较小。而深圳综合开发研究院旅游与地产研究中心主任宋丁在6月5日举行的一个论坛中，更从中国传统文化和居民储蓄率的角度阐述了自己的观点——深圳购房者的还款能力不至于太令人担心，到底会出现多少还款跟不上的情况，还要考虑去年到现在真正开始背上负资产的人口规模。
中介：去年4月起，八成炒家都是负翁
“买价120万，贷款95万，现在市价还不到90万。过去三五年赚的钱，不到一年就全亏进去了。”在2007年之前最多曾拥有20多套房产、深圳小有名气投资客陆先生，随着深圳楼市戏剧性的转折玩了把心跳，以前能生金蛋的鸡，现在成了扔也扔不掉的烫手山芋。
去年7月，市场调整前夕，陆先生一口气吃进8套二手房，总值1000多万元，当时他还以为，手中攥着的十六七套房能为他的投资经历再镀一层金。然而一个月后，随着政府严厉剿杀“阴阳合同”，原先如过江之鲫的买房人一下子踪影全无，他不得不在8月末出手了七八套房，其中单是南海玫瑰园、花园城三期的两套物业就让他损失了50万元。
现在，陆先生手握的两套房把他拖进了负资产的泥潭。一套南海荟芳园120万元买进，贷款95万元，现在标价90万元无人接手。另一套跃华苑75万元买进，贷款60万元，现在开价60万元都卖不掉。这还仅是账面损失。陆先生说，深圳的二手房交易成本高，旺季转让一套二手房，相关税费都要达到总房价的10%-15%，都由买家负担。只要房价不涨，买进就意味着亏损。
据南方都市报最新调查，到今年4月份，深圳二手房价格为12987元/平方米，跌幅为25%，如果按照4月份官方披露的新房价格11926元/平方米计算，这个跌幅已经超过了30%。也就是说，在4月底，深圳的整体房价已经跌至负资产的边缘。尤其在南山、宝安、龙岗三区，受到部分楼盘跌幅超50%以上的拖累，很多业主已经将负资产背在了身上。
世华地产龙岗区一位中介人员表示，在龙岗，只要挂牌出来卖的房子是去年4月份以后购买的，80%都是负资产。
数量庞大的“负翁”，是否都可以被划入可能发生断供行为的高危人群？
业内人士：二手房涌现大量卖盘是断供前兆
“其实‘断供’是一种比较模糊的说法，现在普遍的理解只是从某年某月开始不向银行还贷了。”深圳某股份制商业银行个贷部总经理介绍，按照中国人民银行的规定，银行以正常、关注、次级、可疑、损失五级分类制度来评估信贷资产质量。其中，本金或利息逾期90天以内的贷款，会被划入关注类；贷款逾期及本笔贷款欠息90天以上至180天将被列入次级类；本金或利息逾期181天以上的贷款一般划入可疑类；借款人最终无力到期偿还贷款，甚至经过法律程序追偿仍无法收回的贷款余额，才会被列入损失类。
“贷款人三个月内没有按期偿还利息和本金，这笔贷款会被列入关注类，银行将通过短信、催收函、律师函甚至起诉等方式来向贷款人进行催缴，但这不代表银行就要将贷款余额立即计入坏账，也不代表业主已经从主观上决定彻底放弃对房产的所有权。”这位总经理说，2003年6月香港负资产最严重的时期，香港金融管理局披露共有105679宗负资产按揭，占所有按揭的22%，涉及金额1650亿港元，但尽管如此，当年香港银行整体的不良个贷率也仅有2%。在所有的负资产按揭中，以断供收尾的情况仅是少数。
某基金公司金融板块研究员杨先生从侧面印证了银行方面的说法：“从目前掌握的情况来看，我们并不太担心个人不良贷款会对银行造成很大威胁，倒是开发商的资金链断裂风险更让人担忧。”
前述个贷部总经理认为，到底未来会不会出现大规模断供的情况，取决于深圳究竟有多少人在炒房。中国管理科学研究员李开发研究员曾指出，在北京、广州、深圳等地，大约有30%-40%的购房人是炒房人或炒房团。但对这个观点，无论房地产业界从业者，还是行业其他研究人员，都不能取得精确的数据来给予支持或否认，结论仅存于推想。
实际将发生的断供究竟有多少，关联到房地产下一步的基本走势。假如房价进一步深跌，直到跌幅超过50%、60%，情况才会变得难以预料。
去年4-10月在深圳区域个贷增长率位居前三的深圳发展银行刚刚通过深交所发布2008年中期业绩预增公告。公告显示，深发展今年上半年不良贷款余额和不良贷款率实现双降。迄今，一切看来似乎仍然正常。
“在大规模断供实际发生之前，市场上一定会先出现二手房放量抛盘的状况。”张伟说，断供对于购房者来说是血本无归的买卖，就算要止损，先折价将房产转让也是优于断供的选择，所以，房地产市场二手房是否涌现大量卖盘，可以视为断供“井喷”即将发生的前兆。只要这种情况并未出现，就说明断供还只停留在最坏的打算阶段。
律师：断供是饮鸩止渴
有人将断供的房产与烂尾楼相类比，然而律师们指出了这一类比在法理上存在的逻辑漏洞。广东益商律师事务所左青云律师指出，烂尾楼是一种投资行为，为了避免更大的亏空让在建楼“烂尾”，只是放弃了承诺成本，可对于贷款人来说，断供并非一了百了，“烂了尾”的房贷，购房者仍然要继续承担违约责任。除了丧失房产所有权、首付和已支付的月供全部打了水漂外，欠银行的债务并不因断供而消除，更严重的后果是，断供者将在自己的信用记录上留下终生难以抹除的污点。
“我们国家还没有个人破产制度，如果引入破产制度，断供对于贷款人将来信用影响不大，但现在的情况，不是说断供后房子不要了，就没事了。”广东深亚太律师事务所朱明律师说，断供3个月后，银行会向法院起诉贷款人，收回产权的房子将会被拍卖掉，加上贷款人已支付的首付和月供，银行的损失并不大。一些较为特殊的情况，银行会要求开发商对业主的购房行为提供担保，业主断供，银行可以追究开发商的担保责任。总体上，断供对银行的个人信贷资产不会产生灾难性影响。而广东华商律师事务所邓磊律师也表示，就算现在断供，多年以后，断供者有了房子、钱或股票，银行都可以通过法律手段追偿债务，将其财产强制执行充贷。而不良信用记录对断供者以后申请贷款、办理信用卡、出国以及高消费都可能造成限制。断供这笔代价高昂的单，贷款人无论如何也逃不掉。
“房地产具有保值性，任何买房者都不能轻易否定房地产价值本身的存在，它不像股票或期货可能一朝清盘就分文不剩，房地产保值本身就受到市场的肯定。”深圳市房地产经纪行业协会行业部部长张媛说，购房者要更多地衡量自己的风险承受能力，目前虽然房价在下跌，但租赁市场还比较好，一些购房者会通过租赁房产转移一部分风险，另外还有很多其他方法可以采取。归根结底，断供行为没有理性可言。
“我已经损失了400万-500万元的利润，但还没打算断供。”前文中被戴上了负资产“紧箍咒”的陆先生承认，目前这两套物业产生的月供压力他还能够勉励维持，所以他计划把其中一套尽快转手，另一套房出租。 (本文来源：南都周刊 作者：王越)
“去年花170万买了一期的房子，按三期的价格，现在只值110万。”6月的深圳，金地梅陇镇小区，一位网名为“烟快灭了”的业主在论坛上发出如此哀叹。这位在房市的跌宕中单账面损失就已经高达35%的业主说：“要减少损失，最好的办法就是立即断供，让银行收回房子。”
从去年10月份深圳新房价格攀升至17350元/平方米的顶点，到今年深圳市国土和房产资源管理局披露5月份一手房交易均价已跌至11014元/平方米，仅过了7个月时间。在去年4-7月高位入市购进的房产，大多已经被“负资产”的囹圄牢牢困住。向银行断供，仿佛成了“负翁”们能捞到的最后一根救命稻草，以至于“深圳银行个人不良贷款余额数字惊人”的传言一时间甚嚣尘上。
然而真实的断供，并非潇洒的“挥挥袖不带走一片云彩”，甚至谈不上“杀人一万自损三千”。如果说炒房者、开发商和银行之间已经展开一场一损俱损的“囚徒游戏”，目前看来，这场死亡游戏相当惨烈。
银行：断供肯定不足千亿
月初，一篇名为《断供已过千亿次贷危机浮现》的博文在网络上广为流传，博主在文中称“某银行蛇口支行所办理的蛇口片区的房贷，目前已经有1000多宗超过三个月没有还款，其总的贷款金额已经超过15亿元。”根据去年该银行总的放贷额和蛇口片区所占的贷款比例，博主估算该银行目前在个人住房贷款一项上所产生的坏账就已经达到200亿元，并由此推断：“一家银行产生的坏账就达200亿元，那深圳这么多家银行，坏账最保守估计也过千亿。”
这无疑是继今年博鳌亚洲论坛上，任志强(博客)抛出“要死也是银行先死，房地产商后死”言论之后，对市场的敏感神经进行的又一次撩拨。
“这个数字太荒谬了。”深圳一家股份制商业银行的个贷部总经理对该说法竟然赢得相当的市场很感无奈。他表示，截至今年4月底，深圳个人贷款余额整体也不过2554亿元，出现1000亿元的坏账就意味着高达40%的不良贷款率，“这显然很想当然。”
深圳银监局也对这种说法予以了否认，“目前看来，应该还到不了千亿坏账如此严重的地步。”深圳银监局相关人士说，深圳银行包括房贷在内的全部坏账余额估计也不到1000亿元，而其中开发贷款的坏账率目前还低于全国平均水平。
“据我们掌握的情况，个人贷款现在仍然是银行的优质资产，绝大多数银行的不良个贷率控制在1%以内，人们担心的大规模断供尚未发生。”上述个贷部总经理如是说。
“因为资不抵债导致的断供情况的确已经出现，但并非像外界担忧的那样是‘爆发式’的。”一家银行的高层人士透露，该银行已经遭遇一宗断供案例。这位买家于去年7、8月份深圳房价涨得欲罢不能的时刻，以单价8000元购入位于宝安30区前进一路黄金地段的泰华大厦一套50多平方米的物业。而相关数据显示，今年6月18日，该楼盘挂牌出售的两套70余平方米的二手房，一套开价41万元，另一套开价44万元，单价仅为5600元左右，跌幅刚好30%。按照银行贷款七成来计算，跌破30%，意味着这套房已经沦为“负资产”。
今年1月份，这位买家便已当机立断停止还贷，并明确告知银行不再续供。银行经过调查发现，该买家名下有5套房产。显然，这是一位在深圳楼市只涨不跌神话中投机梦断的炒房客，因不堪重负所选择的一种了结。
无独有偶，银行内部人士证实，一度单价冲上3.5万元又直落至2万元以内的半岛城邦，以及曾经发生百名业主为抗议开发商6.5折出售二期楼盘，集体要求开发商退还差价或给予补偿事件的泰华阳光海，都有了断供实例。
“断供是业主的一种主动选择，但影响业主做出断供决定的关键因素有两个：其一，房产已经资不抵债；其二，业主不再有偿还能力。”中原地产深港研究中心总监张伟认为，是第二个因素更可能直接导致业主走出断臂而退的“臭棋”，正常情况下，不到万不得已，即使业主已经成了房产“负翁”，也不会走出主动断供这最艰难的一步。
深圳社科院城市营运中心主任高海燕认为，主动断供说法主要是情绪上的宣泄，从理论上说，只有降价的损失远远超过了购房者的首付，他们才可能考虑让银行收回房子。从目前房价的降幅判断，自住客户出现这种情况的可能性比较小。而深圳综合开发研究院旅游与地产研究中心主任宋丁在6月5日举行的一个论坛中，更从中国传统文化和居民储蓄率的角度阐述了自己的观点——深圳购房者的还款能力不至于太令人担心，到底会出现多少还款跟不上的情况，还要考虑去年到现在真正开始背上负资产的人口规模。
中介：去年4月起，八成炒家都是负翁
“买价120万，贷款95万，现在市价还不到90万。过去三五年赚的钱，不到一年就全亏进去了。”在2007年之前最多曾拥有20多套房产、深圳小有名气投资客陆先生，随着深圳楼市戏剧性的转折玩了把心跳，以前能生金蛋的鸡，现在成了扔也扔不掉的烫手山芋。
去年7月，市场调整前夕，陆先生一口气吃进8套二手房，总值1000多万元，当时他还以为，手中攥着的十六七套房能为他的投资经历再镀一层金。然而一个月后，随着政府严厉剿杀“阴阳合同”，原先如过江之鲫的买房人一下子踪影全无，他不得不在8月末出手了七八套房，其中单是南海玫瑰园、花园城三期的两套物业就让他损失了50万元。
现在，陆先生手握的两套房把他拖进了负资产的泥潭。一套南海荟芳园120万元买进，贷款95万元，现在标价90万元无人接手。另一套跃华苑75万元买进，贷款60万元，现在开价60万元都卖不掉。这还仅是账面损失。陆先生说，深圳的二手房交易成本高，旺季转让一套二手房，相关税费都要达到总房价的10%-15%，都由买家负担。只要房价不涨，买进就意味着亏损。
据南方都市报最新调查，到今年4月份，深圳二手房价格为12987元/平方米，跌幅为25%，如果按照4月份官方披露的新房价格11926元/平方米计算，这个跌幅已经超过了30%。也就是说，在4月底，深圳的整体房价已经跌至负资产的边缘。尤其在南山、宝安、龙岗三区，受到部分楼盘跌幅超50%以上的拖累，很多业主已经将负资产背在了身上。
世华地产龙岗区一位中介人员表示，在龙岗，只要挂牌出来卖的房子是去年4月份以后购买的，80%都是负资产。
数量庞大的“负翁”，是否都可以被划入可能发生断供行为的高危人群？
业内人士：二手房涌现大量卖盘是断供前兆
“其实‘断供’是一种比较模糊的说法，现在普遍的理解只是从某年某月开始不向银行还贷了。”深圳某股份制商业银行个贷部总经理介绍，按照中国人民银行的规定，银行以正常、关注、次级、可疑、损失五级分类制度来评估信贷资产质量。其中，本金或利息逾期90天以内的贷款，会被划入关注类；贷款逾期及本笔贷款欠息90天以上至180天将被列入次级类；本金或利息逾期181天以上的贷款一般划入可疑类；借款人最终无力到期偿还贷款，甚至经过法律程序追偿仍无法收回的贷款余额，才会被列入损失类。
“贷款人三个月内没有按期偿还利息和本金，这笔贷款会被列入关注类，银行将通过短信、催收函、律师函甚至起诉等方式来向贷款人进行催缴，但这不代表银行就要将贷款余额立即计入坏账，也不代表业主已经从主观上决定彻底放弃对房产的所有权。”这位总经理说，2003年6月香港负资产最严重的时期，香港金融管理局披露共有105679宗负资产按揭，占所有按揭的22%，涉及金额1650亿港元，但尽管如此，当年香港银行整体的不良个贷率也仅有2%。在所有的负资产按揭中，以断供收尾的情况仅是少数。
某基金公司金融板块研究员杨先生从侧面印证了银行方面的说法：“从目前掌握的情况来看，我们并不太担心个人不良贷款会对银行造成很大威胁，倒是开发商的资金链断裂风险更让人担忧。”
前述个贷部总经理认为，到底未来会不会出现大规模断供的情况，取决于深圳究竟有多少人在炒房。中国管理科学研究员李开发研究员曾指出，在北京、广州、深圳等地，大约有30%-40%的购房人是炒房人或炒房团。但对这个观点，无论房地产业界从业者，还是行业其他研究人员，都不能取得精确的数据来给予支持或否认，结论仅存于推想。
实际将发生的断供究竟有多少，关联到房地产下一步的基本走势。假如房价进一步深跌，直到跌幅超过50%、60%，情况才会变得难以预料。
去年4-10月在深圳区域个贷增长率位居前三的深圳发展银行刚刚通过深交所发布2008年中期业绩预增公告。公告显示，深发展今年上半年不良贷款余额和不良贷款率实现双降。迄今，一切看来似乎仍然正常。
“在大规模断供实际发生之前，市场上一定会先出现二手房放量抛盘的状况。”张伟说，断供对于购房者来说是血本无归的买卖，就算要止损，先折价将房产转让也是优于断供的选择，所以，房地产市场二手房是否涌现大量卖盘，可以视为断供“井喷”即将发生的前兆。只要这种情况并未出现，就说明断供还只停留在最坏的打算阶段。
律师：断供是饮鸩止渴
有人将断供的房产与烂尾楼相类比，然而律师们指出了这一类比在法理上存在的逻辑漏洞。广东益商律师事务所左青云律师指出，烂尾楼是一种投资行为，为了避免更大的亏空让在建楼“烂尾”，只是放弃了承诺成本，可对于贷款人来说，断供并非一了百了，“烂了尾”的房贷，购房者仍然要继续承担违约责任。除了丧失房产所有权、首付和已支付的月供全部打了水漂外，欠银行的债务并不因断供而消除，更严重的后果是，断供者将在自己的信用记录上留下终生难以抹除的污点。
“我们国家还没有个人破产制度，如果引入破产制度，断供对于贷款人将来信用影响不大，但现在的情况，不是说断供后房子不要了，就没事了。”广东深亚太律师事务所朱明律师说，断供3个月后，银行会向法院起诉贷款人，收回产权的房子将会被拍卖掉，加上贷款人已支付的首付和月供，银行的损失并不大。一些较为特殊的情况，银行会要求开发商对业主的购房行为提供担保，业主断供，银行可以追究开发商的担保责任。总体上，断供对银行的个人信贷资产不会产生灾难性影响。而广东华商律师事务所邓磊律师也表示，就算现在断供，多年以后，断供者有了房子、钱或股票，银行都可以通过法律手段追偿债务，将其财产强制执行充贷。而不良信用记录对断供者以后申请贷款、办理信用卡、出国以及高消费都可能造成限制。断供这笔代价高昂的单，贷款人无论如何也逃不掉。
“房地产具有保值性，任何买房者都不能轻易否定房地产价值本身的存在，它不像股票或期货可能一朝清盘就分文不剩，房地产保值本身就受到市场的肯定。”深圳市房地产经纪行业协会行业部部长张媛说，购房者要更多地衡量自己的风险承受能力，目前虽然房价在下跌，但租赁市场还比较好，一些购房者会通过租赁房产转移一部分风险，另外还有很多其他方法可以采取。归根结底，断供行为没有理性可言。
“我已经损失了400万-500万元的利润，但还没打算断供。”前文中被戴上了负资产“紧箍咒”的陆先生承认，目前这两套物业产生的月供压力他还能够勉励维持，所以他计划把其中一套尽快转手，另一套房出租。 (本文来源：南都周刊 作者：王越)
Morgan Stanley buys stake in Hainan resort project
By Chris Oliver, MarketWatch
Last update: 7:43 a.m. EDT July 4, 2008Comments: 1HONG KONG (MarketWatch) -- Morgan Stanley will partner with mainland property firm Agile Property to develop a holiday resort in Hainan Island, seeking to benefit from the growing tourism boom in China's southernmost province.
Morgan Stanley has agreed to pay Agile 5.3 billon yuan ($774 million) to acquire a 30% stake in Crown Golden Group, a holding company that will develop a "comprehensive resort town development" near the coastal areas of Sanya, Agile said in a statement to the Hong Kong Stock Exchange Friday.
Guangdong-based Agile (HK:3383: news, chart, profile) reportedly estimates its eventual investment in the project will reach 20 billion yuan. The development will be built in two stages, the statement said
Agile said it will make about 4.2 billion yuan on the stake sale, which will be booked in fiscal 2008. The developer posted a net profit of 2.10 billion yuan in the 2007.
Agile's will retain a 70% stake in of the venture. Agile's shares leapt16% in Hong Kong trading Friday.
Chris Oliver is MarketWatch's Asia bureau chief, based in Hong Kong.
Last update: 7:43 a.m. EDT July 4, 2008Comments: 1HONG KONG (MarketWatch) -- Morgan Stanley will partner with mainland property firm Agile Property to develop a holiday resort in Hainan Island, seeking to benefit from the growing tourism boom in China's southernmost province.
Morgan Stanley has agreed to pay Agile 5.3 billon yuan ($774 million) to acquire a 30% stake in Crown Golden Group, a holding company that will develop a "comprehensive resort town development" near the coastal areas of Sanya, Agile said in a statement to the Hong Kong Stock Exchange Friday.
Guangdong-based Agile (HK:3383: news, chart, profile) reportedly estimates its eventual investment in the project will reach 20 billion yuan. The development will be built in two stages, the statement said
Agile said it will make about 4.2 billion yuan on the stake sale, which will be booked in fiscal 2008. The developer posted a net profit of 2.10 billion yuan in the 2007.
Agile's will retain a 70% stake in of the venture. Agile's shares leapt16% in Hong Kong trading Friday.
Chris Oliver is MarketWatch's Asia bureau chief, based in Hong Kong.
Morgan Stanley shake-up continues as commodities head steps down
By Saskia Scholtes in New York
Published: July 4 2008 03:00 | Last updated: July 4 2008 03:00
John Shapiro, head of commodities at Morgan Stanley, has stepped down in the latest of a series of senior management changes at the investment bank since it reported a 57 per cent drop in second- quarter earnings last month.
Mr Shapiro, who at Morgan Stanley oversaw the growth of one of Wall Street's largest energytrading businesses, will retire in December after 24 years with the firm.
He served as the commodity group's deputy for many years until he became head of the unit three years ago, holding the post during "the most successful period in the department's history", according to a memo sent to Morgan Stanley employees.
He is succeeded by Simon Greenshields, who was head of the bank's natural gas and power-trading business, and Colin Bryce, who formerly ran Morgan Stanley's European commodities business and was most recently head of European sales and trading across all markets. Mr Shapiro will retain a consultancy role with the bank until the end of the year to assist with the transition.
Morgan Stanley also promoted Marc Mourre to vice-chairman of the commodities group, with responsibilities for expanding the bank's client relationships in response to "the development of new and alternative pools of capital in the emerging markets including the Middle East".
Morgan Stanley second- quarter fixed-income sales and trading revenues fell 85 per cent to $2.7bn, in part because of a bad bet on oil prices, and a $120m charge attributed to a suspected rogue trader.
Revenues also fell sharply at its core advisory and underwriting businesses and bad real estate deals led to a $227m loss in asset management.
Mr Shapiro's departure comes on the heels of leadership changes in Morgan Stanley's global capital markets business, which underwrites debt, equity and other securities for clients.
Morgan Stanley this week named three co-heads of global capital markets: John Hyman and Ted Pick, co-heads of equity capital markets, and Raj Dhanda, head of debt capital markets.
The three succeed Christopher Carter, who was named chairman of the group and who replaces Colm Kelleher, who has become Morgan Stanley's chief financial officer.
Published: July 4 2008 03:00 | Last updated: July 4 2008 03:00
John Shapiro, head of commodities at Morgan Stanley, has stepped down in the latest of a series of senior management changes at the investment bank since it reported a 57 per cent drop in second- quarter earnings last month.
Mr Shapiro, who at Morgan Stanley oversaw the growth of one of Wall Street's largest energytrading businesses, will retire in December after 24 years with the firm.
He served as the commodity group's deputy for many years until he became head of the unit three years ago, holding the post during "the most successful period in the department's history", according to a memo sent to Morgan Stanley employees.
He is succeeded by Simon Greenshields, who was head of the bank's natural gas and power-trading business, and Colin Bryce, who formerly ran Morgan Stanley's European commodities business and was most recently head of European sales and trading across all markets. Mr Shapiro will retain a consultancy role with the bank until the end of the year to assist with the transition.
Morgan Stanley also promoted Marc Mourre to vice-chairman of the commodities group, with responsibilities for expanding the bank's client relationships in response to "the development of new and alternative pools of capital in the emerging markets including the Middle East".
Morgan Stanley second- quarter fixed-income sales and trading revenues fell 85 per cent to $2.7bn, in part because of a bad bet on oil prices, and a $120m charge attributed to a suspected rogue trader.
Revenues also fell sharply at its core advisory and underwriting businesses and bad real estate deals led to a $227m loss in asset management.
Mr Shapiro's departure comes on the heels of leadership changes in Morgan Stanley's global capital markets business, which underwrites debt, equity and other securities for clients.
Morgan Stanley this week named three co-heads of global capital markets: John Hyman and Ted Pick, co-heads of equity capital markets, and Raj Dhanda, head of debt capital markets.
The three succeed Christopher Carter, who was named chairman of the group and who replaces Colm Kelleher, who has become Morgan Stanley's chief financial officer.
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