Good Bank, Bad Bank

米国のメディアによるとリーマンブラザーズは自らをＧｏｏｄ　Ｂａｎｋ と、Ｂａｄ　Ｂａｎｋ の2つに分けることを考えているようです。

かつてリーマンの投資銀行部隊が不良債権を抱えた金融機関にアドバイスした手法。

それを今度は自らに適用することを検討するようになるとはよもや思いませんでした。

Ｇｏｏｄ　Ｂａｎｋ と、Ｂａｄ　Ｂａｎｋ の2つに分けるというのはある種の大手術。

成功すればこの問題に一気にけりをつけることが出来るのでしょうが、大手術特有の危険と痛み（例：株価が一時的に急落するかもしれない）を伴うかもしれません。

以下は一部の記事からの抜粋です。

There also have been reports that Fuld will split the company into two separately listed firms -- creating what analysts call a "good bank" and a "bad bank." The investment bank's $32 billion portfolio of risky mortgage securities would be allocated to a new company supported by new debt and equity.

That would free up the fixed-income and investment banking side of Lehman Brothers to operate without the problems caused by the mortgage portfolio. The split would also be funded through a major equity investment, most likely from a Korean or Japanese bank, according to several media reports.

Asset Management を業務とするNeuberger（かつてLehmanが買収で傘下に収めたもの）の売却で何とかするだろうとの見方もあります。

Brad Hintz, a former Lehman Brothers chief financial officer who is now an analyst at Sanford C. Bernstein, said he believes the company should spin off Neuberger and sell some of its real estate businesses. He also projects the company will write down $4 billion to $5 billion in risky mortgage securities when it posts results later this month, and those losses could be offset by the Neuberger deal.