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Oh, Brother
Oleh:
Flannery, Russell
Jenis:
Article from Bulletin/Magazine
Dalam koleksi:
Forbes Asia vol. 5 no. 12 (Jul. 2009)
,
page 50-52.
Topik:
Cathay Financial
;
Financial Crisis
;
Insurance Company
Ketersediaan
Perpustakaan Pusat (Semanggi)
Nomor Panggil:
FF5.1
Non-tandon:
1 (dapat dipinjam: 0)
Tandon:
tidak ada
Lihat Detail Induk
Isi artikel
At a sibling's behest, T.Y. Tsai leads a comeback at Cathay Financial and fends off another arm of the family. Behind the change: tough times. For Asia's richest family of financiers, 2008 was a horrible year. Burdened with toxic assets such as Icelandic government debt, structured notes tied to Freddie Mac and Fannie Mae, and even Bernie Madoff funds, Cathay reported some of the worst results in its 47-year history. Its flagship, Cathay Life, posted a loss of $49 million, its first operating loss since its founding in 1962, when it at least broke even. It was enough to pull down the holding company's net profit by 93%, to %63 million.
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