Goldman Sachs, Lehman Brothers downgraded the global financial industry have been shrinking fear.

Following the Bear Stearns <P> two dollars per share after the fire sale to JP Morgan Chase, Goldman Sachs and Lehman Brothers, Standard & Poor's turn the rating outlook as negative. ."Economist" predicted that these former Wall Street stock prices will fall over half of the gold. .Next few years, the global financial industry will face stagnation or even contraction fate. .</ P> <P> "China Times" reported that the emergency rescue of Bear Stearns last week, the Fed, and the first investment bank to finance brokers, financial situation to stabilize. .However, before the time for the Easter holiday, the S & P was adjusted Lehman Brothers, Goldman Sachs rating outlook is negative, because the investment bank earnings are expected to shrink this year, three percent. .</ P> <P> & P said in a statement, the Fed last week, slowing the relief of financial market liquidity problems. .Nevertheless, capital market turmoil and the appearance of the rapid deterioration of the economy, are making the financial Goes affected. .</ P> <P> It http://finance. News, Lehman Brothers and Goldman Sachs for the independent investment banks this year, net income will decline at least two percent. .Goldman Sachs is currently rated AA-, Lehman was A +. .Largest U.S. investment bank Goldman Sachs, the fourth-largest investment bank Lehman, the second largest investment bank Morgan Stanley's earnings report released last week, even though profits were down four Daowu Cheng, but still in line with analyst earnings forecasts. .</ P> <P> latest "The Economist" pointed out that the financial turmoil, the investment bank's risk are particularly vulnerable. .Because investment banks do not take deposits, totally dependent on short-term borrowing from the market. .If the increased liquidity risk, Goldman Sachs, Merrill Lynch, Morgan Stanley and Lehman the most vulnerable. .</ P> <P> concern the market is holding up mortgage backed securities of Lehman Brothers, but if cash flow relative to capital as the index, Lehman's situation better than the rest of the industry. .Instead, cash is relatively low by Goldman Sachs. .</ P> <P> busy last week, investment banks show their purse full of cash to eliminate the investor's concerns. .Lehman said he's holding company 640 billion in assets, you can always take the cash collateral. .Morgan Stanley adjusted its strategy to reduce the proportion of short-term loans overnight, hands on more cash than last year, four into five. .Goldman Sachs also reduced the proportion of short-day loan, for a total, long-term loans on Wall Street has grown since 2004, doubling to 8,000 billion U.S. dollars. .</ P> <P> but obviously credit rating and investment banking are not good. ."The Economist" that the U.S. financial sector is now for the lack of fundamental support since 2000 to pay a financial bubble. .More than six years of the bubble, due to regulatory gaps, one year short-term financial assets due to capital do not need to mention. .The hands of these investment banks led to financial assets held, once put out the loss, many put the capital eat. .</ P> <P> for financial stocks end down in the end when "The Economist" quoted an analysis that I am afraid the first quarter of the banking industry needs to put out five million of bad debt losses. .If the liquidation value to calculate the financial stocks may have dropped by another five percent. .</ P>.