Commentary - 12/26/2007

Northern Rock - "Fees Jamboree"

In today's Telegraph, this article goes into detail about "fees run up by bankers, lawyers and accountants for managing the crisis at Northern Rock."

The Treasury has used Goldman Sachs, the investment bank which last week announced bonuses worth $20.2bn (10.2bn) to be shared by its 29,900 staff, and its lawyers Slaughter & May, to provide advice. Northern Rock is being advised by bank Blackstone, Citigroup and Merrill Lynch, lawyers Freshfields, auditors PricewaterhouseCoopers, and public relations firm Finsbury.
So I thought a closer look at the Major Holders behind each of this "banks" might be interesting. Personally, there seems to be way too many inter-connections here for clean hands to come out of this mess.

Symbol Name Of Corporation

Goldman Sachs Group Inc. (As of 30-Jun-2007) (As of 30-Jun-2006)
Top 10 Institutional HoldersShares2007Value2006
Barclays Global Investors UK Holdings Ltd22,514,5395.55%$4,880,026,3285.61%
Marsico Capital Management, LLC12,927,4413.19%$2,802,022,8363.76%
State Street Corporation12,689,7943.13%$2,750,512,8493.04%
Vanguard Group, Inc. (The)11,006,8042.71%$2,385,724,7672.47%
AXA (Paris, France)9,765,2922.41%$2,116,627,0413.72%
FMR Corporation (Fidelity Management & Research Corp)7,343,2321.81%$1,591,645,5361.47%
Mellon Financial Corporation7,078,7091.75%$1,534,310,1751.57%
Wellington Management Company, LLP7,053,8801.74%$1,528,928,4901.68%
Northern Trust Corporation6,598,3701.63%$1,430,196,6971.73%
Janus Capital Management, LLC6,130,0981.51%$1,328,698,741-.--%
% of Shares Held by All Insider and 5% Owners:3%2%
Top 10 [1%] of 1001 Institutional Holders Control25.43%26.88%
Percentage of Barclays and "Associates" Control13.57%11.95%

Symbol Name Of Corporation

The (As of 30-Sep-2007)
Top 10 Institutional HoldersShares2007Value2006
AXA (Paris, France)34,859,76713.72%$874,282,956-.--%
Thornburg Investment Management Inc.6,180,2002.43%$154,999,416-.--%
Keybank National Association5,245,3882.06%$131,554,331-.--%
Putnam Investment Management, LLC4,510,0801.78%$113,112,806-.--%
Janus Capital Management, LLC4,124,6451.62%$103,446,096-.--%
Mazama Capital Management, Inc4,051,0841.59%$101,601,186-.--%
FMR Corporation (Fidelity Management & Research Corp)3,104,5001.22%$77,860,860-.--%
Morgan Stanley1,707,684.67%$42,828,714-.--%
UBS Global Asset Management (Americas) Inc1,678,398.66%$42,094,221-.--%
Ohio-Public Employees Retirement System (PERS)1,392,515.55%$34,924,276-.--%
% of Shares Held by All Insider and 5% Owners:12%-.--%
Top 10 [7.5%] of 132 Institutional Holders Control26.30%-.--%
Percentage of Barclays and "Associates" Control6.13%-.--%

Symbol Name Of Corporation

Citigroup Inc. (As of 30-Jun-2007) (As of 30-Jun-2006)
Top 10 Institutional HoldersShares2007Value2006
Capital Research And Management Company230,517,1774.63%$11,823,226,0083.59%
Barclays Global Investors UK Holdings Ltd179,123,5203.60%$9,187,245,3404.70%
State Street Corporation150,346,2923.02%$7,711,261,3163.11%
AXA (Paris, France)144,848,2382.91%$7,429,266,1273.43%
Vanguard Group, Inc. (The)139,606,1012.81%$7,160,396,9202.55%
Wellington Management Company, LLP104,426,2062.10%$5,356,020,1052.39%
FMR Corporation (Fidelity Management & Research Corp)87,306,8111.76%$4,477,966,3361.42%
Morgan Stanley69,711,3061.40%$3,575,492,8841.28%
UBS Global Asset Management (Americas) Inc68,769,9851.38%$3,527,212,5301.28%
Mellon Financial Corporation57,947,5341.16%$2,972,129,018-.--%
% of Shares Held by All Insider and 5% Owners:1%1%
Top 10 [0.7%] of 1479 Institutional Holders Control24.77%25.01%
Percentage of Barclays and "Associates" Control9.18%10.35%

Symbol Name Of Corporation

Merrill Lynch & Co. Inc. (As of 30-Jun-2007) (As of 30-Jun-2006)
Top 10 Institutional HoldersShares2007Value2006
State Street Corporation74,841,0928.71%$6,255,218,4698.76%
AXA (Paris, France)62,197,0867.24%$5,198,432,4474.89%
Barclays Global Investors UK Holdings Ltd39,597,0184.61%$3,309,518,7643.85%
Legg Mason Inc.27,611,4813.21%$2,307,767,5813.62%
FMR Corporation (Fidelity Management & Research Corp)25,786,8363.00%$2,155,263,7523.26%
Vanguard Group, Inc. (The)24,223,9592.82%$2,024,638,4932.51%
Morgan Stanley16,344,1831.90%$1,366,046,8152.17%
Janus Capital Management, LLC13,945,5291.62%$1,165,567,313-.--%
Goldman Sachs Group Inc. 13,799,3551.61%$1,153,350,0901.15%
Mellon Financial Corporation13,128,9171.53%$1,097,314,882-.--%
% of Shares Held by All Insider and 5% Owners:0%0%
Top 10 [1.1%] of 875 Institutional Holders Control36.25%30.24%
Percentage of Barclays and "Associates" Control23.19%20.86%

2007 by Edward Ulysses Cate
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