|Exam Name||:||Fundamentals of Applying Tivoli Service Management Solutions 2008|
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|Updated On||:||February 15, 2019|
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000-010 exam Dumps Source : Fundamentals of Applying Tivoli Service Management Solutions 2008
Test Code : 000-010
Test Name : Fundamentals of Applying Tivoli Service Management Solutions 2008
Vendor Name : IBM
Q&A : 77 Real Questions
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IBM Tivoli software is an business gadget management platform with really expert components personalized for IT administrators that manipulate midsize and commercial enterprise information facilities.
The Tivoli brand of items comprises dozens of utility as a provider packages for IT infrastructures. the most relevant and demanding packages for equipment administration are Tivoli Storage manager (TSM), Tivoli Monitoring and IBM Workload Automation.
TSM is an business backup and facts security application. Its modular product constitution presents data storage and safety flexibility for different environments. Smaller organizations birth with Storage supervisor, whereas higher firms typically select the Storage supervisor extended version with extra disaster healing and tape and disk guide. Storage manager can also interface with VMware for virtual environments through its vStorage API, and can returned as much as VMware's vCloud. It also interfaces with virtual servers operating Microsoft's Hyper-V.
The application can be managed either from the TSM Operations core or from VMware vCenter.
Tivoli Monitoring application, like Storage supervisor, has multiple alternatives for implementation. the place Storage manager ensures statistics safety, Tivoli Monitoring ensures infrastructure effectivity by featuring a single, brief-glance view of skill usage, performance and health. The utility's developed-in analytics engine enables directors to music a given workload's resource consumption to evade inefficient provisioning.
Tivoli Monitoring for digital Environments is a version of the utility certainly tailored to digital programs, and it consists of a different predictive analytics algorithm. The what-if analysis characteristic permits IT gurus to run models the use of exact efficiency records to check how greatest to installation their digital infrastructure.
IBM Workload Automation rounds out the main programs management suite with software that combines Tivoli Workload Scheduler with a cloud-useful resource supervisor to create more suitable automation and streamline administrative projects. Like Tivoli Monitoring, Workload Automation has a simulation and forecasting add-on so directors can model workflows to gauge resource consumption and time final touch. Workload Automation integrates with Tivoli provider Automation supervisor to install and control cloud computing services.Budgeting for Tivoli
When it comes to pricing and availability, every product is as entertaining as the provider it presents. Tivoli Storage supervisor is a family of items, with Storage supervisor as its flagship application. a knowledge insurance plan and healing version -- Storage manager FastBack -- is attainable for a free trial. the whole Storage supervisor utility is round $44.50 for a 10 processor cost unit (PVU) license. then again, a client license costs round $83.seventy five.
IBM's Tivoli Monitoring suite also gifts a variety of alternatives. The Tivoli Monitoring product is a catch-all monitoring gadget for an organization's IT infrastructure, and fees round $437 per aid value unit (RVU) license. An RVU license is similar to a PVU license, but relies upon the number of processors used. Tivoli Monitoring for virtual Environments is selected to digital servers and hypervisors, and costs $511 per RVU license.
In contrast to the other two, Tivoli Workload Automation is a single application kit, and starts at round $54.50 for a 10-job license.
IBM obtained Lotus application again in 1995 for $three.5 billion. it be now divesting the know-how, along with six different one-time cornerstone enterprise functions.
There become a time when Lotus Notes and Domino were the cornerstones of IBM's software portfolio, enabling business collaboration and productivity. these days are now in the past, as IBM is divesting these property, along with a few different applications, to HCL applied sciences.
HCL technologies can pay IBM $1.8 billion, with the deal expected to close in mid-2019. in addition to Notes and Domino, HCL is buying a number of other business functions, including: Appscan for comfy software development, BigFix for comfortable device administration, Unica (on-premises) for advertising automation, Commerce (on-premises) for omni-channel eCommerce, Portal (on-premises) for digital event, and Connections for workstream collaboration.
"We consider the time is correct to divest these select collaboration, advertising and commerce utility property, which can be more and more delivered as standalone items," John Kelly, IBM senior vice chairman, Cognitive solutions and analysis, wrote in a media advisory. " at the equal time, we agree with these products are a robust strategic healthy for HCL, and that HCL is smartly located to drive innovation and increase for his or her shoppers."
IBM has more and more been moving into cloud and synthetic intelligence over the past 4 years, and has constructed up other belongings that it's going to focus on.functions
most of the applications being bought to HCL were firstly obtained via IBM from different vendors.
IBM received Lotus application, maker of Notes and Domino, in 1995 for $three.5 billion, though the Lotus company wasn't dropped by using IBM except 2012.
AppScan which is now being offered to HCL, was as soon as the cornerstone of the IBM Rational application portfolio. IBM acquired the AppScan product portfolio as a part of the acquisition of protection supplier Watchfire in June 2007.
BigFix turned into bought via IBM to develop into part of its Tivoli operations division in July 2010, whereas Unica changed into received with the aid of IBM in August 2010 for $480 million.HCL technologies
HCL technologies is primarily based in Noida, India, and positions itself as a digital transformation company. HCL and IBM had already been partnering on most of the got software property.
"We continue to peer superb alternatives out there to enhance our Mode-3 (items and systems) offerings," C Vijayakumar, President & CEO, HCL applied sciences, wrote in a media advisory. "The items that we're acquiring are in massive transforming into market areas like protection, advertising and Commerce, which can be strategic segments for HCL. lots of these items are well considered by purchasers and located within the excellent quadrant through industry analysts."
Sean Michael Kerner is a senior editor at EnterpriseAppsToday and InternetNews.com. observe him on Twitter @TechJournalist.
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Parenting gave Bob Chapman, CEO of Barry-Wehmiller, a global supplier of manufacturing technology and services, an epiphany about leadership: “Parenting is the stewardship of the precious lives that come to you through birth, adoption or second marriages. Leadership is the stewardship of the precious lives that come to you by people walking through your door and agreeing to share their gifts with you.” This insight ultimately transformed how Chapman runs his company. In a new book Everybody Matters: The Extraordinary Power of Caring for Your People Like Family, Chapman and coauthor Raj Sisodia explain how any company can integrate this perspective into their organization.
Knowledge@Wharton recently had an opportunity to speak with Chapman and Sisodia about their book.
An edited transcript of the conversation follows.
Knowledge@Wharton: Bob and Raj, thank you so much for joining us. Bob, you write in part one of the book about your journey, “What could have broken me made me.” Could you tell us how this has been a recurring theme in your personal and business life at Barry-Wehmiller?
Bob Chapman: As I reflected upon my journey, [I realized] in my greatest moments of challenge came my greatest learnings….When I found out that my longtime girlfriend and I were going to have a baby, I went from a C student to a straight-A student. All of us are going to experience challenges in life. My experience is that it’s during those challenges where learning can and does occur, if our minds and hearts are open to it.
There’s no question that [during] these moments of dramatic personal and professional challenge, my mind went to, “How can I get through this?” My mind was open to new ideas. So many of the ideas, both in terms of our leadership model, in terms of our business model, were really born of an environment that was very challenging, where our minds sought new avenues.
Knowledge@Wharton: You took on the leadership of Barry-Wehmiller when you were in your 30s, after your father’s death. The company was in poor financial shape at that time. What decisions did you make to expand and grow your company? Given what you know now about managing people, what would you have done differently?
Chapman: First of all, I’ve learned that you can’t manage people. You can only inspire people. Leadership is a part of the process of inspiring people. When my father died, it was a 90-year-old company. Its innovation had ended with the death of Mr. Wehmiller in the early 1900s, and it had lived off that innovation. I took the experiences of my MBA program and the benefit of my education, and I said, “How can we grow? What opportunities can we have to grow?” [It was] a company that hadn’t grown in decades. It survived, barely, financially very weak. I brought to it new ideas of growth.
I basically said — and I think I learned this in my MBA program — you’re either growing or dying. I looked very purposefully for avenues for growth. That ended up being in the field of solar energy. That ended up being in the field of electronics. It ended up being new forms of packaging, filling technology…. I said, “We’re proud of our history. But our history is not our future.” It’s that responsibility we have in leadership to understand where we are, but more importantly, to understand where we can go to give our people a better future.
In hindsight, that’s what happened. The challenges we faced, the opportunity I was given, caused me to think about how I could create a future. Not just exist, but to create a future and to shape a future. That occurred in that period of time after my dad’s death. We began growing dramatically from 1976 to about 1981 or 1982. We grew from $18 to $72 million by moving into new fields and developing new technology. All still very fragile, financially, but many of those new initiatives were funded by customers and ideas.
“Management is about telling people what to do, and leadership is about allowing people to do what they’re capable of doing, toward a common vision.” –Bob Chapman
I only forgot one thing. I was so enamored with the growth, having had decades of no growth — and the notoriety of that growth — that I didn’t have financial discipline within my tool set. Therefore, we grew revenue dramatically, but we relied upon debt greatly to finance that, which our bankers were willing to do because they believed in these growth fundamentals. But that was one of my major mistakes: to not have better financial discipline….
Knowledge@Wharton: I was also very interested about the way you used acquisitions to build the company. One of the things you write in your book is that you made acquisitions where failure meant death. Could you talk a little bit about your acquisition philosophy, and how you used your acquisitions to build value, rather than extract value?
Chapman: Well, I have to go back a step. When I was a young man, in the area of St. Louis where we were, there was a very prominent company and a very successful company called Emerson Electric Company. Emerson Electric was built by Chuck Knight through many acquisitions. I was also influenced by a Harvard case study on how you grow mature companies in mature markets.
I saw Emerson Electric go from a relatively small company — I think $500 million — to $20 billion through an acquisition discipline of acquiring companies in more or less mature industries….
In my case, I had nothing other than an idea. I had no money. I had no experience and no advisors. All I knew is that Emerson Electric had grown through acquisitions. I had a financial background — not an engineering background, not a product development background. So maybe I could do that. I began doing acquisitions when, again, we were financed with asset-based lending. We had absolutely no room to be wrong. When I went to my very professional outside board in 1984 with the idea of this first acquisition, they looked at me seriously and said, “Bob, we agree with you that this small $3 million company fits and would be a good acquisition. But we want you to understand something. If you fail, it’s all over.”
That’s not because they were going to let me go. But because financially, the company was so fragile, it had no room for failures. In hindsight, that all worked out to our benefit, because the only thing I could buy were things that nobody else wanted. …If you were told that your life depended upon something, I would think you would bring incredible discipline and focus to that. So knowing in my first acquisition that I had no option but to succeed, I threw in an immense amount of dedication. Our very first acquisition became a massively successful acquisition of a company that nobody else wanted.
That is how I began that journey. Because I had no money, I had to do all my scouting and research and logic. I began buying companies that I thought fit our future, that nobody else wanted to touch. Therefore, I could buy them at a price that was, in hindsight, very reasonable. I brought incredible intensity to make sure that they were successful, because failure was death. The company had no room to be wrong. Even though today the company is massively more prosperous, financially rock solid, I still have in me that same discipline. You can’t fail at acquisitions. Statistically, 77% of all acquisitions fail. Having executed over 80 acquisitions, that’s not our situation.
Knowledge@Wharton: Is there a secret formula to making acquisitions work?
Chapman: Discipline…. Never get into deal momentum. Never get into bidding contests. You end up paying more than you can make work. From day one, because I couldn’t afford to do that, I developed discipline. There was no deal that I would ever get emotionally involved in, that I would do and be disappointed. [Make] sure that you know exactly how you’re going to make that company better and get your return. You don’t enter with hopes and dreams. You enter into it very disciplined. I know exactly what I’m going to do to make that company better….
Knowledge@Wharton: Talking about getting emotionally involved in acquisitions is a good segue to what I wanted to ask next. How did you realize there was a gap between you as a driven business owner, focused on growing profits and cutting costs, regardless of the human costs, and your commitment to being a good husband and father to the family? How did those two sides come together in your life?
Chapman: Cynthia and I … had both been married before, so we came together as one family with hers, mine, and then eventually ours. I don’t remember what motivated me, but I was very serious about being a good father of a blended family. I pursued classes and educational opportunities that would help me be a better steward of the lives of these children and my wife, so I could be a responsible parent and husband.
You learn a lot, in terms of how to raise a good family. At the same time, on the other side, I was applying what I’d learned in my MBA program, my education, my experience at PricewaterhouseCoopers, to try and develop a good business. But I thought they were totally separate. I thought family is family, and business is business.
“When you look at somebody as somebody’s precious child that you have a chance to impact, it profoundly changes the way you view people. They are no longer a function for your success.” –Bob Chapman
Over the 1980s and 1990s, as I continued my intellectual exploration of human behavior … all of a sudden I became aware that what I learned about parenting was about leadership. What I learned in business school was about management, and leadership trumps management. Management is about telling people what to do, and leadership is about allowing people to do what they’re capable of doing, toward a common vision.
It was a dramatic awakening for me. In my business education, I learned it’s all about me and my success. I was never taught nor made aware of the impact my journey to financial success would [have on] the lives of others. I thought, “Business is business, and people have their families, but they’re not related.” We were taught that to be successful, we would have organizations and we’d have accountants and secretaries and sales people and engineers. I was never taught to care about those people. I was indirectly taught to assume those people were functions. As long as I needed them, I might even be nice to them and care about their family and so forth. But it was always about me and my success. It was never about them….
Parenting is the stewardship of the precious lives that come to you through birth, adoption or second marriages. Leadership is the stewardship of the precious lives that come to you by people walking through your door and agreeing to share their gifts with you.
[Those who] worked for us are not accountants and secretaries and engineers and sales people; they are somebody’s precious child whom you are a steward of. How you exercise that stewardship will profoundly affect that life…. We have these people in our care for 40 hours a week. The way we treat them will profoundly affect the way they live their personal lives….
When you look at somebody as a receptionist, you don’t necessarily care about them. Again, you might be nice to them when you walk by. But when you look at somebody as somebody’s precious child that you have a chance to impact, it profoundly changes the way you view these people. They are no longer a function for your success. They are a precious, precious person who simply wants to know that who they are and what they do matters.
Knowledge@Wharton: Raj, in terms of learning from Barry-Wehmiller’s experience, how can companies apply some of the lessons that have been learned there over 40 years to drive their own success?
Raj Sisodia: There are a couple of ways in which Barry-Wehmiller thinks about business that are different…. First is the idea of purpose. You don’t have to have a cutting edge or so-called novel product to have a higher purpose. Your purpose doesn’t always have to be embedded in what you do for customers through your product or service.
In this case, you can think about your people as your purpose. If you really think about it, people are the ultimate purpose of business…. I think we’ve lost sight of that to a very large degree. This company puts that front and center. They say, “We measure success by the way we touch the lives of people.” That’s at the top of their guiding principles.
Another lesson is articulating exactly what you do believe in and what you stand for, and having that really mean something. It’s almost like the Declaration of Independence of a country: the guiding principle, the leadership checklist….
Third is what Bob has been touching on, which is that the definition of leadership extends beyond the work day or the work week; it impacts the way people live. It is the stewardship of the lives entrusted to us. That also goes beyond what in Conscious Capitalism [a book co-authored by Sisodia] we talk about as conscious leadership. That still was somewhat focused on how people are at work, and how fulfilled they are, and how much meaning and purpose they find. And all of that is great, but I think this goes beyond that.
So I think those are some. Any business, even in an old industrial setting in small towns, can aspire to do this. It starts by creating a vision of a better future.…
Knowledge@Wharton: My next question is for both of you. Talking about articulating what you stand for is very important. But almost every company says that it values its people above everything else. Why is this so easy to say, but so hard to do?
Sisodia: It’s always easy to say it, of course. It may well be easy to do it when times are good, when business is going well and the economy’s strong. There are really not any tough choices to be made.
“Leadership extends beyond the work day or the work week; it impacts the way people live.” –Raj Sisodia
Inevitably, when tough times do come, that is when your commitment to this truly gets tested. One of the most powerful aspects of this story is that what happened in 2008, when the great financial crisis hit, which impacted this industry, capital goods manufacturing, even more than most other industries because those are purchases that can be delayed by quite a bit by customers….
The normal response, which many of their competitors resorted to, was to bring their costs down 30%-40%, commensurate with their revenues going down, laying off many people and treating that as a routine response to tough times. The way that Bob and Barry-Wehmiller responded [was to] think deep and hard about the premise that … we measure success by the way we touch the lives of people. [They recognized] that this would have a devastating impact on so many lives, especially in small towns where there are no other employers or there are very few other jobs…. [They came up] with a very creative solution. [They asked] the question, “How would a caring family deal with hard times?”
[They came] up with the notion that everybody would share in the pain, so that nobody had to suffer too much, adopting furloughs instead of layoffs, where everybody got to take a month off to do other things. It turned out to be a very enriching thing in many people’s lives because they were able to use that time in very, very compelling ways.
It also removed the fear from the organization that there would be mass layoffs. It allowed the company to save a significant amount of money. That, along with reducing the retirement match, eliminating that for a year, allowed them to get through that. Then, when business started to recover, the company ended up reinstating the retirement funding that they had taken away, as a goodwill gesture. In fact, it recovered much faster in their case because their customer relationships were strong and their people capacities were still at full strength. So they recovered much faster, and they had a great advantage over other companies that were scrambling to rehire people….
Chapman: We said we measure success by the way we touch the lives of people. That was not an expression some advisor gave us. That came to me in the process of our marketing team developing a video to try and convey our company. That’s because our culture was just evolving at that stage. It’s more about our company. At the end of the video, they were trying to come up with some expression to articulate how successful we’ve been: growth in sales, growth in profits. This occurred at the time of the Enron scandal and the Monica Lewinsky political scandal, when the public image of CEOs, companies and politicians was very low.
I thought, “We measure success all wrong in this country. Many people have made millions, billions of dollars, who have incredibly broken personal lives. Would we view those people as successful?” So from that feeling about the political scandal, the corporate scandal and Arthur Andersen, I [said], “We are going to measure success by the way we touch the lives of people.”
Back in 2007, a hedge fund manager attended a Van Cleef & Arpels dinner at Daniel.
It was a ridiculously opulent affair with models walking around the table showcasing the luxury jeweler’s goods.
Across from him sat the daughter of Robert Smith, one of the top names of Archstone-Smith; the real estate investment trust owned more than 87,000 apartments nationwide.
“She was buying every piece that passed her and announced she was celebrating a big transaction that had just closed,” he told Commercial Observer on the condition of anonymity. “Her father had sold his company to Lehman [and Tishman Speyer].”
The hedge funder asked the acquisition price and was impressed by the number she said.
“I was like, ‘Wow, $2 billion?’ ”
He had misheard.
“No,” she replied, “Twenty-two billion.”
Our hedge funder was baffled. He still is. “I went home and looked at its return expectations, which were low single digits—kind of like today. It was just mind-boggling,” he said.
A few years later, long after the worst had happened and the survivors were sifting through the wreckage, the Lehman estate would sell Archstone-Smith to Sam Zell’s Equity Residential and AvalonBay Communities for just $6.5 billion in cash and stock. (Representatives for Tishman Speyer and the Lehman estate didn’t respond to a request for comment.)
Lehman and Tishman’s Archstone-Smith deal is perhaps emblematic of the heady use of leverage during the pre-crisis high, described by the Financial Crisis Inquiry Commission as a time when “money washed through the economy like water rushing through a broken dam.”
On Sept. 15, 2008, less than one year after Lehman and Tishman’s acquisition was completed, Lehman Brothers filed for bankruptcy.
The 158-year-old investment bank’s collapse timestamps one of the final dominoes to fall in a cumulative, fast-moving downward spiraling of events that included bank failures, bank bailouts, stock market crashes and the propping up of government-backed giants Fannie Mae and Freddie Mac. When all was said and done, the U.S. had experienced the worst financial meltdown since the Great Depression.
So, how has the commercial real estate lending environment evolved over the past decade? And, is hindsight really 20/20?
CO spoke with 20 professionals from various parts of the industry who worked through the crisis—and remain in the business today—to hear their memories of that time and their perspectives on what’s different, and what’s the same, today. The majority wished to remain anonymous.
“Listen,” one lender said, “in retrospect, we can look back and say, ‘Well, we did some really crazy things. We were using leverage on top of leverage on top of leverage and were using underwriting that was more in the windshield than in the rearview mirror.’ But money was just so plentiful back then.”
For others, they were simply closing the deals the market permitted and even encouraged at the time.
“Borrowers, lenders and intermediaries were just doing what they always do…taking advantage of the demand, volume and liquidity that existed in the market,” said Thomas Fish, a co-head of JLL’s real estate investment banking practice. “Everyone was just meeting the market. And the market was telling us, ‘You can do some of these more aggressive deals.’ So that’s what happened. We all met the market.”
Angelo Mozilo, the former CEO of Countrywide Financial—a lender brought down by its risky mortgages and later acquired by Bank of America, described the pre-crisis period to the Financial Crisis Inquiry Commission as a “gold rush” mentality that overtook the country.
He wasn’t wrong.
Running up to the crisis, several of the sources CO interviewed described financial institutions as simply doing “crazy things,” or as one source put it, “preposterous deals with ridiculously thin spreads.”
But, “banks were under tremendous pressure to produce profits,” said Christian Dalzell, the founder of Dalzell Capital. “They lost focus of what they were doing amid the pressure to put money to work. And if you lose accountability, you lose your market.”
For Stuart Boesky, the CEO of Pembrook Capital Management, “The first indicator was that the deal flow we were seeing coming off Wall Street made no sense, so we couldn’t participate in the deals. Occasionally, we’d see one that actually made sense, and that was because there was a gross error in the underwriting.”
A mezzanine lender concurred: “We received a package for a deal that looked pretty good on a Downtown Manhattan office building. But then we were looking at the floor plan, and they were suggesting that the building was 100,000 square feet, but it was only 80,000 square feet. So they ran the numbers on income produced by a 20 percent larger building than actually existed! A big bank made that loan, and they were trying to sell the mezzanine piece off. So, it was clear to us that these were all bad loans.”
Bad as those confounding deals were, they were peanuts compared to some of the real bombs of the era.
The Stuyvesant Town and Peter Cooper Village deal—in which Tishman Speyer and BlackRock paid $5.4 billion for the complex in 2006—seems to be the poster child for real estate acquisitions that perplexed industry participants pre-crisis.
“All you needed to find was one equity investor and lender who would buy into the story” to make a deal happen, said one lender who considered the Stuy Town deal but turned it down. “In a normal environment, you’re proud of the deals you’ve won. But back then people were happy about the deals they lost.”
Tishman and BlackRock purchased the 11,232-apartment complex from MetLife with the hopes of converting it to market-rate apartments, which turned out to be a pipe dream after rent-regulated tenants sued and successfully halted the process. The property’s rental income didn’t cover the monthly debt service, and the borrowers defaulted.
“We looked at financing Stuy Town. But there was no way you could ever envision those numbers working,” another mezz lender said. “We scratched our heads and we said, ‘Well, maybe they’re not telling us that they got some special permission to knock this stuff down and build something completely different.’ But based on what was there, it could never work. Ever.”
An attorney who represented another potential bidder on the deal at the time said, “We knew about the limitations of rents that turned into rent law cases, and nobody understood how BlackRock and Tishman got that deal to work.” When Tishman and BlackRock handed the keys over to their creditors in 2010, it was the largest commercial default in U.S. history.
Then there was Harry Macklowe’s purchase of seven Midtown Manhattan buildings from Equity Office Properties in February 2007. Macklowe reportedly only put $50 million of his own equity into the $7 billion deal. “It was the height of insanity,” one lender said. (Macklowe wasn’t immediately reachable for comment.)
Acquisitions at the time were fed almost entirely by debt or bridge equity, unlike today with traditional borrower equity back in vogue.
“Today there is much less leverage and much more equity going into deals,” the lender continued. “This means, if borrowers don’t hit their business plans, you don’t have a domino effect because there is some margin for error before the debt is impacted.”
But back then—in an environment with much higher interest rates, much lower cap rates and heavier pro forma underwriting—people were frequently levering up acquisitions 90 to 95 percent.
“Not everybody was,” one landlord said. “But if they went to Lehman or some other firms, they were getting bridge equity, which was kind of a ticking time bomb.”
Leverage on Leverage
Fish said he believes that excessive leverage in the system is what ultimately brought the market down.
“Not just loan demand but demand for the underlying leverage of [collateralized loan obligation, or CLOs] and [collateralized debt obligations, or CDOs],” he said. “This contributed to undisciplined underwriting. You can look at leverage in the system today and observe that it’s certainly creeping back up with corporate debt at an all-time high. But I don’t think the next market downturn will have anything to do with the supply or demand of commercial real estate. There won’t be an overbuilding situation that causes it to go down; it will be something that is financial markets related.”
Back then, “some of the lenders making CMBS loans could no longer securitize them and got caught holding a couple of the monster deals,” said Josh Zegen, the co-founder of Madison Realty Capital. “That’s when the dynamics changed pretty quickly.”
“If you go look back to the 1980s—Michael Milken and the early securitizations that led to CMBS—that activity was probably good for the markets,” Zegen continued. “It was really the free-wheeling and people abusing the system pre-crisis that led to the crash.”
A variety of exotic securitized products existed pre-crisis, which included complex financial engineering around synthetic collateral (meaning there was nothing tangible securing the investment), referencing bonds’ performance instead through bespoke transactions and credit default swaps.
“Synthetics really were baffling to me as there were no tangible assets behind them,” a CMBS portfolio manager said. “You were mimicking the cash flows of cash bonds, and that shows how much money was out there, and the stupidity. Wall Street basically ran out of cash bonds, so they invented synthetic cash bonds.”
The portfolio manager said he found the amount of bulge-bracket money coming into securitized products pre-crisis “amazing” in retrospect. He added that along with the money came the opulence with “people just spending money…and partying.”
The problem was that “people got so caught up in financial engineering that they lost sight of the fundamentals of what they were engineering,” said one lender who was at a major investment bank pre-crisis.
“And most people cavalierly thought, ‘I can financially engineer anything, I can sell any solution I want through it,’ ” the lender continued. “That was definitely the case with CDO squared [a CDO backed by tranches of other CDOs], with bridge equity and other things that drove valuations. It was a mindset and another way of getting away from the fundamentals of commercial real estate: What are the cash flows like and what is the risk of default?”
In the government’s official Financial Crisis Inquiry Report, Michael Mayo, a managing director at Calyon Securities, said the financial creativity at the time was “like cheap sangria…a lot of cheap ingredients repackaged to sell at a premium. It might taste good for a while, but then you get headaches later.
But the collective market enthusiasm didn’t just apply to securitized products. “Every part of the market behaved that way because of the amount of liquidity,” said a former CDO manager, who at the time was issuing $1 billion CDO deals. “People were looking to buy rated paper even though they didn’t necessarily understand what they were buying,” he said.
Thankfully today, “we’re nowhere near the crisis in terms of vehicles,” one alternative lender said. “The banks were advising their clients to do such stupid things. I remember a bank advising a public real estate firm to do a CDO. I took the offering materials and reverse engineered it to see what the return was for the public company. I called up the bank doing the deal, and I said, ‘We don’t understand it. Your client only makes 1 percent a year on his equity?’ He said, ‘No, no, no. It’s a 10 percent return. It’s 10 percent over 10 years, so 1 percent a year.’ He said that! They put their client in that deal, and the entity went bankrupt.”
The low rumblings of trouble were first felt in residential products before permeating to commercial mortgage-backed securities (CMBS) and commercial real estate, the sector lagging as it often does. Specifically, in the subprime mortgage market where borrowers with little or no credit received highly leveraged mortgage loans, later packaged into residential mortgage-backed securities (RMBS) and other more exotic structured vehicles, such as CDOs, and sold off to investors.
For this reporter, covering both RMBS and CMBS at the time, the first domino to fall was subprime mortgage originator New Century Financial’s bankruptcy filing in April 2007. The news came to me as an anonymous tip before the public announcement: “Try calling New Century. It’s toast. I’m telling you—this is the beginning of the end.”
When I tried calling Irvine, Calif.-based New Century for some information, a member of the cleaning staff picked up instead and told me, “They’re gone.”
“The first cracks you felt were when a couple of subprime lenders collapsed,” Zegen said. “I had our fund business plus our brokerage business at the time, and all of a sudden things started to fall apart. Banks pulled back, risk tolerance changed, and leverage changed. The crisis was very much upon us at that point, but people thought the market would come back.”
The first name that penetrated the wider public consciousness was Bear Stearns.
The 85-year old investment bank and second-largest prime brokerage firm in the U.S. headed by Jimmy Cayne—one of the most revered names on Wall Street—took a big leap into mortgage securities, and the implosion of two of Bear Stearns’ subprime hedge funds—Bear Stearns High-Grade Structured Credit Fund and Bear Stearns High-Grade Structured Credit Enhanced Leveraged Fund, both heavily invested in thinly traded CDOs—served as the harbinger of doom. It was widely reported at the time that the funds’ managers, Ralph Cioffi and Matt Tannin, had leveraged $1.6 billion of equity to $20 billion of assets.
By the summer of 2007, the funds had collapsed. Cioffi and Tannin were arrested in 2008, accused of misleading institutional and individual investors and forced to do a perp walk. The two were later acquitted, but the collapse of their funds presaged the financial turmoil about to ensue.
“I remember a friend of mine who ran a hedge fund telling me that Bear was going to go under because hedge funds were pulling their prime brokerage services [from it],” said one head of commercial real estate lending. “I was in disbelief, thinking, ‘That couldn’t happen, could it?’ ”
An alternative lender got the same scoop from a friend who worked at the Federal Reserve Bank of New York: “I told him, ‘If Bear Stearns is going out of business, then so is Lehman.’ He said, ‘No way. Lehman is far more diversified.’ And I said, ‘No. It isn’t.’ ”
By that point, a few market observers could see the writing on the wall, one being Oppenheimer banking analyst Meredith Whitney, whose bearish view on the health of investment banks—and warnings that Citigroup’s dividends paid to investors were higher than the bank’s profits at the time—made her the recipient of numerous death threats.
Lehman Brothers was, however, the real match that would burn the barn.
Lehman and Bear drew uncomfortable comparisons. Both were known as behemoth mortgage shops with a lack of diversification in their portfolios and a penchant for complex securities.
Before Lehman failed in 2008, it was the fourth largest investment bank in the U.S., behind Goldman Sachs, Morgan Stanley and Merrill Lynch.
And until Bear Stearns’ hedge funds collapsed, Lehman’s stock was faring pretty well. Then—reflecting the market’s increasingly pessimistic assessment of Lehman’s long-term viability—“you’d wake up every day to wild stock swings up and down,” one former Lehman executive said. “But as Lehman employees, we were all in denial, thinking, ‘It could never happen to us.’ ”
“The stock was bouncing between $20 and $60, and I remember thinking, ‘We’re not a $20 stock; we’re either a zero or a $60,’ ” he continued. “Unfortunately, I was right but on the wrong side of it when we went under.”
But some sources that CO spoke to said the bank, headed by CEO Richard Fuld, was an unsurprising casualty of the meltdown, given its eager use of leverage in commercial real estate financings.
“Lehman was doing the highest of high-leverage debt and equity deals. We looked at them as the cowboys of the market back then,” one lender said.
In the months running up to Lehman’s collapse—the largest bankruptcy in the country’s history, surpassing Enron or WorldCom—Fuld blamed short-sellers for expressing doubts about Lehman’s health and betting against its stock, reportedly stating, “I will hurt the shorts, and that is my goal,” at the bank’s annual shareholder meeting in April 2008.
Lehman wasn’t the first, and it wasn’t the biggest. But Lehman was caught in the headwinds of tremendous political pressure as a giant financial institution that needed saving directly after Bear Stearns, forcing then-Treasury Secretary Henry Paulson’s hand to allow it to fail, after deals with Korean Development Bank and Barclays fell apart. (Paulson did not return a request for an interview.)
“I think letting Lehman fail was a huge mistake,” one lender said. “It would have cost what? $5 billion to save them? And just think about the trillions not saving them cost the economy. I think, put any other investment bank as the second to fail and put Lehman fourth or fifth, and Lehman would have been saved. It was unfortunate, timing-wise, and once they found out about [American International Group] they had to save everything.”
Specifically, AIG received a $182 billion bailout because, as a major seller of credit default swaps, its counterparty risk was so unknown. The insurance giant’s swaps supported both corporate debt and mortgages, and its failure would have triggered further bankruptcies. With its monster volume of synthetic bonds in addition to its cash bonds, nobody could figure out where AIG’s risk started and ended—like a big bowl of cooked spaghetti.
So, could things have ended differently for Lehman? The former executive offered that, had an attempt been made to cut its leverage ratio (which hit 31:1 in 2007, per its 2008 annual report) in half, things could have been different.. although not without severe pain in between.
“Our stock would have tanked,” he said. “In the environment we were in, being the firm to reduce leverage at that point…we would have gotten absolutely hammered.”
It was after Lehman collapsed that the Federal Reserve, the Treasury Department and many others would have to put the pieces back together. Unemployment hit 10 percent in 2009. The S&P 500 tumbled to 677 in March 2009—down 54 percent from October 2007. But by 2010, the markets were largely stabilized.
The structured vehicles of 2018 have evolved significantly compared with those which leveraged the system before the crash, some say. By year-end, $15 billion in CLO issuance is expected, roughly doubling 2017’s $7 billion in issuance.
“Today’s CRE CLOs are a completely different animal,” said one CLO issuer. “Pre-crisis, no lenders had a primary business making senior mortgage loans. Most were mezzanine lenders, and a lot of the Street was financing the debt with warehouse facilities, taking that mezz debt and placing it in CLOs. Today, CLOs are all first mortgages, but they’re transitional in nature, and the issuers keep skin in the game; they keep the subordinate bonds so it’s a matched-term finance vehicle.
“Another big difference is the attachment points start at zero to 65 to 70 percent as opposed to 75 to 95 percent,” he continued. “Nobody is doing CDO squared equivalents. There is real and meaningful skin in the game, so if there are losses, it will hurt these lenders pretty badly.”
An alternative lender disagreed: “I think it’s nonsense. Leverage is leverage, and right now there’s more leverage than there has been in the last 10 years. It’s all great until the music stops and there are defaults and people can’t get out,” he said. “No one is saying there has to be a crash like last time, but real estate is cyclical, and markets are cyclical, and the CLO market is offloading that risk to investors.”
The CMBS portfolio manager said that, with debt funds using CLOs to leverage their bridge lending production, the risk lies in the fact that these bridge loans are being made on transitional assets in the peak of the cycle with some sponsors finding it increasingly challenging to achieve stabilization. “My sense is we are going to see a spike in defaults.”
Skin in the Game
Having skin in the game and accountability in lending practices are the key differences between the lending practices of today and those pre-crisis, numerous sources agreed, with lessons from the market collapse helping to create a more conservative environment today.
Plus, 2018’s lenders are being more selective.
“We take some deals out to market today that are turned down by lenders who tell us, ‘I can’t meet your requested loan terms,’ whether it’s pricing, proceeds or other terms,” Fish said. “We get the deals done, but there is more disciplined underwriting in the marketplace, and I feel it’s attributable to both a continued regulated lending environment as well as discipline that is being instilled by both the lending and debt securities markets.”
The attorney said that he believes today’s market participants are more sophisticated, and to avoid defaults, they’re forcing recapitalizations.
“I think that a lot of the things that would have been done in a typical workout are being done in a typical capital stack of deals without the market seeing the stress outright—so without there being bankruptcy filings,” he said. “People are bringing in new equity partners or lenders or recasting their debt for equity.”
So what could bring about a correction at some point? Interviewees offered a few areas of concern, such as refinance risk in a rising-rate environment and slow unit sales in the condominium market. Then, there are concerns about leverage creeping up again.
“The markets, especially on the debt fund side, are more levered than they have been any time I’ve seen in the past 10 years,” Zegen said. “I’m seeing very sophisticated people sign mezzanine loans with intercreditor agreements that are more risky than not. The equity markets are cooler, the credit markets are hotter, and people are taking equity-like risk while getting paid for debt-like returns because there is pressure to put money out.”
Hundreds of new regulations were passed in the wake of the crisis via the Dodd–Frank Wall Street Reform and Consumer Protection Act. They curtailed banks’ lending activities significantly, creating a void in today’s market for alternative private lenders to step in.
“From a financing standpoint, these past 10 years have been pretty transformative. There was such a shift in regulation that it curbed the banking world’s lending activities, and that left a huge void and opportunity for private capital,” Zegen said. “We are one of the earlier debt funds who was around before the crisis, and because we’re still standing after, it has given us a leg up. But how many debt funds have started up today? There are a lot of new entrants. Warren Buffett once said, ‘Be fearful when others are greedy and greedy when others are fearful,’ and I believe that.”
“Private lending has become a pretty good business to be in, but there are some private lenders that are going to be singed,” Boesky said. “What we find troubling is that they are all chasing cash flows—because their lenders want to see a lot of cash flow in deals—but they’re disregarding the quality of that cash flow.”
Dalzell voiced some concern over new entrants to the debt space: “Today there are junior lenders without experience and there are lenders with experience in equity but not debt. Managing a loan through troubled times is a different animal. A lot of guys won’t have the ability or experience to make the right decisions when the market turns.”
Fish said that he is more worried about alternative yields luring investors away from commercial real estate.
“What keeps the tide coming into our asset class are the yields that commercial real estate offers compared with other alternative yields, whether that’s in the form of investing in the asset itself, investing in the debt or elsewhere in the capital stack,” he explained. “As long as rates are relatively low and don’t go up too quickly, they’ll look at our space and see it offers attractive risk-adjusted returns.
Then—separate from the commercial real estate market—there’s the high-yield corporate bond market, which the CMBS portfolio manager referred to as “the new subprime.”
Most of those CO spoke with agreed that, if anything, this market is due for a small correction and not a crash of biblical proportions. And that in itself speaks to the discipline that currently exists in financial markets.
“I think the fact that the real estate world is so different today is people remembering the crisis and saying, ‘I’ll never do that again,’ ” said the former Lehman executive. “Of course, ‘never’ for some people means seven years. But overall I think people—whether they are owners, lenders or whatever—don’t want to go back to that place, even if they didn’t work at a place that went bankrupt.”
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Logical-Operations [1 Certification Exam(s) ]
Lotus [66 Certification Exam(s) ]
LPI [24 Certification Exam(s) ]
LSI [3 Certification Exam(s) ]
Magento [3 Certification Exam(s) ]
Maintenance [2 Certification Exam(s) ]
McAfee [8 Certification Exam(s) ]
McData [3 Certification Exam(s) ]
Medical [69 Certification Exam(s) ]
Microsoft [374 Certification Exam(s) ]
Mile2 [3 Certification Exam(s) ]
Military [1 Certification Exam(s) ]
Misc [1 Certification Exam(s) ]
Motorola [7 Certification Exam(s) ]
mySQL [4 Certification Exam(s) ]
NBSTSA [1 Certification Exam(s) ]
NCEES [2 Certification Exam(s) ]
NCIDQ [1 Certification Exam(s) ]
NCLEX [2 Certification Exam(s) ]
Network-General [12 Certification Exam(s) ]
NetworkAppliance [39 Certification Exam(s) ]
NI [1 Certification Exam(s) ]
NIELIT [1 Certification Exam(s) ]
Nokia [6 Certification Exam(s) ]
Nortel [130 Certification Exam(s) ]
Novell [37 Certification Exam(s) ]
OMG [10 Certification Exam(s) ]
Oracle [279 Certification Exam(s) ]
P&C [2 Certification Exam(s) ]
Palo-Alto [4 Certification Exam(s) ]
PARCC [1 Certification Exam(s) ]
PayPal [1 Certification Exam(s) ]
Pegasystems [12 Certification Exam(s) ]
PEOPLECERT [4 Certification Exam(s) ]
PMI [15 Certification Exam(s) ]
Polycom [2 Certification Exam(s) ]
PostgreSQL-CE [1 Certification Exam(s) ]
Prince2 [6 Certification Exam(s) ]
PRMIA [1 Certification Exam(s) ]
PsychCorp [1 Certification Exam(s) ]
PTCB [2 Certification Exam(s) ]
QAI [1 Certification Exam(s) ]
QlikView [1 Certification Exam(s) ]
Quality-Assurance [7 Certification Exam(s) ]
RACC [1 Certification Exam(s) ]
Real-Estate [1 Certification Exam(s) ]
RedHat [8 Certification Exam(s) ]
RES [5 Certification Exam(s) ]
Riverbed [8 Certification Exam(s) ]
RSA [15 Certification Exam(s) ]
Sair [8 Certification Exam(s) ]
Salesforce [5 Certification Exam(s) ]
SANS [1 Certification Exam(s) ]
SAP [98 Certification Exam(s) ]
SASInstitute [15 Certification Exam(s) ]
SAT [1 Certification Exam(s) ]
SCO [10 Certification Exam(s) ]
SCP [6 Certification Exam(s) ]
SDI [3 Certification Exam(s) ]
See-Beyond [1 Certification Exam(s) ]
Siemens [1 Certification Exam(s) ]
Snia [7 Certification Exam(s) ]
SOA [15 Certification Exam(s) ]
Social-Work-Board [4 Certification Exam(s) ]
SpringSource [1 Certification Exam(s) ]
SUN [63 Certification Exam(s) ]
SUSE [1 Certification Exam(s) ]
Sybase [17 Certification Exam(s) ]
Symantec [134 Certification Exam(s) ]
Teacher-Certification [4 Certification Exam(s) ]
The-Open-Group [8 Certification Exam(s) ]
TIA [3 Certification Exam(s) ]
Tibco [18 Certification Exam(s) ]
Trainers [3 Certification Exam(s) ]
Trend [1 Certification Exam(s) ]
TruSecure [1 Certification Exam(s) ]
USMLE [1 Certification Exam(s) ]
VCE [6 Certification Exam(s) ]
Veeam [2 Certification Exam(s) ]
Veritas [33 Certification Exam(s) ]
Vmware [58 Certification Exam(s) ]
Wonderlic [2 Certification Exam(s) ]
Worldatwork [2 Certification Exam(s) ]
XML-Master [3 Certification Exam(s) ]
Zend [6 Certification Exam(s) ]
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