“贝尔斯登”翻版？投行Jeffries是如何深陷First Brand“暴雷”

Core Viewpoint - Jefferies Financial Group faces a significant trust crisis following the bankruptcy of First Brands Group, where it acted as both an investment banking advisor and a financing entity, leading to severe market repercussions and questions about its due diligence capabilities [1][3][9]. Group 1: Jefferies' Dual Role and Implications - Jefferies served as both the investment banking advisor and the financing provider for First Brands, which filed for bankruptcy with actual debts exceeding $116 billion, significantly higher than the $59 billion previously disclosed [1][3][5]. - The firm’s asset management division, through Point Bonita Capital, provided factoring financing, which involved First Brands selling future receivables to obtain cash flow, creating a potential risk of financial manipulation [4][5]. Group 2: Financial Discrepancies and Market Reaction - Jefferies' marketing materials claimed that 71% of First Brands' $50 billion sales were financed through factoring, misleadingly suggesting that this did not affect the company's creditworthiness [5][6]. - Following the bankruptcy announcement, Jefferies' stock price plummeted by 18%, resulting in a market capitalization loss of approximately $2.5 billion, raising concerns about the firm's judgment and due diligence [9][10]. Group 3: Broader Market Context and Comparisons - The situation has drawn parallels to the collapse of Bear Stearns in 2008, as both firms were heavily involved in high-risk financial practices that led to significant trust issues in the market [10][11]. - Analysts previously viewed Jefferies as a rising contender among top investment banks, but the current crisis has cast doubt on its operational integrity and risk management practices [10].