Florida-based BankUnited Financial Corp (huge in the option ARM biz in South FL) is down 83 percent YTD. The Office of Thrift Supervision, it's hilariously named regulator, may lower its capital rating. The humidity in Miami is unbearable this time of year. All signs point to fail. David Bishop, however, refuses to come out and say it. The Stifel Nicolaus analyst instead downgraded the firm to sell and danced around the whole thing, writing that the "viability of the bank is increasingly fraying...[and while it] may yet be successful in finding private equity capital to forestall additional regulatory sanctions, we believe there is a good enough chance that this will not come to pass." It's unclear whether Bishop has a longstanding history of not JUST SAYING IT: YOU WILL FAIL, or if his skittishness is a recent phenomenon having something to do with the bank down the road suing everyone's favorite woodland creature for having the pair to do just that.
Related: BankAtlantic Sues Bové
Stifel cuts BankUnited to sell on capital concerns [Reuters]
Posted by guest , Aug 27, 2008 1:39PM
comma after "regulator"
Posted by guest , Aug 27, 2008 1:46PM
Maybe he doesn't have the courage of everyone's favorite Ewok.
Posted by guest , Aug 27, 2008 1:49PM
@ 1 - Hell, after go to.
Posted by guest , Aug 27, 2008 2:05PM
the bigger question is, why is he still covering that piece of shit stock?
Posted by guest , Aug 27, 2008 2:20PM
4 - He never did, it's just an industry piece.
Intresting holders list though. Fisher got creamed and is selling down. RenTech has also gotten creamed, but it looks like they got in toward the end of last year and are only down ~80% or so on a 2% stake.
How is RenTech doing this year anyway?
Posted by guest , Aug 27, 2008 2:20PM
4 - He never did, it's just an industry piece.
Intresting holders list though. Fisher got creamed and is selling down. RenTech has also gotten creamed, but it looks like they got in toward the end of last year and are only down ~80% or so on a 2% stake.
How is RenTech doing this year anyway?
Posted by guest , Aug 27, 2008 2:26PM
I'm having chest pains. CHEST PAINS.
Posted by a dead horse , Aug 27, 2008 2:45PM
I was in Miami this past weekend - humidity was fine
Posted by guest , Aug 27, 2008 3:17PM
if the humidity was high just use a shamwow to mop up the sweat!!
Posted by guest , Aug 27, 2008 3:19PM
Hear KBC is in trouble. Is this true?
Posted by guest , Aug 27, 2008 3:29PM
I heard vince is selling mayo on qvc now! That guy knows value.
Posted by guest , Aug 27, 2008 3:42PM
Run bank, run...
mayo
Posted by guest , Aug 27, 2008 8:53PM
I don't see what the issue is here, you can't say that a bank will fail until it fails.
Posted by guest , Aug 28, 2008 2:15PM
It is actually illegal to say a bank is going to fail