SEARCH DEALBREAKER
$$$ Bank of America Profit Skids 68%; Dividend Halved [cnbc]
$$$ Lehman E-Mail: Execs Mock Idea of Bonus Cut [USN]
$$$ SEC: Dropping the Ball Since '04 [1-2]
$$$ Suggestions For Playboy's "Women Of Wall Street" [WSF]
$$$ And here we thought you guys were mostly just JO&C'ing it these days! [Daily Intel]
$$$ The Dick Fuld getting punched in the face at the gym story has supposedly been confirmed. [Business and Media]
Posted by Dan Daoust, Oct 06, 2008 6:23PM
An "incredibly senior source." You just won't believe how senior. It's literally incredible.
Posted by guest, Oct 06, 2008 6:33PM
Cramer is the best! I would challenge anyone to name someone that gives better market advice.
Posted by guest, Oct 06, 2008 6:36PM
Cramer belongs in retail brokerage, that's all. His show should be moved outside the prime 9-5pm time slots, with all the "how to get out of debt" shows they have outside working hours.
Posted by michange, Oct 06, 2008 6:39PM
*** Germany to allow domestic military deployment
http://ap.google.com/article/ALeqM5jHlrJ3QdZG_ojqGm_x3pE2_U3kPQD93L1HJO0
*** Army combat unit to deploy within U.S.
Posted by guest, Oct 06, 2008 6:43PM
Who just saw Cramer on his show pitching Chattem Inc!?!?!
----Makers of IcyHot!!!!
This is no concidence guys he really does JO&C with IcyHot
Posted by guest, Oct 06, 2008 7:05PM
If Fuld got punched in the face, how comes he didn't sue the guy that knocked him out? I thought legal liability was the main reason people don't punch each other out willy-nilly
Posted by guest, Oct 06, 2008 7:33PM
Erin Callan and Meredith Whitney in playboy ftw!
Also, just saw this comment over at Clusterstock with Carney http://www.clusterstock.com/2008/10/clusterstock-tips-a-user-s-guide :
"Fridaytrade said:
Oct. 06, 6:52 PM
Great idea to build up "your base" to compete against your previous site. Hopefully this place avoids the "too long, didn't read" nonsense."
I am so tempted to reply 'tl;dr' to this dude's comment.
Posted by Joseph di Jersey City, Oct 06, 2008 8:10PM
7: In terms of suing: can't get blood out of a stone and/or retrograde amnesia. Alternatively, he could press criminal charges but don't you think the witnesses at the Lehman gym would give contradictory testimony? Maybe a few would even swear that Fuld started it.
Posted by guest, Oct 06, 2008 9:00PM
So, anyone out there have any ideas why BAC would announce shitty earnings and capital raise two weeks ahead of scheduled earnings release?
They must have some logic.
Posted by guest, Oct 06, 2008 9:36PM
What the hell did Mr. Fold mean when he said, "I wake up every single night.. ". What, is he a vampire?
Posted by Investorcluzo, Oct 06, 2008 9:46PM
@11 – while I typically like to make fun of the little man from charchar, I have to admit – he’s learned from his competitor’s mistakes. rather than wait for the stock to drop back to $18 (you know, after the short sale rule goes away), he is raising capital early (bravo). also, don’t forget wfc and $hiti both have large cap raises to come. investors have a limited amount of dollars to allocate into bank stocks. moreover, he couldn’t issue equity this late in the quarter without issuing earnings.
in going over the results, kenny boy was very careful to provide data “excluding countrywide” – the ghost of angelo lives, so that earnings may die (ok, so net was $1.2 bn, but as you’ll see, that could easily have been negative)! deposits were up by 44% (+$21 billion) - look out below, with all the people losing jobs, that means one thing – other banks are losing deposits in droves. you can’t have the largest bank in the land increasing deposits at that rate without putting a serious hurt on the little guys.
CDO’s were written down by $952 million (12.8% of exposure), for those keeping track at home, it was 7.7% last quarter. on the bright side, the carrying value is “only” 40% of the original exposure. that said, the balance sheet should be in the fiction section of your local book store. non-performing loans in the resi/home equity portfolio was $6.5 billion while the reserves were only $5.0 billion. commercial r/e isn’t pretty either ($3bn of non-performers vs. $1 bn of reserves). if, as sweet lou stated he expected, the economy continues to slide south – don’t you think it would be wise to up the ante on reserves? also of note (but not surprising), credit card losses were up above 6% and another 3% were 90 days past due. more pain to come…
oh, and I loved the comment from nancy bush – do you think it’s your “patriotic duty” to make loans. c’mon.
Posted by guest, Oct 06, 2008 10:13PM
@13 merci
Makes sense. I don't quite get why banks have avoided M-T-M. Can they stuff in Hold for Investment? Or more lax accounting application?
Posted by guest, Oct 06, 2008 10:15PM
Fuld will be the odd long-suffering hero here; sacrificing all to expose the evil eye.
Posted by Investorcluzo, Oct 06, 2008 10:22PM
@14 - there's a reason gs and ms converted to commercial banks. more relaxed rules on the marks than those governing investment banks...
Posted by guest, Oct 06, 2008 10:58PM
11 If they're gonna raise capital, they have to come public with any material non public info. So they did.
Posted by guest, Oct 06, 2008 11:15PM
BAC is a mess due to the Countrywide acquisition. I still don't understand why they did that deal unless is was a) to protect their counterparty exposure, or b) because they misjudged the severity of the mortgage crisis. Whichever, the $10B raise and the cash saved from the dividend are needed to bail out this albatross.
Posted by guest, Oct 06, 2008 11:17PM
Cluzo don't know if it was you or Anal_yst that gave comment on the leverage of certain EU banks.
If it was you could you give best guess/comment on how much leverage still exisits in EU banks.
Posted by guest, Oct 07, 2008 6:08AM
@20, what about the guy who punched him?
@7, normally I would say that normal people don't sue each other over every little scrape. But I'm surprised he wasn't more seriously injured if he got knocked out while on a moving treadmill. In fact, I hope he does sue. If you absolutely must sucker punch someone, even if they "deserve it", don't do it while they're on a moving treadmill. Screw that guy.
Oct 29, 2008, 1:45pm
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Posted by guest, Oct 06, 2008 6:20PM
Dick Fuld hasnt been hiding. I saw on CNBC the treadmill story was confirmed by a "very very senior source". Also some lady saw him at the Opera a couple weeks ago