‘Cause Uncle Vik’s about to make it rain. Continue reading »
you’ve been warned
As you may have heard, today at 1PM Bank of America take part in a conference call held by Fairholme Capital manager Bruce Berkowitz to talk business. Most people who comment on such things have reminded us of the last bank executive (first name Erin, last name Callan) to hold a conference call while business is being called into question and where she is today. And while the people who follow such things are interested in the call, you couldn’t exactly say they care in an “I’m emotionally invested in this whole thing and I am freaking the fuck out” sort of way. Then you have Dick Bové. The Rochdale analyst is straight up losing her mind that Brian Moynihan would even entertain the thought of getting on the phone with Berkowitz and has spent the last 24 hours pleading with him to reconsider. This is what she had to say last night on Fox Business:
Mr. Moynihan’s credibility has fallen dramatically because the company made certain statements concerning what their losses would be in the mortgage sector and what the earnings might be going forward, and all of those promises have not been kept. It is very difficult for Mr. Moynihan to convince investors what he says is correct. Having an hour presentation is a terrible mistake; if I tell you as a CEO I don’t need equity, I don’t need shareholders. He should not do this meeting tomorrow. There is very little he can say other than ‘I will increase the dividend, that will get the stock to move higher.’
Now, if this were any other analyst, we’d tell Bri-Moy to ignore it and do what you gotta do. Knowing Bové, however, we urge you to get out of this call immediately. Think she sounds angry now? If you go through with this meeting you will find out that hell hath no fury like a chafed Dick. Don’t believe us? Allow us to refresh your memory as to how she reacted the last time a bank got cozy with someone while she sat home alone. Continue reading »
And here’s what he’s doing about it! If he’s told you fuckers once, he’s told you a thousand times– “do not cheap out on the new pussy palace.” And yet, here you are, going to Home Depot and just buying any old piece of easily shattered glass you can find, instead of the good stuff. How is this supposed to fly when there are asses to be backed up against it? This was a warning. Get it right. Or guess what? Maybe there won’t be any moving day for you. Maybe– if you don’t make this right– you’ll be bunking with Vikram in a Zen Garden-less cube.
Glass from window panes rained down from the upper floors of the trouble-plagued Goldman Sachs tower in lower Manhattan, snarling traffic for more than two hours yesterday afternoon, authorities said. Police closed West Street near Battery Park City after the glass from the 43-story skyscraper crashed onto the roadway. No injuries were reported.
The $2.4 billion office tower, slated for completion early in 2010, has been the site of a number of construction accidents over the past two years.
Before another New Jersey health care worker gets thrown for a loop and tries to cover their losses from yet another structured product by suing everyone involved, Finra sent out a little reminder to brokers and investment advisers that leveraged ETFs are not for everyone. They cautioned that these “highly complex financial instruments” are typically unsuitable for retail investors. For those who might selectively confuse the safety of products labeled ultra short/ultra long for the cash stuffed under their mattress, the Finra communication is bad news. Now they might have to freely admit that they were simply greedy and didn’t know what they were doing.
Finra Urges Caution on Leveraged Funds [WSJ]
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