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What I Meant To Say Was-- BUY INDY

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Ladenburg analyst Dick Bove has been strong armed, probably by the person who called him insane, into clarifying his outlook concerning the state of banking. Everybody just calm down, because nothing, apparently, is fucked. Not really sure where you got that idea from.

The main thrust of this report is that the banks are in better condition than is generally perceived. Firm says apparently, it has been misinterpreted to suggest that there are significant problems in the financial system. This is not firm's point at all. To reinforce this, firm produced 2 ratios which indicate the percentage of non-performing assets in the system compared to loans outstanding and capital defined as common equity plus reserves. These ratios indicate that the stress on the banking system at present is substantially less than it was in 1990. Additionally, information was produced to indicate that capital is rising in the banking system and that reserves have been increased in the past 2 years. Firm says no bank under their coverage is in this danger zone, although Washington Mutual (WM) is on the edge. Firm is definitely not suggesting that National City (NCC), or First Horizon (FHN), is in dangerous condition at the present time.

Confidential to Dick:

You're better than this. I know tensions are flaring but you need to stay strong. Stop responding to the misreading of anything you say, write, or do, no matter how batshit insane flipping out on Citi like the fifth cast member of Sex and The City, or nominating Phil Purcell for CEO of Wachovia, may seem to lucid-minded individuals. It's a slippery slope from releasing a statement clearing up what you intended to convey in an earlier report to responding to the misinterpretations of anonymous 'guests' on 2-bit blogs at three in the morning (if it's already come to that, I don't want to know).


Not Everyone Convinced Former Trader Meant "It Wasn't A Question Of If I Was Going To Kill You, Just Of When" In A Figurative Sense

A year or so a go, commodities trader Vincent McCrudden was arrested for some things he put on a company website and some emails he sent out. The former involved an "execution" list containing the names of a handful of financial regulators, which he asked readers to aid him in crossing off ("I need your help," he wrote. "There are just too many for me alone"). The latter included an email to a CFTC staffer that noted: “You fucking corrupt piece of shit! I have let so many of you fucking corrupt mother fuckers off the hook for doing this to my life. You my friend are not getting away with this. I am going to do this my way now and you, you corrupt mother fucking piece of shit are the first on my list! laugh mother fucker…I am going to make you a test case!” To that end, the chief operating officer of the NFA was told, “It wasn’t ever a question of ‘if’ I was going to kill you, it was just of when." Were these emails particularly colorful? Yes. Should anyone who received them (or had their name placed on The List) been actually worried about losing his/her life? McCrudden could see how maybe things might have been interpretted that way, but no. As he told a judge, “I wrote provocative language on my website that could have been perceived as threatening. I would never intentionally hurt or cause bodily harm to another human being." And yet, this is still happening: Vincent P. McCrudden, a former New York commodities trader, was sentenced to two years and four months in prison for threatening to kill federal financial regulators. McCrudden, 51, who pleaded guilty last year, was sentenced today by U.S. District Judge Denis R. Hurley in federal court in Central Islip, New York...McCrudden said he was being persecuted for fighting back against unfair regulatory actions that destroyed his career. In addition to trading commodities, he ran his own hedge funds...McCrudden’s legal and regulatory entanglements began in 2000, when he was criminally charged with masking shortfalls in statements to his hedge-fund investors. The government said he included in his results money he expected to get from a lawsuit after Sumitomo Corp. (8053) was accused of manipulating the copper market. Ex-Trader McCrudden Gets 28 Months in Prison for Threats [Bloomberg]