[youtube=http://www.youtube.com/watch?v=lUYe0XLe4o8&feature=PlayList&p=F5713BA3870442B9&index=0&playnext=1] Stocks and investors went their “Separate Ways” today, so I thought it appropriate to pass along this video of the band Recess doing a cover of Journey‘s hit by that name. The singer is 9 years old, guys. Today, the 6 week stock market rally stalled as investors digested the earnings from Bank of…
Bank of America
Market Recap: Bank Shorts Were Lunch Meat Today
[youtube=http://www.youtube.com/watch?v=mGMT99i00M4] The Reformed Broker, AKA Jackie Treehorn, here with today’s Market Recap… Plenty of traders put on bank stock shorts on the heels of last week’s positive pre-announcement from Wells Fargo (WFC). They didn’t like how the numbers were put together or thought the move was too much or both. Their money was confiscated today as…
Cuomo to Thain: I Know What You Did Last Christmas
Aww Yeah! Forget about that Jon Stewart vs. James Cramer noise…who cares? The real action is taking place in the New York State Attorney General’s Circle of Death between Andrew Cuomo aka Spitzer 2.0 and Merrill Lynch aka the Hamburglar of Wall Street. From DealBook (NYT) The office of Attorney General Andrew M. Cuomo filed…
Ken Lewis: Even More Myths About Banks
Kenny Lewis, Chief Executive Undertaker at Bank of America, took the opportunity to write an op-ed piece in today’s WSJ. Some of the bank myths he aimed to dispel: The banks aren’t lending, The banks are insolvent, The Troubled Asset Relief Program (TARP) hasn’t worked, Taxpayers have given the banks billions and won’t get…
Corporate Sponsors for the New Yankee Stadium?
Bank of America finally displayed an ounce of remorse when they recently decided to back away from buying the naming rights to the new Yankee Stadium (unlike the rogue bank that will go forward with the sponsorship of Citi Field). Taking a glance at the condition of many Fortune 500 companies, you’ll see that there aren’t many companies…
"But We Can't Afford to Lose the Talent" and Other Bullsh*t
Attention Wall Street Banks: YOUR EMPLOYEES AREN’T GOING ANYWHERE. THERE IS NOWHERE FOR THEM TO GO. PRIVATE EQUITY FIRMS ARE SCREWED, REAL ESTATE FIRMS ARE DEAD ALSO…AS ARE MOST HEDGE FUNDS. STOP THE BONUSES, YOUR PEOPLE ARE STUCK WITH YOU ANYWAY. _____________________________________________________________________________ As B of A/ Merrill‘s Ken Lewis and John Thain continue to play…
I Predict a Reverse Stock Split Explosion
I’m calling it here and now: 2009 will witness a record-setting explosion in reverse stock splits, on both the New York Stock Exchange and the NASDAQ. According to Marketwatch.com, more than half of the Wilshire 5000 index is currently trading under $5 per share. That’s pretty sick when you think about it. The Wilshire 5000…
Will Visa Replace Citi in the Dow Jones?
I did a piece recently, New Candidates for the Dow Jones, and since then, things have gotten even worse for Bank of America (BAC), Citigroup (C) and a handful of other DJIA names. While the Index Editor who oversees the Dow, John Prestbo, has gone on record saying there won’t be any changes right now,…
New Dow Jones Industrial Average Candidates?
As of this writing, there are 4 stocks in the Dow Jones Industrial Average that are trading under $10 per share (and several others that are close): Citigroup (C) Bank of America (BAC) General Motors (GM) Alcoa (AA) According to Jim Bianco of Bianco Research: “Dow Jones, the keeper of the DJIA, has an unwritten…
Pigs at the Trough: Wall Street Takes a Bonus Anyway
In late December, ex-CEO John Thain snuck in $15 billion worth of Merrill Lynch bonus payments to executives and employees a month earlier than usual. He did this while his merger partner to-be Bank of America was in Washington telling officials that a $20 billion rescue package was essential for survival. The fact that anyone…
