Did you happen to notice that today’s triple digit rally happened without the banks? JPMorgan cut estimates on its peers in financialville and no one seemed to care. Here’s what some of the Money Center banks did on the day: Laggards in Price Performance (Intraday) SUNTRUST BANKS [sti] -1.82% T C F FINANCIAL CORP [tcb]…
Banks
Heartbreak Hotel Delinquencies Up Fivefold
They put up more boutique/ trendy hotels in NYC over the last 4 years than I could possibly name here. I never could figure out who the hell they expected to occupy all of these rooms. The Europeans certainly took advantage of the exchange rate in ’07 and ’08 but once the credit crisis hit,…
The Reformed Broker for Bank of America CEO
After much soul searching and consumption of Skittles over the weekend, I’ve decided to formally throw my hat in the ring for the position of Bank of America CEO. Frankly, folks, this is the easiest job in finance right now – akin to taking over an NFL franchise the year after it goes 0 and…
Hot Links: Dobbs, Rogers, Dimon & The Cloud
Stuff I’m Reading this Morning… Post of the Day: Is everyone investing by the seat of their pants? (AbnormalReturns) JPMorgan’s Dimon is “helping shape” what the new bank regulation will look like. (Forbes) Unfortunately for Dimon, the big banks are probably f@cked if Rep Kanjorski has his way. (Bloomberg) Paul Krugman bashes Fox Business. Can’t…
Your Tax Dollars at Work: Dodd's 1100 Page Financial Reform Bill
A BILL To identify and address risks to the stability of the United States financial system through the establishment of the Agency for Financial Stability, to ensure the orderly resolution of failing complex financial institutions in order to minimize economic turmoil and protect the interest of taxpayers, to provide for effective bank supervision through…
Hot Links: Super-Regulators & The Simpsons
Stuff I’m Reading this Morning… Stocks fall ahead of Bank of England, EU rate decisions. (Bloomberg) European banks join the Robber Baron train, remember how to make money again. (NYT) My fave post of the day: The inside scoop on the guys who got it right. (DailyIntel) Not just the dollar, gold prices are surging…
Goldman Sachs is the Yankees, Citigroup is the Mets
There’s a delicious irony about New York baseball and New York banks that I think is worth discussing in light of the imminent Yankees World Series victory. As baseball fans throughout the nation piss and moan about the fact that the Yankees have the wealth of NY to draw upon when pricing tickets, broadcast rates and payroll…
Bank Hell: Now Serving Number 106
Here’s a stat that doesn’t get a ton of attention but continues to increase… From the AFP: WASHINGTON — The number of failed regional US banks exceeded 100, after authorities announced the collapse of seven more financial institutions around the country. A total of 106 regional banks failed in the United States this year, a…
Winners and Sinners: Synovus Financial (SNV)
Synovus Financial (SNV) looks like it was hit by a bus today, down 21% from last night’s close as of this posting on a worse than expected earnings report. What’s notable about this Georgia-based bank is that in a rush to get long some banks this summer and fall, SNV was mentioned favorably by way too…
Hot Links: The Egg Monster
Stuff I’m Reading this Morning… BIG STORY: JPMorgan crushes their earnings by 31 cents. Look out! (Bloomberg) A philosophical take on whether or not banks are good for society. (NakedCapitalism) Vanguard did a study on how much bond funds could drop when interest rates get raised, the losses could be gigantic. (SeekingAlpha) Which Wall Street…
