Reuters just reported: 1869 RAS 08:12 WELLS FARGO & CO ISSUE TO RAISE $7.5 BLN- SOURCE =A3 1868 RAS 08:10 WELLS FARGO & CO TO SELL 341 MLN SHARES- SOURCE =A2 1867 RAS 08:10 WELLS FARGO & CO WFC PRICES STOCK ISSUE AT $22 PER SHARE Where did we hear that first? Oh, yeah…Doug Kass’s…
Banks
Market Recap: Stressin' the Test
[youtube=http://www.youtube.com/watch?v=W6CfC3Iax-Q] The Reformed Broker, AKA Daniel Faraday, here with today’s Market Recap… You knew we were due. The market was exhausted and needed a break. Now the big question is whether or not that was the end of a massive bear market rally, or just the beginning of something else. I’m undecided, but I’ll work…
This is the Remix: TRB vs. Geithner
Treasury Secretary Timothy Geithner wrote an op-ed in the NYT today outlining how the stress tests on 19 of the largest US banks were conducted. This is the remix… THIS afternoon, Treasury, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Federal Reserve and the butcher, the baker and…
Market Recap: The Banks!!!
[youtube=http://www.youtube.com/watch?v=5Mum6ggkBJs&feature=related] The Reformed Broker, AKA Nouriel Houdini, here with today’s Market Recap… The news hit this morning that Bank of America (BAC) needs another $35 billion to remain solvent…so how did the market react? We took the money center banks through the f@ckin’ roof! Here’s the 3 o’clock look at the sector: Industry Top Performers…
Dulling the Impact of the Stress Tests
an·ti·cli·max: Something trivial or commonplace that concludes a series of significant events This is not a discussion of whether or not the upcoming 19-bank stress test results are important or whether or not they should have been conducted in the first place. Instead, the subject I’ll pontificate on here is the masterful dissemination of the potentially disruptive…
Morning Headlines: Swine Flu and Stress Tests
I guess there are two big stories competing for everyone’s attention this morning, neither of them positive… First up, it seems that the first confirmed Swine Flu death in the US was reported from Texas. From the New York Times: A 23-month-old child in Texas has died of the swine flu, marking the first confirmed…
Stress Test: Throw Another Trillion Into The Woodchipper
Waiting with baited breath for the results of the US Government’s 19 bank stress tests? Here’s an appetizer from the folks over at Keefe Bruyette & Woods, who’ve conducted their own stress test: From Bloomberg: U.S. banks may need another $1 trillion in capital to cushion against losses as unemployment rises and borrowers fall behind…
CEO Dead Pool: Pandit Vs Lewis
CEO Vikram Pandit Kenneth Lewis Company Going Against Him Slow to cut costs, snowballing losses, spins all results positively, voracious consumer of taxpayer funds Bad acquisition of Countrywide, worse deal for Merrill, bonus scandal, gorged on i-bankers at peak of market Going For Him Engineering background, Suaveness. Southern…
BONY Mellon Spits the Bit
From Reuters: Bank of New York Mellon Corp (BK) lowered its dividend 63 percent to build capital, after a decline in fees resulting from falling equity markets caused first-quarter profit to decline more than expected. Net income attributable to common shareholders declined 57 percent to $322 million, or 28 cents per share, from $746 million,…
Stress Test: Capitalism Without Competition?
We’ve removed competition from just about every facet of American life for our children: No dodgeball or football in elementary school for fear of the more aggressive kids dominating the meeker kids Everyone who shows up to a spelling bee or a sporting event gets a ‘participant” award, just for having a pulse There is…
