I’ll start off here with a caveat…I know that Chuck Schumer is pushing this bill because of the populist impression it gives, keeping in mind that some of his biggest fundraisers over the years have been pro-corporate entrenchment and traditional Wall Street interests. I also know that this is the type of after-the-fall legislation that…
Citigroup
Market Recap: Today was a Brick
[youtube=http://www.youtube.com/watch?v=KakinPNRiDc] The Reformed Broker, AKA Brian Fantana, here with today’s Market Recap… The Dow lost around 130 points, but surprisingly, Bank of America (BAC), Citi (C) and the other big banks were flattish all day. Here’s where the carnage was: Laggards in Price Performance (Intraday) Office Supplies -6.40% Internet Service Providers -6.30% Resorts & Casinos…
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…
Hot Links: Charlie, AOL, J Crew, MLB, Schumer & Biden
Hot Links for Weekend Reading Let’s start off with The Daily Beast’s Charlie Gasparino‘s take on the BofA/ Ken Lewis/ John Thain showdown. Thain went off on his former boss but Charlie stayed neutral: “Watching these guys go at it is kind of like watching old World War II footage of battles between Germans and…
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…
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…
Market Recap: Stocks Go Their "Separate Ways"
[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…
Goldman & Citi: The Pot and The Kettle
So Goldman Sachs (GS) doesn’t like how Citigroup (C) made it’s numbers last week. Well neither do the rest of us, but we also don’t like how Goldman made their own numbers! From Bloomberg: While Citigroup posted first-quarter net income of $1.6 billion last week, the New York-based bank suffered an “underlying” loss of 38 cents a…
TGIF Market Recap: 6th Straight Winning Week, Now Its On!
The Reformed Broker, AKA Sir Ticks-a-Lot, here with today’s Market Recap… OK, listen up! I want to see all the sectors who went up this week take one step forward…Not so fast Metals and Miners! The 2:30 Look: Worst Performing Industries % Change Silver -4.67% Gold -3.47% Jigginess is in the air this Spring, whether…
Citigroup's Greatest, Bestest, Most Wonderfullest Quarter Ever (since 2007)
Oh, Vikram. Can it be true? Are you really rolling and pushing the bloated, rotting whale corpse that is Citigroup slowly back into the ocean and thus, back to life? From the New York Times: Citigroup reported first-quarter net income of $1.6 billion, after posting a loss of $5.11 billion in the period a year…
