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Santander (SAN) CEO Alfredo will step down to be replaced by Javier Marin. The resignation...

Santander (SAN) CEO Alfredo will step down to be replaced by Javier Marin. The resignation follows a long protracted legal battle over whether the exec should be kicked out of banking due to a previous criminal conviction. SAN +1.5% premarket.
Comments (39)
  • Tufenk
    , contributor
    Comments (963) | Send Message
     
    $SAN 1st step to getting their house in order. Now they have to clean up their lending, or lack thereof, issues. Certainly would go a long way to helping to justify all the cheap money they are getting from the US Fed and FHLBB.
    29 Apr 2013, 09:20 AM Reply Like
  • VincentCh
    , contributor
    Comments (601) | Send Message
     
    @Tufenk

     

    Related to "Now they have to clean up their lending, or lack thereof, issues."
    It will be difficult to solve that issue...
    because you are inventing it.
    29 Apr 2013, 12:02 PM Reply Like
  • Tufenk
    , contributor
    Comments (963) | Send Message
     
    $SAN Just like I invented Saenz issue. You should be happy he left, the stock is looking better as a result. There are issues with lack of lending in US. Just google it. You wouldn't know since you are in Brazil.
    29 Apr 2013, 12:30 PM Reply Like
  • Tufenk
    , contributor
    Comments (963) | Send Message
     
    By Tommy Wilkes and Tracy Rucinski

     

    LONDON/MADRID, April 29 (Reuters) - The U.S. private equity giant Kohlberg Kravis Roberts has agreed to lend the Spanish construction materials firm Uralita 320 million euros after banks refused to loan it any more cash.
    $SAN
    29 Apr 2013, 01:53 PM Reply Like
  • VincentCh
    , contributor
    Comments (601) | Send Message
     
    @Tufenk

     

    You are inventing. Please challenge me by exposing the NUMBERS (not the fears, rumors, or indirect links)
    29 Apr 2013, 03:30 PM Reply Like
  • VincentCh
    , contributor
    Comments (601) | Send Message
     
    @Tufenk

     

    Could you please explain to me the link to SAN.
    Is it because Uralita is Spanish?
    29 Apr 2013, 03:32 PM Reply Like
  • VincentCh
    , contributor
    Comments (601) | Send Message
     
    @Tufenk

     

    Related to "$SAN Just like I invented Saenz issue. "

     

    There was no doubt that the 2009 Saenz conviction has finally forced him to step it down. (He gets €88mi as retirement money).
    That situation was a fact, not an issue, as SAN share behavior of today shows.

     

    Btw do you have any figure showing that SAN has a loan problem (I cite you " Now they have to clean up their lending, or lack thereof, issues"). Without numbers it is a rumor.

     

    Can you justify your claims? My guess is no!
    29 Apr 2013, 04:25 PM Reply Like
  • Tufenk
    , contributor
    Comments (963) | Send Message
     
    Call Reuters, Ask them why $SAN isn't lending. You are not a commercial borrower. I am in direct contact with Santander customers who explain their reluctance to lend. Please give me an example of a borrower who does not have access to Wall Street money who says that SAN has given them a loan commitment without putting up their deposits as collateral. Retirement is nice, that's not where we are.....
    29 Apr 2013, 07:40 PM Reply Like
  • VincentCh
    , contributor
    Comments (601) | Send Message
     
    @Tufenk

     

    As I told before, you are UNABLE to provide figures.
    The pathetic "Call Reuters" is to use authority argument to try to justify your wrong claims

     

    Related to "I am in direct contact with Santander customers"
    Are you working for a Santander competitor?
    30 Apr 2013, 05:32 AM Reply Like
  • Tufenk
    , contributor
    Comments (963) | Send Message
     
    I wish I was, but I do not have access to the Fed for 0% loans like they do.
    30 Apr 2013, 06:13 AM Reply Like
  • VincentCh
    , contributor
    Comments (601) | Send Message
     
    @tufenk

     

    So still no figure to document your claim
    "Now they have to clean up their lending, or lack thereof, issues."

     

    A false statement from you indeed.
    30 Apr 2013, 08:56 AM Reply Like
  • Debutant
    , contributor
    Comments (2320) | Send Message
     
    "US: Loans and deposits rose by 1%"

     

    (Source:1stQ-2013 Results published by Banco Santander on 25 April 2013)
    1 May 2013, 03:34 PM Reply Like
  • Debutant
    , contributor
    Comments (2320) | Send Message
     
    If SAN isn't lending as generously as the debt-ridden US clients want it to, then all I have to say is "Good for SAN". I am glad to hear that the bank I'm invested in isn't wasting its funds on US customers with low credit rating.
    1 May 2013, 03:34 PM Reply Like
  • Tufenk
    , contributor
    Comments (963) | Send Message
     
    Then don't take our deposits and FED money either. Get out of the US altogether.
    1 May 2013, 05:14 PM Reply Like
  • VincentCh
    , contributor
    Comments (601) | Send Message
     
    @Tufenk

     

    What a primitive reaction!

     

    SCUSA is an US bank that takes local deposits and other financing (including the capital that comes from Spain) to make loans in the US.

     

    Btw, did you find figures to justify your claim "Now they have to clean up their lending, or lack thereof, issues."

     

    I answer for you:
    Indeed SCUSA is lending to US people. I finally understood that I have to look at the assets side, and indeed there there are mortages, consumer loans,... Sorry for having done that false statement.
    1 May 2013, 07:15 PM Reply Like
  • VincentCh
    , contributor
    Comments (601) | Send Message
     
    @Tufenk

     

    Your reaction

     

    "Then don't take our deposits and FED money either. Get out of the US altogether"

     

    is so primitive that I suppose you have a personal reason to be that way.
    I will love to know it, but probably you will not agree to share that information.

     

    At the basis what I still want to hear from you is: What are the figures that make you say
    "Now they have to clean up their lending, or lack thereof, issues."

     

    Do you want some help related to identifying the relevant figures?
    1 May 2013, 07:45 PM Reply Like
  • Debutant
    , contributor
    Comments (2320) | Send Message
     
    "Our deposits"? "Our money"? "Get out of the USA"?

     

    My my! Tufenk is showing his true colors! Is this an investment forum or a nationalistic platform where an anonymous author voices his anti-foreigner sentiment?

     

    What's next? The Iraqis, Afghans, Japanese, etc. using this investment forum to ask the US presence to be discontinued on their territory?
    2 May 2013, 10:47 PM Reply Like
  • Tufenk
    , contributor
    Comments (963) | Send Message
     
    You know Vincent what you ask is the task of a governmental agency. Those numbers don't exist publicly, and if they did, you would recite them to me. Stop being a baby and just enjoy your yield until it goes away, and I admit they may never go away. Please thank those who made Saenz resign. It was long overdue. Good luck to you in Brazil. regards Tufenk
    1 May 2013, 07:36 PM Reply Like
  • VincentCh
    , contributor
    Comments (601) | Send Message
     
    @Tufenk

     

    Did you ever hear about financial statements, especially the balance sheet part? There you will find the loans by categories.

     

    So now what on the SCUSA balance sheet make you say
    "Now they have to clean up their lending, or lack thereof, issues."
    2 May 2013, 09:38 AM Reply Like
  • Tufenk
    , contributor
    Comments (963) | Send Message
     
    Every time I point out my point to you on their SEC filings which includes their financial statements, you say they are too long. Let's cut the discussion off. You are retired, and like the yield they are paying you and I can't blame you for that. I don't understand why the US Fed is subsidizing the yield with zero % loans to a Spanish bank.
    3 May 2013, 06:09 AM Reply Like
  • Debutant
    , contributor
    Comments (2320) | Send Message
     
    "I don't understand why the US Fed is subsidizing the yield with zero % loans to a Spanish bank".

     

    Only the US Fed can answer your question. Have you tried asking them?

     

    Meanwhile, just like VincentCh, I, too, am retired (since the age of 52. Why? Because I could/ I can) and am enjoying the fat dividend yield by SAN, among many others in my portfolio. Life is good!
    3 May 2013, 05:32 PM Reply Like
  • VincentCh
    , contributor
    Comments (601) | Send Message
     
    @Tufenk

     

    Let's close this discussion by providing FIGURES that show how FALSE your statement is
    "Now they have to clean up their lending, or lack thereof, issues."
    and how SENSELESS the next one is
    "Those numbers don't exist publicly"

     

    The numbers come from SEC filings as here:
    http://bit.ly/10686HV

     

    Assets:
    Investments: $19.3bi
    Total loans: $51.4bi (include $11.5bi mortage)
    Other assets: $12.1bi

     

    Liabilities:
    Interest bearing deposits: $41.4bi
    Borrowed funds: $18.4bi (include FHBL, and SEC funds)
    Other liabilities $10.1bi (include non interest bearing deposits)
    Equity: $13.1bi
    6 May 2013, 08:00 AM Reply Like
  • Tufenk
    , contributor
    Comments (963) | Send Message
     
    Vincent , you really don't like the SEC site do you? Your balance sheet above leaves out the detail on the coomercial loans of $24 billion, most of which are in their global portfolio outside the US. Thats what I mean, they dont lend the US money to small-mid size businesses here which is causing the ecenomy here to languish. Take a look at the parent company response to SEC questions which took a very long time for Santander to respond. I think you should familiarize yourself with the SEC filings. Good Luck to you and enjoy retirement. regards

     

    http://1.usa.gov/15kpIEJ
    6 May 2013, 10:39 AM Reply Like
  • Debutant
    , contributor
    Comments (2320) | Send Message
     
    "...they dont lend the US money to small-mid size businesses here which is causing the ecenomy here to languish"

     

    I do not understand what Vincent and I, 2 retirees who enjoy collecting their generous SAN dividends (in cash or in tax-free shares) in their respective locations outside the USA, are supposed to do to save the small-mid size US businesses. After all, we are shareholders in SAN, not in small-mid size US businesses.
    6 May 2013, 02:25 PM Reply Like
  • Tufenk
    , contributor
    Comments (963) | Send Message
     
    I think you hit the nail on the head. You see there are differing interests in an international bank, whats good for you isn't good for others and thats why the too big to fail mega banks are not in the best interest for all the diverse groups they cover. There is a duty for each bank that operates in local territory to lend back to that community. This commitment and also one know as the CRA (community reinvestment act) are being hurt by the other interests in a bank such as SAN. I think the FED is starting to see this problem and thats why they are looking to start breaking these large banks up.
    6 May 2013, 02:40 PM Reply Like
  • VincentCh
    , contributor
    Comments (601) | Send Message
     
    @Tufenk

     

    Related to
    "detail on the coomercial loans of $24 billion, most of which are in their global portfolio outside the US"

     

    Once again you provide FALSE information

     

    Page 64 of their 10-K filing tells what are the commercial loans
    "Commercial Loans

     

    Commercial loans principally represent commercial real estate loans (including multi-family loans), loans to commercial and industrial customers, and automotive dealer floor plan loans. Credit risk associated with commercial loans is primarily influenced by prevailing and expected economic conditions and the level of underwriting risk SHUSA is willing to assume. To manage credit risk when extending commercial credit, the Bank focuses on assessing the borrower’s capacity and willingness to repay and obtaining sufficient collateral. Commercial and industrial loans are generally secured by the borrower’s assets and by personal guarantees. Commercial real estate loans are originated primarily within the Mid-Atlantic, New York, and New England market areas and are secured by real estate at specified loan-to-values and often by a guarantee of the borrower."
    6 May 2013, 03:13 PM Reply Like
  • VincentCh
    , contributor
    Comments (601) | Send Message
     
    @Tufenk

     

    Related to " I think the FED is starting to see this problem and thats why they are looking to start breaking these large banks up."

     

    Fantasms of a shorter...
    6 May 2013, 03:18 PM Reply Like
  • Tufenk
    , contributor
    Comments (963) | Send Message
     
    I never shorted this name, never. BTW, break-up would create value, not lose it. You don't understand stocks. Those loans that you refer to are old loans that they inherited from Sovereign. They do not make new commercial loans unless they go Global.
    6 May 2013, 03:47 PM Reply Like
  • VincentCh
    , contributor
    Comments (601) | Send Message
     
    @TRufenk

     

    Related to "break-up would create value"
    I nearly thought you finally succeeded saying something correct or sensible about Santander.
    It is not.
    Think about it: The company went through a bad crisis without state aid, fire sales or external capital increase at a discount.
    Light up your mind and try to figure out why?

     

    Related to "They do not make new commercial loans unless they go Global."
    This is not only a false statement: It is a LIE.
    6 May 2013, 07:39 PM Reply Like
  • VincentCh
    , contributor
    Comments (601) | Send Message
     
    @Tufenk

     

    Let's summarize this discussion:

     

    1. You stated the false statement
    "Now they have to clean up their lending, or lack thereof, issues"

     

    2. When asked to provide figures to support that statement, you outed another false statement saying
    "Those numbers don't exist publicly"

     

    3. When told the SHUSA financial statements do provide the figures you went to yet another false statement saying that most of the loans in one 24bi line are foreign.
    I answered you with a description of that line that clearly shows that these loans are not foreign. Unanswered.

     

    4. I consider the following statement you made not only false but also intentionally false
    "Those loans that you refer to are old loans that they inherited from Sovereign. They do not make new commercial loans unless they go Global."
    The intention is difficult to prove, but the statement is so brainless that the alternative to "intentionally false" are worst

     

    Conclusion:
    - Please try to say something interesting, or correct, or challenging
    - There are so many possible rational criticisms of Santander that I do not understand why you are limiting yourself to false statements or lies.
    6 May 2013, 07:54 PM Reply Like
  • VincentCh
    , contributor
    Comments (601) | Send Message
     
    @Tufenk

     

    I want to add the following (probably intermediate) conclusion.

     

    -This conversation is interesting for me. I consider it as a free showcase of the level of honesty that can be found in the financial advisory world, where you belong.

     

    Anyway tomorrow I will try to finalize the plans of the swimming pool I will build (the initial work already started).

     

    But really I did learn things in these discussions and that is why I found it interesting (of course not because of the contents), ty about that
    6 May 2013, 08:23 PM Reply Like
  • VincentCh
    , contributor
    Comments (601) | Send Message
     
    @Tufenk

     

    Related to what I said
    "There are so many possible rational criticisms of Santander that I do not understand why you are limiting yourself to false statements or lies."

     

    I think I understand: you don't have the knowledge, time or intellectual discipline to do something else.
    6 May 2013, 08:44 PM Reply Like
  • Tufenk
    , contributor
    Comments (963) | Send Message
     
    Ignorance is bliss
    Maybe it's mine
    Maybe it's his
    One day we'll know
    It is what it is
    6 May 2013, 09:25 PM Reply Like
  • VincentCh
    , contributor
    Comments (601) | Send Message
     
    Last comment was deleted by moderation.
    Contents was true and fair.
    I don't want to play that stupid game anymore.

     

    Asked to delete my account but no success so far.
    Please, simply delete my account
    8 May 2013, 07:53 PM Reply Like
  • Tufenk
    , contributor
    Comments (963) | Send Message
     
    Vincent, if you really want some yield, why not buy the $NIHD notes at 11.375%. Nextel Brazil would benefit. Don't delete your account. That would signal weakness.
    9 May 2013, 02:12 PM Reply Like
  • Debutant
    , contributor
    Comments (2320) | Send Message
     
    "Don't delete your account. That would signal weakness".

     

    Or, maybe it would signal disgust that's felt over Seeking Alpha's bias and double standards in editing.

     

    One day we'll know
    It is what it is
    9 May 2013, 04:58 PM Reply Like
  • VincentCh
    , contributor
    Comments (601) | Send Message
     
    Yeap, it is disgust
    9 May 2013, 05:27 PM Reply Like
  • VincentCh
    , contributor
    Comments (601) | Send Message
     
    But the only thing I care about is the money I have in shares including SAN.

     

    For that objective information is key.

     

    And after one year of activity here in SA, my conclusion is that direct information from the companies, and local news (say Spain, UK, or Brazil for Santander) are way better that any anglo-saxon sources including SA

     

    However I did learn a lot about the companies I am interested in, refuting arguments in SA and not the other way. That process is finished for me.

     

    Simply not worth the effort to fight the unfair. Better to let them play between themselves.
    9 May 2013, 05:52 PM Reply Like
  • Tufenk
    , contributor
    Comments (963) | Send Message
     
    @ Vincent re "However I did learn a lot about the companies I am interested in, refuting arguments in SA and not the other way. That process is finished for me."
    I know you are retired, but your mind is engaged, my advice is not to quit, but to stay sharp, your comments should be smart but not disparaging. Please don't leave, your mind is good, best CJ
    9 May 2013, 08:35 PM Reply Like
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