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  • More on BofA being sued by the U.S. [View news story]
    Looks like a shakeout was attempted and failed. A case for 70 Million. Seriously!!
    Aug 6, 2013. 10:14 PM | Likes Like |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    Your implied argument that "bailout Detroit because financial firms were bailed out" is not really feasible. A bailout of Detroit will open the floodgates. IL and CA will come rushing in. The federal govt has a printing press but that press will collapse under the weight of supporting pension promises made all over the country.
    Jul 24, 2013. 02:59 PM | 1 Like Like |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    Agree that Wall St bonuses are excessive and Fed manipulation of rates has helped the stock market. How does that negate the pension excess that is true at many states? What about the non-Wall St, non public sector part of the population(this is probably > 80% of the population) that is mad at both wrongs.
    Jul 24, 2013. 02:56 PM | 1 Like Like |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    Detroit, Stockton and San Bernardino are going to demonstrate how blood can be squeezed from a turnip. Or how parasites can still thrive on a near dead host organism :)
    Jul 24, 2013. 08:01 AM | 8 Likes Like |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    The parallel universe aka California also guarantees pensions.
    Jul 24, 2013. 07:58 AM | 9 Likes Like |Link to Comment
  • Bank of America (BAC) has rejected a request from AIG to reopen negotiations over the $8.5B MBS settlement after the judge overseeing the Article 77 hearing suggested mediation rather than waiting for her to rule. The actions suggest BofA is feeling confident the judge will approve the deal, and AIG may have waited a couple of years too long before trying to work out a better arrangement. The hearing resumes July 8. [View news story]
    Dude, the BK talk is for the Countrywide subsidiary and not BAC as a whole. AND YES, BAC can put a subsidiary in BK and have explicitly threatened to do so.
    Jun 27, 2013. 11:00 PM | 3 Likes Like |Link to Comment
  • Aetna (AET) informs California's insurance regulator that as of the end of 2013 the company will no longer offer individual health policies in the state. AET will still cover employers and Medicare beneficiaries and says only 49K out of 1.5M policyholders in California will be affected. [View news story]
    Expect CA to introduce legislation to force AET to participate. Hey this is CA, anything is possible.
    Jun 16, 2013. 12:53 PM | 1 Like Like |Link to Comment
  • Buy the (big) dip in the mREITs, say both KBW and RBC Capital. "We think the bond market has over-reacted and mREITs have over-reacted to that over-reaction," says KBW (presumably Bose George). Stocks to buy if the Fed cuts back earlier-than-expected: CMO, HTS, MFA, ANH, DX. Stocks if the Fed continues with the status quo: AGNC, NLY, WMC. RBC favors NLY, MFA, and HTS, but warns AGNC's higher leverage magnifies losses as well as gains. The sector (MORT +1.1%) is continuing with yesterday afternoon's bounce. [View news story]
    Good one. I would buy it too.
    May 30, 2013. 03:30 PM | Likes Like |Link to Comment
  • There is growing evidence Bank of America (BAC), JPMorgan (JPM), Citigroup (C), and Ally Financial violated the terms of the mortgage servicing abuse settlement, according to NY AG Schneiderman. In a letter to the settlement monitor (obtained by Reuters), Schneirderman says other states "have identified similar recurring deficiencies." The AG considers the letter to have started the clock on a "waiting period" necessary before a lawsuit may be filed. [View news story]
    The NY AG is a rather special form of low life. These lawsuits and that particular office is a stepping stone towards higher office. Hell even Biden Jr from nowhere Delaware is trying to get into the act.
    May 24, 2013. 07:11 PM | 2 Likes Like |Link to Comment
  • Enterprise Products: With 35 Consecutive Distribution Quarters It's Solid And Sound [View article]
    Sometimes common knowledge is not so common. Nick Chiu presents his articles very well. Extremely useful presentation and compilation of information for folks(such as myself) looking for a quick skinny on a stock.
    Apr 22, 2013. 12:55 PM | 5 Likes Like |Link to Comment
  • Large depositors at Bank of Cyprus - the island's biggest - could lose up to 40% of their deposits, according to the country's central bank chief, while those at Popular Bank (#2 in size) might lose 80%. The government meanwhile preps capital controls to contain what would otherwise be a flood of money exiting the country when the banks reopen. [View news story]
    From 20 to 80 in about a week. Tracking to 100, buzz off by tomorrow.
    Mar 27, 2013. 09:07 AM | 1 Like Like |Link to Comment
  • More on Microsoft: The WSJ reports the DOJ and SEC are examining allegations from a former Chinese Microsoft rep that he/she was told by a local Microsoft exec to "offer kickbacks to Chinese officials in return for signing off on software contracts." Also being reviewed are allegations resellers offered bribes to score software deals with Romania's communications ministry, and that Italian consultants lavished gifts and trips on procurement officials to win government deals. The probe is said to be in the preliminary stage. [View news story]
    Bribes are the ONLY way to do business in many parts of the world. The US is delusional if it thinks otherwise. Other than delusion there is also plain hypocrisy here. Lobbying=bribing, giving an activity a fancy name does not change the underlying dirtiness of the activity. Changing the name of Kentucky Fried Chicken to KFC does not convert it to a health food!
    Mar 19, 2013. 08:19 PM | 4 Likes Like |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    Good observation. Cyprus and Europe really need to employ our guys as consultants.
    Mar 18, 2013. 09:08 AM | 4 Likes Like |Link to Comment
  • "A retailer (Amazon), an entertainment company (Netflix), an advertiser (Google), a résumé site (LinkedIn), and an address book (Facebook) have ended up shaping the future of [tech] infrastructure," writes a bemused Ashlee Vance. Unsatisfied with the solutions offered by the likes of IBM, HPQ, EMC, NTAP, and ORCL, Web giants have used home-grown hardware and open-source software projects to fulfill their needs. Their ideas and technology are already upending the server industry ... and their impact stands to grow as more companies buy in[View news story]
    This is not going to results in IBM, etc going out of business. More than availability, the issue is likely cost. These firms are large enough to create their hardware/software solutions and absorb the fixed costs that come with it. The majority of firms consuming services, products from IBM, Oracle, HP etc either don't have the desire or the capacity to become tech shops as opposed to being tech consumers.
    Mar 16, 2013. 09:08 PM | 1 Like Like |Link to Comment
  • Apple Is Worth $265 [View article]
    I'm not an AAPL bull by any stretch of imagination but this article has many holes. Acquisitions? 1% growth? Come on, if you are going to pan AAPL at least build a solid case as opposed to following a strategy of throwing things at the wall and seeing what sticks.
    Mar 6, 2013. 04:47 PM | 11 Likes Like |Link to Comment