Sticks

The Thornburg Meltdown: Resolution Trust Corp. Redux?

Yes, its time for an RTC type action (or literally revive the old RTC) and waiting until this summer will not be a smart move. The Bush Administration has its best success when it goes all in; rather than a sorry history of "limited force".

Banks Don't Need Goodwill

Vernon Hill continues to make smart commentary regarding the banking sector. A bank's "goodwill" analysis would be greatly enhanced by full transparency from all the banks as to how they and their board's justify any of the "goodwill" on their books. Perhaps a separate quarterly commentary that articulates to the shareholders a banks skill (or lack thereof) in valueing their bank's goodwill assets.

Countrywide Financial Hasn't Failed - To Disappoint

Whenever thinking about Countrywide(CFC)...ple... note that in Spring 2007 (yes just this year) it became a Federal Saving Bank (FSB) with FDIC Insurance for the depositors. Shareholder equity is subject to protecting depositors and not just the broader CFC assets. Therefore, who really owns CFC...shareholders or the Fed's? BK is not the only way the CFC shareholders could lose ALL their equity! Too BIG to fail...but not to BIG to be taken over!

Is Countrywide Financial the Next Enron?

Angelo has trapped the FDIC (US Taxpayer) and B of A into his scheme. He has NO capital and is using the teller window with FDIC insurance to fund his game and perhaps his personal CFC stock selling? Enron is tiny compared to the master swindler of all time, Angelo. Just wait for the Senate hearings on this one!