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    • Doo-Doo Bank Drill Down, Part 3: Sun Trust Bank [view article]
      yes just covered my short in STI. you should at least reference the KO stock on their balance that they said they would realize $1 billion of new tangible equity from this quarter. the management promised this in last conference call, i will wait for that announcement to re-short or if the stock hits $55 again. their HELOC portfolio is what i would call the biggest risk in their loan portfolio, about $15 billion and about 10% will need to be written off in next annual report. Jun 05 08:40 PM
    • These 32 Commercial Banks and Thrifts May See the Dung Hit the Fan [view article]
      agree--the home equity crisis is a ticking time bomb. now take your list and cull it for banks that have already taken the hit, raised additional equity and moved on, then adjust the remainder for banks "hidden assets" like the KO stock on STI's balance sheet that will add $1 billion of equity this quarter and then cull out the banks operating in geographies that have not been hard hit. You will get banks like CMA, BBT, and SNV. Still trading above book and still under reserved. Then its a race--will they have to write down before the recession turns. If the recession lasts through the year and they have to do year end house cleaning (again) then they will trade down 20% to 30% from here. If not, then you are stuck with watching them trade between their 50 day MA and their 200 day MA for the next 2 quarters. May 23 12:12 PM
    • What To Look For In a Regional Bank Stock [view article]
      SNV has very high exposure to construction loans in southeast. under reserved to boot. May 22 04:16 PM
    • Raw Data Report: Fast Food Restaurants [view article]
      interesting info about NATH. stock is currently uner $14/share with about $6/share in net cash. seems like good value for the money. May 22 03:58 PM
    • Real Estate and Financials: Sell the Rally [view article]
      how about banks like SNV and BBT that have huge exposure to construction financing? how about bank like STI with $15 billion in home equity loans out of $122 billion in total loans, almost all in GA and FL the hardest hit markets outside of CA and NV? all have traded back up? May be another leg down once the earning season has ended and analysts realize that Visa profits and selling other assets are short term solutions in a longer winding recession. Apr 30 01:09 PM
    • CoSineTrading at Cash; $20/Share of NOLs [view article]
      Steel Partners owns over 10% of Nathan's hot dogs, NATH, which has $33 million of net cash on its balance sheet and trades at $85 million market cap. The hot dog business yields about $6 to $7 million in free cash flow annually after deducting capex but adding back the top two exec salaries. Apr 29 05:57 PM
    • The Worst Is Behind Us (unless massive bank failure is considered a bad thing) [view article]
      From STI conference call: "We are not enthusiastically optimistic about what’s going to go on in the home equity market. We think its going to be a pretty long haul over the next year to really if we move through the HELOC specifically. Our home equity loan portfolio is older and more mature and performing really well. It really is the brokered loans where we are really having the majority of our problems. That a little over $1.8 billion, as you look at that portfolio its going to continue to cause problems over the next two or three quarters." Apr 22 07:07 PM
    • Regional Bank Failures: The Next Shoe to Drop [view article]
      banks are good banks are bad. except for the list by DSX lover no one is picking stocks to buy or short. and DSX, by the way, your "analysis" of the banks is so top level as to be misinformed--e.g. STI has $17+ billion of construction, land A&D loans and $14+ billion of HELOCs on their balance--all in FL and GA and out of $122 billion portfolio. Oh yeah, and $8 billion of car loans from third parties. So 1/3 of all all assets are in crap categories--before even getting to residential mortgage or Alt A or credit default swaps. Are you long or short that stock? This is drivel, and the original column entry makes me want to vomit. I CAN'T BELIEVE I WASTED MY TIME ON THIS. Very annoying. Apr 13 08:21 PM
    • Lehman: ‘Creative’ Financing Rides Again [view article]
      giving an investment banker access to the Fed window is like giving a crackhead access to a cocaine mine. Apr 13 08:11 PM
    • Jim Rogers' Picks and Pans - Barron's Interview [view article]
      there are two china closed end funds trading a significant discount to net asset value. CAF which is pure China and TDF which is the Templeton Dragon Fund. Apr 13 11:01 AM
    • Smelling a Short-Squeeze in Lehman [view article]
      it's what they teach in business school all the days--i rounded some of the numbers--and it's called "riskless arbitrage". the wall street journal article today that details how LEH is putting bad loans to the Fed (i.e. US Taxpayer) is another example of arbitrage. Bet the quant that figured that one out will get big cash bonus. Rest of us get el shafto taxero. Apr 11 06:08 AM
    • Smelling a Short-Squeeze in Lehman [view article]
      didn't LEH just sell $5 billion of 7.25% preferred converitbele into $50 stock non callable for 5 years? Let's see--7.25 * 5 = 36.25 simple %. $50 - (36.25 * 50) = $42. So short LEH to $42, long the preferred, you're hedged to $42, let the upside run. Unless LEH goes bankrupt which is impossible since they have access to Fed window but no minimum capital rules. Thanks Ben Bernanke! And don't you fret none about the poor folks, they can manage to buy $5/gallon gasoline to get to the supermarket to buy $4/loaf wonder bread. Apr 10 11:48 AM
    • 6 Questions on the Relationship Between Investment Banks and the Fed [view article]
      Last 2 Fed Reserve CMBS for Treasuries indicate rising demand to dump paper for cash--at higher interest rates

      Release Date: April 8, 2008
      For release at 10:00 a.m. EDT

      On April 7, 2008, the Federal Reserve conducted an auction of $50 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction:

      Stop-out rate: 2.820 percent

      Total propositions submitted: $91.569 billion
      Total propositions accepted: $50.000 billion
      Bid/cover ratio: 1.83

      Number of bidders: 79

      Bids at the stop-out rate were prorated at 67.70% and resulting awards were rounded to the nearest $10,000 (except that all awards below $10,000 are rounded up to $10,000).

      The awarded loans will settle on April 10, 2008, and will mature on May 8, 2008. The stop-out rate shown above will apply to all awarded loans.

      Release Date: March 25, 2008
      For release at 10:00 a.m. EDT

      On March 24, 2008, the Federal Reserve conducted an auction of $50 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction:

      Stop-out rate: 2.615 percent

      Total propositions submitted: $88.869 billion
      Total propositions accepted: $50.000 billion
      Bid/cover ratio: 1.78

      Number of bidders: 88

      Bids at the stop-out rate were prorated at 98.87% and resulting awards were rounded to the nearest $10,000 (except that all awards below $10,000 are rounded up to $10,000).

      The awarded loans will settle on March 27, 2008, and will mature on April 24, 2008. The stop-out rate shown above will apply to all awarded loans.       Apr 08 07:31 PM
    • Why JP Morgan Asked for a Fed Exemption [view article]
      Last 2 Fed Reserve CMBS for Treasuries indicate rising demand to dump paper for cash--at higher interest rates

      Release Date: April 8, 2008
      For release at 10:00 a.m. EDT

      On April 7, 2008, the Federal Reserve conducted an auction of $50 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction:

      Stop-out rate: 2.820 percent

      Total propositions submitted: $91.569 billion
      Total propositions accepted: $50.000 billion
      Bid/cover ratio: 1.83

      Number of bidders: 79

      Bids at the stop-out rate were prorated at 67.70% and resulting awards were rounded to the nearest $10,000 (except that all awards below $10,000 are rounded up to $10,000).

      The awarded loans will settle on April 10, 2008, and will mature on May 8, 2008. The stop-out rate shown above will apply to all awarded loans.

      Release Date: March 25, 2008
      For release at 10:00 a.m. EDT

      On March 24, 2008, the Federal Reserve conducted an auction of $50 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction:

      Stop-out rate: 2.615 percent

      Total propositions submitted: $88.869 billion
      Total propositions accepted: $50.000 billion
      Bid/cover ratio: 1.78

      Number of bidders: 88

      Bids at the stop-out rate were prorated at 98.87% and resulting awards were rounded to the nearest $10,000 (except that all awards below $10,000 are rounded up to $10,000).

      The awarded loans will settle on March 27, 2008, and will mature on April 24, 2008. The stop-out rate shown above will apply to all awarded loans.       Apr 08 07:28 PM
    • MBIA: Fallout From Loss of Fitch AAA Rating [view article]
      Last 2 Fed Reserve CMBS for Treasuries indicate rising demand to dump paper for cash--at higher interest rates

      Release Date: April 8, 2008
      For release at 10:00 a.m. EDT

      On April 7, 2008, the Federal Reserve conducted an auction of $50 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction:

      Stop-out rate: 2.820 percent

      Total propositions submitted: $91.569 billion
      Total propositions accepted: $50.000 billion
      Bid/cover ratio: 1.83

      Number of bidders: 79

      Bids at the stop-out rate were prorated at 67.70% and resulting awards were rounded to the nearest $10,000 (except that all awards below $10,000 are rounded up to $10,000).

      The awarded loans will settle on April 10, 2008, and will mature on May 8, 2008. The stop-out rate shown above will apply to all awarded loans.

      Release Date: March 25, 2008
      For release at 10:00 a.m. EDT

      On March 24, 2008, the Federal Reserve conducted an auction of $50 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction:

      Stop-out rate: 2.615 percent

      Total propositions submitted: $88.869 billion
      Total propositions accepted: $50.000 billion
      Bid/cover ratio: 1.78

      Number of bidders: 88

      Bids at the stop-out rate were prorated at 98.87% and resulting awards were rounded to the nearest $10,000 (except that all awards below $10,000 are rounded up to $10,000).

      The awarded loans will settle on March 27, 2008, and will mature on April 24, 2008. The stop-out rate shown above will apply to all awarded loans.       Apr 08 07:22 PM
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