Jim Rich's Comments RSS Syndication from SeekingAlpha.com http://seekingalpha.comuser/157146/comments http://seekingalpha.com/article/179131/comments?source=feed#comment-815481 815481
Do people know they are supposed to vote weekly or is this an "often as you like" sorta useless poll? And who really does internet polls anyway? I wouldn't want to stake my future on the statistical accuracy of anything produced in most cases e.g. it's often not buyers or customers making coments, just anyone with an opinion.]]> Mon, 21 Dec 2009 08:40:06 -0500
Do people know they are supposed to vote weekly or is this an "often as you like" sorta useless poll? And who really does internet polls anyway? I wouldn't want to stake my future on the statistical accuracy of anything produced in most cases e.g. it's often not buyers or customers making coments, just anyone with an opinion.]]> http://seekingalpha.com/article/176533/comments?source=feed#comment-790049 790049 Fri, 04 Dec 2009 09:00:30 -0500 http://seekingalpha.com/article/174315/comments?source=feed#comment-767539 767539 Thu, 19 Nov 2009 12:45:00 -0500 http://seekingalpha.com/article/158968/comments?source=feed#comment-654230 654230 Mon, 31 Aug 2009 06:52:43 -0400 http://seekingalpha.com/article/149204/comments?source=feed#comment-590177 590177
On the article; thanks for the update!]]> Thu, 16 Jul 2009 08:23:26 -0400
On the article; thanks for the update!]]> http://seekingalpha.com/article/145323/comments?source=feed#comment-561779 561779
The problem here isn't trying to raise salaries as much as it is when they are trying to raise them, and there is also the question of who is getting a raise.

C is still in dire straits; they don't smell quite so bad now because of accounting rule changes, but they really need to be using their money efficiently elsewhere just to stay in business. Who cares if a few jump ship to competitors, because a competitor can only absorb a finite number of people if they are doing their job properly. New specialty houses, lol, good luck with that. Those willing to work and invest in their own company will get payback enough IF the company survives and their stock regains some value.

As for who gets raises, give everyone 5% (only if the company can afford it). Someone pulling down 200K still gets a lot more out of that than those on the front lines, but the front lines keep the business running and they are the ones having to worry about such trivial things as gas prices and eating.]]> Thu, 25 Jun 2009 09:05:53 -0400
The problem here isn't trying to raise salaries as much as it is when they are trying to raise them, and there is also the question of who is getting a raise.

C is still in dire straits; they don't smell quite so bad now because of accounting rule changes, but they really need to be using their money efficiently elsewhere just to stay in business. Who cares if a few jump ship to competitors, because a competitor can only absorb a finite number of people if they are doing their job properly. New specialty houses, lol, good luck with that. Those willing to work and invest in their own company will get payback enough IF the company survives and their stock regains some value.

As for who gets raises, give everyone 5% (only if the company can afford it). Someone pulling down 200K still gets a lot more out of that than those on the front lines, but the front lines keep the business running and they are the ones having to worry about such trivial things as gas prices and eating.]]> http://seekingalpha.com/article/143927/comments?source=feed#comment-552929 552929 Thu, 18 Jun 2009 17:54:50 -0400 http://seekingalpha.com/article/143904/comments?source=feed#comment-552270 552270
Since the government refuses to properly manage TARP monies availability, the Citadel agreement guarantees ETFC the cash needed to weather the crisis. There is no longer a threat of ETFC disappearing which was the primary reason their stock price was still such a bargain. Not only that, but it reduces the amount it has to repay in interest over time and reduces the longstanding debt by converting it now, so the deal has three huge positives in that regard. I see no reason why the max price Citadel is paying must match market price or even influence it; ETFC is after all essentially selling debt and there is benefit to both ETFC and Citadel with this deal.

I also suspect with the money they need now available, they will change their accounting method as other banks did in the first quarter and start showing a profit (as they would have in first quarter, had they done it then). Whether the deal is close enough to do that this quarter or next is the question, but I'd give it a 60% or better chance of happening now.]]> Thu, 18 Jun 2009 13:04:52 -0400
Since the government refuses to properly manage TARP monies availability, the Citadel agreement guarantees ETFC the cash needed to weather the crisis. There is no longer a threat of ETFC disappearing which was the primary reason their stock price was still such a bargain. Not only that, but it reduces the amount it has to repay in interest over time and reduces the longstanding debt by converting it now, so the deal has three huge positives in that regard. I see no reason why the max price Citadel is paying must match market price or even influence it; ETFC is after all essentially selling debt and there is benefit to both ETFC and Citadel with this deal.

I also suspect with the money they need now available, they will change their accounting method as other banks did in the first quarter and start showing a profit (as they would have in first quarter, had they done it then). Whether the deal is close enough to do that this quarter or next is the question, but I'd give it a 60% or better chance of happening now.]]> http://seekingalpha.com/article/137090/comments?source=feed#comment-502716 502716 Wed, 13 May 2009 17:36:31 -0400 http://seekingalpha.com/article/133834/comments?source=feed#comment-483258 483258 Wed, 29 Apr 2009 18:17:55 -0400 http://seekingalpha.com/article/133834/comments?source=feed#comment-483236 483236
While new delinquencies may be reduced that doesn't address the fact that existing ones are having to be written off (the change from $715Mil in Q4 to $451Mil in Q1 reserve). They do need additional capital to return to well capitalized status given the actual write-offs.

Now with that said; it may be as simple as accounting after all.. once a loan is issued, you'd like it paid back and that gives you an income stream for some period of time. Why is it then that a loss of income stream has to be written off as a total loss immediately instead of at the rate of missing repayment? The lack of that particular income doesn't really hurt the company now, it just reduces what they're owed. Of itself the default devalues the company, but then why must the company turn around and hurt itself more by moving money into a different column just for reporting purposes? Where did $264M reserve bank capital go last quarter?]]> Wed, 29 Apr 2009 18:05:15 -0400
While new delinquencies may be reduced that doesn't address the fact that existing ones are having to be written off (the change from $715Mil in Q4 to $451Mil in Q1 reserve). They do need additional capital to return to well capitalized status given the actual write-offs.

Now with that said; it may be as simple as accounting after all.. once a loan is issued, you'd like it paid back and that gives you an income stream for some period of time. Why is it then that a loss of income stream has to be written off as a total loss immediately instead of at the rate of missing repayment? The lack of that particular income doesn't really hurt the company now, it just reduces what they're owed. Of itself the default devalues the company, but then why must the company turn around and hurt itself more by moving money into a different column just for reporting purposes? Where did $264M reserve bank capital go last quarter?]]> http://seekingalpha.com/article/133573/comments?source=feed#comment-480476 480476 Tue, 28 Apr 2009 08:00:14 -0400 http://seekingalpha.com/article/127781/comments?source=feed#comment-440192 440192 Wed, 25 Mar 2009 16:46:51 -0400 http://seekingalpha.com/article/127576/comments?source=feed#comment-437966 437966 Tue, 24 Mar 2009 09:36:38 -0400 http://seekingalpha.com/article/125873/comments?source=feed#comment-424200 424200
They've been a recovering company since the beginning of the current downturn. They were the first ones to admit on their own problems were ahead, and that allowed the Citi analyst in Nov 07 to call a chance of bankrupcy which forced them to take poorer terms on asset sales they were obviously already contemplating, which eventually went to Citadel. Citi has continued to rate them a sell or underperform the entire time since, so how is it they can again "start" coverage at a sell? Big surprise there, lol. New analyst is noted however, but who cares still Citi.

ETFC has rebuilt customer base to their highest levels, been proactive and made hard choices before the other banks admitted any problem. I'd much rather own ETFC than Citi. If Citi did make a profit the first two quarters this year it's because we gave it to them.

No company that has received TARP funds wants the restrictions that go along with them. ETFC doesn't really want that monkey by their side (earlier commercials aside). Tarp would like to force new loans at a time when ETFC is trying to move the existing off their books and said after 2nd quarter last year they were discontinuing. Unless Tarp also allowed only inter-bank short-term lending then I would hope ETFC would have a new "do not touch" sign posted regarding TARP.

Go ETFC.]]> Fri, 13 Mar 2009 08:43:24 -0400
They've been a recovering company since the beginning of the current downturn. They were the first ones to admit on their own problems were ahead, and that allowed the Citi analyst in Nov 07 to call a chance of bankrupcy which forced them to take poorer terms on asset sales they were obviously already contemplating, which eventually went to Citadel. Citi has continued to rate them a sell or underperform the entire time since, so how is it they can again "start" coverage at a sell? Big surprise there, lol. New analyst is noted however, but who cares still Citi.

ETFC has rebuilt customer base to their highest levels, been proactive and made hard choices before the other banks admitted any problem. I'd much rather own ETFC than Citi. If Citi did make a profit the first two quarters this year it's because we gave it to them.

No company that has received TARP funds wants the restrictions that go along with them. ETFC doesn't really want that monkey by their side (earlier commercials aside). Tarp would like to force new loans at a time when ETFC is trying to move the existing off their books and said after 2nd quarter last year they were discontinuing. Unless Tarp also allowed only inter-bank short-term lending then I would hope ETFC would have a new "do not touch" sign posted regarding TARP.

Go ETFC.]]> http://seekingalpha.com/article/125494/comments?source=feed#comment-423312 423312
The word toxic may have a place with certain types of loans, but those are mostly off etrade's books. What etrade did have at the end of the last quarter was a growing loan default rate as dis everyone else. I'd expect this quarter to be on par with or slightly better than last quarter. At some point, those that were going to default will have already defaulted...

Dissenting Opinion; I can't run the details right now, but I would note as above that there will be a plateau and fall in loan writeoffs - eventually. The bank would otherwise be self sufficient, and paying a pretty decent interest rate I might add. Loan balances are being reduced by attrition as ETFC is not writing new loans, and there is the likelyhood that the company they funnel their loan requests to will pay some form of discovery or origination fee.

I believe a lot of people that are customers of ETFC and love the convenience of the combined brokerage and bank platform probably also own some of their shares. It is true for me, but the downside is that their current stock price prevents using those holding for margin buys, so I play an accumulation game which by nature is not as active -- but it will be once they get back to $3. It's interesting that their market cap is only $345 million when they have $1.2 Billion in cash reserves, a growing customer base, and active trading (even if those rates are not as high as some competitors at the moment).]]> Thu, 12 Mar 2009 12:36:32 -0400
The word toxic may have a place with certain types of loans, but those are mostly off etrade's books. What etrade did have at the end of the last quarter was a growing loan default rate as dis everyone else. I'd expect this quarter to be on par with or slightly better than last quarter. At some point, those that were going to default will have already defaulted...

Dissenting Opinion; I can't run the details right now, but I would note as above that there will be a plateau and fall in loan writeoffs - eventually. The bank would otherwise be self sufficient, and paying a pretty decent interest rate I might add. Loan balances are being reduced by attrition as ETFC is not writing new loans, and there is the likelyhood that the company they funnel their loan requests to will pay some form of discovery or origination fee.

I believe a lot of people that are customers of ETFC and love the convenience of the combined brokerage and bank platform probably also own some of their shares. It is true for me, but the downside is that their current stock price prevents using those holding for margin buys, so I play an accumulation game which by nature is not as active -- but it will be once they get back to $3. It's interesting that their market cap is only $345 million when they have $1.2 Billion in cash reserves, a growing customer base, and active trading (even if those rates are not as high as some competitors at the moment).]]> http://seekingalpha.com/article/125494/comments?source=feed#comment-423038 423038 Thu, 12 Mar 2009 09:59:03 -0400 http://seekingalpha.com/article/125494/comments?source=feed#comment-422994 422994 Thu, 12 Mar 2009 09:36:47 -0400 http://seekingalpha.com/article/123200/comments?source=feed#comment-405778 405778 Fri, 27 Feb 2009 10:19:35 -0500 http://seekingalpha.com/article/122172/comments?source=feed#comment-401288 401288
There needs to be legislation now to prevent multi-tiered hedging and restrictions of certain derivitives to keep other institutions 'honest' and out of trouble in the future.

Further neither a bank failure nor privatization should be taken lightly. Citi and AIG are currently the two primary drags on the banking industry. BAC should have resources to survive a recession lasting over another year, so lets not lump all the financials in one barrel. There is no way a general approach should be applied to all or even a group of banks. Each must be examined individually and completely before such a decision is reached.

I have no holdings in any of the companies I mention.]]> Tue, 24 Feb 2009 09:45:43 -0500
There needs to be legislation now to prevent multi-tiered hedging and restrictions of certain derivitives to keep other institutions 'honest' and out of trouble in the future.

Further neither a bank failure nor privatization should be taken lightly. Citi and AIG are currently the two primary drags on the banking industry. BAC should have resources to survive a recession lasting over another year, so lets not lump all the financials in one barrel. There is no way a general approach should be applied to all or even a group of banks. Each must be examined individually and completely before such a decision is reached.

I have no holdings in any of the companies I mention.]]> http://seekingalpha.com/article/117969/comments?source=feed#comment-374562 374562 Tue, 03 Feb 2009 12:50:21 -0500 http://seekingalpha.com/article/116655/comments?source=feed#comment-367374 367374
It is also obvious that the average price of houses can't cost more than the average family can afford to pay. Uncontrolled increase in housing prices are what fuelled this crisis and again it was banks or lenders approving people for loans they could not afford starting close to ten years ago that put things where they are today. Banking should have acted as a virtual cap for housing prices by not funding more than could be afforded and again since they did not do this themselves the types of allowed loans must also be regulated.

Banks that had already acted in a responsible manner will not notice these new regulations, and banks that ignored their fiduciary duty should conform or fail. The country and people in it should not be penalized for their selfish motivations. ]]> Tue, 27 Jan 2009 08:37:39 -0500
It is also obvious that the average price of houses can't cost more than the average family can afford to pay. Uncontrolled increase in housing prices are what fuelled this crisis and again it was banks or lenders approving people for loans they could not afford starting close to ten years ago that put things where they are today. Banking should have acted as a virtual cap for housing prices by not funding more than could be afforded and again since they did not do this themselves the types of allowed loans must also be regulated.

Banks that had already acted in a responsible manner will not notice these new regulations, and banks that ignored their fiduciary duty should conform or fail. The country and people in it should not be penalized for their selfish motivations. ]]> http://seekingalpha.com/article/74263/comments?source=feed#comment-157855 157855
Once TDA loses one IRA deposit for over a month or actually puts your money in someone elses account (grouped deposit from work they were to split into multiple accounts) then you might not be so quick to judge etfc. Good luck there, lol. May your experiences there be better than mine.]]> Mon, 28 Apr 2008 09:12:23 -0400
Once TDA loses one IRA deposit for over a month or actually puts your money in someone elses account (grouped deposit from work they were to split into multiple accounts) then you might not be so quick to judge etfc. Good luck there, lol. May your experiences there be better than mine.]]> http://seekingalpha.com/article/74098/comments?source=feed#comment-156609 156609 Fri, 25 Apr 2008 12:04:07 -0400