seabassbanker

Kovacevich's Delayed Retirement: Bove's Criticism is Totally Off Base

MAYBE NOW I CAN GET JOB WRITING AT LEMMING BANKSTOCKS WEBSITE...AS YOU CAN SEE MY IDEAS ACTUALLY MAKE MONEY RATHER THAN IDIOCRACY...PS I CARRIED WAY MORE THAN THOSE ORIGINAL 17 INTO WEDNESDAY

LMFAO TOMMY

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Sent: Sat Oct 4 8:30
To:

Bankstocks . com's Tom Brown <tbrown@bankstocks ...

Priority: Normal
Subject:

RE; What analysis have you done?

Type: Attachments

TOMMY I AM NOT KNOW NOTHING SHORT...I am a college student who would be willing to put his results YTD up against ANY HEDGE FUND ON THE PLANET...I do the homework and learn both bull and bear case my man...

here is sampling of my thesis and research on WFC...you can say what you want but i have been watching these sneaky guys for a while...I DO MY HOMEWORK BUDDY AS YOU CAN SEE

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for WFC I like the april 35's...I have been accumulating since the friday they banned shorting and have cost of 5

i got fill of 2 at 4.8 friday right at open then upped bid and got filled 17 more at 5

here is a sample of the logic behing WFC

1. changed the way the recognize NPA from 90-180 last Q...180 is the absolute max they can extend...mighty fishy in this environmet + they raised divi (smart???? i think not)

2. have some dodgy CRE loans and that stuff is just starting to crack

3. they have the BUFFETT halo + they say they never did subprime...well check this
my man (notice that many of theses other companies are ZEROS now)...yes their UW standard is arguably better but that is like sayin big mac is better for ya than large fry

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Exhibit 8: Top 10 Alt-A Lenders, 2006

Rank Company 2006 YTD MarketShare% Total Orig Vol Alt-A Share%
1 IndyMac $49,620 16.5% $64,000 77.5%
2 Countrywide 47,000 15.7% 333,740 14.1%
3 Wells Fargo 30,050 10.0% 310,890 9.7%
4 Res Funding Corp 29,730 9.9% 66,100 45.0%
5 WMC Mortgage 19,300 6.4% 24,140 80.0%
6 Washington Mutual 19,050 6.4% 153,630 12.4%
7 GreenPoint 12,310 4.1% 27,120 45.4%
8 Aurora Loan Svcs 11,000 3.7% 25,300 43.5%
9 Homecomings 9,980 3.3% 21,660 46.1%
10 First Magnus 9,900 3.3% 22,030 44.9%
Total Top 10 $237,940 79.3% $1,048,610 22.7%
I note that WFC prudently had the lowest Alt-A as a percentage of its total origination.

Exhibit 14: Top Subprime Lenders, 2006

Rank Lender 2006 Market Share (%)
1 Wells Fargo $ 83,221 13.0%
2 HSBC Finance 52,800 8.3%
3 New Century 51,600 8.1%
4 Countrywide Financial 40,596 6.3%
5 CitiMortgage 38,040 5.9%
6 WMC Mortgage 33,157 5.2%
7 Fremont Investment 32,300 5.0%
8 Ameriquest 29,500 4.6%
9 Option One 28,792 4.5%
10 First Franklin 27,666 4.3%
11 Washington Mutual 26,600 4.2%
12 Residential Funding 21,869 3.4%
13 Aegis Mortgage 17,000 2.7%
14 American General 15,070 2.4%
15 Accredited Lenders 15,000 2.3%
Top 15 $ 515,217 80.5%
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4. they have 80 bil in HELOC exposure in CA NV that will take big hit

5. LET ME KNOW IF YA WANT SOME MORE BUDDY!!!!!!!!

SO TO SUMMARIZE, DO I THINK THEY ARE ZERO, NO DEFINITLY NOT...ARE THEY OVERVALUED...YOU BETCHA

SO I NOW HAVE ABOUT 25 WFC PG AND WILL WRITE OUT OF MONEY FRONT MONTH LOWER STRIKE CALENDAR SPREADS ON FLUSHES...ALREADY SHORT 5 OCT 29'S FROM 1.05 AVG



I will look to cover in low 20's



PS. DONT REALLY HAVE YEAR LONG HORIZON SORRY...WFC IS THE LONGEST DATED POSITION I HAVE

WHEN SPOO TRADING AT 900 MAYBE I LOOK TO GET LONG--

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On Tue Sep 23 18:01 , Bankstocks.com's Tom Brown sent:

Nice! You articulated your point of view quite well; NOT. What analysis have you done? You have done none is my bet. Email me in a year and let me know how well your investments have performed.



tom



From: xxxxxxxxxxxxxx
Sent: 2008-09-22 12:59
To: Bankstocks.com's Tom Brown
Subject: Suggestions/Comments



Suggestions/Comments:

Mr. Brown I just want to tell you a few things First you are incredibly myopic A financial service hedge fund...LMFAO might as well just buy the bix kre xlf and save the 2-20...face it your a glorified sector etf I saw you on CNBC arguing for a total short sale ban...Have you read no history...do you not understand how a two way market works...as a hedge fund (since that is what you call yourself) I would think you would argue for price discovery, the ability to hedge, and a free, open market I sincerely believe you are barking right up the wrong tree sir I sent you an email in july and when you another bottom in bank and financial stocks...I told you that you have proven to be a great fade in the past and linked article to your calls on sub-prime lenders I stated that I would let the pump burn off and fade you with vigor...Well in the fact that this is zero sum I am content to know that perhaps some of the cash in my account did belong to you Artificial means of propping up a market do not end well Do your homework, do fundamental and macro research AND DO NOT BLAME OTHERS FOR YOUR MYOPIC FAT AND LAZY INVESTMENT STYLE
PS SHORT CALL LONG PUT THANK YOU VERY MUCH CLOWN


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Finance Student