Fish Gone Bad

The Imminent Equity Implosion

I have been thinking about how this rally will pan out. Options expiration is this Friday. Maybe FAZ can fall to $5 before this monster dies of a heart attack.

Five Reasons Citi's Worth the Long Risk

Citi was really beaten down on Friday (@1.48). I bought it for the dead cat bounce. Unlike the US government, I can not print money if I am wrong.

Citigroup: The Death of Buy-and-Hold Investing?

I am trying to think of when Citi was possibly a good buy. I know, Friday 02/27/2009. Now that the US is really really really stepping in to help, and calling in all kinds of favors, this dog with fleas might actually get up over $5 where it will become eligible to be shorted.

I absolutely detest Citi, BofA, and AIG. Time and time again we see BofA get hammered to a new low and then rally back almost to where it was. Perhaps that might happen with Citi as well and it will rally back close to $3.00.

FDIC Troubled Bank List up to 252

You can create a bank list from thestreet.com's site.:
www.thestreet.com/scre...

Clark Jenkins
FishGoneBad.com

What Now?

The banking sector got electrocuted on September 15, 2008 and it is just waiting to die. Don't believe me? Here is what Rep. Paul Kanjorski of Pennsylvania had to say: www.marketoracle.co.uk...

To put this date into context, this is when Lehman Brothers went bankrupt.

Clark Jenkins
FishGoneBad.com

The 'Doo Doo 32': Receipt of the TARP

good job Reggie. I am wondering how many of the TARP'ers are out buying their own stock.

Another Big Bank Failure: More Likely Than Not to Occur

Reggie,
Thank you once again for the time and effort you put in, trying to actually help people become better investors.

The sad truth is that things are going into the toilet (seekingalpha.com/artic...). As more and more people lose their homes, they sell whatever they can. People cut back where ever they can. They sell cars, homes, liquidate their IRA's and 401K's, and even pile on credit card debt. Perhaps it is because these impending defaults are so horrific that people refuse to believe them. An environment of "stuff blowing up" is not healthy for banks, brokerages, or people's livelihoods.

Right now there is a great deal of volatility and plenty of money to be made on either side of being long or short.

Clark Jenkins
FishGoneBad.com

Paulson in a State of Panic

Take a look at Paulson's face. See the fork mark scars on his forehead? When he was a little kid, he did not know how to eat. That is a sure sign of a retard.

Okay, that was mean.

There is no way that anyone this important can be doing something this stupid unless he is doing it on purpose. ** God that sounds like conspiracy theory **.

Give this some thought: If you wanted to destroy all the money in the world, how would you do it? Seriously. This is a good way to do it.

If you take a look at YouTube's "Money is Debt", you will understand why money blows up.

Clark Jenkins
FishGoneBad.com

More Problems for the Ailing Financial Sector?

My sentiments exactly.

My only explanation of the market behavior is that the market makers had to run the stocks up to unload them. That and the McClellan Summation index has been in an uptrend lately.

The special anti-shorting privilege disappeared today at 11:59 p.m. EDT, and is not being extended. If anyone needs to see which companies these are with pork chops tied around their necks, here they are:
BNP Paribas BNPQF or BNPQY, Bank of America Corporation BAC, Barclays PLC BCS, Citigroup Inc. C, Credit Suisse Group CS, Daiwa Securities Group Inc. DSECY, Deutsche Bank Group AG DB, Allianz SE AZ, Goldman, Sachs Group Inc GS, Royal Bank ADS RBS, HSBC Holdings PLC ADS HBC, J. P. Morgan Chase & Co. JPM, Lehman Brothers Holdings Inc. LEH, Merrill Lynch & Co., Inc. MER, Mizuho Financial Group, Inc. MFG, Morgan Stanley MS, UBS AG UBS, Freddie Mac FRE, and Fannie Mae FNM.

Clark Jenkins
FishGoneBad.com

Why Merrill's CDO Sale Doesn't Mean Big Writeoffs Elsewhere

Can you just see all the happy faces at Merrill Lynch when Lone Star bought the "worst of the worst". This has got to be a meeting of the liars club! This sounds like the hype when all the telecoms were booking these huge orders from clients to which they loaned all the money to buy the equipment. If Merrill Lynch is boasting the sale and pointing a finger at Lone Star for buying the "worst of the worst", AND Lone Star is not protesting the purchase of worthless assets, then this entire sale is a sham. Watch Lone Star turn out to be a shell corporation like Enron used.

No, the Financial Crisis Is Not Over

Now some words on oil and housing.
What would happen if oil went so high, that no one could buy it? Oil producers would have all the money in the world and everyone else would have no money. So what would happen to the value of the money that the oil producers had? My extreme guess is that the governments that produced it, would not honor it.

When the value of money falls, the only things that are truly valuable are things. As the value of the dollar falls, housing prices would be expected to pick up because money just does not buy as much as it once did and more money is now needed to buy "things".

Clark Jenkins
FishGoneBad.com

No, the Financial Crisis Is Not Over

Nice article, I enjoyed it.
There are two reasons why I both love and despise the financials. I love them because they have so many important and influential people on their side, if not in their pockets. If something isn't working out, then pass a new bill fixing it. If their debt is accumulating, then change the accounting rules definition of nonperforming loan. Change the accounting rules to show that the $(fill in number) billion in nonperforming loans that are now worth even less, is indeed a good thing, and then book that difference in money as a profit (and take a 50% bonus)!
I despise them because they continuously do new and creatively dishonest things over and over again, and seemingly do not get held accountable for their ruthless greed.
That said, I see absolutely no reason to own any of these companies other than JP Morgan, the architect of the Bear Sterns collapse. I am long SKF and have a rather large cash position. If SKF goes up substantially, I will take my profit and be very happy. If SKF falls to $65, I will add to my position.

Investment Banks: Through a Glass, Darkly

Phantomfivefive is right on the money. That new accounting rule is insane. When the value of the debt decreases, the companies can book this as a profit. The companies then pay out 50% of the profits to their employees. I can not see any reason to invest in a company that will have its most profitable day ever on the day it goes bankrupt.

Clark Jenkins
FishGoneBad.com

Don’t Buy What Wall Street Is Selling

The only comfortable position I have is in SKF (Proshares Ultrashort Financials). As the financial stocks lose value, SKF goes up.