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philipmax

philipmax
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  • Treasury: Frannie bailout was investment, not loan [View news story]
    I'd like to see supporting documentation, properly filed with regulatory agencies (i.e. SEC,NYSE etc.) concurrent with the so called "$187B infusion" in 2008 and justification for 3rd Amendment in 2009.

    As I recall, at the time, they were bantered abut as outright loans.

    All the above posts are screaming the same. Our representatives are outright "Communists!!", "Thieves!", "Liars!", "Cheats!" "Scum of the earth!".
    Apr 23, 2015. 03:07 PM | 2 Likes Like |Link to Comment
  • Fannie And Freddie's 100% Tax Gets The Spotlight [View article]
    Thanks for shining the flood-lights on this black hole.
    This scandal is so rife with skullduggery on part of the public official in charge of
    protecting the public interest , that criminal charges should be brought and jail sentences imposed. How can we rely on the Rule of Law. in any commercial dealings, when officials can arbitrarily confiscate private property with seeming impunity?

    Our judiciary is also a co-conspirator, as judges lay off making determinations, in appeasement of government lackeys that dictate the rules of the game from their rear-end.
    Apr 15, 2015. 10:11 AM | 5 Likes Like |Link to Comment
  • JPMorgan's Buyback Has Been Harmed By Perpetual Dilution [View article]
    Share buy-back programs are a sham to steal value from the public and gift it to selected employees. Very few companies have actually produced meaningful returns to shareholders with but-back programs.
    Looking at the proxies, most executives make a pretty decent straight-out cash income for their efforts, I therefore, ALWAYS vote against Stock incentive programs.
    Apr 9, 2015. 03:35 PM | 1 Like Like |Link to Comment
  • AIG wins FAA approval for use of drones [View news story]
    Go figure?

    With all the publicity going to Amazon, Google and all the high tech millenniums grabbing the headlines for drones, it was a mundane need of AIG Insurance Company that got the jump on all of them!

    Great scoop!
    Apr 8, 2015. 11:10 AM | Likes Like |Link to Comment
  • American International Group: No Power To Move Higher? [View article]
    Good article. I would rather a higher cash dividend than increased buy-backs. Two reasons: Treasury bought stock can always find its way back into the stock pools thru incentive stock options that just transfers public ownership into select management officials and therefore, end up in no net advantage for the total outstanding shares.
    Secondly, cash dividends are an immediate pay-back to the shareholders.
    Mar 28, 2015. 08:52 PM | 1 Like Like |Link to Comment
  • The Federal Reserve Has Their Own Motives On Fannie And Freddie [View article]
    Excellent analysis! Great Article!
    Mar 28, 2015. 08:45 PM | 1 Like Like |Link to Comment
  • Fannie And Freddie: New Bill Establishes A Secondary Reserve To Protect Capital [View article]
    Bills are usually rehashed by committees and rarely come out as proposed. There is a long period where influence pedelling lobbyists change meaning and direction. That,s what frightens me.
    Mar 26, 2015. 08:37 PM | 1 Like Like |Link to Comment
  • Fannie And Freddie: New Bill Establishes A Secondary Reserve To Protect Capital [View article]
    Beware of a Trojan Horse. This Bill may give justification to meddle into the whole conservatory and confiscation matter. I simply don't trust a Bill that falls from the sky. Every Congressman is both a prisoner and a client of BIG MONEY. I wish that I could share the joy with others, but, I have seen this before. The Bill will become a Boondoggle for JPM, C BAC etc. to leapfrog the GSE's and usurp their authority. Until we know what prompted this "offering" , I would shy from heaving praises on the author. This Bill may subterfuge our legal offensive in the Courts.

    Just my Opinion. Hope and pray that I am wrong.
    Mar 26, 2015. 06:10 PM | Likes Like |Link to Comment
  • Brown-Forman boosts buyback by $1B [View news story]
    A perfectly good investment choice on part of management.
    Mar 25, 2015. 05:43 PM | Likes Like |Link to Comment
  • FRBNY: Fannie and Freddie have not yet repaid bailout [View news story]
    OK! BIG BROTHER!

    You made a mistake in 1968-70 and gave the MINT away to ordinary shareholders.
    No one argues now, 45 years after the fact, that it was plain stupid on the part of Uncle Sam to have done that. Nevertheless IT'S A DONE DEAL.

    We the shareholders, under the provision of the Constitution of the UNITED STATES, hereby, demand full value compensation for the confiscation of our private property. This property consists of the Assets of Fanny Mae and Freddy Mac, which approximate in value ELEVEN TRILLION U.S. DOLLARS. Wherein, it is ordered that the Government of this Nation is obligated to fully reimburse the shareholder for the value taken from them.

    I gots (sic) no problem with getting paid for this confiscation.
    Mar 25, 2015. 04:37 PM | 7 Likes Like |Link to Comment
  • Freddie Mac puts $1B+ of soured mortgages on the block [View news story]
    A good beginning. That's a toxic waste "asset" on the Balance Sheet that has to be expunged. The sale of these worthless assets will yield around 10% of face. The difference between Book Value and actual sales price will show up as a loss on the P&L. Now, this loss will offset the profit that Fanny generates and will reduce or eliminate the onerous Third Amendment income sweep that Treasury savors.
    The result will be a neater B/S and less money to the usurpers of shareholders' profit. All together, a very healthy move.
    Mar 21, 2015. 10:16 PM | 1 Like Like |Link to Comment
  • WSJ: Banks struggling to unload energy loans [View news story]
    I am sure that a couple of large banks are going to be blind-sided by over exposure to the oil patch, but, by-and-large, the bubble will be contained to a relatively small segment of banking. The banks largely stayed aloof of corporate, mortgage and consumer loans (other than car and credit card loans). After all, during the past eight years the banks have been feasting on free money grants from the Fed to purchase low risk Treasury notes and bonds.
    Mar 19, 2015. 08:38 AM | 1 Like Like |Link to Comment
  • Fannie, Freddie could need another bailout [View news story]
    YEP!!!
    F&F never accepted MONEY from Treasury. Treasury gave its word (guarantee) that it will back-up the, some $187B, in Balance Sheet Asset write-offs that the GSEs were forced to take.
    There was no need for cash infusion as F&F had more than enough on hand to pay bond holders, preferred stock, and even common dividends. Treasury stopped the companies from disbursing all dividends.

    When, later, the write-offs were reversed, the result was a surplus in the cash account. That cash was turned over to Treasury instead of rebuilding the Assets on the Balance Sheet. Since the "loan" was offset, all the cash that was later generated by Net Income, and that should have should have gone to Retained Earnings (after all preferred and common shareholders received their dividends) was confiscated as well. Now, the GSEs are short of capital to expand. They are forced to reduce lending but are goaded to underwrite non-conforming loans to unqualified borrowers, thus degrading the underlining value of the Balance Sheet.

    So YES, ALL the money turned over to Treasury was an outright theft.
    Mar 18, 2015. 06:43 PM | 5 Likes Like |Link to Comment
  • Fannie, Freddie could need another bailout [View news story]
    At least, this quarter, the treasury will have to do without a bailout from Fanny. Good news, maybe the world will realize that Treasury was the one that had to be put into conservertorship. The $230B sent to T. from F&F was real money, not some kind of a publicity "bail-out" scheme concocted by Treasury in 2009, long after the banks failed under the very eyes of Treasury.

    So,who bailed out whom?
    Mar 18, 2015. 10:39 AM | 2 Likes Like |Link to Comment
  • I'm Staying Away From Brown-Forman At These Levels [View article]
    Sorry Aggy,
    I used to read annual reports cover-to-cover ever since I was 10 years old. Surprisingly, I understood the financials - including the footnotes.
    Along the way, the Accounting Standards Board changed all the rules, and, for the past ten years, the annual reports of most companies are pure dribble. With numerous calculations and summaries that adjust to GAAT and other double-talk, the information is virtually useless to the uninitiated.
    So, yes, as a kid, I did keep the annual reports, but, now, if I get any - they want me to go to on-line - I just peruse them for pictures (except for the 10Ks, that are glaringly missing them).

    Having railed on, I must admit the BF.b annual reports are clean and still readable.
    Mar 17, 2015. 03:54 PM | Likes Like |Link to Comment
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