Jeff Cross's Comments RSS Syndication from SeekingAlpha.com http://seekingalpha.comuser/254310/comments http://seekingalpha.com/article/98102-talk-me-down-from-the-wells-fargo-ledge?source=feed#comment-271749 271749 Thu, 02 Oct 2008 13:02:29 -0400 http://seekingalpha.com/article/96140-lloyds-buys-hbos-good-deal-or-bad?source=feed#comment-258153 258153 LN) but it's a lot less than 37. We should also note that on a common shareholder tangible equity basis the exchange ratio works out to LYG paying 39 cents on the dollar for HBOS's tangible equity (this is based on equating LYG and HBOS tangible equity). We should contrast this 0.39 ratio to banks normally trading at 2 to 5 times tangible common equity (though we see a number of banks trading below 1.0 today in the US). It might also be worth noting that both these banks were profitable in the first half even after write downs and mark to market charges, unlike the bulk of US banks. ]]> Thu, 18 Sep 2008 12:57:15 -0400 LN) but it's a lot less than 37. We should also note that on a common shareholder tangible equity basis the exchange ratio works out to LYG paying 39 cents on the dollar for HBOS's tangible equity (this is based on equating LYG and HBOS tangible equity). We should contrast this 0.39 ratio to banks normally trading at 2 to 5 times tangible common equity (though we see a number of banks trading below 1.0 today in the US). It might also be worth noting that both these banks were profitable in the first half even after write downs and mark to market charges, unlike the bulk of US banks. ]]> http://seekingalpha.com/article/95405-what-s-the-bofa-merrill-synergy?source=feed#comment-254553 254553 Of course, the $29 is no doubt based on a stock swap and if BofA opens down 50% tomorrow and stays about there (the first seems more likely than the second, but niether seems unreasonable), what Merrill shareholders get will really only be a reasonable $14.50; what the BofA shareholders get is best not discussed.]]> Mon, 15 Sep 2008 00:39:51 -0400 Of course, the $29 is no doubt based on a stock swap and if BofA opens down 50% tomorrow and stays about there (the first seems more likely than the second, but niether seems unreasonable), what Merrill shareholders get will really only be a reasonable $14.50; what the BofA shareholders get is best not discussed.]]> http://seekingalpha.com/article/93455-online-advertising-ing-direct-vs-e-trade?source=feed#comment-243735 243735 Tue, 02 Sep 2008 08:30:34 -0400