PROXIMO

Credit Card Receivables: Even Moody's Thinks the Fed's 'Adverse Case' Is a Joke

Well said, Jason. Judging by Tyler's #6 ranking on SA based on number of followers, I'd say most readers are very comfortable with his analysis.


On May 12 02:55 PM Jason Rines (iThinkBig) wrote:

> Right now it is the syndication of important information that is
> critical to the public. They are not receiving it from the Main-Stream-Media.
> People like Tyler are my hero. What sweat equity are you throwing
> into a restoration of America? Capital starved entrepeneurs are doing
> the heavy lifting to syndicate the truth while people in the investor
> class sit on there ass and act critical?
>
> If you want citizen powered media types like Tyler Durden to have
> the time and money for detailed analysis and featured reporting,
> open your wallet and fund him. If not, may I suggest you sit down,
> stay silent and smoke a cigar.
>
> On May 12 01:30 PM truthteller wrote:

Do You Believe Borrowing Leads to Prosperity? (Part 2)

Enjoyed the article. IMO the moderate recent stock advance is probably largely a function of behind-the -scenes deals involving banks and crooked politicians. And my guess is that the worst economic pain has yet to begin. Without making light of the debt, which is very serious, I am curious about something I seldom see commented on. I am curious as to the net worth of Uncle Sam. I mean, the balance sheet would have to include untold billions in military bases and equipment, billions in national parks, airports, museums, libraries, hospitals, Interstates, other roads, bridges, school districts, universities, billions of acres of land, government buildings, water systems, dams,lakes, etc.etc.etc. Plus Wash DC itself, with Dept of Agriculture, Dept. of Commerce, Dept. of Interior, Dept. of Energy, Dept. of Defense(Pentagon, CIA, FBI), Washington Monument, Lincoln Memorial, Smithsonian, AAFB, Capitol Buildings, White House, etc etc. I realize these would not be converted to pay off debt, but I would think US must be worth MANY trillions of dollars.

Whitney Tilson Still Sees Numerous Stock Buying Opportunities

There have also been 47 articles by Whitney Tilson posted on SA.

Sell in May? No Way!

Convoluted analysis. Since the data as it stands does not bode well for the month of May, the recession is magically declared over and new calculations are made, in order to justify higher stock prices. Then June is logically determined to move higher, since that is what it does after a post-recession higher May move. Further, since the first two days of May were up days, a record breaking month of May is the logical next step. Please. The first two MINUTES of May are probably at least as valid as the first two days in forecasting the entire month of May.

Singing the American Express Blues

I disagree with the sanctimonious sh#t of all of the first three previous posters. You carry MULTIPLE Amex cards for 25 years and are late ONE payment(by accident) and AMEX yanks all your accounts. Without even a courtesy call. What a crock of sh#t. And people wonder why Cap One and the other card companies are reviled and in a world of hurt. Maybe if they treated their good customers like good customers, instead of like AIDS infected rodents, they would be in decent shape.

Can a Stock Market Meltdown Happen from Here?

Throw enough sh#t against the wall and some will stick. My pet cat probably knows as much about the future direction of stocks as Heiko Seibel.

AmEx Shares Could Double - Barron's

Being pumped in a Barron's cover story is meaningless. There is nothing sacred about Baron's. Amex is a piece of sh#t just like the big banks with the CDS's and CDO's, and the major autos in Detroit. Sometime in the next year all that sh#t will sell for what it's worth.

The Escalator of Life Is Going Down (Part 2)

With the Fannie / Freddie scandal, it seems like I've read very little in the MSM about the roles of Jamie Gorelick and Franklin Raines. That is a shame, but hardly surprising. They, along with Barney Frank and Chris Dodd, should be sent with Madoff to prison.


On Mar 20 02:16 PM James Quinn wrote:

> Out of context quotes? You mean Congressional Hearings are out of
> context? Here are some more facts and a link to the history of Fannie
> Mae. Open your eyes and see the truth:
>
> They spent $175 million between 1998 and 2008 on lobbyists to influence
> Congressmen and Senators so that their housing agenda was pushed
> forward and expanded. These two institutions have bred a culture
> of corruption, combined with awful internal and accounting controls.
> Both companies were unable to file legitimate financial statements
> with the SEC for two years.
>
> When Raines assumed command in 1998, he set a goal to double Earnings
> Per Share in five years. Raines and his top executives reaped huge
> bonuses by meeting these goals. During his reign between 1998 and
> 2004, Mr. Raines raked in $90 million. His top lieutenant, Jamie
> Gorlick, took home $24 million in a four year period. The only problem
> with the EPS that were reported is that they were fraudulent. According
> to an investigative report by OFHEA, "Those achievements were illusions
> deliberately and systematically created by Fannie Mae's senior management
> with the aid of inappropriate accounting and improper earnings management".
> During the investigation Raines lobbied his cronies in Congress to
> open an investigation of OFHEA and cut off their funding. Ultimately,
> it was determined that Fannie Mae had overstated earnings by $10.6
> billion. In a settlement with OFHEA and the SEC, Fannie Mae paid
> a civil fine of $400 million for these misdeeds. Raines somehow walked
> away with a slap on the wrist, sacrificing less than $5 million of
> his immense wealth.
>
> In 2003, Freddie Mac revealed that it had understated earnings by
> almost $5 billion, one of the largest corporate restatements in U.S.
> history. As a result, in November, it was fined $125 million. A 200-page
> report issued by the Office of Federal Housing Enterprise Oversight
> indicated that the company's records were manipulated to meet Wall
> Street earnings expectations. The firm signed a consent order promising
> to improve internal controls and corporate governance. On April 18,
> 2006 Freddie Mac was fined $3.8 million, by far the largest amount
> ever assessed by the Federal Election Commission, as a result of
> illegal campaign contributions. Much of the illegal fund raising
> benefited members of the House Financial Services Committee, a panel
> whose decisions affect Freddie Mac.
>
> www.nolanchart.com/art...

The Escalator of Life Is Going Down (Part 2)

Thanks for the analysis. I especially enjoy the fact that your articles tend to incite the loons, as I like to read the exchanges between you and them.

Bank and Broker Default Risk

I'm wondering the same thing. Maybe someone can shed some light.


On Mar 09 10:45 AM TheAvenger wrote:

> What can be read from the fact that ING has one of the lowest CDS
> yet it also has one of the largest drop in the share price ? Thanks
> for any insight about this…

Financial Company Default Risk

I was curious as to the current credit default swap prices of the financial firms relative to each other. Thanks for lining it up.