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bbro

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  • JPMorgan Chase (JPM -0.3%) says it is a defendant in more than 10,000 legal proceedings and may be $4.5B short of reserves needed to cover the costs in a worst-case scenario. Last week, Citigroup (C) said it might fall $4B short, while Bank of America said it might be $1.5B behind and Wells Fargo (WFC) said it might be $1.2B short.  [View news story]
    And the winners are.....the lawyers....lots of productivity for our economy....
    Mar 1, 2011. 09:49 AM | 2 Likes Like |Link to Comment
  • Free checking is here to stay, says PNC Bank (PNC), taking a decidedly contrarian stance as its peers pile on fees for formally free retail banking services.  [View news story]
    Check the fine print....
    Mar 1, 2011. 08:36 AM | Likes Like |Link to Comment
  • Allstate (ALL) sues Credit Suisse (CS), saying the bank caused losses by hiding risks related to mortgage securities. Allstate has filed similar suits against BofA (BAC), Citigroup (C), Deutsche (DB) and JPMorgan (JPM). The five suits cover $2.1B of securities.  [View news story]
    What will Allstate's risk manager from 2006 and 2007 say when
    he is crossexamined with this question...."What were your expectations for house prices for the next 5 years when you bought these bonds?"
    Mar 1, 2011. 07:44 AM | Likes Like |Link to Comment
  • Weighing the Week Ahead: Energy Prices, Politics and Jobs [View article]
    Excellent....again...
    Feb 28, 2011. 07:08 AM | 2 Likes Like |Link to Comment
  • Market Tremors and the Threat of a Double Dip Recession [View article]
    It is interesting that the spending reductions will push our current
    economy closer to a recession that the current rise in oil prices,,,,,
    Feb 28, 2011. 06:59 AM | 5 Likes Like |Link to Comment
  • 2004 All Over Again? Hedging a Falling Market [View article]
    We had 4 corrections greater than 5% in 2004.....2 corrections greater
    than 5% in 2005
    Feb 27, 2011. 11:09 AM | 1 Like Like |Link to Comment
  • End of Depression or Beginning of Double Dip? [View article]
    To get a complete picture when comparing to the Great Depression
    don't you need to include money supply figures too?
    Feb 27, 2011. 09:33 AM | Likes Like |Link to Comment
  • Wells Fargo (WFC) and BofA (BAC) say they may face $1.5B and $1.2B of losses respectively in excess of their litigation reserves. But Citigroup (C) takes the cake, warning it could face as much as $4B more in losses from litigation related to the mortgage meltdown and financial crisis. (see also)  [View news story]
    Everybody is looking for a settlement...
    Feb 26, 2011. 05:10 PM | 14 Likes Like |Link to Comment
  • The legal mess Bank of America (BAC +1.6%) inherited from Countrywide keeps getting worse. Several large institutional investors, including BlackRock and Calpers, reject a court settlement where Countrywide had agreed to pay $600M to a number of national pension funds; instead they'll pursue their own lawsuits.  [View news story]
    Attorney's....
    Feb 25, 2011. 02:44 PM | Likes Like |Link to Comment
  • Don't kid yourself; of course gasoline prices could tip Americans back into recession - and considering the current fragility, maybe at lower price points than before, like $3.50/gallon. Old givens (such as: Saudi Arabia's regime will remain intact) are facing new questions.  [View news story]
    The fed makes it snow too...
    Feb 25, 2011. 12:59 PM | 3 Likes Like |Link to Comment
  • Don't kid yourself; of course gasoline prices could tip Americans back into recession - and considering the current fragility, maybe at lower price points than before, like $3.50/gallon. Old givens (such as: Saudi Arabia's regime will remain intact) are facing new questions.  [View news story]
    We dont start worrying about recession unless there is at least a 40%
    rise y-o-y in crude oil currently we are 25% y-o-y on a monthly basis...
    and even if we get th 40% we need other factors to join in too...
    Feb 25, 2011. 12:59 PM | 2 Likes Like |Link to Comment
  • Banks have yet to see drafts of a reported mortgage settlement being worked on by the White House but are already on the defensive, arguing that principal reductions will fail to help individual borrowers or the broader market. Plus, $20B of mods won't do much good when $774B worth of home loans are underwater.  [View news story]
    Now remember a lot of the underwater loans are tied up in
    private label securities..it is not as simple to tell a bank to lower
    the principal amount...and you would be surprised how small the amount would be if all the big 4 lowered their underwater mortgages
    to the market value amount....
    Feb 25, 2011. 08:37 AM | 1 Like Like |Link to Comment
  • Laszlo Birinyi's "Teflon 20" is out - the list of companies immune to all news - and Zero Hedge notes a heavy overlap with momentum stocks; time to short yet? (previously: Birinyi's hyperbullish S&P 500 call)  [View news story]
    Zero Hedge and Birinyi.....death match...but Z.H. doesn't make predictions.....
    Feb 24, 2011. 01:46 PM | Likes Like |Link to Comment
  • Foreclosed homes sold at a slightly higher discount last year - 28% - but made up a smaller percentage of home sales overall (26% of sales, vs. 2009's 29%), RealtyTrac reports. A "bloated supply of foreclosures" is still weighing on housing and filings may rise 20% this year to a peak. (New home sales, housing prices)  [View news story]
    Plenty in zip code 89031....
    Feb 24, 2011. 11:39 AM | Likes Like |Link to Comment
  • The greenback sinks to an all-time low against the Swiss franc, buying just CHF 0.9255, and continues falling against the euro, yen, cable, aussie and loonie. A prescient Mohamed El-Erian warned the dollar can no longer be counted on as a safe-haven currency. UUP -0.3%. UDN +0.3%.  [View news story]
    Must be because the Swiss Military is so strong....
    Feb 24, 2011. 10:47 AM | 1 Like Like |Link to Comment
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