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7footMoose

7footMoose
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  • Flowers Foods (FLO) and Mexico's Grupo Bimbo are reportedly set to be the stalking horse bidders for Hostess Brands' bread ops, which the bankrupt company is likely to sell in at least two groups and which could fetch over $350M. Other possible suitors include Wal-Mart (WMT) and Kroger (KR). Wonder Bread, Nature's Pride, Home Pride, Merita and Butternut are among the brands on offer. [View news story]
    I cannot remember the last time I saw anyone in my family eat any of these brands including Hostess Twinkies, Cupcakes or Ho Ho's.
    Jan 6 06:24 AM | 1 Like Like |Link to Comment
  • The National Credit Union Administration has filed a suit against J.P. Morgan (JPM) as successor-in-interest to Washington Mutual Bank, alleging it violated federal and state securities laws in connection with the underwriting and subsequent sale of $2.2B in mortgage-backed securities to three corporate credit unions. The complaint alleges the firms made numerous misrepresentations and omissions of material facts in the Offering Documents of the securities sold to the institutions, which ultimately led to their failure. [View news story]
    WTF!
    Jan 5 04:06 PM | 1 Like Like |Link to Comment
  • Citigroup (C) plans to ask permission for a "minimal" buyback of its shares as part of the latest Fed stress test. The 19 largest U.S. banks are due to put forward their plans to return capital to shareholders as part of an annual Fed-supervised exercise, and due by Monday. Speculation is that, among other plans outlined for the remaining banks, JPMorgan (JPM) will seek a dividend increase and a share repurchase program. [View news story]
    It never hurts to ask.
    Jan 5 06:22 AM | Likes Like |Link to Comment
  • The National Credit Union Administration has filed a suit against J.P. Morgan (JPM) as successor-in-interest to Washington Mutual Bank, alleging it violated federal and state securities laws in connection with the underwriting and subsequent sale of $2.2B in mortgage-backed securities to three corporate credit unions. The complaint alleges the firms made numerous misrepresentations and omissions of material facts in the Offering Documents of the securities sold to the institutions, which ultimately led to their failure. [View news story]
    They will sue anyone or any entity who/that they feel has assets and can be accused of misleading deeds. It is a classic move to exonerate themselves of any responsibility for their actions. It is a classic kids game, when asked who did it, everyone points at someone else and says he/she did it, not me.
    Jan 5 06:22 AM | 2 Likes Like |Link to Comment
  • Byron Wien Announces The 10 Surprises For 2013 [View article]
    One big surprise is that Byron is still relevant. To whom I do not know but enough to get press.
    Jan 3 07:47 AM | 3 Likes Like |Link to Comment
  • More on Challenger job cuts: For all of 2012, there were 523K layoff announcements, down 14% from 2011 and the lowest annual total since 1997. [View news story]
    With nearly 23 million Americans un or under employed there are not that many left to be cut. The shift in the numbers is nothing more than a shell game. Trading a well paying position with benefits for a part time fast food job is hardly an improvement.
    Jan 3 07:46 AM | 3 Likes Like |Link to Comment
  • Bank-card delinquencies fell to an 18-year low of 2.75% during Q3, the American Bankers Association says. Delayed payments in a composite ratio of eight loan categories, which doesn't include bank cards or mortgages, fell to 2.16% of all accounts from 2.24% in Q2. However, the ABA warns that weak hiring and the expiration of the payroll tax cut could make it harder for consumers to repay debt. [View news story]
    After you write off tens of billions of dollars in deadbeats and reduce even paying card holders availability these things happen. It is hardly a reflection on the state of the consumer.
    Jan 3 07:43 AM | 1 Like Like |Link to Comment
  • House Republicans - including House Majority Leader Eric Cantor - are reportedly overwhelmingly opposed to the fiscal cliff deal approved by the Senate. The House appears poised to amend the deal and send it back to the Senate, setting up a legislative high-wire act. [View news story]
    Mitt is in La Jolla overseeing improvements to his home there. He actually won the election by losing.
    Jan 3 05:03 AM | Likes Like |Link to Comment
  • House Republicans - including House Majority Leader Eric Cantor - are reportedly overwhelmingly opposed to the fiscal cliff deal approved by the Senate. The House appears poised to amend the deal and send it back to the Senate, setting up a legislative high-wire act. [View news story]
    The problem with your thesis is that the US never pays off its debt in the good economic times, it borrows less and spends any excess in the current period on new programs that grow into entitlements.
    Jan 3 05:02 AM | Likes Like |Link to Comment
  • House Republicans - including House Majority Leader Eric Cantor - are reportedly overwhelmingly opposed to the fiscal cliff deal approved by the Senate. The House appears poised to amend the deal and send it back to the Senate, setting up a legislative high-wire act. [View news story]
    As I recall this repeal occurred under former President Clinton, a Democrat. It was approximately the same time, September 1999, that FNMA and Freddie Mac were threatened in a House meeting about not increasing the percentage of Americans owning homes, by no other than Barney Frank. As a direct result of those threats underwriting guidelines were relaxed giving birth to the sub-prime industry. Stupidity is not exclusive to either Party.
    Jan 3 04:59 AM | Likes Like |Link to Comment
  • House Republicans - including House Majority Leader Eric Cantor - are reportedly overwhelmingly opposed to the fiscal cliff deal approved by the Senate. The House appears poised to amend the deal and send it back to the Senate, setting up a legislative high-wire act. [View news story]
    Can I then conclude that you work for some federal, state or local government agency, since you sound like you have no worries.
    Jan 3 04:54 AM | Likes Like |Link to Comment
  • Hedge fund titan Leon Cooperman has been selling Apple (AAPL) but buying battered Freeport McMoRan (FCX), he tells CNBC. Cooperman holds FCX founder Jim Bob Moffett in high regard despite coming under fire from shareholders, but he's not keen on AAPL's reluctance to return cash to investors and warns the iPhone’s uniqueness may be diminishing. [View news story]
    FYI: Breaburn is a type of Apple.
    Jan 3 04:51 AM | 3 Likes Like |Link to Comment
  • Hedge fund titan Leon Cooperman has been selling Apple (AAPL) but buying battered Freeport McMoRan (FCX), he tells CNBC. Cooperman holds FCX founder Jim Bob Moffett in high regard despite coming under fire from shareholders, but he's not keen on AAPL's reluctance to return cash to investors and warns the iPhone’s uniqueness may be diminishing. [View news story]
    Leon has been reading about Apple's plan to destroy the IPhone with a wrist device and he has questions about who in his position would give up their Rolex for such an object.
    Jan 2 05:50 PM | 5 Likes Like |Link to Comment
  • House Republicans - including House Majority Leader Eric Cantor - are reportedly overwhelmingly opposed to the fiscal cliff deal approved by the Senate. The House appears poised to amend the deal and send it back to the Senate, setting up a legislative high-wire act. [View news story]
    The Republicans have lost my vote. I am registering as an Independent. While I still consider myself fiscally conservative I do not want to be thought of as terminally stupid.
    Jan 1 06:36 PM | 8 Likes Like |Link to Comment
  • More on the fiscal cliff deal: The payroll tax cut is allowed to lapse, meaning that the employee portion of the Social Security tax will return to 6.2% from 4.2%. That will cost Americans an estimated $125B a year. The WSJ lays out some of the other tax measures that were known prior to the passage of the bill. [View news story]
    This is one tax thing that should never been done in the first place. SS is in enough trouble without those morons in Congress adding to the problem or in some people's eyes creating a problem by not allowing the system to work as intended.
    Jan 1 06:23 AM | 6 Likes Like |Link to Comment
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