cohenbarryj

Ken Lewis's Call Option on Countrywide

The filing is 98 pages long but what we don't see and is a major point of contention at the regulatory agencies are the "schedules." These list (privately) all the various issues to the buyer. In this case what we don't know is what has CFC told BAC in these schedules that we don't know but assume would blow the deal. If it is in the schedule then MAC is tough. The one thing that gives me pause is that CFC must have signed-off audited books for the deal to close. Got to think the audit is going to be tough. Anyway the market sure doesn't believe the deal is happening at least not at the original purchase price. I think it goes through by the way since BAC has had a look at the apple twice know and there is nothing we can think about that BAC and their lawyers havn't thought about and more. Besides BAC share are no worse then their peers by any noticible amount post the deal.

Top 15 Creditors to New Century

Why does an investor want to own a company whose senior leadership "manages by firing." They let loose 15,000 people so 1 or 2 guys can keep their jobs (Chuck Prince for example). Now I don't work for the company nor does any family or friends so this isn't spilled milk. They can't do a deal in the U.S. so they are forced to look at crap like ABN AMRO. The simple fact is they got a $1 bln in operating leverage by firing 15K people so they can buy time for the FED to cut rates so revenue improve. The leadership is inarticulate, inaccurate, a bit decitful, and certainly inaffectual.