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johnsaxton

johnsaxton
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  • Days before BofA (BAC) shareholders approved the bank's $50B Merrill Lynch purchase, bank execs were told Merrill's losses would hit the combined companies' earnings for years, but chose not to share this info with shareholders. Court documents filed yesterday shed new light on the disconnect, and will likely put more pressure on federal officials to hold key execs accountable for their crisis-era (in)actions.  [View news story]
    All of this swirl about what BAC shareholders should have known about Merrill is really a distraction from the real issues with Merrill, Lehman, Citi, Bear, Wachovia, et al. How come not one of the C levels from any of these companies has been charged, criminally or civilly?

    Wasn't SOX supposed to make certain C level execs personally responsible for financials? How do you manufacture and market crap instruments, sell them, sign off on the financials and then not be held accountable? How do you hold things off balance sheet and not be investigated for fraud?

    BAC may have its issues, but this is just another distraction from the fact that the guys who are mostly to blame for this mess have walked away unharmed.
    Jun 4 07:49 AM | 1 Like Like |Link to Comment
  • Trading Options On Bank Of America's Negative Sentiment [View article]
    Sounds like your neighbors and some of mine have a lot in common. I live in a $700k - $1M neighborhood and some of th house look like hovels. It is very easy to see who is in over their head and who bought with their head.

    I like the option play on BAC.
    May 10 09:34 PM | Likes Like |Link to Comment
  • Microsoft's (MSFT) approach to developing Windows 8 has been the polar opposite of Apple's (AAPL) approach to developing the iPad, argues Woody Leonhard. Whereas Steve Jobs began with a "germ of an idea" and refined it in the absence of customer feedback, Windows division chief (and possible future CEO) Steven Sinofsky has relied heavily on "user input, insight, and analytical abilities" to build Microsoft's next OS. (more on iPad)  [View news story]
    Are you kidding me? Have you seen Window 8? It is a freakin disaster. The tiles are the stupidest UI I have ever seen. Google and Apple have nothing to fear because MSFT is about to commit suicide.
    Mar 7 08:54 PM | 1 Like Like |Link to Comment
  • Greece: It's Not Lehman [View article]
    Is it really true that, unlike Lehman, the public and bank regulators know who is holding Greek debt and other exposures to Greece?

    That is not the message we hear constantly from a variety of financial news sources. In fact, I would think that if this information was as well known as you suggest, the firms and funds holding this crap would be seeing a lot of withdrawals and short action.

    Enlighten me. Where is this information?
    Jun 22 08:29 AM | 1 Like Like |Link to Comment
  • Four Value Stocks With Strong Momentum [View article]
    May 4, 2005 press release
    phx.corporate-ir.net/p...=
    Feb 24 01:34 PM | Likes Like |Link to Comment
  • Why It May Finally Be Time to Short Netflix [View article]
    Maybe this comes under shoulda-coulda-woulda, but I am now kicking myself for NOT shorting it about $30 ago. Sorry... I'm not seeing the emperors clothes on this one.
    Feb 22 01:05 PM | Likes Like |Link to Comment
  • Why No Breakout for Sirius XM Shares? [View article]
    I have XM/Sirius in my car and I really like it but they are a textbook example of horrific customer service.

    The people answering the phones bait and switch like they are incented to do it. Look at your bill after you sign up.

    Despite multiple reassurances as to the TOTAL cost when I recently renewed, the bill was just a few dollars more. This is the second time in two years, Do I waste my time and fight for the few dollars or do I get on with my day and walk away?. Can't die on every hill.

    Despite getting assurances as to which services the package I bought included, I find out later that I need to pony up another few dollars a month for those services.

    You can't run a brand this way for long. Sooner or later you are found out. While there are certain channels I really like, CNBC, Bloomberg, and the local traffic channels. I can get along very nicely listening to podcasts, audiobooks, and my own music if SIRI customer service doesn't pick up their game.

    I'll bet I'm not the only one.
    Dec 13 08:00 AM | 6 Likes Like |Link to Comment
  • Wednesday’s ETF to Watch: SPDR Gold Trust [View article]
    Thats because none of us eat or drive a car. :)
    Nov 17 10:33 AM | 1 Like Like |Link to Comment
  • Obama's Loss Is the Economy's Gain [View article]
    The Bush tax cuts are a joke. I got the tax money, I didn't need the money, I saved the money. How did that help stimulate anything? I had already written if off and wished at the time the govt would save for a rainy day. Since the govt didn't save for a rainy day, I did.

    I remember many well place so-called rich Wall St types saying they didn't need or want the tax cuts. Even Alan Greenspan pointed out that we needed to have a longer view.

    Now here we are 10 years on arguing about preserving something few well to do and/or financially disciplined people wanted in the first place. And we are trying to blame a new President for the mistakes of the prior one. Obama has made his own mistakes. (Ramming healthcare thru while the economy is collapsing around him comes to mind...) He doesn't need any help here.

    Let the tax cuts go. I'm all for lower taxes.However, if Obama really wants to help the lower and middle classes, he can make good on his campaign promise to close loopholes that favor imported labor. He can close loopholes that favor offshoring. The playing field needs to be leveled. I guarantee you that firms in India and China are not outsourcing to the US without severe economic penalty.

    Good jobs go a long way to allowing people to help themselves instead always trying to solve their problems with a govt check.
    Sep 8 08:38 AM | 5 Likes Like |Link to Comment
  • Why Hedge Funds Are Less Risky Than Banks [View article]
    Hedge Funds not levered? Really? Read The Quants and The Big Short. Some of the biggest funds were levered 30 - 50.
    Aug 24 08:49 AM | Likes Like |Link to Comment
  • Chicago Fed Confirms Our Concerns [View article]
    Hmmm. there was a mathematical unlikelihood that we would ever have the type of meltdown we saw in 2007-2008 and yet we did. So long as unemployment and underemployment remains high we cannot seriously hope for a consumer driven economy to turn around.
    Jul 27 10:01 AM | 3 Likes Like |Link to Comment
COMMENTS STATS
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