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  • Sell The Pop - Bank Of America's Deal Reeks Of Desperation [View article]
    Because, if longs are correct, the price was still awful. This was longer-term investors taking advantage of the pop to cut their losses and some day traders, though volume was high can't imagine they made much of a dent.

    At the close on Friday BOA announced it sold half it's holding in China Construction Bank for $9B and change. That is, despite Brian's insistence that they don't need money, they very much need money: $14B+ high-cost dollars, all going into a black pit.

    Look .. nobody borrows $5 billion at a cost of $300 million/yr, plus the 5% kicker on the conversion, when they can borrow from free from the Fed. This money isn't to lend; it's to deal w/ lawsuits, or something like that. Same w/ selling off the Chinese stake: China will become the world's top economy soon, so BOA sells their stake? They're desperate for cash.
    Aug 27, 2011. 03:57 PM | 1 Like Like |Link to Comment
  • Sell The Pop - Bank Of America's Deal Reeks Of Desperation [View article]
    How does a CEO turn down his stamp of approval?

    They say "Warren .. we love you, but your price is too high," then they negotiate a better price. Unless, of course, they're desperate and they can't.

    Even w/ Buffet's buy BAC popped up 25% then dove to close at +9.5%. There was a whole lot of selling taking place for that to happen.
    Aug 26, 2011. 11:08 AM | 1 Like Like |Link to Comment
  • How To Protect Yourself From The GDP Storm To Be Released This Friday [View article]
    I've wondered the same. I've also wondered -- not on this article, but on the one's that hold a strong opinion -- why anybody would listen to somebody who doesn't take a position; who won't lose some of their own skin if their call is wrong.

    In fall fairness Michael your article was more of an announcement with some gentle common-sense predictions about what might happen. I'm more referring to people who say "This stock will absolutely go up (or down) .. and, oh yeah, I have no position and no plans to initiate one."
    Aug 24, 2011. 10:31 AM | 2 Likes Like |Link to Comment
  • 5 Jim Cramer Stock Picks On Sale Now [View article]
    I have put options in BAC I was going to sell but w/ Cramer recommending a buy I think I'll keep some of them.

    "Bear Stearns is not in trouble .. Don't move your money from Bear." ...
    Aug 23, 2011. 03:16 PM | 1 Like Like |Link to Comment
  • Top Investor Says Bank Stocks Could Double in 12 Months [View article]
    Then again, fraud suits -- like the $10B AIG claim -- along with an economic downturn and lack of capital and political will for bailouts could lead to shareholders being wiped out.

    Disclosure: I have lots of put options on various financial institutions and financial related institutions, though haven't changed those positions in the past few weeks. Long on AIG though now that the taxpayer compensated "talent" that sold under-priced and underfunded CDS contracts is gone; the replacements seem to be realizing they were duped and are going after the trusts who misrepresented the quality of the assets they were insuring.
    Aug 19, 2011. 10:49 AM | Likes Like |Link to Comment
  • Geithner says he will stay at Treasury [View article]
    As Ben Franklin famously said, "He that is good for making excuses is seldom good for anything else."

    It's hard to listen to Obama babble on about accountability while bailout Czar Timmy remains in office. After running as President "Change" he's left the same tired, ineffective incompetent people in place, and none seems to be as hated as Giveaway Geithner.

    For the market's sake, and for the country's, Geithner's Gotta' Go.
    Aug 8, 2011. 06:59 AM | Likes Like |Link to Comment
  • Did Deutsche Bank Do Them Wrong? [View article]
    They're likely to be sued for malpractice anyway; all the foreclosure mills are, which is probably the reason that the Florida Bar -- which is closely affiliated with the largest underwriter of legal malpractice insurance in the state -- has done nothing.

    Under your theory foreclosure filers have to name every person who may conceivably be named in a lawsuit, which is ludicrous. Every visitor, every distant relative, all their grown children (Lynn has more of them), close friends .. maybe Lynn's dog? I'm obviously not sympathetic to foreclosure mills but at $1,200 I doubt they're willing or able to compile this list.

    These lawyers were simply acting out of malice; trying to scare a young man into pressuring his mother. Their behavior, an ongoing abuse of the judicial system and of judicial process, is indefensible.
    May 24, 2011. 08:47 AM | Likes Like |Link to Comment
  • Did Deutsche Bank Do Them Wrong? [View article]
    Yeah .. it is unfortunate when people write about subjects they know nothing about, which is exactly why you owe your readers an apology for bald-faced hypocrisy.

    I know Lynn. Her son Mark is an adult. He has lived on his own, in another state, for years. I haven't asked, but Lynn likely wishes that he'd come visit more often but he's a grown man; he does not live with Lynn and hasn't for a long time.

    There is absolutely no reason to name adult children, who long ago moved away, as co-defendants except to harass. All foreclosures name a John Doe/Jane Doe defendant to deal with lingering claims.

    You chose a poor example to make a point in defense of Florida's foreclosure mills. These "law firms" (apologies to lawyers everywhere) are a disgrace to the US judiciary. Infamous fraud artist David J. Stern -- after Congressmen from both parties and both houses have yelled at him and pointed out the fraud, and after his clients rushed to take all their files away -- is still a Florida lawyer in good standing.

    Next time, you might want to do a lot more research before rushing to defend the indefensible, especially if you want to accuse somebody else of failing to do their own research.
    May 15, 2011. 09:00 PM | Likes Like |Link to Comment
  • John Mauldin: Mortgage Crisis II Is Here and It's Not What I Thought [View article]
    An inability to foreclose is the symptom. The cancer is the apportionment of gains and losses. For better or worse Congress can't even do anything; real property is clearly not interstate commerce: it's stuck in a state and can't move. Re-attaching the notes is adding debt to a property: it's a taking. They can punish the people who put us into this mess, but they can't guide us out even if they were able to.
    Oct 31, 2010. 09:03 AM | Likes Like |Link to Comment
  • Red Flags Continue to Accumulate for DJSP Enterprises, Inc [View instapost]
    DJSP is garbage. I've been saying so on the Yahoo boards under michaelo1966 since the time they were trading at $12 or whatever the high was. At the time I projected $3 in Sept and, sure enough, that's where they landed. They're not only cooked, but they're likely to bring a few of their clients with them to the undertaker.

    No bank, no judge, no lawyer, no title company, nobody is ever going to trust Stern. Even if he's magically acquitted of everything, gets back on the Fannie/Freddie approved list without which he has no files (he was frozen out this morning), gets past all the regulators, wins every securities suit, and manages to deal with the $80 million in debt the company is carrying, he's not going to be able to garner clients or function even if he did.

    Michael Olenick
    Oct 13, 2010. 09:42 PM | 1 Like Like |Link to Comment