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Originally posted by GreenBicMan
ex. - my call last night on the breakout of the SP500 BNKING index
since you are the only one that hasnt like blocked me.. check these out bro
S&P Banking Index
Dow Jones Industrial Average
DJIA Closed ABOVE its 100 Day MA for like the first time in forever on thursday and the SP Banking Index just broke out
Goldman Sachs Group Inc. (GS) sent a clear signal to Washington on Monday: It's more than ready to pay back taxpayers.
The investment bank delivered first-quarter earnings that sailed past even the most optimistic predictions and plans to raise $5 billion in stock to help pay back government bailout funds. It would become the first big U.S. bank to repay federal loans extended last autumn at the height of the credit crisis.
For Chief Executive Lloyd Blankfein, posting robust results was needed to help convince Washington that the New York-based investment bank was on a strong footing. The bank plans to repay the $10 billion of federal loans as soon as the government approves.
One of the biggest reasons for Blankfein to quickly repay the money is to avoid any restrictions placed on it by the government, such as limits on executive pay. The bank has also likely received concerns from clients about being under the government's thumb. .....
......Until recently, Goldman had been known as having a magic touch after a correct bet that subprime mortgages would crater and its avoidance of other messes. But Goldman is facing danger from its heavy exposure to stock markets, which have been extremely volatile in recent months, and its "book" of so-called distressed investments, which includes everything from troubled auto loans in Thailand to struggling golf courses in Japan.
Fannie Mae Chief Executive Herb Allison to run TARP: WSJ
LOS ANGELES (MarketWatch) -- President Barack Obama is expected to tap Fannie Mae Chief Executive Herb Allison to head the government's $700 billion Troubled Asset Relief Program, The Wall Street Journal reported late Monday, citing people familiar with the matter. Obama could announce his intention to nominate Allison as assistant secretary for the Office of Financial Stability as early as this week, the report said. He would replace Bush-appointee Neel Kashkari, who was asked by Treasury Secretary Timothy Geithner to stay on until a replacement was found.
On April 13, 2009, The Goldman Sachs Group, Inc. (Group Inc. and, together with its consolidated subsidiaries, the firm) reported its earnings for its fiscal first quarter ended March 27, 2009. A copy of Group Inc.'s press release containing this information is being furnished as Exhibit 99.1 to this Report on Form 8-K and is incorporated herein by reference.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the Exchange Act) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of Group Inc. under the Securities Act of 1933 or the Exchange Act. Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
(b) On April 13, 2009, the Board of Directors of Group Inc. (the Board) determined to change Group Inc.'s fiscal year end from the last Friday of December to December 31, beginning with fiscal 2009. Fiscal 2009 began on December 27, 2008 and will end on December 31, 2009. Because the new fiscal year end is less than one week from the current fiscal year end (i.e., the last Friday in December), under the applicable rules of the Securities and Exchange Commission, no transition report is required. Group Inc.'s fiscal quarters will continue to end on the last Friday of the quarter through the third quarter of 2009. Beginning in the fourth quarter of 2009, Group Inc.'s fiscal quarter will end on calendar quarter-ends. Item 8.01 Other Events.
On April 13, 2009, Group Inc. reported net revenues of $9.43 billion and net earnings of $1.81 billion for its first quarter ended March 27, 2009. Diluted earnings per common share were $3.39 compared with $3.23 for the first quarter ended February 29, 2008 and a diluted loss per common share of $4.97 for the fourth quarter ended November 28, 2008. Annualized return on average common shareholders' equity (1) was 14.3% for the first quarter of 2009.
Originally posted by GreenBicMan
reply to post by theWCH
im so tired of these Roubini, Whitney, Mayo comments etc... they are preying on their side of the short..
classic is CNBC and the MAYO dump a few days ago..
whatever those 3 say, run fast the other way
Peter Schiff of Euro Pacific Capital is not very confident that we're anywhere near a bottom.
Schiff's known for his dire economic predictions -- and he's been right about most of them.
PETER SCHIFF: I think there's going to be a lot of worry and a lot of panic near the bottom, and we haven't had much panic. You know maybe if we had a thousand or a two thousand point down day in the Dow or a couple of those, maybe that would do it. But I think this gradual decline to me doesn't look like a bottom.
Wells Fargo May Need $50 Billion in Capital, KBW Says (Update1)
April 13 (Bloomberg) -- Wells Fargo & Co., the second- biggest U.S. home lender, may need $50 billion to pay back the federal government and cover loan losses as the economic slump deepens, according to KBW Inc.’s Frederick Cannon.
KBW expects $120 billion of “stress” losses at Wells Fargo, assuming the recession continues through the first quarter of 2010 and unemployment reaches 12 percent, Cannon wrote today in a report. The San Francisco-based bank may need to raise $25 billion on top of the $25 billion it owes the U.S. Treasury for the industry bailout plan, he wrote.
First-quarter net income rose 50 percent to about $3 billion, Wells Fargo said last week in announcing preliminary results that topped the most optimistic Wall Street estimates and sparked a 32 percent jump in the stock. The bank attributed the profit to a surge in mortgage originations and revenue from Wachovia Corp., acquired in December. Full results are scheduled for April 22.
“Details were scarce and we believe that much of the positive news in the preliminary results had to do with merger accounting, revised accounting standards and mortgage default moratoriums, rather than underlying trends,” wrote Cannon, who downgraded the shares to “underperform” from “market perform.” “We expect earnings and capital to be under pressure due to continued economic weakness.”
Wells Fargo raised its provision for loan losses by $4.6 billion in the quarter, below Cannon’s estimate of $5.4 billion. FBR Capital Markets analyst Paul Miller wrote after the announcement last week that he expected a $6.25 billion increase.
Net charge-offs were $3.3 billion in the quarter, compared with $2.8 billion in the previous period at Wells Fargo and $3.3 billion at Wachovia. The current numbers are artificially low because consumers received tax refunds and a there was a moratorium on some mortgage defaults, wrote Cannon, who predicts a “re-acceleration” of charge-offs in the second quarter.
The ability of Wells Fargo and 18 other U.S. banks to withstand further economic deterioration is being determined by the government’s stress tests, which will be completed by the end of April. Treasury Secretary Timothy Geithner expects that some lenders will require “large” amounts of capital.
While Wells Fargo is likely to pass the test, regulators may “push for higher capital levels,” wrote Credit Suisse analyst Moshe Orenbuch in New York, who initiated the shares with a “neutral” rating today.
“Given rising unemployment, continued home price declines and general macroeconomic headwinds, WFC’s consumer and commercial portfolios remain at risk for meaningfully higher credit losses over 2009 and 2010,” Orenbuch wrote.
Wells Fargo rose 6 cents to $19.67 at 4:11 p.m. on the New York Stock Exchange. It has dropped 33 percent this year. Wells Fargo trails only Bank of America Corp. in U.S. home lending.
More at Link...
Banks willing to help strapped cardholders
But credit-aid effort doesn't provide consumers the whole story
PALM BEACH GARDENS, Fla. (MarketWatch) -- TV and print ads invite credit-card holders struggling to make payments to visit HelpWithMyCredit.org or call 1-866-941-1030. Does this mean big banks are truly helping credit-strapped cardholders?
The answer, based on a spot check of major issuers, appears generally to be "yes." Despite published reports lately of increased credit card interest rates and fees, some banks say they proactively are contacting strapped cardholders to suggest solutions.
Common offers of relief may include elimination of fees, lowering of interest rates and reduction of monthly payments. Some issuers say they will go so far as to forgive a portion of the balance.
So if it's been a while since you talked to your card issuer about getting relief from overwhelming credit card debt, it could pay to try again. A "Hardship" department might be a good place to start. The extent of the help you'll get, however, varies.
"Persistence is really a key," says Bill Hardekopf, CEO of lowcards.com. "Ask for a manager. Go up the ladder."
Callers responding to "Help With My Credit" ads automatically are patched to appropriate departments of participating credit card issuers or directed to an accredited credit counselor, says Joe Ganley, vice president at Weber Shandwick Worldwide, Cambridge, Mass. The bank coalition's Web site also provides educational credit information.
More at Linky...
DEALTALK-Goldman may repay gov't funds but not ease US grip
NEW YORK, April 13 (Reuters) - Goldman Sachs Group Inc (GS.N) may succeed in its bid to pay back U.S. taxpayer money with the help of a $5 billion common share sale, but it may still not get the freedom it wants from intense public scrutiny.
Goldman, which posted a better-than-expected first-quarter profit and announced the public offering on Monday, has navigated the global financial crisis better than many of its rivals.
Its share price has more than doubled since hitting a record low in November, and is up more than 50 percent this year.
So it may be allowed to return the $10 billion it took under the U.S. Treasury Department's $700 billion Troubled Asset Relief Program (TARP), which has become a headache for recipients with oversight over compensation, expenses and acquisitions, experts said.
But given Goldman's size and importance to the financial system, regulators may still want to keep a close eye on it, said Seamus McMahon, an independent banking and regulatory consultant.
"So the question is, even if they are allowed to do it, how much of a victory is this actually ultimately?" McMahon said. "Is it more marketing or does it really give them operating freedom?"
The dilemma was underlined on Monday when Goldman posted a profit as it took on more trading risk and disclosed it was paying its employees on average in the quarter almost 35 percent more than in the first quarter of the previous fiscal year. [ID:nN13387020]
To add to regulators' headaches, Goldman's bid to return the money could prompt other banks that are not in as good financial condition to seek to do the same, forcing some difficult policy decisions.
Regulators would want to be sure that banks that return the money have enough capital. But they would also be concerned if a two-tier market is created, with Goldman, Wells Fargo & Co (WFC.N) and some other banks being seen as strong enough to thrive or survive without government help, and others such as Citigroup Inc (C.N) seen as requiring government nursing.
Besides Goldman, others such as Morgan Stanley (MS.N) and Bank of America Corp (BAC.N) have signaled their eagerness to pay back the money as soon as possible.
"It breaks the ice for somebody big to want to pay it back," said Chip MacDonald, a banking partner at law firm Jones Day.
The U.S. Treasury Department did not have an immediate comment.
Originally posted by GreenBicMan
dude, lets go back a few weeks
she is bearish on financials overall, i dont care what she says about short term.. she is bearish overall..
How in the holy hell can you be a bear when financials are at generational lows??
and no i wasnt in the market then, but there are extreme bulls and bears on both sides, when one hits they are a god, when one doesnt they are a shill... one has to be right - and one will ALWAYS be eventually right or wrong..
IMO she is short huge this market and trying to get back anything she can - this comes from what i believe is a mental manipulation involving CNBC and their "STAR" bear analysts and how much coverage they continue to give them..
just my view
Finch Paper -57
Chicago Tribune -90
LA Schools Cutting Teachers -1,900
ArcelorMittal E. Chicago -400
SR of Kentucky Closing Plant -194
State of Vermont -420
Buckhorn Inc. -58
BF Goodrich Closing Plant -1,000
Brownstein Hyatt -37
Observer and Eccentric Newpapers -44
HBC Canada -1,000
City of Boston -565
UBS May Cut More -8,000
Pinnacle Mine -200
Perot Systems -30
ECI Telecom -200
TOTAL - 15,098 est
Singapore said its economy may shrink as much as 9 percent this year, the most in its 44-year history, as a deepening global recession drives down exports and manufacturing.