April 9, 2009

Trust 'em?


Anonymous said...

I trust that a bunch of people got out of stocks and stashed cash at the banks making about .125% or less in earnings while lending out some money (really, how much lending are they doing??) at much greater returns. I also hear all the banks are jacking up interest rates on people who carry credit card balances, whether they are current on payments or not.

That mark-to-myth is working out nicely for em, don't you think?

Oh, NO is answer.

Anonymous said...

Wells Fargo Earnings suprise. And the lies and bailouts continue. Using their bailout money to manipulate their stock prices and nobody even cares.


casey said...

hell no.Look at skf today.Hopefully none of you got caught w/ your pants down.Crooks!!!!!!

Ross said...


i've had it said...

They are a complete bunch of liars. The only profit they have is from manipulated balance sheets and bailout money. That's it.

There is no way in hell that they could make $3 billion this quarter with markets tanking so badly, negative GDP, toxic assets on their balance sheet, and unemployment the worst it's been since the 80s.


But the market wants to believe in these lies so it goes up.

Yup, the 2nd crash that is coming is going to finish us off for good.

yoski said...

I think banks will do OK this earning season. 2 reasons:
1. They are again allowed mark-to-fantasy accounting versus mark-to-market.
2. They got a lot of cash via AIG.

So with creative accounting and enough government cheese even loosers like CITI might turn a profit.

JAWS said...

Heavens no.

Anonymous said...


If you look at the games that are being played in SoCal w REO sales it's not that hard to fathom "profits".

Look at all the $1000 - $5000 "sales" around L.A.

First comes the big writedown. (from 500k all the way to $1000)

Then, after selling for 200k you have 199k in profits for the bank.


Learn to use Redfin a little better...this has been going on for the last 6 months or so.

Mitesh Damania said...

It's like trusting the Hoods or the Crips. The name is different but the character is the same. That stagecoach is riding off into the sunset with your money.

GenX said...

No Way I dont believe any of these profits are real..Its all fantasy..I live in Florida and Real Estate Forclosures of condos are selling for 20-25 percent of orginal loan value. Single family the banks are only losing 50-60 percent. There are so many condos that the banks have yet to even forclose on..In my small building alone 3 units have been vacant for a year and the banks havent even started forclosure proceedings. There are entire projects in Broward county built and sold in 2005 that are underwater -75 percent or more. On a small boutigue building in ft. Lauderdale banks financed 28 units for 1.2 million each now selling for 350.. 90 percent of that building is in forclosure. The losses are staggering, and the worst has yet to come in residential .Next shoe starting to fall off is the commercial real estate wagon. JP morgan (Wahington Mutual)has a 11 million dollar loan on a house around the corner on the water that is on the last steps of forclosure..The house is only worth 3.5-4 million if you can find a buyer. I got some numbers from the MLS on 15 closed forclosures major banks lost 8 million dollars... Where are real reporters these days. Stores closing fast and furious. THIS entire stockmarket rally is a suckers rally inside a severe bear Market sheeple beware. Dont listen to CNBC remember they were calling a soft Landing 16 months ago .. well we landed and we are still crashing and burning like a wildfire in California.

Anonymous said...

FASB 157

Anonymous said...

gen x , I feel you dude!!

supossely there are condo buildings in broward which have no tenants at all! the whole building is empty. West palm is the same way! There is two buildings which are vacant!! one condo is directly across from the convention center and the other one is across the street. jsu drive around the town at night time and seel how many lights are on!

fuck wells fargo!! it's time to get pissed about now!!!

rich in fl

Anonymous said...

i see 30 mill units not selling at auction with mins at 2.5 mil

Anonymous said...

FASB 157


FASB does in fact affect 1st quarter earnings. They won't affect 2008 earnings.

Here are the minutes.. I woke up at 4:30 am PST time to listen to the audio webcast.


Q1 ended on March 31st. Application of the M2M changes is effective March 15th.

"The staff recommends that a final FSP be effective for periods ending after June 15, 2009 with early application permitted for periods ending after March 15, 2009. Retrospective application would not be permitted."

There is one hitch. Starting in Q2 banks have to detail what is being held in the level 3 (toxic) asset books. It needs to be broken down by asset class and valuation model.

The FASB wants more disclosure.

Jayman01844 said...

Wells Fargo hit the jackpot. It was one of the first banks to get bailout funds - the biggest amount awarded in a single shot: $25 billion tax dollars.
-From Cbs news in early feb
I didn't know the taxpayers had this many holes to get screwed in, i was wrong
trust them???? you're kidding

les said...

America is the most corrupt nation on the planet.

Anonymous said...

Wells Fargo just said they made $3 billion, so don’t worry about not paying on your mortgage, the banks still make tons of $$$ :)

This is everyone’s chance to make like a banker and “get yours”. If your house is worth less than you paid for it give it back to the bankers and let them suck on it.

With everyone going into foreclosure they will be forced to forgive the bad mark on credit or have no one to sell their houses to.

After this settles out we will all get into houses for a sane, affordable 2x earnings (except for the impatient knife catchers).

This is a revolution we can all easily partake in. STOP PAYING YOUR MORTGAGE!! The banks don't need your payment anyway. This time around we win, this will be our bailout!

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