cwd Posted May 21, 2009 Report Share Posted May 21, 2009 Things don't appear to going well at the the FDIC this week and it isn't even Friday. Thursday, May 21, 2009 BankUnited Closed, FDIC Named Receiver, Sold To Ross, Carlyle, Blackstone Posted by Tyler Durden at 5:33 PM In an early precedent of Bank Failure Friday (and a LOT of work for the Crapvision green shoot spin doctors for early Friday am consumption) BankUnited just expired, in the largest blow up of a bank to date in 2009. The bank will be "sold" to Carlyle, Blackstone and WL Ross. But why should Carlyle et al "pay up" for the asset when they can get Sheila Bair to use taxpayer money to backstop the entire sale for them. And when we are talking $12.8 billion in assets, it surely is much better to get Joe Q. Sixpack to make sure you (Wilbur Ross et al) don't have any risk exposure. After all, it worked so well for WaMu and JPM. The immediate cost to the FDIC will be $4.9 billion (and up to $10.7 billion based on the loss-sharing arrangement), which means that at this point the FDIC's DIF is negative with almost 100% certainty. Robbing from poor Peter to pay rich Paul continues. And most curiously, just how does it work out that a bank with $10.7 billion in deposits has its loans assumed for $4.9 billion, or a 54% haircut on the loan book? ZERO Link to comment Share on other sites More sharing options...
cwd Posted May 21, 2009 Report Share Posted May 21, 2009 jickiss is back! jickiss is back! and, well, well and well. speaking of the Wrong Side, your jickiss had the pleasure to travel to Center City Philadelphia yesterday, to visit the Office of the Sheriff, not of Nottingham, but of Philadelphia, itself, to help a freind who had some business with the Sheriff's Office. Arrived, via El Train (left the Lexus in the very nice new SEPTA lot in Frankford) and went to the Post Office in the concourse at the 15th Street Station...underground. The US PO was empty. No line. At around One in the PM. Walked up the steps at the Clothespin Statue, and strolled over to the Sheriff's Office in the Land Title Bldg, 5th floor. On the way over saw two punks actually deliberately trip a gentleman who appeared to be from out of town, (based upon his dress and bearing), who was pulling a small suitcase on wheels, on South Broad Street feet from the entrance to a Major Expensive Hote. This man truly looked Shocked! Hoo ha, your jickiss was not shocked. Up in the Office of the Sheriff, your jickiss had a nice chit-chat with a Senior (higher Ranked) Sheriff, about the total move down to Lawlessness in Philadelphia. Business over, immediately direction was reversed and your jickiss went back down the steps at the Clothespin Statue to get outta Dodge, to get back on the El train. At the top of the Stairs, (pls note, the time was now about 2:30 PM or so) your jickiss had to "Wind through" another group of Thugs who were laughing, cursing, and pushing Each Other, inches from your jickiss, who slipped through, so to say, to descend to the safety of the El trains. Fortunately, for a hard fall down the concrete stairs, or a trip over the rail, would have made the News, for sure, for them that might have been unlucky, got on the El Train, (which is very nice, being newer), and Safely Made it outta Dodge, back to the Lexus. The City of Philadelphia reports today, meanwhile, that it is Raising the Sales Tax to 8% (if Harrisburg agrees, home of the State Legislature) and will skip some more contributions to the virtually Defuct City Pension Plan. Hoo Ha, indeed. Trader Joe, even the Roofers would thimk Twice before taking a stroll through Philly these days, even in Broad Dayight. The point is not to Rant, but to Observe that the key problems are not Financial, but rather are problems of a Total Failure of Public Morality, which started at the Top, and now has reached to the Very Pits at the Bottom. Hence, it is easy to see now just how the system will Totally Fail, for there is NO REASON to invest in or to Own Anything that can not be moved now, at least in the central Cities, such as New York, Philly, LA, etc. Mr. Armstrong explains how this killed Rome. The USA will also go down the very same way, unless major action is taken very soon, which your jickiss doubts. your jickiss quotes again the very great Mr. James Dines, who wrote, back in the last century...."Mobility and Liquidity are now key." Thimk! and Stay Strong, for the fighting days are dead ahead.... jickiss!!!!!!! Jick, I am taking my grandchildren to tour the sites in Philly the second week of July. Do you think that is OK for children 5-10 years of age? Thanks. Link to comment Share on other sites More sharing options...
shorty Posted May 22, 2009 Report Share Posted May 22, 2009 And most curiously, just how does it work out that a bank with $10.7 billion in deposits has its loans assumed for $4.9 billion, or a 54% haircut on the loan book? that sounds about right about half the folks I know don't make any payments on their mortgage or credit cards anymore why bother? no need to, nobody cares nobody gonna kick 'em outta their house, just keep it in shadow inventory and let 'em live there for free as long as they want nobody gonna wage garnish to collect on the cards, just write 'em off there are no consequences for anything it's all good enjoy party I see green shoots Link to comment Share on other sites More sharing options...
Jorma Posted May 22, 2009 Report Share Posted May 22, 2009 I predict we'll see at least 14.00 next week When is the reverse split. I was worried when I heard $10. Link to comment Share on other sites More sharing options...
Jorma Posted May 22, 2009 Report Share Posted May 22, 2009 Things don't appear to going well at the the FDIC this week and it isn't even Friday. Thursday, May 21, 2009 BankUnited Closed, FDIC Named Receiver, Sold To Ross, Carlyle, Blackstone ZERO Carlyle and Blackstone. The Pigmens Pigmen. If you want to revel in some populist rage keep an eye on these guys. Not that I recommend it. It's a waste of energy and emotion but GS works for them and will be setting up the Tar Pits. That's a Winterism. Link to comment Share on other sites More sharing options...
Charmin Posted May 22, 2009 Report Share Posted May 22, 2009 There was an Island Bottom in March. What do you get in reverse? Link to comment Share on other sites More sharing options...
shorty Posted May 22, 2009 Report Share Posted May 22, 2009 Butthead Treasury Secretary Geithner Hails Budget That Deepens Debt by Trillions of Dollars “This is a remarkably fiscally responsible budget,” Geithner said. “I don’t think we’ve been this fiscally responsible in a very long time.” Link to comment Share on other sites More sharing options...
Jorma Posted May 22, 2009 Report Share Posted May 22, 2009 this guy is out of work. and experienced at directing the cash flow: I am pretty sure Mr. Kashcary is still hard at work administering TARP. If someone can correct me on this please do. Link to comment Share on other sites More sharing options...
BusKow Posted May 22, 2009 Report Share Posted May 22, 2009 signals muey negatto...price action - not so much... Link to comment Share on other sites More sharing options...
Trader Joe Posted May 22, 2009 Report Share Posted May 22, 2009 Hoo Ha, indeed. Trader Joe, even the Roofers would thimk Twice before taking a stroll through Philly these days, even in Broad Dayight. Great story jick.... Glad you made it out of the "Thunderdome" Newark NJ used to be a thriving Metropolis as did Camden NJ..... 50 years later..... Well, not so much.... The "down leg" can be longer and farther than almost anyone can contemplate....add Detroit to the list too, for some midwest "flavour" Link to comment Share on other sites More sharing options...
jickiss Posted May 22, 2009 Report Share Posted May 22, 2009 jickiss is back! jickiss is back! and Dear cwd, of course, since the US of A was "Founded" in Philadelphia, you should definitely take one and all to see Philadephia, with one Idea in Mind; to wit, "What Happened to the great Founding Ideals, what happened to the Quaker Virtues, what happened to the idea of Helping Visitors, (rather than tripping them, pretending, of course (duh, Officer, duh I guess I did not see that guy we just Accidently Tripped, duhh (wink, wink, wink))? A Visit to Philadelphia is Mandatory, but, given the rather young ages of your group, mayhaps they may miss some of the key points, although, with proper tutelage and encouragement, the trip can be a very great success. The prince of total darkness has not yet taken over Philadelphia, but his early shock troops are out and about, therefore, avoid crowds and avoid confrontations, stay in the nice areas, and enjoy yourself. Don't miss the Temple across from City Hall on North Broad Street. That is a building. If you can, go out to the "Pitcairn Cathedral" on Route 232 North of Philadelphia, called the Bryn Athyn Cathedral. Truly one of the finest buildings in America, bar none. By the way, it is still under construction, for them that founded their structure still believe that the work is not yet over, so hope, if you can. Ride to West Philadelphia, and Stand on the Steps at the entrance to the Wharton School, for jpgs, as a joke, if you will, after all, your jickiss and the Donald went there, HooHa, indeed! your jickiss always liked the Four Seasons Hotel in Philadlephia. Excellent for lunch or dinner. If you get into any trouble, da General will get you out. just post here for help. Go and stand by Independence Hall, and see and know that America is an Idea, for all the buildings in this land are only as good as the people. Ride out to Chestnut Hill, and then drive to Bryn Mawr, and imagnie Katharine Hepburn walking past, as you walk down Lancaster Avenue. Then, please go to Bryn Mawr College, and know that the late, great J. Howard Pew gave millions to them he favoured, and know why he was right. There is no finer campus than Bryn Mawr College's campus. It is perfect, especially in the Spring Time. Go past the clubhouse of the First City Troop, or go to the Tun Tavern, and ask yourself how a nation of savers and fighters has been reduced to a nation of crybabies and money printers controlled by the mindset of a dumbed down Soccer Mom. yup, Go to Philadelphia, while it still exists. It would be very good of you to, upon return, to publish your reflections on the trip in fine detail. After all, England Expects! best regards to you, cwd, and take lots of jpgs, if you can. jickiss!!!!!!! Link to comment Share on other sites More sharing options...
Trader Joe Posted May 22, 2009 Report Share Posted May 22, 2009 Things don't appear to going well at the the FDIC this week and it isn't even Friday. Thursday, May 21, 2009 BankUnited Closed, FDIC Named Receiver, Sold To Ross, Carlyle, Blackstone That filthy animal Joe Terranova of Lost Money fame had a good remark today....along the lines of, "Looks like someone has big plans for Memorial Day weekend, in the past we always got this stuff on a Friday after the close...." He's right. Link to comment Share on other sites More sharing options...
mdporter Posted May 22, 2009 Report Share Posted May 22, 2009 Reporting from Washington -- Obama administration officials expressed concerns today about California's request for federal intervention in its budget crisis, and even the state's own Congressional delegation is split on the issue. The state has asked the administration to provide loan guarantees for billions of dollars in emergency loans, saying it will soon run out of cash without help from Washington. But today, Treasury Secretary Timothy F. Geithner expressed doubt that he had the authority, without new congressional legislation, to aid the state under the program set up by Congress to rescue financial institutions. terminated The Feds know that if they do this for CA, then every other state will soon have their hands out. Stoolies better call their reps and say NO BAILOUT for reckless california. Link to comment Share on other sites More sharing options...
Trader Joe Posted May 22, 2009 Report Share Posted May 22, 2009 Jick, I am taking my grandchildren to tour the sites in Philly the second week of July. Do you think that is OK for children 5-10 years of age? Thanks. Dude: Take a tour of the Mint and see if they are printing..... Report back.... BWAHAHAHAHAHAH Link to comment Share on other sites More sharing options...
mdporter Posted May 22, 2009 Report Share Posted May 22, 2009 NEW YORK, May 21 (Reuters) - Bill Gross, the co-chief investment officer of Pacific Investment Management Co., said market fears that the U.S. is at risk of losing its AAA credit rating is sending the U.S. dollar, stocks and bonds under severe selling pressure on Thursday. Asked what is driving the market declines, Gross told Reuters via email that investors fear the U.S is "going the way of the U.K. -- losing AAA rating which affects all financial assets and the dollar." source Link to comment Share on other sites More sharing options...
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