Green Friday and Leftover Turkey

[shorty]

Bobby: wink

Hank: nod

Z-E-R-O

[shorty]

pump, distribute

 

pump, distribute

 

pump, distribute

 

long way down before they start the next bull market from much lower levels

 

faSScinating to watch people get sucked into sucker rallies on these sucker stocks

 

over and over and over

[shorty]

Big Buybacks Begin to Haunt Firms

Now, as the economy slows and credit markets buckle, high-profile companies are cutting back on buybacks, and some wish they held on to the cash they gave back to shareholders.

 

"Gave back to shareholders" my aSS. What a stupid statement.

 

Billions of dollars in shareholder $caSSh was flushed down the terlet these paSSt few years on stock buybacks, the sole purpose of which was to goose insider stock options (the angle made famous by Fire & Pump maSSter Lou "I got mine" Gerstner).

 

Now the game is over.

 

The insiders have $caSShed out.

 

And the stock prices of these hollowed-out shell CONpanies are destined to implode.

[elh]

I think the only thing you're going to see from the government is blowing smoke out of their ass. That and trying to secure their tax revenue and bond financing any way they can.

 

Interestingly, Barney Frank's subprime bill does nothing to bail out anybody. All it does it tighten lending standards and ground Bernanke's helicopter.

 

 

===================

 

The Modesto Bee.

 

?Gov. Schwarzenegger proclaimed ?a very, very big victory for the people of California? this week in getting lenders to help homeowners avoid foreclosure, but the deal he announced apparently isn?t new at all. The governor took credit Tuesday for negotiating an agreement with mortgage lenders Countrywide Financial, GMAC Financial Services, Litton Loan Servicing and HomEq Servicing to help keep subprime borrowers in their homes.?

 

?Those four lenders, however, told The Bee on Wednesday that their lending policies haven?t changed and the governor didn?t get them to agree to anything new.?

 

??The governor?s principles already are in alignment with what we already do,? said Larry B. Litton Jr., who heads Litton Loan Servicing. ?Nothing?s substantially changed.??

 

??We?re already doing what he suggested,? GMAC spokesman Stephen Dupont said. ?No. Things really haven?t changed.??

[Yaryman]

Black Friday report from Campbell, CA. I live next to a Kohl's, Bed Bath & Beyond, Home Depot, and  Fry's Electronics. Went over to that area at 2:00pm

 

All parking lots full. Lots of foot traffic. Lots of people leaving stores with bags. Saw some people walking between stores to buy stuff.

 

I only went in to Fry's because it is geek heaven and it was very busy inside. The checkout line was long and perhaps had 100 people in it, and another 30 people at the registers buying stuff. Lots of TVs and other items in shopping carts. Fry's is not running a huge number of daily specials today.

 

There is also a big shopping mall close by but  I am not setting foot in that area... too much traffic.

 

 

Shopping enthusiasm has not abated around here.

627315[/snapback]

 

Same thing here at the Fry's in Concord. The parking lot was so full at 1pm, I couldn't find a spot and left.

 

I only stopped by to see if they still had the 24" monitor that was on a one day sale.

I think they get about 10 in stock, and then run out during the first hour.

[elh]

On Bernanke's Helicopter Policy

 

I'd like to see him try to implement it in light of all these credit losses. The Fed chairman is completely powerless against psychological risk aversion and massive losses that have to be recognized.

 

Unlike the Japanese who mostly held their debt in house, US debt is held everywhere.

 

It's quite possible that Bernanke's helicopter drop was already implemented through Greenspan and Bush's actions in 2001. It would be right to blame both of these bastards for this mess.

[nymphcaster]

I thought I would check in, although I don't really have anything to say.

 

Over the holidays, I met a woman from Gambia who landed a job with Ernst & Young and has been here for a few years. She showed pictures of the land she had bought for her parents and many siblings and the house she is building for them. The costs are amazingly different, $500 for the land and about $6000 for the house, which appears to be concrete brick, with noted cost increases as the project commenced. Water is an issue that remains to be solved but where two alternatives might be possible, one to tap into the community supply and another to have a well.

 

Gambia is a tiny sliver on the west cost of Africa. So small on my altas that the name has to be written above the country.

 

I thought about on thanksgiving her efforts to help her family in a meaningful way, and wondering about high-paid people trading CDOs, SIVs, ABMS, etc. who have no idea what they are trading or a meaningful connection to their own families other than some wall street bonus.

 

And I also learned something new, which is that cold food is icky to people who live in a culture where hot food is expected. I suppose that relates to lack of refrigeration and the need to cook food for safety reasons. But I had never known before that anyone would absolutely hate the sandwich. So I pass that on.

 

Best thanksgiving wishes to everyone, while hoping that we all make changes in our lives to be more environmentally friendly and be responsible to our particular communities. I know I have more work to do in that area.

[bondtrader]

I thought I would check in, although I don't really have anything to say.

 

Over the holidays, I met a woman from Gambia who landed a job with Ernst & Young and has been here for a few years.  She showed pictures of the land she had bought for her parents and many siblings and the house she is building for them.  The costs are amazingly different, $500 for the land and about $6000 for the house, which appears to be concrete brick, with noted cost increases as the project commenced.  Water is an issue that remains to be solved but where two alternatives might be possible, one to tap into the community supply and another to have a well.

 

Gambia is a tiny sliver on the west cost of Africa.  So small on my altas that the name has to be written above the country.

 

I thought about on thanksgiving her efforts to help her family in a meaningful way, and wondering about high-paid people trading CDOs, SIVs, ABMS, etc. who have no idea what they are trading or a meaningful connection to their own families other than some wall street bonus.

 

And I also learned something new, which is that cold food is icky to people who live in a culture where hot food is expected.  I suppose that relates to lack of refrigeration and the need to cook food for safety reasons.  But I had never known before that anyone would absolutely hate the sandwich.  So I pass that on.

 

Best thanksgiving wishes to everyone, while hoping that we all make changes in our lives to be more environmentally friendly and be responsible to our particular communities.  I know I have more work to do in that area.

627337[/snapback]

 

perfect.

[bondtrader]

Black Friday report from Campbell, CA. I live next to a Kohl's, Bed Bath & Beyond, Home Depot, and? Fry's Electronics. Went over to that area at 2:00pm

 

All parking lots full. Lots of foot traffic. Lots of people leaving stores with bags. Saw some people walking between stores to buy stuff.

 

I only went in to Fry's because it is geek heaven and it was very busy inside. The checkout line was long and perhaps had 100 people in it, and another 30 people at the registers buying stuff. Lots of TVs and other items in shopping carts. Fry's is not running a huge number of daily specials today.

 

There is also a big shopping mall close by but? I am not setting foot in that area... too much traffic.

 

 

Shopping enthusiasm has not abated around here.

627315[/snapback]

 

Same thing here at the Fry's in Concord. The parking lot was so full at 1pm, I couldn't find a spot and left.

 

I only stopped by to see if they still had the 24" monitor that was on a one day sale.

I think they get about 10 in stock, and then run out during the first hour.

627334[/snapback]

 

 

your sounding grumpy .. try newegg .... they have plenty on sale.

[mdporter]

Big Buybacks Begin to Haunt Firms

Now, as the economy slows and credit markets buckle, high-profile companies are cutting back on buybacks, and some wish they held on to the cash they gave back to shareholders.

 

"Gave back to shareholders" my aSS.  What a stupid statement.

 

Billions of dollars in shareholder $caSSh was flushed down the terlet these paSSt few years on stock buybacks, the sole purpose of which was to goose insider stock options (the angle made famous by Fire & Pump maSSter Lou "I got mine" Gerstner).

 

Now the game is over.

 

The insiders have $caSShed out.

 

And the stock prices of these hollowed-out shell CONpanies are destined to implode.

627332[/snapback]

 

 

I learned this morning that my company is buying back $100 million + of stock. We had $250 million in cash in the bank, and the anal cysts were demanding on conference calls for that money to be used to buy back stock.

 

Going into a period of economic uncertainty it seems stupid to blow so much money on stock support, when the money could be used as a "rainy day" fund instead.

 

We recently ended a one year ban on employee stock sales due to an options investigation. The day before the ban on selling was listed the price went from $27 to $22. Jerks.

[shorty]

On Bernanke's Helicopter Policy

 

I'd like to see him try to implement it in light of all these credit losses.  The Fed chairman is completely powerless against psychological risk aversion and massive losses that have to be recognized.

 

Unlike the Japanese who mostly held their debt in house, US debt is held everywhere. 

 

It's quite possible that Bernanke's helicopter drop was already implemented through Greenspan and Bush's actions in 2001.  It would be right to blame both of these bastards for this mess.

627336[/snapback]

Risk aversion will take hold among the maSSes eventually, and it will be GET ME OUT GIVE ME MY MONEY NOW.

 

Until then, they're content to hold onto all their stocks as long as Maria keeps barking at them that everything's good and they need to own AAPL, etc.

 

But how long will they hold on to ANY stocks once they see a few more get pole-axed by 50% without warning?

[shorty]

Big Buybacks Begin to Haunt Firms

Now, as the economy slows and credit markets buckle, high-profile companies are cutting back on buybacks, and some wish they held on to the cash they gave back to shareholders.

 

"Gave back to shareholders" my aSS.? What a stupid statement.

 

Billions of dollars in shareholder $caSSh was flushed down the terlet these paSSt few years on stock buybacks, the sole purpose of which was to goose insider stock options (the angle made famous by Fire & Pump maSSter Lou "I got mine" Gerstner).

 

Now the game is over.

 

The insiders have $caSShed out.

 

And the stock prices of these hollowed-out shell CONpanies are destined to implode.

627332[/snapback]

 

 

I learned this morning that my company is buying back $100 million + of stock. We had $250 million in cash in the bank, and the anal cysts were demanding on conference calls for that money to be used to buy back stock.

 

Going into a period of economic uncertainty it seems stupid to blow so much money on stock support, when the money could be used as a "rainy day" fund instead.

 

We recently ended a one year ban on employee stock sales due to an options investigation. The day before the ban on selling was listed the price went from $27 to $22. Jerks.

627340[/snapback]

Oh, how nice of them to "give all that money to shareholders". Giving back, ain't it wonderful. How much are they gonna give you I wonder? You're a shareholder, right?

 

At least FRE is smart enough to be selling new stock as fast as it can, gotta give 'em credit for that.

[Charmin]

Black Friday report from Campbell, CA. I live next to a Kohl's, Bed Bath & Beyond, Home Depot, and  Fry's Electronics. Went over to that area at 2:00pm

 

All parking lots full. Lots of foot traffic. Lots of people leaving stores with bags. Saw some people walking between stores to buy stuff.

 

I only went in to Fry's because it is geek heaven and it was very busy inside. The checkout line was long and perhaps had 100 people in it, and another 30 people at the registers buying stuff. Lots of TVs and other items in shopping carts. Fry's is not running a huge number of daily specials today.

 

There is also a big shopping mall close by but  I am not setting foot in that area... too much traffic.

 

 

Shopping enthusiasm has not abated around here.

627315[/snapback]

Wow. I guess people still have their re-fi money. Or good-paying jobs.

 

Or maybe they're buying stuff before they declare bankruptcy, so they can keep it in the in-laws' garage, and sell it to raise cash after the bankruptcy. That's a strategy I've heard advocated for the soon-to-be bankrupt. Nice, huh?

627317[/snapback]

 

Drano, if they had any serious money to spend - they sold their stocks.

[shorty]

tip of iceberg?

 

yup.

 

In the Matter of International Business Machines Corporation, Exchange Act Rel. No. 34-55954, Accounting and Auditing Enforcement Rel. No. 2623 (June 25, 2007)

 

The Securities and Exchange Commission today announced the filing of a settled civil action against Kevin B. Collins, an employee of International Business Machines Corporation (IBM) , for aiding and abetting Dollar General Corporation's commission of accounting fraud. As set forth in the Commission's complaint, Collins assisted Dollar General's commission of accounting fraud through a sham transaction.

 

Also today, the Commission instituted a settled cease-and-desist proceeding against IBM for its role in the Dollar General fraud and for IBM's own books and records violations.

 

The order also finds that IBM violated Section 13b(2)(A) by failing to keep accurate books and records. IBM, without admitting or denying the Commission's findings, consented to the issuance of the Commission's order directing IBM to cease and desist from committing or causing future violations of these provisions. Under the terms of the order, IBM also undertakes to pay $7 million to the court.

[cwd]

On Bernanke's Helicopter Policy

 

I'd like to see him try to implement it in light of all these credit losses.  The Fed chairman is completely powerless against psychological risk aversion and massive losses that have to be recognized.

 

Unlike the Japanese who mostly held their debt in house, US debt is held everywhere. 

 

It's quite possible that Bernanke's helicopter drop was already implemented through Greenspan and Bush's actions in 2001.  It would be right to blame both of these bastards for this mess.

627336[/snapback]

 

 

It appears to me that all this bad paper was originated by the Wall Street Fraudsters and denominated in USDs. I can't see how this can help either the buck or the stock market.