Monday, October 6, 2008
Yahoo! Message Boards - Wachovia Corporation - What really happened to WB and why people should hang on.
Wachovia Corporation - What really happened to WB and why people should hang on.: "Folks, I live in Charlotte and I am a news junkie on local poitics and financial doings. Pat McCrory, Charlotte Mayor running for NC Governor suspended his campaign to work in unison with city leaders and Hugh McColl (former mega-CEO of Bank of America and huge civic leader). Be glad Hugh is on the seen. Even though he was CEO for WBs rival, he realizes WBs existence is as crucial to Charlotte as BofA b/c WB employs more people here. Hugh is connected and you can bet he has direct lines to Dodge&Cox Funds and Fidelity. Hugh and Steel are neighbors in Eastover (a wealthy Charlotte suburb). Ken Thompson lives there too. All hands are on deck. This bailout changes the game. Mark my words
Wednesday, August 13, 2008
playing catch ball
Friday, July 18, 2008
3rd UPDATE: Citigroup Posts $2.5 Billion 2Q Loss, But Improves
3rd UPDATE: Citigroup Posts $2.5 Billion 2Q Loss, But Improves: "Citi increased its loan-loss provision for the credit card business because the company 'recently observed trends which point to an expectation of higher losses in the near term.'
'The rate at which delinquent customers advance to write-offs has increased,' particularly in areas where the housing market deteriorated, Crittenden said. ' Bankruptcy filings have also increased from historically low levels. In North America we are also seeing continued stress in the personal loan portfolio where losses have"
'The rate at which delinquent customers advance to write-offs has increased,' particularly in areas where the housing market deteriorated, Crittenden said. ' Bankruptcy filings have also increased from historically low levels. In North America we are also seeing continued stress in the personal loan portfolio where losses have"
Thursday, July 17, 2008
Wednesday, July 16, 2008
Fitch cuts Bank of America credit ratings | Markets | Markets News | Reuters
Fitch cuts Bank of America credit ratings | Markets | Markets News | Reuters: "ooking forward, Bank of America NA, a subsidiary of Bank of America Corp, is likely to see credit pressure from its credit card portfolio, the option adjustable rate mortgage portfolio it a"
Wednesday, May 21, 2008
Wachovia, a looming crisis
http://www.reuters.com/article/hotStocksNews/idUSBNG8623720080520
By Tenzin Pema
BANGALORE (Reuters) - Shares of top banks Citigroup (C.N: Quote, Profile, Research) and JPMorgan Chase (JPM.N: Quote, Profile, Research) fell 4 and 5 percent, respectively, after influential analyst Meredith Whitney slashed her earnings outlook for top U.S. banks and said the credit crisis is far from over.
The crisis will extend well into 2009 and perhaps beyond as large U.S. banks will likely incur more than $170 billion in reserve builds by the end of 2009 on top of regular loan-loss provisions, the Oppenheimer & Co analyst said.
"We believe the current credit crisis is far from over," Whitney said in a note dated May 19. "In fact, we believe what lies ahead will be worse than what is behind us."
Whitney became a Wall Street celebrity last year after she pointed to Citigroup's deepening credit losses and correctly predicted that the largest U.S. bank would cut its dividend and go on a capital-raising spree.
In her latest note, Whitney said she expects losses at the big banks to accelerate further and to be "far worse than even the most draconian estimates."
"Either in the form of write-downs or reserve builds, we believe the effect is the same: revenue reversal from years worth of inherently flawed underwriting," Whitney said.
The banks have written down more than $70 billion of losses related to real-estate securities since July, she said. They have also taken more than $25 billion in reserve builds related to on-balance-sheet loans, she added.
Whitney increased her 2008 loss forecast for Citigroup Inc and the next three largest U.S. banks, Bank of America Corp (BAC.N: Quote, Profile, Research), JPMorgan Chase & Co and Wachovia Corp (WB.N: Quote, Profile, Research). She lowered her second-quarter earnings views for Bank of America and JPMorgan but raised them slightly for Citigroup and Wachovia.
By Tenzin Pema
BANGALORE (Reuters) - Shares of top banks Citigroup (C.N: Quote, Profile, Research) and JPMorgan Chase (JPM.N: Quote, Profile, Research) fell 4 and 5 percent, respectively, after influential analyst Meredith Whitney slashed her earnings outlook for top U.S. banks and said the credit crisis is far from over.
The crisis will extend well into 2009 and perhaps beyond as large U.S. banks will likely incur more than $170 billion in reserve builds by the end of 2009 on top of regular loan-loss provisions, the Oppenheimer & Co analyst said.
"We believe the current credit crisis is far from over," Whitney said in a note dated May 19. "In fact, we believe what lies ahead will be worse than what is behind us."
Whitney became a Wall Street celebrity last year after she pointed to Citigroup's deepening credit losses and correctly predicted that the largest U.S. bank would cut its dividend and go on a capital-raising spree.
In her latest note, Whitney said she expects losses at the big banks to accelerate further and to be "far worse than even the most draconian estimates."
"Either in the form of write-downs or reserve builds, we believe the effect is the same: revenue reversal from years worth of inherently flawed underwriting," Whitney said.
The banks have written down more than $70 billion of losses related to real-estate securities since July, she said. They have also taken more than $25 billion in reserve builds related to on-balance-sheet loans, she added.
Whitney increased her 2008 loss forecast for Citigroup Inc and the next three largest U.S. banks, Bank of America Corp (BAC.N: Quote, Profile, Research), JPMorgan Chase & Co and Wachovia Corp (WB.N: Quote, Profile, Research). She lowered her second-quarter earnings views for Bank of America and JPMorgan but raised them slightly for Citigroup and Wachovia.
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