iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
21,506 Blog Posts

Late Night Thoughts

Fuck banks.

Good Night.

UPDATE: Merrill Lynch is a criminal organization.

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12 comments

  1. Jakegint

    Done.

    Whatabout investment banks?

    Time to start loading on the JEF trade, methinks.

    Drink lots of sugary fluids, and beware the Hispanpires in future.

    _____

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  2. calvino

    It would give me indescribable pleasure to see Art Hogan finished in finance. Won’t happen, but one can dream.

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  3. Aris

    doug kass just called me from a bridge in florida. yelling something about citigroup and manatees. couldn’t quite make it out. sounded like he bove off the deep end.

    also, according to reuters, president bush is going to be making a press conference tomorrow about NASA putting the SKF on the moon by ’09.

    http://uk.reuters.com/article/oddlyEnoughNews/idUKL863330020080728

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  4. The Boy Who Cried Wolf

    Thain’s comments.

    One of my first priorities at Merrill Lynch was to strengthen the firm’s balance sheet, and today we have made great progress towards that by bolstering our capital position through these investments and our announced sale of Merrill Lynch Capital.” (December 24, 2007 — Thain in a statement when Merrill announced a $6.2 billion capital raising)

    “…These transactions make certain that Merrill is well-capitalized.” (January 15, 2008 — Thain in a statement after selling $6.6 billion of preferred shares to a group that included Japanese and Kuwaiti investors)

    “We’re very confident that we have the capital base now that we need to go forward in 2008.” (January 18, 2008 — Thain as quoted by the New York Times).

    “…Today I can say that we will not need additional funds. These problems are behind us. We will not return to the market.” (March 8, 2008 — Thain in an interview with France’s Le Figaro newspaper)

    “We have more capital than we need, so we can say to the market that we don’t need more injections. We can confirm that we have tackled the problem.” (March 16, 2008 — Thain in an interview with Spain’s El Pais newspaper)

    “In 2007, we lost 8.6 billion dollars after tax, but we raised 12.8 billion dollars in new capital. We raised significantly more capital than we lost. And we did that on purpose so that we could say to the marketplace that we raised more than enough capital. We replaced all the capital we lost. We have plenty of capital going forward, and we don’t need to come back into the equity market. The goal is to maintain our current ratings. No more capital raising; I’m sure we have enough capital.” (April 4, 2008 — Thain in an interview with Japan’s Nihon Keizai Shimbun)

    “We deliberately raised more capital than we lost last year … we believe that will allow us to not have to go back to the equity market in the foreseeable future.” (April 8, 2008 — Thain to reporters in Tokyo, as reported by Reuters)

    “John Thain has been very clear that we have sufficient capital and don’t have a need to raise additional common equity for the foreseeable future. When we raised this capital in January, we had a lot of demand so we went beyond what we needed.” (May 12, 2008 — Merrill President Greg Fleming in an interview with the Times of London)

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  5. ZenProfit

    Aris:

    “sounded like he bove off the deep end”

    As in “My Citibank investment took a Bove this year.”

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  6. Juice

    Calvin will be pleased –

    MGM, Dubai Fall Behind on $3.5 Billion Loan for Las Vegas Plan

    http://www.bloomberg.com/apps/news?pid=20601103&sid=alHxxqo1pZ_Y&refer=news

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  7. TraderCaddy

    Just sold the XLF I bought @19.54 in the AH for 20.15 this pre-market. It will be pizza from a real Italian place tonight. No Hungry Howies.

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  8. boca

    I haven’t seen GappingandYapping lately, is he on vacation?

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  9. boca

    Fly, I hope you feel better. If you really need the high blood pressure medication, then take it. Take care of yourself for that wonderful family of yours.

    Although if the BP meds make you all mellow, I’m not sure we’ll be able to handle the cognitive dissonance and our heads might explode. Kidding.

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  10. Granpa

    Yea Fly, take care of yourself. No matter what you say now, as you approach 47.5 you’ll want more. Avoid the elevator shaft as long as you can. I hope you get the chance to wear out a few caines while you enjoy steak and wine with your family.

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  11. Juancho

    The only way that graphic could be better is if the MER bull was giving the middle finger (hoof?).

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