Triple the loss for Freddie Mac [[FRE]] means triple the fun for the banks.
Thomas Brown, a well accomplished banking analyst/philosopher, who’s work parallels those of historic men like Socrates and Hamsandwich, called the bottom in both MBIA Inc. [[MBI]] and Ambac Financial Group, Inc. [[ABK]] . Well done, Sir.
As for me, respectfully, I’d like to protest the closing price of Vulcan Materials Company [[VMC]] . According to my excel spreadsheets and diligent research into their field, it appears VMC is $30 too expensive. Cordially, I invite all shareholders of VMC to quietly exit the stock, in order to avoid minor economic hardship.
In addition, my bet against TCF Financial Corporation [[TCB]] has proven to be a money loser. It’s my fault. I thought the housing market was slowing. I shall re-read all of my research and attempt to be persuaded otherwise.
Apparently, I find myself saddled with lots of cancerous short positions. This, as you know, was an error by the “foul mouthed Fly.” The new, kinder, more sophisticated Fly is thinking about getting long biotechs, retail, internets and other “non-risky” endeavors.
In addition, I have many stocks on my monitor, worth sharing with you good folks, such as Auxilium Pharmaceuticals, Inc. [[AUXL]] , Valeant Pharmaceuticals International [[VRX]] , Gilead Sciences, Inc. [[GILD]] , Wachovia Corporation [[WB]] and Agrium Inc. (USA) [[AGU]] .
However, keep in mind, I am in AGU for a short term trade, whereas WB is a keeper. Longer term, it makes sense to bet on America and applaud the work of fine men, like Dick Bove and Henry Paulson.
Off to watch my favorite show: CNBC.
A Most Unfortunate Update: Bad news for us 300 point chasers. Off to watch Mr. Fast Money.
A Most Unfortunate News Tidbit: Sadly, American International Group, Inc. [[AIG]] might have missed revenue projections too, by more than 10 billion dollars. Let’s all say a prayer for the good folks running AIG, a fine American franchise.
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The world’s largest insurer lost $5.36 billion in the April-to-June period, or $2.06 per share. In the same period last year the company earned $4.28 billion, or $1.64 per share.
After excluding one-time items, the loss per share came to 51 cents — much worse than the 63-cent gain that analysts were anticipating.
Shares of AIG fell more than 7 percent in after-hours trading, having fallen 80 cents, or 2.7 percent, to close Wednesday at $29.09.
AIG’s net loss included a $3.62 billion after-tax write-down in the value of what are called super-senior credit default swaps. Before taxes, this write-down amounted to $5.56 billion.