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
22,010 Blog Posts

A Glorious Bull Market

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.

Thank you.

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.

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.

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52 comments

  1. mrkcbill

    Who is this Broker X ?

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  2. Dick Bove

    Excellent Mr. The Fly. Your fresh new attitude reveals a commanding understanding of today’s financial markets, second only to myself, of course.

    I also appreciate the new “family-friendly” tone of your internet site. Now I can read it at my mother’s house without fear of a scolding.

    Though, I feel I must correct you. CNBC is not a show, but rather a whole channel, full of charming and intelligent hosts who “dig deep” into important financial issues. And most importantly, they know how to stay positive during these challenging times, knowing that full and complete economic recovery is just a few weeks away — thanks to the wise stewardship of our government leaders.

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  3. CubsRock

    One of my insiders sent alone this footage of The Fly’s Family Reunion last weekend.

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  4. The Fly

    My apologies Mr. Bove.

    I refer to CNBC as a show, because it is that good.

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  5. Larry Kudlow

    What is the new Fly snorting these days? I need some because I am shakin’ more than Michael J. Fox.

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  6. ZenProfit

    Is Mr. Fly vacationing at his Nantucket summer home?

    I sure miss him.

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  7. Aris

    the only thing banks are good for is robberies. the difference is we get tossed in the can for 10-15, whereas they get to speak on CNBC and buy islands.

    fuck this noise.

    i bought some PRXL today, and they beat and raised after the close. that fucking stock had better run straight the fuck up tomorrow, or i’m going to do #2 on the hood of my neighbor’s 12yr-old bmw and cover the windshield with washington mutual’s 1/2-sized, moistened lollipops.

    WRITE IT DOWN

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  8. The Fly

    Aris:

    May I suggest a session of yoga and a warm glass of milk?

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  9. Kiwin

    “The Fly” must be taking a hammer to his kneecaps to keep his mind off the pain this “niceness” is causing him.

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  10. JakeGint

    Since you can’t say it (let’s hope for only a short period) I will:

    Fuck Tom Brown and his School Daze.

    _

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  11. Dick Bove

    This “Aris” seems like quite the ne’er-do-well. The type of ruffian who shorts banks and strikes children. His wanton use of vulgarity triggered my mother’s “Net Nanny” software, and I fear visiting the dinner table this evening.

    edit: I’d also keep my eye on this foul-mouthed JakeGint character. The rumor going around town is that last week he skipped church and read the prospectus for SKF instead, even taking it in the lavatory with him.

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  12. AU CONTRAIR

    FLY,

    That was too funny…some of you best writing work yet.

    You had rolling on my desk all over the rediculous profits banked from riding up shit stocks like ABK and MBI…..when in ROME.

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  13. Danny

    Fly always wins, even when he appears to be loosing [sic], you beard-shaving, midget-clown rapers.

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  14. Scum Bucket Bitchez
    Scum Bucket Bitchez

    “The Fly” will break. No way he can refrain from foul-mouthery while watching the SPX head for 1400 dragging every s#^t stained j^zz monkey bullcrap egregious whore humping douchewadly bank, builder, and sewer [email protected] turd shniffing equity with it. No way.

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  15. Aristotle

    Mr Fly,

    I still say – Fornicate WB!

    also, buy homebuilders because they are great bargains at these levels regardless of how much inventory is on the market.

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  16. nullpointer

    honestly fly, this is some funny shit.

    A+ on the writing, very very good.

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  17. JakeGint

    Breaking! Actual footage of Jake in his office, about 2:30 this afternoon!

    ___

    _

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  18. Aris

    mmmm….milk

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  19. Dick Bove

    Gangsters and scofflaws, the whole lot of you.

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  20. Aristotle

    Exhibit 2 of this article sums up why banks and brokers are great investments!

    http://www.prudentbear.com/index.php/FeaturedCommentaryHome

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  21. buylo

    while watching Maria after the close, then Fast Money, Cramer and Kudlow don’t forget your copy of MADD magazine and a drink with a pink umbrella in it – you’ll be back and everyone will be kindler and gentler due your fearless leadership, despite all the adversity. Maybe reading Trade like a Turtle may help?

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  22. Dinosaur Trader

    Fly,

    In the past, you’ve referred to my blog as a “third-tier” blog. For the time being, since you’re in this mood, could you perhaps elevate it to the “second tier” or something, so that I may benefit from 3 or 4 new readers?

    Your consideration is appreciated.

    -DT

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  23. The Fly

    Mr. Dinosaur:

    After re evaluating your blog, I’ve concluded it is well deserving of its third world title.

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  24. Scum Bucket Bitchez
    Scum Bucket Bitchez

    This is funny. Up 400% on 200 share volume. My sleazy rocks!

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  25. Shakespeare Insult Dictionary
    Shakespeare Insult Dictionary

    What a maidenly man at arms you have become.

    (Henry IV Part 2)

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  26. Danny

    DT –

    I occasionally bring people to your blog, but the last time I went the service was slow and I got virulent diarrhea. What in the way of freebies can you offer to placate me as a dissatisfied consumer?

    Sincerely,
    Danny

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  27. Working Man

    ‘Socrates and Hamsandwich’ laughing out loud and fucking loving that you Mets loving meaball……

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  28. Dinosaur Trader

    Mr. Fly,

    While I appreciate your reconsideration, clearly your judgement is in disrepair.

    I suggest sunning yourself on a sandy beach for the rest of August, while allowing the stock market to ruin the Jake Gints of the world.

    Actually, I hope there’s only one.

    -DT

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  29. Dinosaur Trader

    Danny,

    Indeed, the free blogging software known as “blogger” is a bit patchy.

    Unfortunately, I have nothing to give away at the moment. However, if the trend continues, soon I shall be poor and full of wisdom. I will share this wisdom with the world, when I acquire and master it.

    Thank you.

    -DT

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  30. Danny

    Danny
    iBC
    San Diego, CA

    DT
    DT
    Pacific Northwest

    August 5th, 2008

    DT –

    I appreciate your quick and courteous response to my complaint. As the figurehead and CEO of Dinosaur Trader: Extra Rabbits!, you know firsthand the critical nature of maintaining goodwill and support from your readership.

    Given the fact that after visiting your site I had merciless bowel pain and hours of uninterrupted diarrhea, I suggest that alienation of your support base is not the answer and that the problems you face ought not be unfairly passed on to the clearly homo blogger platform.

    While I understand why you can’t send me money, I once again cordially request some swag, perhaps a set of clubs, or a free 12er of Stella to remedy the injustice my ass faced after visiting your site.

    Sincerely,

    Danny

    enclosures:[1]

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  31. Aris

    AIG just tossed a fucking spitball at an umpire.

    ps: to balance the lack of profanity in the fly’s posts, i will be including at least one expletive in each post.

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  32. JakeGint

    Fuck Tom Brown and the Commie Reptile.

    Sorry the Cypher is dropping in the polls, but don’t take your adolescent frustrations out on me.

    Assuage yourself with this, the Cypher, being all things to all people as he is wont, will probably be to the right of McCain by the time we get to November, and you won’t want to vote for him anyway.

    Unless, of course, your support is simply “gay based.”

    _________

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  33. JakeGint

    AIG just tossed a fucking spitball at an umpire.

    Hmmm… maybe Skiffles really did double-bottom?

    _____

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  34. Prospectus

    What a spiffing bout of verbal pugilistics! Give these chaps what for, Extinct Reptile Exchanger of Equity Ownership Certificates! The type of foul talk that usually reigns here has no place among gentlemen of high society.

    I recall the panic of 1907, when Larry Livermore gave Mr. John Pierpont Morgan a jolly good thrashing of the first order! Now that is the sort of balleyhoo that should be bantered about among good natured fellows of finance, what?

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  35. John Pierpont Morgan, Jr.
    John Pierpont Morgan, Jr.

    Fuck all you bitches.

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  36. Juancho

    I’m putting my money someplace safe, like telecoms and the coffee can I keep buried in the backyard. Whatsay you chaps?

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  37. alphadawgg

    The new emergent “bizarro Fly” has got me a little concerned. I’ll give it another 24 hours. I’m starting to miss the old Fly and the offensive, but often refreshing, vulgarity he brings to market.

    Somebody check his medication.

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  38. mrkcbill

    They didn’t tell him those BP meds cause gaynality.

    I heard he threw his blue radio up against Steve’s Garage and there was some sort of intervention after that.

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  39. Richard Head

    Did you guys get an invitation to Fly’s bar-b-que too?? it says Cramer, Mr. Mortgage, Greg Salomon and Wizard have already RSVP’ed…good times

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  40. DPeezy

    Up is down; down is up; He says ‘Hello’ when he leaves, ‘Goodbye’ when he arrives: The Bizarro Fly (who is also black and lives underwater).

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  41. Danny

    In bizarro world, hamburgers eat people.

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  42. Ripley's Believe It or Not
    Ripley's Believe It or Not

    Does the bizarro Fly drive a stripped down Yugo?

    Complement his trader-servant?

    Eat vegan meals and drink fruity soda pop?

    Anxiously awaiting the revelation…..

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  43. Jim

    Fly:

    Goddamit cut it out. I can’t take this defferential bs, and while I thought it was hillarious initially, I can’t take it any more. Please…for the sake of my sanity…give us some “choice” words and funny phrases. I must be a sheltered asswipe, but I count on YOU giving me a daily dose of down-to-earth, nitty, gritty tell-it-like-it-is market synopsis.

    Cut this shit out now please.

    BTW, I rarely cuss on line…so I’d like you to recognize my desperation.

    Jim

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  44. Caffeinated

    Has anyone else noticed the egregious amount of good karma dispensed on this entry?

    Certainly must be related to the new godly tone: The League of Extraordinary iBankCoin Gentlemen.

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  45. Woodshedder

    fuck shit cunt bitch goddammit motherfucker

    You’re welcome Fly.

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  46. Danny

    You forgot:

    – beef curtain supporter
    – midget-clown raper
    – Ass spelunker
    – democrat
    – thundercunt

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  47. Juice

    fm MV –

    Bennet Sedacca

    03:51:53 PM

    No positions in stocks mentioned.

    A comment on GSE preferreds…

    As I stated here several times, my firm sucked up our pride a while back and booked losses in our GSE preferreds. It wasn’t fun, but it beats where they are now.

    Note that when Fitch downgraded the Freddie Mac (FRE) preferred shares this morning it noted a distinct possibility of a cessation of preferred dividends.

    So when the Bond King says he thinks the Treasury will buy $30 billion in GSE preferreds, he is referring to, I believe a new ‘super senior preferred’ that will smoke all existing common and preferred holders. By my calculations this will mean an additional 50-70% haircut from present levels.

    And it gives me pause about the preferred market in general.

    Funny how Paulson and company are using our money to throw us under the bus. Actually, it is not funny. It is sickening.

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  48. Junk Spread

    You also forgot…

    Butt-humping rump ranger
    Muff diver
    Fuzz bumper
    Democrat

    Oops, my bad. Danny already mentioned Democrat

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  49. The Fly

    Good Sir Jim:

    The new Fly does not engage with ruffian type like you. Moreover, using language unsuitable for a gentleman displays weak character and the inability to have discourse on a collegiate level.

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  50. JakeGint

    Brucey — I was reading some commentary on the GSE preferred situation on this blog, and I invited him to come over and discuss.

    __

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  51. ZenProfit

    What college would that be?

    “and the inability to have discourse on a collegiate level.”

    I believe you meant collegial:

    Characterized by or having power and authority vested equally among colleagues: “He . . . prefers a collegial harmony that will present him with a consensus on the issues”

    http://dictionary.reference.com/browse/collegial

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  52. TX Slave Trader

    Fly, That was the funniest post I’ve ever read. Tallyhoe good sir.

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