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
23,376 Blog Posts

Fly Sell: EWBC, CSE, SNV

I sold short 30,000 [[EWBC]] @ $8.65, 5,000 [[CSE]] @ $14.70 and 5,000 [[SNV]] @ $8.80.

Disclaimer: If you sell short the above names, Bernanke will lower rates to 0%. And, you may lose money.

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Kill Vincenzo!

As you know, this Godly site was down all day, due to an unseemly event. Apparently, Vincezo (iBC’s 2nd tier IT guy) took an early lunch and left his bowl of pasta and gravy on the iBC servers. In addition, he left an open bottle of red vino on the adjacent shelf, directly above our server. In an odd twist of fuckery, the wine bottle fell off the shelf, onto the bowl of pasta and sauce, making a fucking mockery of our technology— effectively short circuiting our servers.

I’ll have you know, Vincenzo has been fined and told to never bring gravy into the cold room again.

In other news, I covered my entire [[CATY]] short, for a quick 13% profit, overnight. And, I sold out most of my stupid [[UB]] position.

In addition, I initiated a short position in [[EWBC]]. Those fuckers deserve to be drilled. I see the stock hitting high 4’s, by July 4th.

It looks like the market is trying to rally here, with financials paring losses. I will not buy into this crock o’ shit. Instead, I will sell short more, at higher prices—God willing.

Finally, I heard another rumor about [[MVIS]] yesterday. But, I refuse to share it, since this “source” has sucked balls, for about 1 year and counting.

Top picks: [[FTK]], short [[EWBC]]

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Fly Sell: UB

I sold 10,000 [[UB]] @ $42.60.

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You Really Need to Sell

This is getting ridiculous already.

By the way, the floods in the mid-west will adversely affect the numbers out of both [[LNN]] and [[VMI]]. I forgot to tell you about that yesterday.

Thus far, the banks are being blow-the-fuck-out, partly thanks to [[FITB]] (nice call Jakegint). However, as you know, the problem is much bigger than that. Even great banks, like [[UB]], are being hit.

The good news is, my new short positions in [[CATY]], [[WTFC]] and [[PACW]] are working like whores of the night.

The bad news is, my stupid UB position is being jelly knocked. For now, I will hold it and endure the losses, like a fucking man.

Some quick ideas:

Get long [[RIG]], it’s ripping.

In addition, I like all of my bank shorts here, especially “The Five Reverse Horseman” of death and financial Armageddon, via [[FED]], [[DSL]], [[CORS]], [[FHN]] and [[PACW]].

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GLOBAL CRASH LOOMING

Hat tip to Boomer

“A very nasty period is soon to be upon us – be prepared,” said Bob Janjuah, the bank’s credit strategist.

Have a goodnight, fuckface. See you in the morning.

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Glorious News

The moon and the sun are now realigned, enabling “The Fly” to bank coin without distractions.

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The Fifth Reverse Horseman: PACW

I really want to make [[CATY]] the fifth “Reverse Horseman,” but I can’t. I must anoint the morons at [[PACW]] with this ungodly title, who, without doubt, are very busy eating through capital like pacman—as you read this.

Basically, PACW is a play to bet against the California mortgage market, like [[DSL]] and [[FED]]. For fucks sake, they lost $10 per share last quarter.

Look for a dividend cut, as the credit markets worsen.

As for CATY:

It’s a perfect blend of Chinese fuckery and bad California mortgages and HELOC’s. Cathay services the Chinese-American community, in the most egregious fashion—via bad loans.

Basically, on face value, CATY appears to be handling the ‘credit crisis’ quite well. However, I believe they are greatly understating their bad loan exposure. On top of that, the company, egregiously, bought back 2.8 million shares @ $32, in 2007, burning through 92 million dollars.

For now, my top bank shorts are “The Reverse Five Horseman”: [[DSL]], [[FED]], [[FHN]], [[CORS]] and [[PACW]]. Also, I think there is considerable downside in CATY, [[EWBC]], [[CSE]], [[WTFC]] and [[BBT]].

NOTE: Pardon my misstep with the financials, during yesterday’s tape—via buying some. What was I thinking? Aside from [[UB]], I am back to betting against them.

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“The Fly” at Work

Exclusive:

[youtube:http://www.youtube.com/watch?v=LpuWaloTCAs 450 300]

Finally, I have revealed my identity.

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