Posts Tagged Bank of America
Volcker Rule
Posted by Belisarius in Markets on January 22, 2010
After sleeping it off and giving a little tough on Barack Obama’s proposal of new financial regulation I still think this is HUGE. Because it is so HUGE, I have some doubts how the final version would look like. Similar as with health care reform, a strong opposition backed by almost unlimited (lobbying) funds will arise.
If it turned to a law it will cripple “Bank Holding Company” earnings. Goldman Sachs, Morgan Stanley, Bank of America, JP Morgan Chase and Co. could be especially hit losing maybe even a half of the earnings. Off course, their proprietary trading desks are worth a lot and they could be spun off, but they would lose both financing and information advantages.
Bank of America Repaying TARP
Posted by Belisarius in Markets on December 3, 2009
Bank of America announced that it will repay all bail out funds. Bloomberg link: Bank of America to Repay Bailout, Easing CEO Search. The stock is trading up 4% despite massive dilution. No comment.
Initial jobless claims were reported at 457.000 vs. 466.000 and 485.000 consensus. Again falling steady. Bloomberg story: U.S. Jobless Claims Unexpectedly Fall to One-Year Low.
ECB has kept the rates unchanged as expected as expected. Risky assets are looking a bit tired.
I find highly amusing the news surrounding Russia’s Rusal (worlds largest producer) owned by Mr. Oleg Deripaska potential IPO. Financial Times story: Setback for Rusal IPO plans. Looks like Chinese investors will get good price for the offering.
Wells Fargo And Stuff
Posted by Belisarius in Markets on October 21, 2009
As I wrote before Wells Fargo earnings came better than expected. I gave gone through the material and I have to say the the way management presents the data gave me a sort of the confidence that they know their job, but when I reviewed the details the seen has only scared me. Presentation.
BAC Negative Surprise
Posted by Belisarius in Markets on October 16, 2009
- -$0.26 vs. -$0.13 EPS LPS
- Large and incensing provisions, but lower than at JPM
Citi looks even worse after this.