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The Anatomy of a Global Financial Crisis

Thu, 22 Jan 2009 14:01:00 GMT

I apologize for the recent lack of posts as I got rather caught up with travel and other activities during the holiday season.[More...]

Adelstein To Headline At NAB Radio Show

Fri, 08 Aug 2008 00:07:00 GMT

File this under “irony”. FCC Commissioner Jonathan Adelstein will be a featured speaker at the upcoming NAB Radio Show from September 17-19 in Austin Texas. Adelstein is expected to address a number of regulatory issues facing radio broadcasters, includin[More...]

Periodicals Wrap-Up for Wednesday, August 6th

Wed, 06 Aug 2008 13:54:00 GMT

Increasing commodity prices, tough competition, little international exposure and slowing sales all mean that Tootsie Roll Industries (TR) is a troubled company that may be a takeover target, according to the Wall Street Journal[More...]

From the Merrill Lynch Stationery Cupboard

Tue, 29 Jul 2008 14:00:00 GMT

Sigh. Another day, another writedown at good old Merrill Lynch. And indeed, another asset sale by Merrill that Merrill itself is financing. It's safe to say that someone had an inkling that something might happen, given yesterday's BKX-led meltdown in US equities. It seems as if the NAB news might have put the scare into Merrill...you can just imagine John Thain waking up last Friday and saying, "Ten cents on the dollar? Dammit, we're marked at 35.....quick, someone get me a bid!"In any event, these writedowns are coming with alarming regularity, especially for Merrill employees and shareholders. Macro Man's[More...]

I didn’t see this coming, but I should have!

Mon, 28 Jul 2008 18:03:00 GMT

As an investor in both Sirius and Xm, I was very concerned with the drop in price following an exceptional quarterly report and subsequent SEC filings relating to an Xm debt offering. What we are seeing today is a common arbitrage play with regard to conv[More...]

NAB Has Few Words For Merger

Mon, 28 Jul 2008 05:40:00 GMT

After months of delay tactics, hundreds of Ex Parte filings, and even going to the extreme of creating an internet survey where only those responding against the merger were forwarded to the FCC, the National Association of Broadcasters had surprisingly little to say upon hearing the news of the FCC’s approval. Dennis Wharton stated, “Today’s vote certainly comes as a disappointment to NAB. We continue to believe that consumers are best served by competition rather than monopolies.”That’s it! A statement from Dennis Wharton. Nothing from NAB President David Rehr, and nothing about the consumers who were for the[More...]

Exclusive: Revised Sirius / Xm Concessions

Sun, 27 Jul 2008 17:48:00 GMT

We have just learned of a commitment letter filed with the FCC Friday, which details all of the voluntary concessions agreed to by Sirius and Xm, in regards to the recent FCC decision.There are some interesting items of note including a statement that the combined company did not expect to cause or see a reduction in royalty payments as a result of its new offerings, although no commitment was actually made in this regard.Sirius has voluntarily agreed: To work with the commission to resolve all outstanding WCS/Interference issues by the end of 2008; To make available immediately, the plans and specifications for an interoperable radio available for license to equipment manufacturers; and within 9 months of the merger offer for sale an interoperable receiver in the retail[More...]

XM Shares Still Exist

Sun, 27 Jul 2008 17:38:00 GMT

Amid all of the merger news, there is one common item that many seem to have a question about. Will XM shares still exist on Monday? The answer in my opinion is YES.The merger deal specifies that each XM share will receive 4.6 shares of Sirius once the deal is consummated. While regulatory approval is in hand, Sirius and XM have not yet consummated the deal, and until they do, XM shares will still exist.In my opinion, Sirius and XM likely have a few financing items to accomplish over the weekend and on Monday, before they can get down to the proper authorities to set the deal in stone. This could cause a bit of a race. Sure, the NAB or another organization can try to throw a wrench into the works, but most agree that such an effort would be futile. Sirius and XM will be doing everything they can to get this[More...]

The End Of Siri And Xmsr

Fri, 25 Jul 2008 16:42:00 GMT

After watching the action of the stock price for the last 2 days, I’m convinced the manipulation of SIRI and XMSR will continue unfettered despite SIRI being listed on the Regulation SHO Threshold List for the last 3 weeks. It’s apparent that threats of n[More...]

Equity Market Crack

Fri, 25 Jul 2008 14:15:00 GMT

Just when you thought it was safe to go back in that water.....a great white shark from the Great Barrier Reef goes and bites your leg off. While yesterday's US equity market meltdown was home-grown, it left the SPX in no man's land. A month ago, short equity risk was far and away Macro Man's biggest position, but now he has virtually nothing in equities except the tiny, wretched remains of the large cap/small cap trade and a modest long vol position in Europe.For Macro Man, the most interesting recent developments have come from Down Under (and Just Over). While it has yet to garner too many substantial headlines, the news that National Australia Bank (NAB) has [More...]

BofA took risks long before Merrill: In '07, CEO Lewis launched effort to ramp up loans, investment banking while still spending on deals.

Sat, 07 Nov 2009 11:47:00 GMT

Nov. 7--At a posh Florida resort in February 2007, Ken Lewis unveiled Bank of America's aggressive new strategy to a roomful of Wall Street analysts.
"We do not have to acquire to meet our financial goals," Lewis said.
And despite saying the bank didn't need to buy to succeed, Lewis launched a deal-making spree a few weeks later by agreeing to buy Chicago's LaSalle Bank for $21 billion in cash.

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Evening Standard, London, Market Report Column

Thu, 01 Oct 2009 21:47:00 GMT

Oct. 1--Vedanta Resources claimed first place on the Footsie winners' board today as Morgan Stanley says the miner's shares could be worth a staggering £68 -- even if metal prices hardly rise from their current levels.
Shares in the India-focused copper producer, which is controlled by Indian billionaire Anil Agarwal, surged 56p to 1958p as analysts said Vedanta's growth potential should see the company double in size in the next two years.
Deutsche Bank is also a fan of Vedanta, today advising clients to snap up the shares and lifting its price target from 2100p to 2300p.

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Bank of America's Post-Lewis Era Has Just As Many Problems

Thu, 01 Oct 2009 20:50:00 GMT

CHARLOTTE, N.C. _ Bank analysts are reacting with temperance to the news of Ken Lewis' resignation, with some saying that his departure won't end Bank of America's troubles, and others lamenting that he is leaving.
Lewis announced his impending departure last night after the markets closed, and when they opened Thursday morning, investors apparently didn't know what to think.
Bank of America's share price dipped slightly, by less than 4 percent, during Thursday trading.

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Second-Quarter Profits Plummet 87%, PNC Reports

Fri, 24 Jul 2009 09:04:00 GMT

Jul. 24--PNC Financial Services Group Inc. on Thursday said second-quarter profit dropped 87 percent, because of a special assessment, continued integration costs associated with acquiring National City Corp. and provisions for possible loan losses.
Profit for the three months ended June 30 was $65 million, or 14 cents a share, down sharply from $505 million, or $1.45 a share in the second quarter of 2008.
Integration costs associated with the Dec. 31 takeover of National City subtracted about $125 million from profit, while the special assessment by the Federal Deposit Insurance Corp. took another $133 million from the bottom line, according to PNC. Another $95 million was paid to the Treasury Department in preferred dividends as part of the federal government's bank bailout program.

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BofA Says That It Can Meet U.S. Demands: Bank Disputes Federal Assessment but Says It Can Increase Capital Buffer.

Fri, 08 May 2009 15:47:00 GMT

May 8--While disputing the methodology of the government's stress test, Bank of America Corp. on Thursday said it can meet regulators' requirement for a bigger capital cushion without tapping any new government money.
The Charlotte-based bank laid out a plan to accrue a $34 billion buffer against potential loan losses by issuing common stock, converting preferred shares held by private investors, selling off assets, such as its Columbia asset management business, and generating more profits.
Bank of America, the nation's biggest bank by assets, needed the largest capital boost under the test of the nation's 19 biggest banks.

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BRIEF: BofA Shares Continue Climb, Close Above $11

Tue, 14 Apr 2009 03:38:00 GMT

Apr. 13--Bank of America Corp. shares are set to close above $10 for the first time since Jan. 14, when news leaked of the bank's need for a second government rescue package.
Citigroup Inc. shares are up more than 17 percent today to $3.56.
Analyst Nancy Bush of NAB Research, however, isn't expecting Bank of America's shares to shoot much higher.

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BRIEF: BofA Shares Back Over $10

Mon, 13 Apr 2009 21:56:00 GMT

Apr. 13--Bank of America Corp. share are set to close above $10 for the first time since Jan. 14, when news leaked of the bank's need for a second government rescue package.
Citigroup Inc. shares are up more than 17 percent today to $3.56.
Analyst Nancy Bush of NAB Research, however, isn't expecting Bank of America's shares to shoot much higher.

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BofA's Lewis Faces Big Challenges: This Month, the Charlotte Bank's CEO Will Grapple With Earnings Report, Disgruntled Stockholders, Worried Workers.

Wed, 01 Apr 2009 09:48:00 GMT

Apr. 1--April is shaping up as a pivotal month for Bank of America Corp. chairman and chief executive Ken Lewis.
A little more than a week later, Lewis faces what surely will be the most heated shareholder meeting of his tenure.
With shareholders already steamed over dividend cuts, a dismal stock price and fallout from the Merrill acquisition, a poor first-quarter performance would raise ire against Lewis to a new level, experts said.

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Seattle Times Brier Dudley Column: This Year's Tech Awards: The People Have Spoken

Thu, 26 Mar 2009 15:05:00 GMT

The Washington Technology Industry Association shook things up this year for its annual awards event.
Commercial Product or Service of the Year: Visible Technologies for its TruCast social-media analysis platform.
Consumer Product or Service of the Year: Wetpaint and its platform for creating "socially published" Web sites.

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Banks Now Eager to Repay TARP: Many That Have Taken Government Money Are Dismayed By Changing Rules and Public Outrage.

Thu, 26 Mar 2009 09:47:00 GMT

Mar. 26--For relatively strong banks, doing business with the government may be more trouble than it's worth.
Banks are publicly declaring their intent to pay back loans from the Troubled Asset Relief Program, or TARP, as quickly as they can.
They range from Charlotte-based Bank of America Corp., which is the country's biggest bank, to tiny Iberiabank Corp. in Lafayette, La.

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