AIG received bozillions from you and me, yet the chatter of an imminent bankruptcy made the rounds yesterday on a report that they have found a way to lose $60 billion. They now have hat in hand for "more" money. Let it die.
JPM, the "bluest" of blue chip banks practically eliminated their dividend yesterday. You heard it all here six months ago as I said all dividends would cut dramatically if not eliminated entirely. Oh, by the way, the ones that survive will still be back for gobs of dilutive capital and I still anticipate all of their credit ratings to be downgraded. Oh joy.
Don't you love the speed with which Washington is dealing with this problem? By the time they announce the next announcement of an announcement, the DOW should be 5000. Keep up the great work, your fingers are right on the pulse guys.
Tuesday, February 24, 2009
More of the Same
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About Me
- upsidetrader
- I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.
2 comments:
What have you got to say about the CPAs who have routinely issued clean bills of health for companies like AIG?
I believe this is one area where radical reforms in reporting about the real underlying financial conditions of these companies should be put in place. Time for some real accountability here.
rolly
the nanosecond the madoff scanmdal broke-i blogged "where were the acccountants"-go to archive-they are very much to blame usually
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