The Dead Pool
The Obvious: Today is the 6th anniversary of the 9/11 terrorist attacks.
In six years, our "intelligence" community has been able to track down 12 needles in a haystack.
Osama Bin Laden, who receives regular kidney dialysis (very specialized and traceable filtration system), is still golfing on the back nine in Pakistan and making videos.
Bennie & The Feds playin Berlin: Bennie noted that the U.S. current account gap can't last forever and the global savings glut remains in place.
Since Jan 06; the dollar is down 7.9% vs a select basket of our major trading partners currencies; exports have increased; and the trade deficit has narrowed slightly.
How Low?? National Association of Realtors: today cut its forecast for the ninth time this year and said existing home sales will fall 8.6% in 2007.
That's more than the 6.8% drop forecast a month ago. New-home sales will probably drop 24% on top of an 18% decline in 2006.
Hey Buddy, can you spare $2 Billion in change?... Yesterday, analysts at Merrill Lynch and UBS AG cut their profit estimates for Countrywide.
Units of Paris-based Axa SA, the French insurer, reduced their stake in Countrywide by more than half to 4.1%.
Last month, Countrywide tapped $11.5 billion of emergency financing to replace hard to sell commercial paper...
and received a $2 Billion cash infusion package from Bank of America in exchange for non voting stock.
Last week, Countrywide said it would eliminate as many as 12,000 jobs, or 20% of its workforce.
Today, according to the NY Post: a second multibillion dollar bailout of the company is being negotiated.
"Countrywide is in desperate need of cash right now to continue funding mortgages, and the credit markets are still largely closed to them."
Possible lenders include Citigroup, the biggest U.S. bank, and JPMorgan Chase, the third largest.
The Trifecta: At least one major: lender, brokerage house and bank will freeze customer assets...
and collapse and board up its doors; or will be bailed out by private investors or the government.
The Dead Pool Five: #1 Countrywide, #2 IndyMac, #3 Wachovia, #4 Wells Fargo, #5 Citibank.
Dishonorable mention: WaMu, Bear Stearns, Lehman Brothers
Foreign Legion of Dishonor: Barclays, Deutsche Bank
In six years, our "intelligence" community has been able to track down 12 needles in a haystack.
Osama Bin Laden, who receives regular kidney dialysis (very specialized and traceable filtration system), is still golfing on the back nine in Pakistan and making videos.
Bennie & The Feds playin Berlin: Bennie noted that the U.S. current account gap can't last forever and the global savings glut remains in place.
Since Jan 06; the dollar is down 7.9% vs a select basket of our major trading partners currencies; exports have increased; and the trade deficit has narrowed slightly.
How Low?? National Association of Realtors: today cut its forecast for the ninth time this year and said existing home sales will fall 8.6% in 2007.
That's more than the 6.8% drop forecast a month ago. New-home sales will probably drop 24% on top of an 18% decline in 2006.
Hey Buddy, can you spare $2 Billion in change?... Yesterday, analysts at Merrill Lynch and UBS AG cut their profit estimates for Countrywide.
Units of Paris-based Axa SA, the French insurer, reduced their stake in Countrywide by more than half to 4.1%.
Last month, Countrywide tapped $11.5 billion of emergency financing to replace hard to sell commercial paper...
and received a $2 Billion cash infusion package from Bank of America in exchange for non voting stock.
Last week, Countrywide said it would eliminate as many as 12,000 jobs, or 20% of its workforce.
Today, according to the NY Post: a second multibillion dollar bailout of the company is being negotiated.
"Countrywide is in desperate need of cash right now to continue funding mortgages, and the credit markets are still largely closed to them."
Possible lenders include Citigroup, the biggest U.S. bank, and JPMorgan Chase, the third largest.
The Trifecta: At least one major: lender, brokerage house and bank will freeze customer assets...
and collapse and board up its doors; or will be bailed out by private investors or the government.
The Dead Pool Five: #1 Countrywide, #2 IndyMac, #3 Wachovia, #4 Wells Fargo, #5 Citibank.
Dishonorable mention: WaMu, Bear Stearns, Lehman Brothers
Foreign Legion of Dishonor: Barclays, Deutsche Bank
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