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CapitalSource Inc. Message Board

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  • lner2512 lner2512 Dec 21, 2007 12:56 AM Flag

    Year End Charge-Offs

    CSE is a REIT, which means a "write off" does not reduce taxable income. So what? So it is taxable, NOT financial statement income that matters for cash flow and dividends. In order to generate a loss for tax purposes, CSE must actually sell something for less than its (tax) book value. I doubt they have any such loans or other items to sell. Certainly they have no subslime.

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    • Not one of my better posts.

      I could see a sell-off in the entire financial sector in sympathy with other companies reporting more charge-offs as I do not think we are done with this for 2007, yet. Also, year-end tax selling could be going on.

      Again, I do not believe it will be CSE specific (perhaps TONE to a small degree--hope not), but we could get pulled down a tad before year-end.

      I am looking for a great January as I think much of the charge-offs will be dealt with from the subprime debacle, though. Lots of balloon/resets in the early part of 2008, but I think most of the risk will be identified and dealt with this year.

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