ayscuew-Loan loss provisions or bad debt reserves are supposed to be determined by estimated uncollectibles.Just because the reserve was decreased doen not mean the books are being cooked.Several years ago, a bank in TN was having a bad year and decided to throw everything including the kitchen sink into the bad debt reserve and they ended the year with a whopping loss. Their stock dipped to the $ 4.00 range. OVer the next several quarters the reserve was reduced which dramatically increased their profit. Within a three or four year span the stock the stock reached $ 100.00 and then split 2/1. The bank was eventually merged with another bank and the another bank merged with another bank. THe last another bank is still around and my $94.00 per share profit has been reduced to my original cost basis. What does this mean? When BB&T reaches $ 100.00, consider selling.
Analysts will not listen to or understand Kelly & Co.
They immediately shut down, their eyes roll into the backs of their empty heads, and the ears quit working, when they start to listen to his NC drawl.
Something about a southern accent makes the east coast listener immediately think he is stupid.
Kind of like the Occupation Nation thinking everyone on Wall Street is a mini-Madoff.
Have to agree. They simply do NOT listen. I guess the NC accent and the clearing of the throat bother them. Great earnings again, great conference call, and what does the stock do? Simple incredible. Quarter after quarter, we can't believe the stock reaction to good news. They hate BB&T. Period.
Just what I thought. Can't name any, can you? Why don't you go bash the stinkier smelling stocks? Why hang around the board of the best performing bank stock? I your short selling getting you down?
Just what I thought. Can't name any, can you? Why don't you go bash the stinkier smelling stocks? Why hang around the board of the best performing bank stock? Is your short selling getting you down?
Europe’s lumbering efforts to end a widening sovereign debt crisis have become more cumbersome as the German parliament is now wielding its newly created veto powers that allow lawmakers to block virtually any decision Chancellor Angela Merkel makes that commits taxpayer money to new bailouts.
Passage of a resolution by Germany’s otherwise staid budget committee on Friday draws the lines within which Merkel must remain when she negotiates with European leaders at a summit on Sunday and adds a new dimension to European power politics.
The resolution requires Merkel to reject any deal on the European Financial Stability Facility, or EFSF, that would grant the euro-zone bailout fund a banking license and allow it to borrow money from the European Central Bank. Merkel must also reject any deal that would expand German guarantees pledged to the 440 billion euro ($609 billion) fund that go beyond current German pledges of EUR211 billion.
Not a lot of flexibility there, folks.
(Copied from the Wall Street Journal)
"Not a lot of flexibility there, folks.
(Copied from the Wall Street Journal)"
Are you not aware that the $440 billion euros will be leveraged several fold.
Merkel is right. A final solution will not come out of next week's meeting. The real solution is for european countries to balance their budgets and that's going to take years.
Following our 13.30 alert that the eurozone finance ministers meeting tomorrow was looking unlikely, it has now been canceled - although the leaders' summit will reportedly still go ahead.
And here's a statement from the European Council president,Herman Van Rompuy:
"Ministers of finance may meet in the coming days to fine-tune decisions that will be taken tomorrow. There is no new summit planned".
If you're shaking your head at this latest delay, consider this from Steve Hawkes, The Sun's business editor:
"Can you imagine how long it would have taken the lifeboats to be launched off the Titanic if the Eurozone leaders had been in charge".
(Copied from the Telegraph)
Doesn't give you a warm fuzzy feeling, does it.
Deputy Political Editor James Kirkup asks whether today will come to mark the end of an era:
"Ah, Europe. Whatever else you say about it, there's no challenging the continent's place in history. It may be unpardonably Western-centric and culturally insensitive to say it, but this is where civilisation began. The planet's dominant culture and political settlement (free markets, free votes, the rule of law, separation of powers) is, in essence, European, albeit a European culture pumped up on American steroids then splattered around the planet by modern technology.
Why think about this today? Well, I think there's a good argument for suggesting that we're approaching one of those epochal moment when the sun sets on one era and rises on another."
(Copied from the Telegraph)
Yea boy, that's the guy we need deciding the future of the world economy, um hum.