King said that the valuation adjustment charge will be elevated this quarter - my guess $200 million. If this materializes I think this would increase the mark on oreos to the 65% range. In 2012, the valuation adjustment should largely go away. We should keep in mind that Clark Starnes said in the last cc that the valuation adjustment will be down signfiicantly in the 4th qtr but I guess King wants to clean house in 2011. The valuation adjustment in total in wel over $1 billion since the start of the bust. Shows the inadequacy of the marks but heck, who would have thought that the value of land would approach zilch?
Bbt should still make consensus earnings for the qtr. I look for bbt to earn $3.75 share in 2012. Queef can keep on telling her red sox story - hot air - figuratively and literally.