"For those interested in bbt I suggest you check out the Federal Reserve 6/7/12 announcement and page 121 of bbt 10-k report"......and also check on page 12 of scroll 12a section C from Cave 42A of the Dead Sea Scrolls. A lot of valuable information there too, and not produced by BB&T either (but Norm does think anything from BB&T is gospel so maybe not the best example).
"Update us on the economic growth (last I heard you thought it was great and going to improve). Sorry - unfair of me - you are buried in the minute details of BBT #s."
I said the economy was ok, not great. I also said that until housing improves a lot we're stuck in slow growth economy. I suggest if you want an update on the economy, go consult with your friends at ecri. They seem to be right on top of things. Last September, they made an absolutely sterling call on the economy.
I think by the 4th qtr. 2012, bbt will be earning $1 share. At $31 share, I like their risk/reward profile. 2nd qtr. 2012 loans for us banks were up $77 billion or 4.4% annualized. I think bbt gained market share in the second qtr. and likely increased net loans in the $2 billion range for the qtr (excluding covered loans).
For those interested in bbt I suggest you check out the Federal Reserve 6/7/12 announcement and page 121 of bbt 10-k report.
Scott, Demint and others like them understand - when the government spends money it is a taxble event as it has to be paid for through taxes (past, current, or future taxes). Seems to me that makes them prettry darn smart compared to many in DC.
Norm - about time you acknowledged the value of other contributors to the board.
Update us on the economic growth (last I heard you thought it was great and going to improve). Sorry - unfair of me - you are buried in the minute details of BBT #s.
Others here - even though BBT continues to have decent #s remember 2009 when BB&T never posted a loss and still got taken out behind the shed and whipped. If we get a 20% or more market correction BBT will get hit - take that to the bank (maybe Wells- hehehe).
Personally I am short the market (RWM - Russell inverse ETF) for the time being. Lot easier to short an index than try to pick individual stocks to short as they may/may not be available to short.
My goodness queerfoo you're psychoanalytical skills are equal to your political acumen, ergo, ergo. You don't worry about any facts you just jump directly to your preconcieved notions. Now you've got me all worked up about your motives! But you have a good day now you hear.
Sounds like you follow the Obama strategy: If you criticize Obama you must have a secret motivation for doing so, because of course, Obama is superb and there is nothing to criticize, ergo your motivation must stem from some other issue, ergo you must be a racist, because that is the only thing that can explain criticizing the President.
Maybe you should worry less about posters' motivations and more about the lack of performance of this company.
OK nobanker, you made some interesting claims. Unless you were/are an insider, how did you obtain this information (other than the one earnings call in 09 you alluded to)? Seems to me you have a lot of energy around this stock to have developed the amount of knowledge you seemingly possess. What would make someone who is so critical of a company expend the energy you apparently have and continue to do by following it, even writing blogs? Are you a malcontent because you got turned down for a loan or were you a former employee who got the ax? What's your motivation?
Ok, greengrass, I will need to break it down for you. First you are probably just another username for Stil, Norm, etc. We have seen this all from you before. We know you love this company regardless of how poorly it performs. And why, because you were a "30 year employee" That just about says it all, another mediocre employee with decades of tenure in a mediocre company. Just put in your years and come out on the other end with a pension. They used to call that "working for the company store." Or in today's lexicon, it is like working for the government. Be a good boy, get patted on the head and we will take care of you, just don't show any initiative or rock the boat, ok?.
The fact is BB&T had no clue about how any of the securitizations worked, CDSs, CLOs, CDOs, NIM transactions. Zero. Zilch, Nada. And they did not want to know because that would entail hiring a huge cadre of expensive bankers that would unmask what a bunch of hayseeds they all are. But if someone came to them with an exotic way to lower the taxes paid at the corporate level, they were more than willing to swallow that hook line and sinker without knowing at all what they were gettign into.
If you recall back in '09 one of the bank analysts asked BB&T on a earnings call why they were not gobbling up all these distressed banks and the reply was "we don't know how to value their assets." Now if they are so smart, and not just lucky, they would not have ever said that.
And as far as growing the bank from humble beginnings, so what? I have seen companies do that all the time, just use your stock currency. Big deal