- advertisements -
Bill does exceptional work. I 1st was made aware of his site when Tyler posted a link to it last year some time, and from that point forward I was completely addicted. It's now become one of those things, like cellphones or GPS devices for your car, that, once you're utilizing it fully, you can't for the life of you begin to comprehend how you were able to get along without it before.
I know the majority of posters here at zerohedge couldn't - at gunpoint - be made to trade a bank stock, unless it was to try and short it into oblivion. But there is money to be made on the long side, too (whether you like it or not,) and Bill's site it invaluable on either side of the trade. I don't know how he does it, but he helps peel off the layer after layer of obfuscating bullshit and is somehow able to expose and display, in terms just about anyone could understand, exactly how much and of precisely what caliber & quality of shite is on the bank's books, and he goes after it all with the tenacity of a Crystal Meth-addicted Talmudic Scholar with OCD.
Whether you know it or not, he's providing a very valuable service with this site. If you want to know about the state of the overall economy, it all begins and ends with what's (hiding) on the balance sheets of the nation's banks; and with his site, it's there for all to see in front of God and everyone. I'm surprised the banks haven't hired a hit-man to take him out, 'cause I can't imagine for a second that they're happy this information has been made so easily accessible.
In short, what he does is uncover exactly what it is that the banks go to such great lengths to hide, and for that he should be commended.
(For instance I had no idea, until after Bill Moreland spelled it out for me, that WFC, as it so happens, was able to show such breathtaking profits last year & in the 1st qtr of this year, not because of some ingenious business acuity on their part, or because the economy is doing so much better and the whole mess is in the rear-view mirror, but because they sold every single goddamn performing asset they had.... and now they're left with nothing but teh shit. Total and complete shit. So when they report their 2nd & 3rd qtr earnings, I won't be going long their stock, is all I can think to say. And I'll have a distinct advantage over the legions of jackasses who will buy their stock going into earnings on nothing more than WFC's assurance that "the worst is behind them." And it'll all be thanks to bankregdata.com.)
Until they replace that idiot Ritter, Im afraid I can't go there.The crony system is in full force here with the board on down. Although I made some huge dinero flipping this pig in the 3-5 dollar range. Thats about all this bank is good for a quick flip. Ritter sent me a personally signed letter(not a normal proxy but a personal letter) telling me how he was so concerned about shareholder value. Now when the CEO sends little ole me a letter red flags go up so I sold my position, I knew I was holding a steaming dog turd anyhow. Glad I did because about 3 weeks later they hit the shareholders with a reverse split. I got lucky getting out with money before he made everyone stuckholders. BITE ME RITTER GO FIND A SUCKER, OH and by the way thanks for the years worth of free mortgage payments I won.
We got out of Regions when they started charging monthly fees for the so called "Life Green Accounts (Paid checking etc) It took a few months to move it all out.
They are a scrappy, aggressive and not easily cowed by money problems. I am frankly surprised they lasted this long. I see in the reports that they cut branches, cut costs, cut staff and lowered costs as well as ate what they needed to eat losses and proceeded to just dig in and keep going.
The Branch we used to bank at now has a entire second floor as advertised lease office space.
Some of the charts I see that are availible here and to anyone online are truly horrifying and if Regions is a small bank doing what they need to do to return to survival what are the bigger banks must be like.
I just wonder if Regions is like a Household family eating one sandwitch per day to surviving on very little cash until things turn around.... I wonder if the Positive Money incoming will finally happen for them or... will this last long enough to force the bank to succumb to the effects of starvation:?
Something to consider.
THAT is a picture that scares me.
Disclaimer, Disclosure; CYA etc... I am not a stock holder, customer or do anything with any FDIC banks. It's all about credit unions and they rule.
Management is shoveling CIT as fast as they can, but DC keeps piling on the CIT.
Thanks, but no thanks.
Tips: tips [ at ] zerohedge.com
General: info [ at ] zerohedge.com
Legal: legal [ at ] zerohedge.com
Advertising: ads [ at ] zerohedge.com
Abuse/Complaints: abuse [ at ] zerohedge.com
Advertise With Us
Make sure to read our "How To [Read/Tip Off] Zero Hedge Without Attracting The Interest Of [Human Resources/The Treasury/Black Helicopters]" Guide
How to report offensive comments
Notice on Racial Discrimination.