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Hmmm. Looks like acquisition was not "priced in".
What an absolute farce this has all become.
All that is left now is the long, hard slog to the other side. Where/When is that other side? Dunno, Japan has been looking for it for over 2 decades now. Many of us probably won't live to see it, but persevere we must.
While Japan might be looking for "it" for over 2 decades, Japan's equity market seems to know where Waldo is.
LMAO: "One wonders if this cadre of hall of shamers was so very wrong on WL, just how correct their other buy "calls" must be..."
Punch them in the forehead Tyler!
For the record I'm exiting flat my 1188 SPX short idea - time based stop.
All longs AND shorts will soon be devoured, thats the endgame to all this.
M&T is a horrible bank.
I think they're one of few that hasn't repaid TARP. In fact I think they took the TARP with "the stated intention of going on a bank buying binge." I don't recall that being the concept behind the legislation. Insofar as a "take under" this is a total rip off of shareholders. Obviously M&T soared on the news. Isn't it normally the other way around?
Whatever, Just put it on my fucking tab. What is it, $8,000 so far? Ill put it on my Credit card
They know nothing. [/crammer]
Given that the bank had nearly 4% loss reserves as a % of loans, you have to wonder what this implies for the carrying value of the typical bank's loan portfolio.
M&T looks like they marked the WL loan portfolio to 8% losses. If this could be extrapolated to the typical medium-sized bank, we face a mini Apocalypse Now in regional banking.
They may have cost their clients a lot of money, but how cash did their firms make by shorting the crap out of this company?
That's right, as shareholders were happy with their WL positions at close yesterday, it appears the financial firm, and its acquirer were all too aware that the sellside pump syndicate was woefully wrong on the name, and 11 analysts had an average target on the stock of $10.31.
You can't make this $h!t up...
Still long US Equities? Bwaaaa Haaaaaa Haaaaaa!
Yes, It is now offical.. All bad news now entered into Hal 2000s Processor. Its all good.
Wonder when others will start wondering about their bank investments......
Ask Meredith Whitney
Insanity made manifest, and proven beyond doubt for the world to see. How many trillions in misallocated capital "invested" into fraudulently pumped-up companies do these clowns think the system will take before implosion?
I believe the only rational response is for all of us, in unison, to gleefully scream "JENGA!!!" as all of the pieces of this farce come crashing inexorably down around us. Wheeee, this financial apocalypse stuff is fun!
Look at ABK today too, how was that trading at a $200M+ market cap when it was effectively insolvent.
Still plenty of examples left out there. I think one or more of the mortgage insurers will soon be forced to merge at a haircut - the FHFA could easily force this to happen.
Welcome to the "New Normal"! Yes Sir! Step right up. No need to fear!
Hi guys, I have just woken up from a great night's sleep. I am so glad I went all in just before another POMO day. Thank you Bernanke.
Oh well, how is my massive position in WL calls doing today?
Lady Gaga seems to be branching out into Chinese foodstuffs. Leo, are you th one who told her to invest in this shit?
not quite as good as your massive short position in M&T.
What? Wigs made from Chinese noodles?
I think this is common knowledge, but for what it's worth, I can say (by having been on the sell side at one time) that the analysts are only good for one thing...industry background information, i.e., market, distribution, and products. Price targets are jokes.
Lookin like a fool wit yo PANTS ON THE GROUND!
Which adds more fuel to my analysis, that the entire ponzi stock market is overvalued by - drum roll please - 65-70%.
Nothing but one giant pumped up scheme to get retail investors to part with their money at very high, and overly inflated prices, so the insiders and Whore Street can sell SELL SELL! Which is exactly what they are doing. ALL stocks in real time, are worth less and less every single day. Never more on a long time frame.
TD, your scorn is way misdirected. The analysts are paid shills, everyone knows that.
Much like the idiocy of Bill Miller (largest shareholder in FRE when it was taken down), the most ridicule should be reserved for the morons who actually owned this stock.
Especially those who participated in the secondary offering in March at $13.25 per share. Who were those morons???
Longs today would have to all be considered 'morons' then, as they're in their positions based upon the reasoning that this is the 'new normal, stocks just dont go down any longer, Bernanke will prevent it'...meanwhile death by 1,000 papercuts is going on every day in individual stocks.
I dunno, I think idiots who buy into a secondary of a failing company are in a special class.
Look at Bonderman when he headed a $7B investment in WaMu - six months before it collapsed. And arguably that was a better deal - at least WaMu at the time was considered too big to fail.
Who in their right mind would pour $250M into Wilmington Trust when the FDIC is shutting down 6 banks a week? Only a special class of moron would invest in that secondary.
1000 paper cuts will turn into a lot of blood. Bring on the massacre!
So much for "book value" valuations in bank stocks - wheres Dick Bove on this pig? All -in px target 30?
Wilmington Trust, in Ned's area of operations, has been on a death watch for some time now, although the expected bidders (Bank of Montreal and TD) were no-shows and instead M&T, a Buffett investment, claims the "prize." Autopsy revealed that a bad dose of residential development projects in the First State, especially down near the beach, were the primary cause of death. But it does go to show, as to those TBTFs, what a cancer bad residential deals are and how they inevitably claim the host, it's just when not if. As we say in residential real estate, the money is made (or lost) on the land buy. And when the bank holds the paper for 85-90% of the purchase price, say goodnight, Irene.
Management cashes in their corporate stock options (money that can be freely sucked out of the ponzi scheme/stock market), and then throws out the carcass...
You just have to wonder:
Is the FASB about to surprise the world and grow a pair of balls in Jaunary?
If STI's target was $22 and it is trading at $4 then he misses by 450 pc not 80pc. No?
oh i get... M.T. Bank...is the '&' a typo?
cripes arent they all M.T. Banks?
Holy Smokes. I never even heard of anything like this. Sounds like lawsuit city.
Updated DOW chart:
we all live in a golden parachute! a golden parachute! a golden parachute!
obv massive shareholder lawsuits incoming
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