rcwhalen's blog

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FNB + ANNB = Value Creation at a Full Price





Overall, the acquisition of ANNB by FNB looks like a transaction that will create value for the acquirer’s shareholders, but it comes at a full price.

 
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Reality Check: Is the US Housing Market Really Recovering? Part II





Or to put in another way, by Christmas we may very well see Case-Shiller and other indicators of home prices headed back down, erasing the gains made in housing during 1H 2012.  

 
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Couple of Thoughts on Citigroup Post-Pandit





The departure of Vikram Pandit as CEO of Citigroup (C) should come as a relief to the markets, regulators and customers – indeed, just about everybody besides the volatility junkies who like to trade this very liquid, very unstable stock.

 
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Earnings Setup -- JPM, WFC, C, BAC





Reports that the housing sector is recovering has generated more than a little irrational exuberance among investors regarding financials. 

 
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JP Morgan Chase, Bear Stearns & the Rest of the Story on RMBS Liability





The State of New York should  be seeking the removal of Bank of New York (BK) as custodian with respect to all RMBS trusts operated pursuant to NY law and immediately file a claim on behalf of all investors against BK for negligence.

 
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Is China's Economy Really Imploding?





The consensus view of China is that the country is imploding due to the collapse of the export sector.  Such arguments make sense.  But they may also be dead wrong. 

 
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QE3, Deflation and the Money Illusion





Without justice for investors, pension funds and banks defrauded to the tune of hundreds of billions of dollars, there can be no investor confidence to support private finance.  

 
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FirstMerit + Citizens Republic: Call it Zombie Love (or Financial Repression)





The acquisition of CRBC by FMER provides a stark illustration of the fundamental conflict between the Fed’s “dual mandate” and its legal responsibility to supervise the nation’s banks. 

 
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Capital Bank Financial IPO: Where's the Alpha?





Rolling up community banks with mid-single digit ROEs and flat to up small revenue growth does not strike this analyst as a very compelling opportunity 

 
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Bob Arvanitis | Is the US Treasury Really Making Money on AIG?





Mr. Jenkins’ error rests on incomplete accounting and incorrect attribution analysis. In Frederic Bastiat’s terms, we have a confusion of what is seen and what is not seen.

 
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M&T Bank, Hudson City Savings Bank and JPMorgan Chase Bank





If the OCC treated JPM like it dealt with HCBK, Jamie Dimon would be out of a job and JPM would be auctioning off half a trillion in “noncore” assets to its competitors.

 
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Happy Anniversary Countrywide! Or is it Back to the Future?





I am reminded that this is the 5-year anniversary of the emergency Fed Discount Rate cut in response to the collapse of Countrywide Financial (CFC) earlier that week.  

 
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How Congress Helps the TBTF Banks Steal Your Money with Impunity





The only alternative for people who will not live as slaves to the big banks may be to seek the peaceful overthrow of the government of the United States.  Shall we start the revolution now?  

 
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Can the Credit Union Industry Survive -- Its Regulator?





The real question is whether the credit union industry can survive the continued operational chaos inside its supposed regulator. 

 
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