Book Value

rcwhalen's picture

Part II | Stress Test Follies & Zombie Love





You could even make a case that QE is part of TBTF. Chew on that for a while Shirley.

 
EconMatters's picture

When Goodwill Turns Nasty





More and more in fashion lately in the financial world is companies taking huge write-downs of some flopped acquisitions....

 
Phoenix Capital Research's picture

The Biggest Mistake the Fed Ever Made





 

The NY Fed is the single most powerful entity in charge of the Fed’s daily operations. How can any investor believe that the Fed can manage the system and restore trust when the NY Fed granted MF Global primary dealer status a mere nine months before the latter went bankrupt?

 
 
Tyler Durden's picture

This Time Is Different





The 2008 crash resulted from the bursting of the biggest bubble in financial history, a ‘credit super-cycle’ that spanned more than three decades. How did this happen? Some might draw comfort from the observation that bubbles are a long established aberration, arguing that the boom-and-bust cycle of recent years is nothing abnormal. Any such comfort would be misplaced, for two main reasons. First, the excesses of recent years have reached a scale which exceeds anything that has been experienced before. Second, and more disturbing still, the developments which led to the financial crisis of 2008 amounted to a process of sequential bubbles, a process in which the bursting of each bubble was followed by the immediate creation of another. Though the sequential nature of the pre-2008 process marks this as something that really is different, in order to put the 'credit cuper-cycle' in context, we must understand the vast folly of globalization, the undermining of official economic and fiscal data, and the fundamental misunderstanding of the dynamic which really drives the economy.

 
Reggie Middleton's picture

Real Numbers That Show Why Facebook's Ad Model Means Google Will Put It Out Of Business





Isn't it amazing that you can get more notoriety for showing your ass and a pretty smile than you can get for outing the scam of the decade through intellectual analysis? More money was lost through the Facebook scam IPO at $38 than Bernie Madoff could ever have pulled off.

 
Tyler Durden's picture

Berkshire Seeks To Avoid 2013 Tax Hike, Buys Back BRK Shares





Define irony: when the most vocal supporter of a dramatic change to the existing tax policy takes advantage of the last few days of the old one...

  • BERKSHIRE HAS PURCHASED 9,200 OF CLASS A SHRS AT $131,000-SHR
  • BERKSHIRE RAISED PRICE LIMIT FOR BUYBACKS TO 120% BOOK VALUE
  • BERKSHIRE MAY BUY ADDED SHRS AT NO MORE THAN 120% BOOK VALUE
  • BERKSHIRE BOOSTS BUYBACK PRICE LIMIT TO 120% BOOK VALUE VS 110%

A total $1.2 billion spent to avoid a few hundred million in new taxes. And now back to the hypocrticy of the "Buffett tax", and "Patriotic Millionaires for America." In other news, total donations to pay down the debt in Fiscal 2013 (starting October 1): $290,195.03.

 
Tyler Durden's picture

The Spanish Bad Bank Emerges, Confirms Spanish Real Estate Absolute Disaster





The details of the Spanish bad bank are being released and it is ugly - far uglier than many had expected. And while the Spanish government expects priovate interest to take some of this massively discounted 'crap' off their hands, we have three words: 'deleveraging' and 'no bid!'.

  • *RESTOY SAYS BAD BANK AIMS TO BE PROFITABLE
  • *SPAIN BAD BANK TO DISCOUNT LOANS AVG 46%; FORECLOSED ASSETS 63%
  • *SPAIN AIMS FOR BAD BANK NOT TO COUNT TOWARDS PUBLIC ACCOUNTS
  • *SPAIN TO DISCUSS BAD BANK WITH INVESTORS IN COMING DAYS
  • *SPAIN BAD BANK TO INCLUDE FORECLOSED ASSETS, LOANS, STAKES

The Spanish government remain in a world of their own with this level of self-delusion. Discunt details below...

 
lemetropole's picture

FLASH: German gold report reveals secret sales that likely were part of swaps





With the Associated Press report appended here, the German gold audit story has just exploded into the English-language press with some important revelations.

 
rcwhalen's picture

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.

 
Tyler Durden's picture

What Is The Actual Book Value Of Germany’s Gold Reserves





German Federal auditors handed in a report slamming the Bundesbank for not inspecting their foreign held gold reserves to verify their book value. The report says the gold bars "have never been physically checked by the Bundesbank itself or other independent auditors regarding their authenticity or weight." Instead, it relies on "written confirmations by the storage sites."  The lion’s share of Germany's gold reserves (nearly 3,400 tons estimated at $190 billion) are housed in vaults of the US Federal Reserve, the Bank of England and the Bank of France since the post-war days, when they were worried about a Cold War Soviet invasion. The Bundesbank stated, “There is no doubt about the integrity of the foreign storage sites in this regard". In contrast with best industry practices Germany’s gold reserves do not seem to be independently verified by a third party. Philipp Missfelder, a politician from Merkel’s own party, has asked the Bundesbank for the right to view the gold bars in Paris and London, but the central bank has denied the request, citing the lack of visitor rooms in those facilities, German’s daily Bild reported. The Bundesbank won't let German parliament members inspect the German gold vaulted abroad because the central bank vaulting facilities supposedly lack "visiting rooms." And yet one of those vaults, the Federal Reserve Bank of New York, offers the public tours that include "an exclusive visit to the gold vault".

 
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