My understanding of the matter is this a CFC thread. That I have a long position. That.........that position is no worse off than it was 4 weeks ago. That the 52 week low at 15ish closed same day at 20, providing somebody a quick 25% as well as demonstrating what "he" can do. You haven't demonstrated much anything. But "blah blah blah" was cute. "He" can do it even faster with a simple gap up (or down). 576 million shares x a mere qtr point is $144 million with the flick of a wrist. Imagine what he could do with an alibi? Oh that's right, TV is a surrogate for imagination aka thinking.
Too bad YOU didn't pick yours at $40+, eh? Anybody ever suggest you're reminiscient of the snake in the garden of Eden? I just did.
10 billion in annual revenue is not ALL going to evaporate, but given CFC's known business practices especially in california, a substantial part of the 10 billion is going to the wayside. CFC's better days are behind it, hence Mozilo's liquidation of his insider holdings. I don't think CFC is going BK, and perhaps this is close to the bottom but going forward, its a terrible sector to buy in, its peers are all struggling and thats exclusive of the dead marginal ones. No more subprime or alt-a mortgages means a volume decrease in originations, their servicing portfolio is still valuable but I suspect their mortgages on the books as assets are potentially a lot more toxic than is portrayed. No current secondary market for flow through unless BoA provides the conduit makes for a bad situation. hence 12000 laid off. I like the cost cutting, but most BIG companies don't right their ship immediately after cutting that many employees. (Companies like GM, Nortel, Lucent come to mind. I can't offhand think of a company in the last 5 years which cut >10000 employees and are bigger now than before the cut)
Who's "he" and what the hell are you talking about? Actually, don't answer that question. I don't think I want to know. GL effy
Here is a new article to your arsenal for you short sellers... http://biz.yahoo.com/seekingalpha/070909/46726_id.html?.v=1
I think Atticus alluded to possibility Mozillo is destined to exit this parade 6 months after the BoA deal.
Thats old news. His MO was "retiring". I don't blame him one bit, I would be cashing out too. Big exec's do it all the time.
Thing just keep on tanking lower. Surprising it didn't head downward alot harder and faster after the layoffs announcement last Friday. Good to the folks who took the short side of this stock at the present moment.
Ahhh, the emotional unstable public, acting as intended as the ax gathers the falling leaves. Afterall, autumn is approaching. Pssst, until you get below $15, you're basically just re-tracing where you've already been. When it comes to stories, I prefer Rapunzal, and how she let her golden hair DOWN.