This is quite interesting. Another example, IIG is a pos software co and recently got its bank charter. Not sure if this is now a bank stock or a tech stock. Nothing adds up considering they would seem late to the game.
Shinnick appears to be DAZED by Blogging. Be sure to read through the comments section. Too much ego in this article. SeekingAlpha needs to do a better job vetting these articles.
It's posted on the internet, therefore it must be facts! It's amazing how many people believe in anything they read on the net without doing any research themselves. If you actually think about it after reading the article, he's basically saying etfc could go bankrupt because their portfolios may drop much bigger than they expected based on his "feelings". Well no sht, if that does happen, etfc wont be the only bank going bad. There are many banks with similar if not worse portfilo than etfc (it was mentioned on the CC as well), yet those bank's reserve or estimate for the writedown is a lot less conservative than etfc. Etfc has one of the most conservative estimates when compared to other banks with similar portfilio and cash ratio. etfc has no subprime, etfc's former ceo(who made this mess) left already, etfc has a solid turnaround plan, etfc is trading at $5 (slightly above bankruptcy price). People were screaming etfc is going bankrupt when it was at $2 as well. No point keep arguing, lets revisit this thread in a couple months, like we did in another post when etfc was at $2