Gee, I wonder how this all happened???? 17:54 WM Washington Mutual Conference Call Summary (41.61 -0.75) -Update- On conf call, co says its Retail Banking segment had another strong quarter. Co is seeing solid deposit growth. Co expects to be at the lower end of earlier guidance for 100-125 new stores in 2007. This is due to internal discipline and strength in the online sales channel... Co says it is reducing its exposure to sub-prime loans as this segment is down 30% vs Q1 and down 70% a year ago.... Co says it is seeing the effect from the dramatic slowing in home price appreciation. Co expects we will see further softening in home prices which will increase credit costs... Co is taking steps to lower its exposure to sub-prime loans. Co is selling sub-prime residuals and is tightening qualification standards... Co is taking specific steps regarding sub-prime loans: co will no longer offer "no doc" sub-prime loans, candidates will be required to provide full documentation. Also, co will not offer sub-prime loans with an initial term below 5 yrs. Also, co will now require tax escrow accounts. Why not just leave sacks of money in the lobby, and hope the people make payments. Good grief.
yaawn already yesterdays news. No more mention by CNBC or other major financial sources about subprimes.
Soitenly!!!!! Wo, wo woowoowoowow. They woi victim of soicumstances!!!! Yep they lost. I'm reading Bear believes it gets its money back, but I hear the bonds are worthless. Regardless, they burned some very well heeled, albeit naive, "investors". That doesnt' set well. There are plenty more ramifications coming very quickly.
"Soitenly!!!!! Wo, wo woowoowoowow. They woi victim of soicumstances!!!!" I always knew ET was second only to Cambridge U.
sucks for them but the market doesnt care about tweo stupid hedge funds anyway I said that last month and neither is the subprime mess either.
I don't know how long you've watched the circus, but If you just look at the financials,t hey'll tell you more than you need to know. whaddya think BX is telling you? Mr Pink couldn't float Third Point. On July 11, BSC said the unwinding would be "orderly". I guess. Nothing left, pretty clean. Use your head, man. If you think I'm all wet, and many do, tread lightly, lest ye be leveled with yon 2x4.
It did float successfully with a delay of one day and missed its allocation goal by 10%. Still, that's an extra $500m to play with for Mr. Pink, without having to worry about redemptions: http://www.londonstockexchange.com/...ices.htm?sym=GG00B1YQ6R97GGGBXSSMUB1YQ6R9TPOG