This from Treasury Secretary Paulson yesterday morning:
I have and will continue to encourage financial institutions to strengthen their balance sheets by raising capital, de-leveraging and reviewing dividend policies so that they continue to play their vital role in supporting economic growth.
Apparently, this is a new concept that he didn’t encourage Wachovia to do last spring. Here is what former CEO Ken Thompson said in April.
We had no regulator at any time approach us and ask us to raise capital (or) to cut our dividend; zero, not one conversation.
Maybe it was not necessary to hear from Paulson in April, but I am guessing that the message eventually found its way to Wachovia. Nevertheless, when former Treasury Undersecretary Robert Steel and now CEO of Wachovia reported their $8.86 billion loss a few hours later, the market cheered when it was explained that the company would not need to raise additional capital through an equity offering. Nope, i...
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Let The Backside-Covering Begin!
Well, the sausage factory worked overtime this weekend. What a
bizarre result we got.
Secretary Paulson came to Capitol Hill about ten days ago with a
very simple, three-page plan to do something I could describe in
three paragraphs.
Congressional Democrats gave us over one hundred pages of
additional weirdness that is either ineffectual, noxious, off the
point, or will work against the goals of the original Paulson
plan.
Congressional Republicans claw... more
The crisis in global equity, commodity and currency markets worsened overnight. Traders around the world are awaiting a “story” from Treasury Secretary Paulson today that explains this mess and gives reason to take risk. In the meantime, outright selling panic has seized control of the markets. [see ADDENDUMS (2)] ... more
Ojai resident Rinaldo Brutoco gave a brilliant, fascinating keynote speech at the recent Earth Charter Summit in Ventura. He is a visionary economist, author, consultant, and founding president of the World Business Academy .
According to Brutoco, it’s one of those “good news, bad news” kinds of situations. He started out with the bad news (but hang in there and keep reading, because there is some good, very hopeful, news in all this). The bad news is that the economic collapse... more
You can look at the Dow and see new highs or you can parse it in as many ways as you want. Some have suggested that we are already at new highs when you factor in the changing composition of the Dow membership. David Briggs from Federated just downplayed the whole thing saying that the Dow is way below the historic high if you calculate it based upon the Euro (and other currencies I guess). Most investing professionals care very little about the Dow so they inevitably point to the S&... more
“Not too hot, not too cold…. just right.” Goldilocks has somehow become idolized for this one statement and yet I find it amazing that she isn’t held accountable for the rest of her acts. By my accounts she was a disobedient child, trespasser, thief, ingrate, vandal, and coward. Remember all that during the gazillion times you are going to hear the term “Goldilocks Economy” in the coming weeks and try to apply those terms to investors and the economy.
I... more
Beginning this weekend, HedgeFolios will become a membership site. Upon your visit, you will see a new tab called “MEMBERSHIP” that will guide you through registration and login. I expect the whole process to take just a few minutes and at this time, it does not require you to provide any credit card information. The site will be FREE for only a few more weeks. When you register, you will be given a one-month trial and at the end of that period, subscriptions will begin.
The... more
To use all the resources of HedgeFolios, please follow these steps:
Go to the Membership tab.
Click any of the three blue Register links.
Complete the form with your information.
Read the legal stuff and if you agree, click the “I agree” button.
Click on the Register button.
At this point, you should get a message notifying you that an email has been sent to the address you provided. After you have read that, you should close out the HedgeFolios browser window. When yo... more
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