May 02, 2008
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A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.
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39 comments:
I did hear that Angelo's bond holders are likely getting stiffed (just like his shareholders and customers)
Standard & Poor's took an ax to Countrywide Financial Corp.'s credit rating, putting it in junk territory following word from planned acquirer Bank of America Corp. that it may not guarantee $38 billion in Countrywide debt.
http://online.wsj.com/article/SB120975398758863247.html?mod=googlenews_wsj
i think the gal in the video is lip-syncing.
I was just about to post the same link to a Fortune article on the same subject.
There's our answer as to what BofA could possibly be thinking in acquiring Countrywide. You just knew there was some catch that would allow BofA to take the good parts and leave out the bad.
Hmm... sounds familiar, doesn't it? Sounds a lot like the JPMorgan acquisition of Bear Stearns - JPMorgan gets to keep what it wants and leave what they don't want.
Yeah, I feel real secure about the financial markets. I know my investments are safe.
DC madam Deborah Jean Palfrey found "suicided" due to hanging after publicly stating multiple times on nationally broadcast radio that she would never commit suicide due to concerns that her previous employee Brandy Britton had also been "suicided" due to hanging. Both had threatened to name names of high level officials utilizing the services of high class prostitutes (both had already hinted at McCain and Cheney).
The national media immediately began parroting that this was clearly a suicide and cited the remarks of Dan Moldea who claims to have befriended Palfrey and claims that Palfrey had confided in him that she would kill herself.
Dan Moldea has made a career of debunking so called conspiracy theories like the RFK asassination and other areas of intrigue involving powerful officials. So why should we believe the testimony of one man over the public recorded statement from the woman herself?
Corporate Media Ignores Palfrey’s Statement She Would Not Commit Suicide
Something is very rotten in the state of Denmark. But we already knew that didn't we?
I'm back... What'd I miss?
Two things:
1) Mozillo was rated by Forbes as "The Worst CEO of 2007". Banking $66 million a year while CFC tanked.
2) Jose Canseco is latest foreclosure victim, losing his mansion in Los Angeles to the bank.
Yep, DC Madam "suicide" story is crap. Somebody definitely helped her with that. It's an election year afterwards, "we" don't want any more bad news, do we?
The Fed is accepting just about anything as collateral now:
Bernanke, Geithner Facing More Bailout Demands After `Rogue' Bear Rescue
http://tinyurl.com/4d66e5
Campbell Soup Co. said Monday it will close a Canadian food plant, eliminating 500 jobs.
A plant in Downingtown, Pa., is slated to receive some of the work now done in Listowel, Ontario.
Campbell Soup (NYSE:CPB) said closing the Ontario plant will cost $230 million but result in higher earnings as early as fiscal-year 2009.
The plant produces frozen products -- soup, entrees and Pepperidge Farm products, as well as ramen noodles... [link]
It is a sad day for the Canadian Realtwhores&trade.
Check out the news at good old Ml-implode.com.
Lots of updates on CFC, and Mr. Mortgage also is doing an outstanding job of bringing a little dose of reality to the masses on all hot topics of the day. (The dude ROCKS)
There is also lots of scoop on closures at the ex-cwinsider.com. under the April heading. Nothing like a little insider news from our good friends at CFC. Think the deal is in trouble, unless Ben steps up like he did with BS
unexpectedly my A$$!
May 2 (Bloomberg) -- Countrywide Financial Corp.'s credit rating was unexpectedly cut to junk by Standard & Poor's Corp., which cited doubt about whether Bank of America Corp. will back the home lender's debt after a pending takeover is completed.
Hard to believe the lady singing used to be every man dream and fantasy a few years back. Enjoy them while they are still young and tender.
son of a gun...isn't that the Bulgarian sheep herder song??
lol...no really, it is, track 12 from the Cosmos soundtrack.
Haven't heard it in years
http://www.soundtrackcollector.com/catalog/soundtrackdetail.php?movieid=24829
You didn't miss much. For a while we thought that a clinton insider was caught on tape using the "n word", but that wound up being a fake.
That's all the way up there with waterboarding.
Here's what you missed
The Obabma mania train came to a screeching halt.
And Hillary already won the Presidency.
from here on its just going thru the formalities.
Well, we have hit bottom, according to the crooks who depend on manipulating sheeple in all sectors of life, including politics. And the sheeple really believe it. Obama faked that he threw his pastor under the bus for a better poll result. I thought that he was "different".
This must be some kind of funeral music because if makes me want to DIE.
You gotta love globalization! My parents who in live in small town Norway have a TV channel which plays that Bulgarian music.
For some curious reason they never seem to swich to that channel...
PS! And yes, we have a bubble here as well. Condos owned collective by various families who live in them. "When Neighbours stop paying rent", starring Kylie Minogue...
Dan Moldea has made a career of debunking so called conspiracy theories like the RFK asassination and other areas of intrigue involving powerful officials. So why should we believe the testimony of one man over the public recorded statement from the woman herself?
Corporate Media Ignores Palfrey’s Statement She Would Not Commit Suicide
Typical leftwing KOOK. That statement was made BEFORE she was convicted. She said she would be going to trial. Killing her does NOT destroy any records she has kept. Don't expect any facts from the leftwin KOOKS. Just innuendos and demented deductive reasoning only a fool high on DOPE could come up with
2) Jose Canseco is latest foreclosure victim, losing his mansion in Los Angeles to the bank.
He lost all his money due to two expensive divorces and living the life of a bilionaire when he was a mere millionaire.
I liked the clip, can't anyone just take a moment to appreciate fine artistry. You are all wound too tight! Immediately you begin savoring Mozillo's misfortunes. What are you, true HPer's. By the way that article on Mozillo being the worst CEO was too funny and will not go too far with the chicks that can read at least. I do hope they look into the suicide of Ms. Palfry as well. Please Keith, maybe a little digging into this issue might be worth it.
My comment is Welcome Back Keith (not Keefer, gag) . GREAT farking song!) reminds me of George Harrison Brainwashed.
Thanks for your Blog.
You missed a big stock market party!!
Party party party!!
Bailout Ben's got our backs! Easy money for everyone.
Moral hazard's for poor people with principles. Hell is forever but it's years away, so let's PARTY!!!!!!!
The mortgage part of GMAC (ResCap) has taken another ratings downgrade because ResCap announced it wants to trade about $12-14 billion of unsecured bonds for secured bonds at a lower face value, i.e. a distressed debt exchange offer. If the offer is not wildly successful, ResCap is likely to file for bankruptcy. However, my gut tells me it will be wildly successful because there won't be any unencumbered assets left if the bondholders don't take it, meaning they'll likely get scraps in a Chapter 11 reorg. It will be like yelling "FIRE" in a crowded theater...nobody wants to be last in line.
I don’t know? You stopped posting my comments. I can only assume it was something I said. If I offended you I apologize but would appreciate knowing what’s up.
Jose Canseco wasn't a victim of foreclosure; he chose to walk away as it didn't make fiscal sense to keep paying the mortgage.
http://www.huffingtonpost.com/2008/05/02/joe-canseco-loses-home-to_n_99811.html
Angelo Mozilo takes top prise for best paid, worst performing CEO...
http://abcnews.go.com/Business/story?id=4760385&page=1
"But the best paid, worst performing CEO, according to Forbes, is Angelo Mozilo of Countrywide, the nation's largest home lender. He raked in an average of $66 million a year while his company nearly collapsed, the stock falling an average of 9 percent a year. That's not including the hundreds of millions he got cashing in his own company stock.
"The fact that he has been making so much money, $102 million a year over the last year, is what people find egregious," Weinberg said.
"They can't understand why this company is melting down, why it's having to be rescued from virtual bankruptcy. yet this man, who's been talking up the company, has been selling stock, is not really paying the price for it."
You missed some great news, Keith: We're not in recession! Housing, autos, financials, manufacturing, the dollar - everything is tanking, but the economy grew at .6% in the 1st quarter! Yay! Everything's fine!
Thanks for the update - few notes:
* The bulgarian music channel would be a hit in america if they played it. it's amazing
* I'd like to thank the fine people at apple, petro brazil and chiquita bananas among efforts for their efforts (hint)
* what should we do on the day angelo mozilo is indicted
* cfc/bofa is not going to happen as stated. "Material change in the business" or "problems with due diligence" will be cited
devestment/sheeple - where the hell have u been? I actually found your sheep(le) icon funnier - something about the look on the sheep(le)s face. Commentary - always insightful.
"* cfc/bofa is not going to happen as stated. "Material change in the business" or "problems with due diligence" will be cited"
BofA is going to demand the fed backstop all of CFC's liabilities or they will back out of the deal, and the fed will agree to do it.
The video?
Crap.
The fed lowered rates and will keep them down for a real long time like Assin Greenspan did just a few years ago.
What you also missed is this will solve the dollar(or dolor)problem. the dollar will skyrocket by keeping the fed rate at 2 percent!
Gold, silver, oil, food? sell them all. CNBC said they will crash under the new super dollar.
you missed the Fed converting into volcker and all infation just disappearing.
The market is rallying so the recession is over!! Oil went down this week so the economy is saved!!
You missed alot. Long live the MSM.
Check out the Whalen article in 'Seeking 'Alpha' for a more in-depth look at the BAC/CFC bond troubles.
I'd hit it...
At first sight, I thought that Bulgarian gentleman was blowing into a pig's leg. My bad.
You mean, "Petrobras"?
Anonymous said...
At first sight, I thought that Bulgarian gentleman was blowing into a pig's leg. My bad.
Oh the humanity....lmfao.
must be a glitch in my computer
Paul E. Math said: devestment/sheeple - where the hell have u been?Commentary - always insightful.
I agree Paul. I was wondering what happened to Devestment. Glad to have him back.
I believe this housing bubble will turn around soon it is just an economic bubble that occurs in local or global real estate markets. It is characterized by rapid increases in the valuations of real property until unsustainable levels are reached relative to incomes, price-to-rent ratios, and other economic indicators of affordability. This, in turn, is followed by decreases in home prices that can result in many owners holding negative equity—a mortgage debt higher than the value of the property. The housing bubble in the U.S. was caused by historically-low interest rates, lax lending standards, and a speculative fever. This bubble is related to the stock market or dot-com bubble of the 1990s. I think we have seen the worst and the economy is resilient and will soon make its rebound.
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