Financial
Interesting thoughts on investing
The article linked below by Tom Brown of Bankstocks.com gives and excellent recap of what went wrong with the financial sector and his not so good results as a money manager. Tom puts the purpose of the article best:
So this is as good a time as any for me to step back and reflect on [...]
Where are the bank failures?
If you read the common Internet buzz concerning the current financial crisis you would get the impression that this is the worst crisis ever to hit the economy. Yet, on Friday the FDIC announced only the 10th bank failure for 2008. With over 8,000 banking institutions in the U.S., 10 failures seem a long ways [...]
Big charge offs at City Bank
City Bank (CTBK: 1.46 -0.03 -2.01%) of Lynnwood, WA released their 2nd quarter earnings today, and they were not pretty. They took a large charge off and a significant portion of their loan portfolio is nonperforming. Here are a few of the pertinent figures compared to the 2nd quarter of 2007.
Net earnings of $5.3 million [...]
Gloating about SKF
I hate to do this but I feel a bit good about the fact that the Ultrashort Financials ProShares (SKF: 20.36 +0.10 +0.49%) has dropped by 35% since Tuesday. This ETF is designed to give twice the gain as the loss of the Financial Select Sector SPDR (XLF: 15.54 -0.06 -0.38%). Also, double the losses [...]
