Unbelievable shot at the end of 1st half. Link here.
Actually coach Anderson did ask players do those long range shoots in practice. It surely paid off.
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Mizzou is in Elite 8
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US Bancorp
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Time to do some homework, amid all these AIG bonus (Yahoo Tech-ticker; NY Times op ed), and toxic asset plan (Krugman vs. Geithner craziness). I decided to calm down and took a look at US Bank (bancorp) (NYSE: USB; company IR page).
Articles I read from seekingalpha
Amit Kumar: Bank stocks: invest or trade?
Martin Hutchinson (money morning): Wells Fargo and US Bancorp: hitch a ride with those two
Patrick Garot: Repaying TARP: life for USB and NTRS?
I learned about US Bank a few years ago after the FirstStar merger. My coworker told me that this is the only bank named after “US/United States” after Sept 11 (she implied no more bank will be approved using similar name). Later on I visited US bank branch with my roommate because he was US bank customer. I applied US bank visa card %0 balance transfer last year. They approved my card quickly and gave me a generous credit line 🙂
I will add my investment thesis later on.
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Response on Geithner Plan
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Toxic asset plan, or Public Private Investment Partnership (PPIP).
Charile Rose
Hedge fund manager’s perspective: Daniel Alpert is a managing director of Westwood Captial and Thomas F Steyer is Co-Managing Partner of Farallon Capital Management (total about 22 mins)
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The Geithner Plan
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The plan
Tim Geithner (WSJ): My Plan for Bad Bank Assets (aka Public Private Investment Partnership, PPIP); Treasury dept press release.
Notice the PPIP will leverage the TALF program launched by Fed recently. Here is a picture explains how PPIP works with TALF. (click to enlarge)
I think it’s important to read those before reading others comments, no matter a guy is nobel laurate or a blogger. Blackrock and Pimco, two large asset (bond) managers, appeared like the plan.
Psychology Book
Influence: Science & Practice by Robert Cialdini
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Mizzou goes to sweet 16
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Link here. See the video below.
The only thing I want to add is: what a game.
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Lots of noise lately
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AIG bonus. 90% tax. Clawback (that’s new word for me). Goldman Sachs.
The bank rescue (aka toxic assets) plan
Tim Geithner (WSJ op ed March 23) My Plan for Bad Bank Assets;
NY Times article;
WSJ article.
Paul Krugman (the recent Nobel Economics winner) comments (one, two)
Meet the press, Face the Nation and ABC “this week” all talked about this and its implications. So as Fox.
A twist on Coke/Huiyuan story
The China minister of commerce said the outcome does not mean China is now not welcoming foreign investments. This is a merger between two foreign companies (Coca Cola in the US; Huiyuan in Cayman Island). As you may know many Chinese companies are set up in Cayman island (for tax purpose). In other words, the minister is re-emphasize this is purely a monopoly case. Just like the EU rejected the GE/Honeywell merger a while ago.
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Protectionism on the rise?
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(Update 31March09) Wells Fargo is saying they may cut foreign staff (source: marketWatch).
(Original) I was expecting Coca Cola’s proposed Huiyuan Juice acquistion go through, but obviously things did not turn out as I expected. While the free trade people in the US are upset by this, they should remember in 2005, the US congress shut down China CNOOC proposed buy of US oil company Unocal. Signs of more protectionism in the US (besides the anti-free trade measures in the stimulus bill, recent trade dispute with Mexico).
Debate on H-1B
On the other side of the pacific.
(Financial Times) BofA withdraws job offers to foreign MBAs; (Forbes) Chuck Grassley hurts America.
Durbin-Grassley anti H-1B bill; (Economy Times) Microsoft reply to the bill; (Seattle Times) Proportion of H-1B workers at Microsoft won’t change after layoffs.
A twist
Interestingly (on the other hand), I read from WSJ, that some people proposed encouraging the immigrants to buy houses in the US to prop up the slumping housing market. Seriously I do think this country could use more money/investments from the world.
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A conversation about AIG
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From Charlie Rose, March 17. A conversation about AIG with Hank Greenberg former chairman and CEO of AIG, Carol Loomis Senior editor-at-large of “Fortune”, Gretchen Morgenson of “The New York Times” and Meredith Whitney.
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CBS 60 minutes
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It appears CBS 60 minutes have hit two runs in a row. Last Sunday they had current Fed chairman, Ben Benanke on the show. This coming Sunday, they will have President Obama. Also, Mr. Obama is going to appear at Jay Leno’s Tonight show this Thursday 3/19. Those two shows (I mean 60 minutes vs. Tonight show) are totally opposite in terms of their style: 60 minutes is usually serious while Jay Leno’s late night talk show is light hearted.
With the leaders started appearing in public, talking up about the economy, maybe the worst of the financial crisis finanlly is over? 🙂
(CBS 60 minutes show last Sunday, about 43 min in full length. I include the full show because I think the other topic eat healthy is also VERY important).
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google finance (NYSE:BGP) cash flow, note the numbers in bold
In Millions of USD
52 weeks ending 2008-02-02 52 weeks ending 2007-02-03 52 weeks ending 2006-01-28 52 weeks ending 2005-01-23
Issuance (Retirement) of Stock, Net 7.60 -122.70 -238.30 -132.50
Issuance (Retirement) of Debt, Net 43.40 303.30 -1.40 6.80
I has been a Borders customer for a long time, just feel sad to see my favorite bookstore got into such a big financial trouble. But again, they (the former management) kind dig a hole themselves: bought back stocks from year 2004 to 2006 (spent $132.5 m, $238.2 m, $122.7 m). Then scambled to borrow $303.3 m in year 2006, and borrow and issue stocks in year 2007 (too little too late).
Business wise, I think the popularity of iPod/iTune almost killed the music CD sales, and the rise of Amazon (low cost) affect book side of business.
Pershing Square (Bill Ackman) has a 33.62% stake in Borders (gurufocus). BTW, his BGP holding has dropped 96% of its value, according to Gurufocus.