Michelle Meyer’s Past, Her Predictions

May 11, 2011
J. Webster
Comments Off on Michelle Meyer’s Past, Her Predictions
Michelle Meyer, the new darling of wall street, and for good reason, just take a look at the video below to see why, went from working as the economist at Lehman Brothers to Barclays Capital to her current position at BofA Merrill Lynch Global as their senior economist. To me, that's quite a run in a very short period of time, from the firm that epitomizes the financial collapse, Lehman Brothers, to prognosticating about the current housing market for BofA, one of the worst offenders in the subprime mortgage collapse, with all of their Country Wide loans still on

Continue reading...

RENN, Facebook of China, Falls Below IPO Price

May 11, 2011
J. Webster
Comments Off on RENN, Facebook of China, Falls Below IPO Price
Renren, the supposed Facebook of China is tanking today, down 10% and below its initial public offering price of $14. Is it time to put your foot in the water and buy some RENN? RENN jumped $4 on the offering a few days ago but has sunk down close to $13 today. There was a sign that this might be a risky purchase on the IPO price, but it did not deter investors on the offer. Reuters has the details. In a regulatory filing with the SEC before its public offering, Renren had said it had found a "material weakness"

Continue reading...

Citigroup Reverse Split

May 10, 2011
J. Webster
Comments Off on Citigroup Reverse Split
The big 'C' went from $4 to $40, but not for any good reason related to the state of the company. No, they just did a reverse stock split. If you'd been away for some time and all of a sudden looked at your C shares trading a $40 you might have thought something good happened. Dream on. All that happened was your 10 shares now equal just 1 share. The common stock for Citi went from to 29 billion to 2.9 billion. What interesting is the big C, usually the most widely traded

Continue reading...

Microsoft Buys Nothing (Skype) for 8.5 Billion

May 10, 2011
J. Webster
Comments Off on Microsoft Buys Nothing (Skype) for 8.5 Billion
The news from around the web is that Microsoft made another blunder in their efforts to catch up with Google, Facebook and Apple with the purchase of Skype. And most of the blame is falling on Steve Ballmer - one Yahoo Finance message boarder calling him the 'emBallmer', perhaps as in putting the once powerful Microsoft into the grave with his repeated mistakes as CEO. The purchase of Skype, at 8.5 billion, yes billion, is the biggest purchase Microsoft has made in their history. "thanks emBallmer! i will start using google talk now! i've been using skype for 4

Continue reading...

Take a Deep Breath & Buy BSX?

May 10, 2011
J. Webster
Comments Off on Take a Deep Breath & Buy BSX?
Take a Deep Breath and BUY BSX? That was the heading of a Yahoo Finance message board posting today. Well, what do you think? Are you willing to step in and buy this stock after it's been taken down? After Boston Scientific announced that Chief Executive Ray Elliott would step down in December, the stock got chopped down by 10%, but there was some worry that there was something else they weren't telling everyone and stock holders weren't going to wait around until they did. So they sold the stock off. However, Elliot told Reuters

Continue reading...

The Rap: “Fear the Boom & Bust”

May 6, 2011
J. Webster
Comments Off on The Rap: “Fear the Boom & Bust”
In Fear the Boom and Bust, John Maynard Keynes and F. A. Hayek, two of the great economists of the 20th century, come back to life to attend an economics conference on the economic crisis. Before the conference begins, and at the insistence of Lord Keynes, they go out for a night on the town and sing about why there's a "boom and bust" cycle in modern economies and good reason to fear it. Econstories.tv is a place to learn about the economic way of thinking through the eyes of creative director John Papola and creative

Continue reading...

Too Big To Fail

May 6, 2011
J. Webster
Comments Off on Too Big To Fail
New show on HBO, which is based on the book by New York Times journalist Andrew Sorkin by the same name, "Too Big to Fail". Paul Giamatti plays Federal Reserve Chairman Ben Bernanke. Nice beard. Looks like they got that part right.

Continue reading...

Erin Burnett Says Goodbye

May 6, 2011
J. Webster
Comments Off on Erin Burnett Says Goodbye
Erin Burnett is of course leaving CNBC and moving on to CNN, here she says goodbye to Mark Haines. The two worked together for 5 years on Squawk on the Street. She will be greatly missed and was just a pleasure to watch. In particular, I'll miss watching her and Cramer on Stop Trading. She was perhaps the only one who understood Cramer's mad genius. Hat tip to BusinessInsider for the

Continue reading...

Lewis Ranieri, Creator of Mortgage-Backed Securities, Has the Answer

May 4, 2011
J. Webster
Comments Off on Lewis Ranieri, Creator of Mortgage-Backed Securities, Has the Answer
Lewis Ranieri, often called the "godfather" of mortgage finance for his role in the securitization of loans and creating mortgage-backed securities, or Lewey as I liked to call him, said lenders should swap debt with distressed home owners: “If his house was $220,000, and now it’s $90,000, give me the keys, I give you a lease for seven years,” Ranieri, chairman of investment company Ranieri Partners LLC, said during a panel discussion at the Milken Institute Global Conference in Beverly Hills, California. “If you behave well, I will give you back the house.” Ranieri is famous of course for the depiction laid

Continue reading...

Tim Geithner Surfs Half Moon Bay

May 4, 2011
J. Webster
Comments Off on Tim Geithner Surfs Half Moon Bay
Timmy Geithner caught some waves a few weeks ago with his family at Half Moon Bay, just outside of San Francisco. Here's the instructor, who didn't know who all the suits were who came along with Geithner and had to watch. Geithner has been adding some gray hairs to his head in recent months, understandably of course, I'm guessing this is a nice way to release some stress.

Continue reading...