Bank of America Sells China Bank Stake, Raising $8 Billion

Aug 29, 2011
J. Webster
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So it finally happened. It's been talked about now for quite a while. Bank of America sold half its stake in China Construction Bank and raised $8 billion in doing so. Now, with Buffett's $5 billion infusion, in just a week or so, BofA has raised $13 billion. That wasn't too hard.

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Movie: Chasing Madoff

Aug 29, 2011
J. Webster
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Chasing Madoff is the compelling story of Harry Markopolos and his team of investigator's ten-year struggle to expose the harrowing truth behind the infamous Madoff scandal. Throughout the decade long investigation, Markopolos pieced together a chain of white-collar predators consisting of bankers, lieutenants, and henchmen, all linked to the devastating Ponzi scheme. With risk and danger apparent, Markopolos and his loyal team relentlessly continued to pursue the frightening truth. Finding himself trapped in a web of epic deceit, the once unassuming Boston securities analyst turned vigilante investigator now feared for his life and the safety of his family, as he

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Doug Kass’s Gnome in the Alps During Hurricane Irene

Aug 27, 2011
J. Webster
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It's still a bit of mystery as to who exactly is Doug Kass's gnome, but if you're worried about him during hurricane Irene, don't be. Kass says his gnome is far away from the East Coast and in the Alps somewhere. So, sleep soundly now and know we will hear again from his famous gnome when the stock market is back in full swing.

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Ben Bernanke Pre-Speech at Jackson Hole

Aug 26, 2011
J. Webster
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Reuters Pictures I can do this. I can do this. You'll do fine, just relax. I believe in you. Eat your oatmeal now, ok. I love you. The whole damn world is going to parse every fu#@#$# word I say. It's ok, remember, you have done so much the past two years. You've been through this before. You know what you have to do. Alright, I got this. I'm getting pumped up now. Where's Jamie Dimon now? He just wishes he could get this kind of attention. The whole wide world is waiting on my every word. See how all these people turn and

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Who is Doug Kass’s Gnome?

Aug 26, 2011
J. Webster
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Every now and then Doug Kass, of Seabreeze Partners and The Street.com, and more famously known through his frequent appearances on CNBC's Fast Money, will refer to his legendary 'gnome' sending him some kind of message. He'll tweet something like, "My gnome is hearing now..." or "My gnome is telling me...". So, who exactly is this gnome. Is it just Doug Kass's gut feeling and the gnome is nothing more than a representation of that? Or is it a real Smurf like gnome, perhaps more greenish than blue, though, and maybe a bit taller? Or, is his

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“More Money Than God”: Paulson’s Subprime Trade

Aug 25, 2011
J. Webster
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The days aren't so bright and cheery for John Paulson, what with his hedge fund down nearly 40%. They're certainly not as cheery as they were five years ago, when he made his famous bet against subprime mortgages and made billions of dollars. I just finished reading Sebastian Mallaby's awesome book, "More Money Than God", about history of hedge funds, and Paulson features towards the end of the book. It's a brilliant read, touching on all the major hedge funds and their various strategies. What jumped out though was John Paulson putting on his big bet via the

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Warren Buffett to the Rescue, Again

Aug 25, 2011
J. Webster
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He helped save Goldman Sachs in 2008 with a $5 billion loan, and now Warren Buffett helps save Bank of America with the purchase of 50,000 preferred shares at $100,000 a piece - another $5 billion loan. The preferred stock has a dividend yield of 6% and BofA has the option to buy back the shares at any time for a 5 percent premium. Sure, it's not the 10% dividend yield he got when he loaned Goldman Sachs money, but it's a win win for Buffett, as it only ensures that his top bank stocks, Wells Fargo and U.S. Bank,

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Bank of America: Capital Raise or Not?

Aug 24, 2011
J. Webster
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Everyone and their mother now has something to say about Bank of America and their need to raise capital. Richard Bove said BofA has sufficient capital. Henry Blodget said they may be forced to raise as much as $200 billion. Yes, that's billion. Bank of America then said those claims were exaggerated and unwarranted. Jim Cramer said Carlos Slim might come in and save the day in a Buffet like stock purchase or perhaps loan. There was even talk of JP Morgan merging with Bank of America in one gigantic too big to fail bank. That rumor was deemed baseless

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Billionaire Carlos Slim to Save Bank of America?

Aug 24, 2011
J. Webster
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Could billionaire Carlos Slim, the world's richest man in the world, come in and save the biggest bank in America? The Mexican CEO of telecommunications companies Telmex and América Móvil sure has the resources. Either way though, it seems like something like this, a loan from a Warren Buffet type or a big share purchase by a guy like Carlos Slim, is what it's going to take to stop the assault on BAC's stock. What do you think? Is Carlos Slim the man to save Bank of America? CNBC's Jim Cramer thinks Slim might be ready to doing something like

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The Lehman Brothers Make Out Session

Aug 24, 2011
J. Webster
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Will all the talk these days of another company collapsing like Lehman Brothers, seemed like a good time to post the two guys making out behind the CNN reporter as workers file out of Lehman Brothers with their belongings. I wonder who is going to make out in front of Bank of America's headquarters if they go under...

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