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Wall Street Breakfast: Must-Know Newsby SA Editor Rachael Granby- Bank trio becomes duo. Wells Fargo (WFC) will become the largest U.S. bank by branches with its bid for Wachovia (WB), after Citigroup (C) withdrew from compromise negotiations late yesterday on concerns about the quality of some of Wachovia's assets. Wells Fargo, with a bid valued at $11.4B, expects the purchase to be completed by the end of the year, and denies it will have to absorb assets shakier than originally thought.
- Government considers next steps. As the financial crisis continues to worsen, the U.S. government is considering two dramatic steps to turn around, or at least slow, the damage: guaranteeing billions of dollars in bank debt and temporarily insuring all U.S. bank deposits. The moves, which would mark the government's most extensive intervention to date, are in discussion stages only.
- Credit stays frozen. As frozen credit markets refuse to thaw, the cost of default protection on corporate bonds reaches new global records amid investor concerns the credit crisis will trigger corporate failures as companies struggle to finance their businesses. Interbank lending remains limited, and borrowing from the Fed's expanded discount window continued its trend of setting new highs every week, as the total daily average rose to $420.2B vs. $367.8B last week.
- Oil demand withers. The International Energy Agency warned Friday worldwide oil demand...
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Wednesday, October 15.Bullish Calls:Continental Resources (CLR) -- "This is a remarkable decline. All of the high quality ones are down so much, I can't go against it. This is where you pull the trigger.
3M (MMM) -- The moment this stock starts yielding 5%, I'm a buyer. Until then, keep your powder dry.Bearish Calls:Computer Sciences (CSC) -- This is a company that was going to be bought, but they passed up the chance. Now I don't want to buy it."Email continues...
Annaly Mortgage (NLY) -- I think this is a business model that needs to borrow money. Definitively do not buy."
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Jim Cramer's Lightning Round, 3/27/08: A Bunch of Crocs
I have one of these - For-sale by owner house's - But I fixed it up -
and now Countrywide - has given a fake-fraudulant apprasial - and adding
over 900 a month in illegal fees to the buy out.
So now everyone is stuck with - these ready to be torn down house's - building and all.
Maybe all these Mortgage place's and the ceo's and eveyone working - for these place
and did the high cost - fraud - need corporate liens filed against them !!!!
Works for me - Corporate lien against - Country - and one aginst the CEO - Till
they work out a fair deal.
Shut them all down ...........
Connie Wilson, executive vice president of mortgage fraud detection software company AppIntell,
said the neighborhood domino effect from property flipping begins with the faulty appraisal. One property flip might pass by unnoticed, said Wilson, but 20 flips in one area, each carrying an
appraisal for three times the home's worth, might prompt the property tax assessor's office to
raise property taxes because the value of the neighborhood has artificially increased. When
homeowners insurance companies notice the dollar value of the neighborhood increasing, they
too will raise premiums to residents. "This goes on for a few years, then the 20 homes go into foreclosure. So now the (homeowners)
pay triple the assessed value of their homes in taxes, the homeowners insurance costs went up
and now the value of the property goes down because (there are) all these foreclosed homes in
the neighborhood," Wilson said. Many of the end buyers in flipping schemes are innocent people that were tricked into buying
multiple properties, according to Wilson. "Now these people own these properties that are condemned and going into foreclosure and their
credit is being destroyed," she said.
tiny.cc/fraudmortgage
Jim Cramer's Lightning Round, 3/27/08: A Bunch of Crocs
Hillary's classified briefing - not reading the intel reports - started with - Saddam has snipers after you - vote - vote -vote for a war of lies...........
Now with Hillary only listening to the rich-greedy - and the insiders - She will never see what she did was wrong - They'll just play on her - the boggie man snipers is there - look the BOOGIE MAN - snipers all around - want to stop - drug company profits - mortgage cheaters - are being sniped at - help save them .............
Look snipers are - over there - Free-traders all the way ..........
Delusional - Ole HIllary - will do what ever the want .........
.........................
Jim Cramer's Lightning Round, 3/27/08: A Bunch of Crocs
Iraq Insurgents
Clinton's
They just don't seem to go away