SHORTS ON HIGH VOLUME

[algoritm]

BOH 34.78 ▼ -0.69 -1.95%
net income ▼ -20%
Expected next earnings release: Announcement date: 7/27/2009 :cheer:

[Alechko]

:grum:

[Alechko]

http://www.cnn.com/2009/POLITICS/07/...lus/index.html

"These officers will go to the places where they are needed the most," Holder said.

Pennsylvania plans to create or save 93 law enforcement positions statewide by awarding more than $20 million to 19 law enforcement agencies.

The Philadelphia Police Department will be able to create and or preserve 50 jobs, according to the statement explaining the grants.

Pennsylvania is one of the hardest-hit states in terms of economic decline, officials said.

More than 19 percent of the families in Philadelphia live in poverty, and the unemployment rate jumped from 6.4 percent in 2008 to 8.8 percent in 2009

[Alechko]

U.S IS ALREADY BANKRUPT :grust:


http://www.youtube.com/watch?v=XWNtE...eature=related

[Alechko]

Dead Banks Walking
by: John Browne
July 30, 2009 | about: GS / JPM / KBE / RKH / SKF / STT / WFC / XLF
In recent weeks, the financial world has been dazzled by strikingly high earnings reported by our leading investment
banks... or at least what we used to call investment banks. The numbers are reminiscent of another era - the one that
came to a crashing end last September. Today's euphoria is keyed to the record $3.44 billion second quarter profit
announced by that branch office of the Treasury Department also known as Goldman Sachs (GS). Wells Fargo (WFC),
JP Morgan Chase (JPM), and State Street (STT) also chipped in with strong numbers.
The seeming health of these institutions, which are often referred to as the "backbone" of the U.S. economy, is currently
being cited as strong proof that economic recovery is at hand. This conclusion is based on selective memory and
dubious logic.
The more immediate question hinges on whether this rise in bank and corporate earnings can be sustained in the face
of increased commercial real estate mortgage defaults, rising unemployment, and increased savings? Would it then be
likely that the broad stock market can continue to rally while the financial sector sputters? If not, a serious correction in
U.S. equity prices is a foregone conclusion.
In the early years of this century, major money-center banks and shadow banks incurred irrational risks and paid
themselves unimaginably large bonuses. They were termed "gambling casinos" and deservedly drew fire when their
bets went south. But instead of forcing these irresponsible firms to pay for their bad behavior, the federal government
forced the general public to rescue them.
The Treasury and Fed instituted four key measures intended to boost the banks' earnings, which in turn, would boost
their share prices, improve their capital ratios and force their share prices upward.
First, Congress was pressured into giving instant approval to the $750,000,000,000 Troubled Asset Relief Program
(TARP). This massive sum of public money was designed to buy toxic assets from the banks. However, the government
soon realized that buying some toxic assets would create a real price and thereby threaten the inflated value of other
toxic assets held by financial institutions worldwide. The initial TARP plan was dropped in favor of injecting billions of
dollars into certain banks, leaving the toxic assets on their books. Meanwhile, the true values of these toxic assets were
officially camouflaged by the initiation of "exceptional" accounting changes.
The injection of free TARP funds enabled the recipient banks to enter a charred landscape that was, nevertheless,
bristling with easy profits. For example, $10 billion of TARP funds enabled Goldman Sachs to make leveraged trades
during the bear market rally of the last four months. Though this is the same activity that caused its downfall, Goldman
now assumes a government guarantee on its risk-taking. With no limits on their appetite for risk, record profits are theirs
for the taking.
Second, some of the shadow banks, such as Goldman Sachs and Morgan Stanley, were allowed to become bank
holding companies. This change allowed them access to the Fed Window to borrow at zero percent interest. This
greatly increased the profit margins of the banks day-to-day lending operations.
Third, the reduction of Fed rates to below one percent has steepened the yield curve, enabling banks to take six to eight
percent plus spreads in lending to boost earnings.
Fourth, for the first time, the Fed is paying interest on bank reserves. This meant that all banks can borrow at zero and
lend back to the Fed at an interest rate spread of some three percent, thus boosting earnings further. The downside is
that banks are discouraged to lend to risky companies and individuals while they can lend at no risk to the Fed.
Therefore, despite political pressure for banks to lend, credit remains tight.
With the great privileges listed above, and with the competitive landscape improved by the disappearance of Lehman
Brothers and the absorption of Bear Stearns and Merrill, it is little wonder that the surviving banks earned more. A firm
like Goldman Sachs, with its stellar earnings, is now effectively a hedge fund subsidized by taxpayers.
However, toxic assets remain on the books of the banks. In addition, problems in the commercial property and
consumer lending field loom menacingly.
The Fed has also acknowledged that, eventually, it will need to sharply increase interest rates to "mop up" all the
liquidity it's pouring into the world economy. This action alone, if the Fed ever has the nerve to execute it, could
bankrupt every financial firm that survived the initial crisis.
Should earnings falter and banks stumble for a second time in the face of a looming $3.4 trillion commercial mortgage
problem, the entire U.S. stock market could follow suit.
That would be the crisis we've been predicting. Better be prepared.


http://seekingalpha.com/article/1523...-banks-walking 7/31/2009

[Alechko]

:grum:

[Alechko]

первый раз вижу что Бернанке настолько испуган

http://snardfarker.ning.com/video/vi...AVideo%3A84098

[algoritm]

Вчера купил BOH :cheer:

Сегодня продал BOH $41.76 :v: :cheer:

[algoritm]

8/18/09 Buy IVV $99.73
8/21/09 Sell IVV $103.01
:v: :cheer:

[oGRE]

фигасе торги идут по полной :oo: