about this blog
Alexis Glick is an anchor for FOX Business Network. Prior to joining FOX, Glick served as a correspondent for the Today Show and co-anchored the third hour of that program. Before her stint at NBC News, she was the senior trading correspondent for CNBC and reported from the floor of the New York Stock Exchange.
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Wayne Jett
Alexis, Another commendable effort at addressing the current turmoil in the financial sector. A question for Dick Bove and for you: which have fared better in the housing and home mortgage debacle - large banks or small banks? Certainly the large ones have received the bad press, because their performance has been less than stellar. I suggest that regional and smaller banks have been less inclined to leverage themselves and others investing in financial derivatives that have turned out to be "complex" and problematic. While the smaller institutions, like IndyMac for example, paid closer attention to traditional lending to businesses and homeowners in their areas, their share prices have been beaten down by naked shorting and rumor mongering. IndyMac, depending upon its own depositors for liquidity rather than upon selling its mortgages to Wall Street, withstood the storm until Senator Schumer gave his assist to the naked shorters by starting a public run on the bank by its depositors. Those who think bigger is better and "consolidation" is a beautiful word are the same pools of funds that lurk in the shadows to pick off the fallen assets prices at cents on the dollar. The MER sale of its mortgage backed assets was made at the bottom of the market and with reference to an inaccurate gauge of value, giving up the much larger upside of the return to performance-level value while protecting the buyer against any downside and financing 75% of the deal to boot! Any small bank managing its affairs in that manner would be out of business in short order. Again, thank you for dealing with these important issues.
david weidner
a tour de force.
chuck
Could the bank closings now expand. First there was Indymac in Pasadena,Ca and two other banks which the FDIC had to move in and take over. Think in a much bigger moasic here: has the credit crunch start to move in affect some of the local and regional banks? But not all banks have been affected. Except for Indymac. But could another Indymac be waiting in the rings. Given voloitily and bailouts in the financial sector this could storm could be far from over. Now with investigations into UBS and others the rest of year could be a volitile and unpredicatable for the financial sector. Factor in layoffs for some of the banks too. Honestly I don't think Paulson doesn't know what lays ahead with this sector. Covered bonds may work in the short term but has the long term issues of the problems in this sector been though out? Becouse before it's over the FDIC may have to move in on more banks.