7 Comments
Mar 16, 2023Liked by Rudy Havenstein

I’m sorry but I still can’t get over the put-upon CEOs whose $ was in SVB on CNBC on Monday…..a sickening infomercial for JPM and the Biden Administration. And the CNBC heads sang backup.

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Mar 15, 2023Liked by Rudy Havenstein

But he had to give up one of his houses, right? Or, one of his islands, right? Tell me he at least had to drag his trash cans to the curb, he was forced to do that, right? Gallows humor...they don't know we exist and, surely they'll never know our rage...

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Mar 15, 2023Liked by Rudy Havenstein

Yet another great post!

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I'm going to have to order one of those candles :)

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Occurs to me that excluding fluctuations in the HTM portfolio from having any impact on stated book equity facilitated mass delusion about what was happening. I don’t think such fluctuations should go through net income, but they should go through other comprehensive income and hit equity. The problems would have been far more obvious and covered by the media. The regulators blew it again.

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"Under Raines' leadership, Fannie overstated earnings by a stunning $10.6 billion, all the while paying Raines and his senior management team massive bonuses."

Yeah, but he went to jail, right? Right?...

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