Chevron defends their involvment in Myranmar (Burma) and deliniates some of what they are doing to support NGO's trying to help the situation. They also state their support for the people of Burma clearly, "Chevron supports the calls for a peaceful resolution to the current situation in Myanmar in a way that respects the human rights of the people of Myanmar." I'd like to help them follow through on that support.
After a Loss Changing My Strategy on CountryWide (CFC) Written By: David Neubert 2007-09-11 11:02:50 Felix Salmon at Portfolio.com has rightly trounced me for buying Countrywide Financial earlier this summer. I thought it was a good bet at the time, but I got out in August once things started to get confusing. I knew CFC would have to recognize losses from their higher funding rates and portfolio markdowns. But it was the diluting Bank of America investment and ensuing rally that made me realize that it would be awhile before I would be able to figure out what the equity component of this bank is really worth. I remember the old trader saying: "First loss is your best loss." Well I took losses in this one, and after many buys and sells over the month my final losses amounted to about six bucks a share and my last sales were around $19.00. I have since moved into various bets that make money if Countrywide survives. Which it will, with Bank of America (BAC) or someone else's help. I am happy to bet the company won't go bankrupt. I'm now into the preferred shares and shorting some deep out of the money puts.
The Countrywide Preferred B (CFCprB - $17.15) shares have a dividend yield of 9.9% (which, unlike the common dividend, the bank is likely to continue paying) and a par value of $25.00.
Anti-Corporate Bad Taste Satire at Burning Man Written By: David Neubert 2007-08-30 18:47:13 Well, there is Internet connection here but it's slow. It seems to have gotten better over the week. My camp, Entheon Village, has been great and set up a repeater.
The Barbie Death Camp (and Wine Bar) Satires Mattel Inc's (MAT - $21.68) top selling doll of all time, Barbie, being cast into ovens. You can't tell by the photo but they are being driven to the "ovens" by GI Joe and Ken dolls. Because we, at The Panelist, love corporate satire of all kinds - even if it is in bad and insensitive taste, I have to approve of this project. I don't think that The Barbie Death Camp (the sponsor of the art project has the same name as the art), needed to use the word "Auschwitz" in the name because the irony was already clear.
I think this is the result of the implied government guarantee that most investors believe is far stronger in Europe.
However, now that the global financial system is so strongly intertwined I don't think the world financial system could handle a default resulting in the liquidation of any bank on the list.
So does that mean all these banks' default insurance should be trading at government rates?
