libor.plus1

http://www.zerohedge.com/news/here-comes-tarp-2-bank-america-implodes-687-bac-cds-20-260-bps-bankruptcy-contemplated Just to stop this right now: I shouldn't have mentioned 'talks of bankruptcy'. There will always be 'talks of xxxx' to different degrees. And once words like bankruptcy are thrown around, they tend to snow ball. So my apologizes. That said, the CDS spread is concerning.

Berkowitz is getting man-handled on pretty much any bank sector investment. BAC CDS just jumped, and talks of bankruptcy are in the works.

its not, and thats why Coke, Apple, and Starbucks werent downgraded.

Anyone else expect those glowing numbers to get revised downwards next month?

- Canadian banks are now much more leveraged than their American counterparts -- particularly so when excluding preferred equity. - Canadian banks continue to lend money on residential real estate that is in a bubble state compared to the US where the risk has dropped significantly on new loans based on significantly depressed property values. Canadian real estate values are being supported by a commodity bubble - if/when this commodity bubble bursts there will be a lot of pain for Canadian banks. - At this point in time it seems to make more sense for a Canadian to buy American dollars than it seems suggested here. The Big Mac Index as of very recently had the Canadian dollar 24% overvalued. So an American buying Cndn $ would be buying a US dollar for $1.24; whereas, a Cndn would be buying a US dollar for about 80 cents. The two banking systems should not be compared. I don't see CIBC offering mortgages worth 110% of my home. More leveraged doesnt necessarily mean more risk.

Cwericb, my comment was directed at Sanjeev's post re: logical to write a report, than to drag it through the court system. Regarding Sino and accusations I have said that I believe the truth lies somewhere in the middle regarding Sino, although to be fair, Block's work has exposed definite frauds that have now been delisted. So does he have credibility? absolutely. As far as Wellington goes, that 11.5% stake is money that the company found under the mattress. It means nothing given Wellington's size. I am not familiar with Richard Chandler to comment. As for the poster above me who's name I forget: Yes, one thing that bothers me about the MW report is that he messed up on the standing timber model. At the same time, something that bothers me about Sino is the "we let other people worry about our taxes". Like I said, the truth is somewhere in the middle. Somewhere in between? Let's see, if you mix stinky fraud with raisins, what have you got? Also, for the sake of argument lets grant that Block messed up on the nature of the timber sales. ( by the way, I don't have a horse in this race, and I know nothing about Mr. Block other than what others have posted ). However, lets look at the undisputed fact: Sino says it sold a huge amount of timber. But they didn't do it the way timber companies usually sell timber, by cutting it and selling it. They say they sold it through a paper transaction that's not potentially verifiable through industry sources ( loggers, truckers, sawmills etc. ) as a physical harvesting and sale would be. So, here we have a huge timber company that apparently isn't engaged much at all in what timber companies usually do. That doesn't prove fraud, but I find that fact most peculiar. ??? Agreed. That's why cwericb says we are on different ends of the same view. I am much more inclined to believe theres a lot of shinanigans here.

Cwericb, my comment was directed at Sanjeev's post re: logical to write a report, than to drag it through the court system. Regarding Sino and accusations I have said that I believe the truth lies somewhere in the middle regarding Sino, although to be fair, Block's work has exposed definite frauds that have now been delisted. So does he have credibility? absolutely. As far as Wellington goes, that 11.5% stake is money that the company found under the mattress. It means nothing given Wellington's size. I am not familiar with Richard Chandler to comment. As for the poster above me who's name I forget: Yes, one thing that bothers me about the MW report is that he messed up on the standing timber model. At the same time, something that bothers me about Sino is the "we let other people worry about our taxes". Like I said, the truth is somewhere in the middle.

You're joking right? How long do you think a case like that, involving cross border dealings would take to complete? How much money? He's exposed 5 frauds in the last year, and let the market worry about it. Also, going to law school does not make you an attorney.

TELL US WHICH ONE! Honestly it's not an 'I'm smarter than most investors, deep value' type investment. It's more of a trade. Apple. You put 100% of your net worth in it? Lol, no, that would be crazy. I took margin, so its closer to like 200%.

TELL US WHICH ONE! Honestly it's not an 'I'm smarter than most investors, deep value' type investment. It's more of a trade. Apple.

On a very simplistic level, I am confident the debt limit is going to increase on time. I just can't imagine a scenario where that wouldn't happen, even if the GOP has to take it on the lip. Imagine the headlines when voting starts: Democrats were willing to compromise, Republicans weren't. Vote Lib! That said, I was all cash until today, where I went balls to the walls and put all my money into one stock.

Does anyone here know the ramifications of a company issuing notes, and guaranteeing those notes with BVI subsidiaries? I'm assuming in the case of a default, the creditors only recourse is to go to the BVI entities... but is that possible? I assume the reason companies incorporate BVI subs is to avoid liabilities... Can someone shed some light on this?

It took some investigation on my part to find the coordinates. i then verified the site by cross checking with the video and photos from onp site to make absolutely sure i found the correct spot. Everything fits. Cheers! Sent you a PM

I used mapmart.com - they have a large number of different options and sattellites available. The cost differs significantly among the options. I went for the plain old high res black and white, which was among the cheapest. Cheers! Niel, I'm curious, how did you find the exact coordinates/address of the properties? Did ONP provide that info?

I as well would be interested in this service... and how much do snapshots go for?

Let's just suspend belief for a moment, regardless of what side you're on. The analysts have previously stated that they dropped coverage because of a lack of information. Now consider yourself an analyst. You have 5+ years and your reputation on the line. You don't know what's true and not. Are you really going to say "meh, I don't really see a point in this tour until the report is done..." or are you going to jump at the chance to see with your own eyes wtf is going on? Know this like you would know to pull out of a girl who isn't on the pill: If you are accused of a fraud of this magnitude, you would do everything in your power to provide proof that you are legitimate. If this means that the analysts want Poyry there, you will make it happen. If that means the you dont sleep for a few days so you have more time to meet with PwC and tour with the analysts, you will make it happen. If that means firing the lawyers who apparently advised you a buyback is a bad idea, giving information to analysts on a tour is a bad idea, and keeping quiet is a good idea, then you fire the lawyers. Whatever it takes to make sure the analysts feel a tour is worth their time and makes it happens. Boy, this just keeps getting better. See my post directly above ??? I do see your post. I assume anyone that's going to comment on the press release has read it and other relevant information, such as what the analysts themselves had to say as to the reasons they decided the tour wasnt worth it. The analysts specifically referred to two things, both of which I included in my post: They would need to meet with Poyry, and that they need to get more info from mgmt/PwC. Apparently this isn't possible, and the only party in a position to tell that to the analysts is the company. Bullshit.

Let's just suspend belief for a moment, regardless of what side you're on. The analysts have previously stated that they dropped coverage because of a lack of information. Now consider yourself an analyst. You have 5+ years and your reputation on the line. You don't know what's true and not. Are you really going to say "meh, I don't really see a point in this tour until the report is done..." or are you going to jump at the chance to see with your own eyes wtf is going on? Know this like you would know to pull out of a girl who isn't on the pill: If you are accused of a fraud of this magnitude, you would do everything in your power to provide proof that you are legitimate. If this means that the analysts want Poyry there, you will make it happen. If that means the you dont sleep for a few days so you have more time to meet with PwC and tour with the analysts, you will make it happen. If that means firing the lawyers who apparently advised you a buyback is a bad idea, giving information to analysts on a tour is a bad idea, and keeping quiet is a good idea, then you fire the lawyers. Whatever it takes to make sure the analysts feel a tour is worth their time and makes it happens.

Wow... umm. Sino forest postponed the analyst tour for their forests... the excuses they give are bullshit. This is really not a good sign. http://www.theglobeandmail.com/globe-investor/sinoforest/sino-forest-delays-analysts-china-trip/article2088146/

Now THIS is how you answer to a short attack: MW released a set of concerned questions yesterday targeting SPRD. It wasn't a full report by any means, just some questions. That very day, SPRD set up a conference call for the following day, where they will announce dividends. No bullshit, no committees, no we'll see in 3-6 months, just.. here, here's money. Stock is up huge.

People talk about 'Cloud computing' like its something revolutionary. I can't even believe it's been given its own name and industry. All cloud is is a sub par application that you need the internet to connect to, and pay a monthly fee for, but for some reason its managed to be talked about as the next big thing? So you're telling me, for a small monthly fee, I can use less powerful, laggy applications over the internet where speed is limited by my capped internet connection, rather than a much more robust application on my less compromising hard-drive which is only limited by the speed of my quad core processor? Anon and /b/tards are going to have a field day. Google introduced online docs many years ago. Does anyone actually use those products to any material extent? MSFT seems to be fighting for a piece of something that doesnt matter.

Italy's banking governor was just named as the next ECB chief the same day the rating agencies lowered Italy's banks credit rating. I don't think we have anything to worry about now.

I cannot speak for anyone else with a large cash position, but I do expect a rally, and I plan to be heavily invested in the coming weeks. I guess part of my hesitation has to do with timing and waiting out some more difficult pushes as they relate to Europe. Also, look at the 1 month bill: the opportunity cost of holding cash just turned negative =)

Well, it starts with the macro picture right? Doesnt really matter if good companies are fair value if your macro outlook is not good.

I'm pretty much 100% in cash right now. Waiting for next month to see what it brings.

I believe somewhere in the middle. Look, both sides are gonna make their case to the extreme - the same way political parties do. But the truth almost always lies in the middle. Given that, I'm not willing to believe SF is an outright fraud. But I am willing to bet that the company isnt nearly as grand and clean as management would like us to think. The reason I appreciate the MW report, is that it got us talking about the other perspective and looking at some skeletons in the closet, even if all the facts arent substantiated. You gotta admit there does seem to be grounds that something sketchy is going on here, even if not all of MW's points are spot on.