AIG - Page 19

lookout123 · 03-24-2009, 10:53 AM

And it might just be that some of the best investments out there are banks. Does anyone believe all of the banks will fold? I don't. I see a lot of financial stocks that have been absolutely crushed to the point they are worth less than even their intrinsic value. I wouldn't mind buying a company stock that once reached $60 and is currently <$3. if it will recover even half of what it was then I'm a huge winner.

TheMercenary · 03-24-2009, 12:06 PM

Quote:

Originally Posted by lookout123

And it might just be that some of the best investments out there are banks. Does anyone believe all of the banks will fold? I don't. I see a lot of financial stocks that have been absolutely crushed to the point they are worth less than even their intrinsic value. I wouldn't mind buying a company stock that once reached $60 and is currently <$3. if it will recover even half of what it was then I'm a huge winner.

I have a few friends who are doing that with some banks here in GA. I think it is to risky.

lookout123 · 03-24-2009, 12:07 PM

It depends on what amount they're investing. 10% of their net worth? too much. 1% of their networth? no problem.

TheMercenary · 03-24-2009, 12:14 PM

Good point. I don't know what their details are. I just sounded risky because of the number of banks being taken over by the feds.

lookout123 · 03-24-2009, 12:19 PM

Nobody knows where it will end but technically the feds aren't taking them over, they're buying shares. Hopefully they will sell the shares in the future and allow share price to move entirely with the demands of the market. Sometimes those flyers pay off.

TheMercenary · 03-24-2009, 12:23 PM

Quote:

SAN FRANCISCO -- Commerce, Ga.-based Freedom Bank of Georgia was closed by regulators Friday, marking the 17th bank failure of the year, the Federal Deposit Insurance Corporation said in a statement. Lavonia-based Northeast Georgia Bank has assumed all of the failed bank's deposits, the FDIC said. As of March 4, Freedom Bank of Georgia had roughly $173 million in assets and $161 million in deposits. The FDIC estimated the cost of Freedom Bank's failure to its deposit insurance fund will be $36.2 million.

http://www.foxbusiness.com/story/mar...ed-th-failure/

classicman · 03-24-2009, 12:37 PM

Quote:

Freedom Bank of Georgia had roughly
$173 million in assets and
$161 million in deposits.
The FDIC estimated the cost of Freedom Bank's failure to its deposit insurance fund will be $36.2 million.

What were the liabilities?? That info seems strange - no?

lookout123 · 03-24-2009, 12:39 PM

many of the assets are probably foreclosed homes. those have outstanding debt showing in the liability column which isn't shown there.

TheMercenary · 03-24-2009, 12:42 PM

Well there are a bunch of links to this bank news, I didn't go through more than a few. I posted it as an example of, I believe, the third bank in GA to be taken over.

lookout123 · 03-24-2009, 12:45 PM

normally banks pulled in by FDIC are sold off to bigger better banks, but I think we'll have to wait for the dust to settle before that happens.

sugarpop · 03-26-2009, 07:37 PM

Quote:

Originally Posted by lookout123

normally banks pulled in by FDIC are sold off to bigger better banks, but I think we'll have to wait for the dust to settle before that happens.

Just what we need, even bigger banks, when the ones we have are already too big to fail.

*quote* "if they're too big to fail, shouldn't they be too big to exist?"

classicman · 03-24-2009, 02:24 PM

Quote:

Lavonia-based Northeast Georgia Bank has assumed all of the failed bank's deposits, the FDIC said.

Close enough, lookout?

lookout123 · 03-25-2009, 12:22 PM

If you care you've probably already seen this, but here is the link to the NY Times article with the resignation letter from an AIG executive.

Resignation

TheMercenary · 03-25-2009, 12:43 PM

Heh. That is crazy.

classicman · 03-25-2009, 12:53 PM

I'm shocked - not.

03-24-2009, 10:53 AM	#1
lookout123 changed his status to single Join Date: Apr 2004 Location: Right behind you. No, the other side. Posts: 10,308	And it might just be that some of the best investments out there are banks. Does anyone believe all of the banks will fold? I don't. I see a lot of financial stocks that have been absolutely crushed to the point they are worth less than even their intrinsic value. I wouldn't mind buying a company stock that once reached $60 and is currently <$3. if it will recover even half of what it was then I'm a huge winner. __________________ Getting knocked down is no sin, it's not getting back up that's the sin

03-24-2009, 12:07 PM	#3
lookout123 changed his status to single Join Date: Apr 2004 Location: Right behind you. No, the other side. Posts: 10,308	It depends on what amount they're investing. 10% of their net worth? too much. 1% of their networth? no problem. __________________ Getting knocked down is no sin, it's not getting back up that's the sin

03-24-2009, 12:14 PM	#4
TheMercenary “Hypocrisy: prejudice with a halo” Join Date: Mar 2007 Location: Savannah, Georgia Posts: 21,393	Good point. I don't know what their details are. I just sounded risky because of the number of banks being taken over by the feds. __________________ Anyone but the this most fuked up President in History in 2012!

03-24-2009, 12:19 PM	#5
lookout123 changed his status to single Join Date: Apr 2004 Location: Right behind you. No, the other side. Posts: 10,308	Nobody knows where it will end but technically the feds aren't taking them over, they're buying shares. Hopefully they will sell the shares in the future and allow share price to move entirely with the demands of the market. Sometimes those flyers pay off. __________________ Getting knocked down is no sin, it's not getting back up that's the sin

03-24-2009, 12:39 PM	#8
lookout123 changed his status to single Join Date: Apr 2004 Location: Right behind you. No, the other side. Posts: 10,308	many of the assets are probably foreclosed homes. those have outstanding debt showing in the liability column which isn't shown there. __________________ Getting knocked down is no sin, it's not getting back up that's the sin

03-24-2009, 12:42 PM	#9
TheMercenary “Hypocrisy: prejudice with a halo” Join Date: Mar 2007 Location: Savannah, Georgia Posts: 21,393	Well there are a bunch of links to this bank news, I didn't go through more than a few. I posted it as an example of, I believe, the third bank in GA to be taken over. __________________ Anyone but the this most fuked up President in History in 2012!

03-24-2009, 12:45 PM	#10
lookout123 changed his status to single Join Date: Apr 2004 Location: Right behind you. No, the other side. Posts: 10,308	normally banks pulled in by FDIC are sold off to bigger better banks, but I think we'll have to wait for the dust to settle before that happens. __________________ Getting knocked down is no sin, it's not getting back up that's the sin

03-25-2009, 12:22 PM	#13
lookout123 changed his status to single Join Date: Apr 2004 Location: Right behind you. No, the other side. Posts: 10,308	If you care you've probably already seen this, but here is the link to the NY Times article with the resignation letter from an AIG executive. Resignation __________________ Getting knocked down is no sin, it's not getting back up that's the sin

03-25-2009, 12:43 PM	#14
TheMercenary “Hypocrisy: prejudice with a halo” Join Date: Mar 2007 Location: Savannah, Georgia Posts: 21,393	Heh. That is crazy. __________________ Anyone but the this most fuked up President in History in 2012!

03-25-2009, 12:53 PM	#15
classicman barely disguised asshole, keeper of all that is holy. Join Date: Nov 2007 Posts: 23,401	I'm shocked - not. __________________ "like strapping a pillow on a bull in a china shop" Bullitt

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