Blogs and Stories
Is the Bank Bounce Real?
In the counterintuitive ways of Wall Street, the best stock of the four to buy right now is probably BofA. Goldman and JP Morgan have too many fans already, and trade at significant premiums to the competition. Goldman trades at 1.6 times book value, while JP Morgan Chase trades at one times book. But BofA trades at just half that, or 0.5 times book. That's like a 50 percent off sale, if you consider that BofA and JP Morgan are pretty much the same size.
Citigroup, on the other hand, is still a mess, and even at 0.3 time book value, that's still as big a gamble as buying it two summers ago would have been. And you know how that turned out.
Duff McDonald is a contributing editor at New York magazine and a former contributing editor at Condé Nast Portfolio. He is working on a book about Jamie Dimon, chairman and CEO of JP Morgan Chase, to be published by Simon & Schuster in the fall of 2009.
John Talks Joe
Lloyd Grove is editor at large for The Daily Beast. He is also a frequent contributor to New York magazine and was a contributing editor for Condé Nast Portfolio. He wrote a gossip column for the New York Daily News from 2003 to 2006. Prior to that, he wrote the Reliable Source column for the Washington Post, where he spent 23 years covering politics, the media, and other subjects.
Why America Must Learn to Bow
Martin Jacques is the cofounder of the UK think tank Demos, writes a regular column for The Guardian, and is a visiting research fellow at the London School of Economics Asia Research Centre. His new book, When China Rules the World, is available now.
Going Rogue: The Index
Christopher Buckley's books include Supreme Courtship, The White House Mess, Thank You for Smoking, Little Green Men, and Florence of Arabia. He was chief speechwriter for Vice President George H.W. Bush, and is editor-at-large of ForbesLife magazine. His new book is Losing Mum and Pup, a memoir. Buckley's Daily Beast column is the winner of an Online Journalism Award in the category of Online Commentary.
Palin's Gold Mine
Duff McDonald is a contributing editor at New York magazine and a former contributing editor at Condé Nast Portfolio. His book, Last Man Standing, about Jamie Dimon, chairman and CEO of JPMorgan Chase, was published by Simon & Schuster in October.
Gross Vampire Product
Duff McDonald is a contributing editor at New York magazine and a former contributing editor at Condé Nast Portfolio. His book, Last Man Standing, about Jamie Dimon, chairman and CEO of JPMorgan Chase, was published by Simon & Schuster in October.
King of the Street
Duff McDonald is a contributing editor at New York magazine and a former contributing editor at Condé Nast Portfolio. His book, Last Man Standing, about Jamie Dimon, chairman and CEO of JPMorgan Chase, was published by Simon & Schuster in October.
The bailout of the U.S. Government by the banks is almost complete.
AIGS and JPMorgan are having their last hurrah. Wall Street as we've known it for a decade and a half or so is toast. The era of the banksers is so over. Pauson, Rubin, TG, Summers etc. may beat the rap. But, mark my words, there will be perp walks aplenty before too much longer. And a lot of these criminals will be put away with Bernie Madoff, where they belong. The best and the brightest?!! Don't make me laugh --nothing but a bunch of grifters. George Patton
" Profits ? " Really ? L.O.L.
You mean taxpayer's bailout money posing as " Profit ? "
If I was broke, and a million people showed up at my
doorstep and handed me a dollar each, I guess I
could call that a " profit " as well,
even though I didn't actually go out and earn that million dollars on my own.
Same with the banks, right ?
" Profit. " L.O.L.
I think Mr. McDonald should have read Floyd Norris's blog in the NYT before suggesting that B of A actually made money. If you exclude extraordinary items, as you should since you can't sell the same property twice, According to Norris, B of A lost $6.7 billion pretax excluding the sale.
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