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Archive for April 13th, 2009

Analyst Downgrades Wells, Cites $50b. Hole

Interesting. All the recent happy talk about Wells Fargo — which has spilled over to BofA’s stock price as well — gets pricked by someone taking a closer look at Wells’ numbers and finding them lacking.

‚ÄúDetails were scarce and we believe that much of the positive news in the preliminary results had to do with merger accounting, revised accounting standards and mortgage default moratoriums, rather than underlying trends,” Frederick Cannon of KBW Inc. said in a new report, according to Bloomberg.

And what caught my eye is that Cannon said that if the recession lasts thru Q1 of 2010 then Wells will need another $25b. in capital on top the $25b. the bank owes in federal bailout cash. Seems a reasonable number, especially as unemployment dings income for the rest of this year.

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Hakeem Nicks to…the Browns?

Trust me, this one has legs — and the potential to completely reshuffle the NFL draft.

The Cleveland Browns have been checking up on Nicks, reaching back to his days at Indy. Nicks is projected as a late 1st round pick. But the Browns are sitting at #5, albeit with rumors of interest in trading down, provided they can still get help at DE. The Browns also have the 36th pick overall, the 4th in the 2nd, at which Nicks might be available should he somehow fall out of the 1st.

My gut tells me though that with a bunch of WRs expected to go 15 to 25, Cleveland is looking to see what might be available then. The Browns only have five picks overall, tons of holes, and no 3rd rounder. So then…

Maybe the Denver Broncos get worried that USC QB Mark Sanchez will not be around at the #12 spot — hmmm, curious that the Browns were recently rumored to have found him interesting — and resolve to trade the #18 pick they got from Chicago in the Jay Cutler thing for the Browns’ slot at #5 — and throw in one or two of the two 3rd rounders the Broncs have.

That would leave the Browns able to take Nicks at #18 or possibly LSU DE Tyson Jackson while providing real depth to their draft. Don’t forget you read it here first — just like word that Michael Jordan was coming to the Bobcats.

No one believed that one ’til it happened, either.

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When Pollen Attacks

jjThe tree pollen being thrown off is clearly having a hugely negative impact on human health right now, despite the Code Green from govco.

Why isn’t local government out chopping down trees? Or perhaps fining property owners for having too many flowering trees.

Crazy? Some 82-year-old retiree in Seattle was fined $850 by his local fascists for running his wood-burning stove during a locally declared “burn-ban” brought on by worries about air quality. And right this minute the city of Charlotte is still fretting over EPA guidelines on ozone and air quality that are patently impossible to meet absent Star Trek transporter tech.

It all seems so pointless and arbitrary — unless you understand that “air quality” regs have nothing at all to do with quality of life, but with levers of social control. Maybe we need a pollen permit trading scheme….

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Columbia: Conceal-Carry Works Again

Badguy: “Gimme what ya got!”
Citizen: BLAM! BLAMBLAM! BLAM! BLAM!

Just too perfect.

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Brooklyn Decker Wedding on Deck?

jjNext weekend in Austin is the date for Decker and tennis star Andy Roddick according to Deadspin.

The 2005 Butler High grad has been dating Roddick for a couple years now, attending tennis matches across the globe in the process.

The odd thing? Elton John is evidently providing the entertainment for the nuptials. Elton does weddings? That has to be a massive fee, like $250K at least. Lifestyles of the rich and beautiful, my friends.

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