A VERSATILE CA COMMUNITY: Re: [The_Intelligent_Investor] Lying Lies, and the Liars Who Told Them

Thursday, July 31, 2008

Re: [The_Intelligent_Investor] Lying Lies, and the Liars Who Told Them

--------------------------------------------------
From: <d_k@picknowl.com.au>
Sent: Thursday, July 31, 2008 6:15 PM
To: <The_Intelligent_Investor@yahoogroups.com>
Subject: Re: [The_Intelligent_Investor] Lying Lies, and the Liars Who Told
Them

> Hi,
>
> if this file is some sort of code, how can it be rendered human readable ?
>
> thanks
>
> David
>
>
>> Regrettable Comments by Bank CEOs
>>
>>
>>
>>
>>
>> by Megan Barnett
>> Friday, August 1, 2008
>>
>>
>>
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>>
>> provided by
>>
>> A look back at nine unforgettable statements by bank chief executives who
>> would strike them from the record if they could.
>> It's not easy being a bank C.E.O. these days. Just ask John Thain. Nearly
>> every promise he's made to investors since he took the helm at Merrill
>> Lynch has been broken. With the uncertainty in these turbulent credit
>> markets, banking C.E.O.'s would be thankful if they never had to say
>> another word to investors and reporters. But fortunately for us, that's
>> not the case. Let's take a trip down memory lane of the most outrageously
>> regrettable comments by some of the best paid executives in the country.
>> 1. John Thain: Repeating It Won't Make it True
>> "We're very confident that we have the capital base now that we need to
>> go forward in 2008." - January 18, 2008.
>>
>>
>>
>>
>> More from Portfolio.com:
>>
>> • Vote for Your Favorite C.E.O. Blooper
>>
>> • Video: Moment of Brilliance: Marc Ecko
>>
>> • Don Mattingly: Swinging for the Fences
>> "...Today I can say that we will not need additional funds. These
>> problems are behind us. We will not return to the market." - March 8,
>> 2008
>> "We have more capital than we need, so we can say to the market that we
>> don't need more injections. We can confirm that we have tackled the
>> problem." - March 16, 2008
>> John Thain learned the hard way that saying the same thing over and over
>> won't necessarily make it come true. The truth is, Merrill was far from
>> finished tapping the markets. Earlier this month, it raised $8 billion by
>> selling stakes in Bloomberg and Financial Data Services. And on Monday it
>> announced plans to sell $8.5 billion of new shares.
>> 2. Dick Fuld: Do I Believe Myself? No.
>> "Do we have some stuff on the books that would be tough to get rid of?
>> Yes. Am I worried about it? No. If you have some repricing of these
>> things will we lose some money? Yes. Is it going to kill us? Of course
>> not."
>> —Richard Fuld, Lehman Brothers C.E.O. last summer, according to the
>> Financial Times.
>> In fact, the jury's still out on whether or not this credit crisis will
>> eventually kill Fuld or Lehman, but it sure killed Fuld's top two
>> deputies, former C.F.O. Erin Callan and former C.O.O. Joseph Gregory, who
>> were fired earlier this year.
>> Fuld keeps his on-the-record comments to a minimum, but he made another
>> one in April he may have come to regret. "The worst is behind us." In
>> April? If only.
>> 3. Kerry Killinger: The Mother Lode of Losses
>> "The mother lode of this company is performing awfully well with record
>> growth numbers coming out of the second quarter. The home-loans business
>> had a challenging first half of the year, but I note that the losses in
>> the second quarter were dramatically less than the first quarter and we
>> think we're on track to get that unit back to profitability before the
>> end of the year even in these challenging conditions."
>> —Washington Mutual chief executive Kerry Killinger on August 12, 2007 in
>> the San Francisco Chronicle.
>> Washington Mutual shares were valued at $35 that day. Today they hover
>> around $4 and change. In the second quarter this year alone, it lost more
>> than $3 billion. Killinger hit the mother lode with this one, alright.
>> 4. Ken Thompson: Mortgages Are Great!
>> "The mortgage market is going to be a great market in this country for a
>> long time. We've got population growth. We've got people who are always
>> going to want to live in homes that they own. It's going to be a great
>> market."
>> —Wachovia C.E.O. Ken Thompson on CNBC trying to convince Maria Bartiromo
>> that its $25 billion of Golden West Financial was a smart move, May 15,
>> 2006.
>> There's nothing quite like buying at the top of the market is there? The
>> Golden West deal, of course, turned into an absolute disaster for
>> Wachovia's balance sheet and the deal eventually led to the ouster of
>> Thompson earlier this summer.
>> 5. Martin Sullivan: How to Get Yourself Fired
>> "But because this business is carefully underwritten and structured with
>> very high attachment points to the multiples of expected losses, we
>> believe the probability that it will sustain an economic loss is close to
>> zero."
>> —AIG chief executive Martin Sullivan, speaking to investors on December
>> 5, 2007 about the firm's portfolio of credit default swaps.
>> Rule number one for finance chiefs: Never try to estimate potential
>> losses on your investments. Rule number two: Never say the losses will be
>> zero, or close to zero. AIG went on to report $13 billion in losses
>> before Sullivan's probability of remaining chief executive became less
>> than zero. He left in June.
>> 6. John Mack: Bring It On, Risk.
>> "Well, number one, I think this firm has the capacity to take a lot more
>> risk than it has in the past. So from that aspect, we're really using our
>> talent in a more productive way than we have had in the past. I am
>> comfortable with the risk...I think we probably have one of the best
>> overall risk managers in Tom Daula, who oversees all firm risk, and also
>> Zoe growing up on the sales and trading side, mainly trading side risk
>> management, it's a very strong combination. So I'm comfortable with it.
>> Do we take a lot of risk? Yes."
>> —Morgan Stanley chief John Mack at the April 2007 shareholder meeting.
>> Careful what you wish for there, Mack. Zoe Cruz's group ended up taking
>> on so much risk it lost $3.6 billion on a single trading desk in 2007.
>> Mack's confidence in Cruz also fizzled, and she lost her job as part of
>> Mack's effort to clean house earlier this year.
>> 7. Ken Lewis: Seeing Value Where There's None
>> "We believe that in the current turmoil the stock market has been
>> underestimating the value in Countrywide's operations and assets. This
>> investment reflects our confidence in their business and recognizes the
>> importance of the company in providing home financing across the country.
>> We hope this investment will be a step toward a return to more normal
>> liquidity in the mortgage markets."
>> —Bank of America chief executive Ken Lewis in an August 22, 2007 press
>> release announcing a $2 billion investment in Countrywide Financial.
>> But sometimes Mr. Market is right, Mr. Lewis. Countrywide continued its
>> downward spiral until Bank of America announced plans in January to
>> rescue it by acquiring it for $4.1 billion in stock. When the deal
>> finally closed six months later, the troubled mortgage lender was valued
>> at just $2.5 billion.
>> 8. Vikram Pandit: I Love My New Job
>> "The first priority of risk has been to make sure that our legacy
>> portfolio of assets in the sub-prime and mortgage areas are separated and
>> managed to be optimized, and we have done that. We have also made sure
>> they are well-capitalized."
>> —Vikram Pandit on his first earnings call as the new C.E.O. of Citigroup
>> on January 15, 2008.
>> We're sure investors appreciated hearing from the troubled bank's new
>> boss, but we're sure they'd have appreciated it more if what he said was
>> true. Three months later, Citi wrote down $12.1 billion ($6 billion from
>> subprime) in losses. Three months after that it wrote down another $7
>> billion. All told since Pandit's inaugural comments, Citigroup has raised
>> some $20 billion in new capital. How's that for well-capitalized?
>> 9. Alan Schwartz: May As Well Have Said It in Pig Latin
>> "Bear Stearns' balance sheet, liquidity, and capital remain strong."
>> —Alan Schwartz, chief executive of Bear Stearns, on CNBC, March 12, 2008.
>> Yes, yes. We saved the best for last, of course. Bear's balance sheet and
>> liquidity position was so strong it was forced into a fire sale to JP
>> Morgan and the Federal Reserve just days later. The rest is history, and
>> so is Schwartz.
>
>
>
> David
>
> ------------------------------------
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