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- BofA Given Hush Money: Will Lewis Step Down?
- BoneYard submits: Bank of America Corp. BAC CEO Kenneth Lewis testified under oath that Federal Reserve Chairman Ben Bernanke and then-Treasury Secretary Henry Paulson pressured him to keep quiet about losses at Merrill Lynch & Co, which the bank was buying, the Wall Street Journal reported. Testifying before New York...
- External links 2009-04-23
- Goldman Sachs: Now a Financial Holding Company
- BoneYard submits: It was just announced that Goldman Sachs GS would become a Financial Holding Company ("FHC"), swapping out of its Bank Holding Company ("BHC") status. This is interesting as they stated there was a need to address "administrative issues" and that they had been operating under waivers as...
- External links 2009-08-20
- BB&T: How to Buy Troubled Assets Without the Trouble
- BoneYard submits: Another chapter in "How to Make Money on the Governments Dime" has now been written. BB&T's BBT acquisition of Colonial Bank CNB is complete and the House of Bair ("HOB") has ensured success and a healthy return. The deal: by BoneYard
- External links 2009-08-17
- Colonial Bank: The Cycle Is Complete
- BoneYard submits: Well, as I predicted in my Aug 13, 2009 post "CNB - FDIC Preps the Patient", Colonial Bank CNB was taken into receivership and passed to BB&T BBT. From the house of Bair press release: Colonial Bank, Montgomery, Alabama, was closed today by the Alabama State Banking...
- External links 2009-08-16
- Fannie Mae and Freddie Mac: A Cold Shower for Preferreds
- BoneYard submits: From Bloomberg: Fannie Mae and Freddie Mac, the largest U.S. mortgage-finance companies, won’t be able to repay all of the $84.9 billion in federal aid they have received since being seized by the government last year, their regulator said. “Some assets and senior preferreds...
- External links 2009-07-30
- AIG: Mixed Signals and Blind Pools
- BoneYard submits: From [[AIG]]'s SEC filing (June 29): The nature of the information provided or otherwise available to AIGFP regarding the performance and credit quality of the underlying assets in each regulatory capital CDS transaction is not consistent across all transactions. Furthermore, in a majority of corporate loan transactions and...
- External links 2009-07-01
- McClatchy: A Basis for Concern
- BoneYard submits: Once again, CDS takes its toll on stressed creditors: The McClatchy Company MNI announced Thursday that it is amending the terms of its previously announced private exchange offer. by BoneYard
- External links 2009-06-19
- Citigroup - Tax Preservation = Poison Pill
- BoneYard submits: On June 10th, Citigroup C filed another 8-K with details on its exchange offering on approximatley $52 billion in preferred stock for common stock. Burried within the 8-K, an interesting section of note is "Material Modifications to Rights of Security Holders." It appears that the board adopted a...
- External links 2009-06-12
- Popular: Preferred Exchange Favors the Treasury
- BoneYard submits: Another day, another proposed exchange of Preferred Stock and Trust Preferred Securities into Common Stock. Today we cast our eye on Popular, Inc. BPOP which is a bank holding company in Puerto Rico, the British Virgin Islands, the Dominican Republic and the United States mainland. ...
- External links 2009-06-10
- Fiat, Chrysler: So Much for Melting Ice Cubes
- BoneYard submits: As expected, Fiat (FIATY.PK) has announced it will not walk away from a carload of free stuff. As you might recall from yesterday's post, Chrysler's May sales were better than the industry's and now Fiat says they will wait. So much for the melting ice cube...
- External links 2009-06-10
- Chrysler: A Sub Rosa by Any Other Name
- BoneYard submits: The latest news in the Chrysler drama was Justice Ruth Bader Ginsburg saying the bankruptcy judge's orders allowing the sale "are stayed pending further order" by her or by the Supreme Court. This is the event that most said would not happen. Likely it is an...
- External links 2009-06-09
- BAC Preferred Exchange: Hardly Equitable
- BoneYard submits: This morning BAC announced the second leg of its preferred exchange, looking for the more widely held $25 par preferreds. The exchange is structured as a waterfall exchange certain issues having greater exchange priority than others using a 5 day VWAP (ending June 22) and preset exchange...
- External links 2009-05-28
- Who Benefits from BofA's Preferred Exchange?
- BoneYard submits: Bank of America BAC released an 8k yesterday morning describing their capital raising efforts. One of the more interesting points was the preferred exchange. On May 18, May 19, May 20, May 21, May 22, and May 26, 2009, Bank of America Corporation (the “Registrant”) entered...
- External links 2009-05-28
- What Is America's S&P Rating Based On?
- BoneYard submits: With all the press about the UK potentially losing its AAA and recent public opining about the US losing theirs, I thought it might be time to look at what the USA's rating is based on (S&P, emphasis mine, comments italicized): Way back in 2008, Standard...
- External links 2009-05-23
- BofA: Dilution Is the ATM Fee
- BoneYard submits: Bank of America BAC has been a busy bank over the last few days. From MarketWatch: "Bank of America Corp. took a big step toward its goal of raising billions of dollars in new equity capital late Tuesday. The finance giant said in a statement that since...
- External links 2009-05-20
- REITs: Cheap Debt, Easy Earnings
- BoneYard submits: Recently we have heard people talking about REITs raising equity in order to pay down bank debt underwritten of course by the same banks being paid back. One of the other use of proceeds directly or indirectly was the purchase of the companies bonds at below market...
- External links 2009-05-08
- Chrysler's Non-TARP Lenders
- BoneYard submits: A group that holds nearly $1 billion of Chrysler LLC loans said its offer to restructure the auto maker's debt has been "flatly rejected or ignored," even as the group claimed it offered to take a 40% reduction in value on the debt. The group, made up of...
- External links 2009-04-30
- GM Exchange Shows Treasury's True Colors
- BoneYard submits: In reading [[GM]]'s consent solicitation, a couple of interesting if you can call them that points came up. If a holder does not exchange and a majority does (highly improbable, but...) they can not only look forward to the removal of covenant related defaults - what covenants...
- External links 2009-04-28
- CIT: The Fleecing Continues
- BoneYard submits: From a filing this morning from CIT CIT: CIT Financial Ltd., a wholly owned subsidiary of CIT Group Inc., has reached an agreement to amend its $3 billion securities-based financing facility with Goldman Sachs International. Pursuant to the amendment, the commitment amount of the GSI Facility has been...
- External links 2009-10-30
Additional Resources
- Better Biodiesel to Be Featured on The History Channel's BONEYARD Series: September 20th at 9:00 p.m. EDT/8:00 p.m. CDT
- SALT LAKE CITY -- Better Biodiesel, Inc. (OTCBB:BBDS - News) ("Better Biodiesel"), a producer of biodiesel fuel employing proprietary production technology, announced today that Chairman and CEO Ron Crafts will appear on The History Channel's BONEYARD series' feature on "Bio Waste." The program airs this Thursday, September 20th at 9:00...
- Research articles 2007-09-17
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