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- The Citigroup Pricing Anomaly
- Donald Marron submits: Recent weeks have witnessed yet another case of law-breaking in the financial sector: Citigroup C is violating the law of one price. When the market closed last Friday, there were at least three different ways you could invest in Citigroup’s common stock: by Donald Marron
- External links 2009-05-26
- Citigroup Pricing Anomaly and Efficient Markets
- Donald Marron submits: The Citigroup C pricing anomaly may be in its final days earlier posts here and here. Investors must submit their offers to exchange preferred shares for common shares by this Friday which may require contacting your broker several days earlier. The common shares will then...
- External links 2009-07-21
- BlackRock: How to Manage $3 Trillion
- Donald Marron submits: Shawn Tully at Fortune has a fun article recounting the rapid rise of Blackrock, which will soon be the largest asset manager in the world. He contrasts the firm’s fixed-income investment strategy with other firms (e.g., Pimco) as follows: by Donald Marron
- External links 2009-08-21
- The Fannie and Freddie Anomaly
- Donald Marron submits: Can anyone explain the stock prices of Fannie Mae FNM and Freddie Mac FRE, the two government-sponsored enterprises that are supporting our mortgage market? On Friday, Fannie’s common stock closed at $2.04 per share, up 250% since the start of August. That values the company–to...
- External links 2009-08-31
- Lessons from the Fall of Lehman
- Donald Marron submits: As you have undoubtedly noticed, this week marks the one-year anniversary of the fall of Lehman Brothers–the moment at which the financial crisis became a severe economic crisis. I did an interview on Fox Business on Tuesday to discuss some of the lessons learned. (My...
- External links 2009-09-16
- Beyond SIGTARP's $23.7 Trillion Headline
- Donald Marron submits: Neil Barofsky, the Special Inspector General for the Troubled Asset Relief Program affectionately known as SIGTARP, is making headlines with his estimate that the government has provided “potential support totaling more than $23.7 trillion” in fighting the financial crisis. That estimate will be officially released on Tuesday...
- External links 2009-07-21
- The Berkshire Pricing Anomaly
- Donald Marron submits: Readers seemed to enjoy my post about anomalies in the pricing of Citigroup C securities, so I thought it would be fun to look at another anomaly, this time in the shares of Berkshire Hathaway (BRK.A) (BRK.B), Warren Buffett’s famous company. This pricing anomaly is...
- External links 2009-05-30
- The Citigroup Anomaly Lives On
- Donald Marron submits: Summary: Citigroup securities are still violating the law of one price. Later this week, Citigroup C will finally launch its offer to convert some preferred stock into common stock. That exchange has big implications for the government, which purchased preferred shares through the TARP...
- External links 2009-06-10
- The TARP Peace Sign
- Donald Marron submits: Wednesday was a rare day in Washington: the Federal government was actually cash-flow positive. The reason, of course, is that ten major banks repaid $68 billion in TARP money. Smaller banks had previously repaid about $2 billion, so Wednesday’s action lifted total repayments to $70...
- External links 2009-06-19
- How Much Is TARP Costing American Taxpayers?
- Donald Marron submits: How much is TARP costing American taxpayers? We know that Congress originally authorized up to $700 billion in TARP investments. And we know that $439 billion has been committed to various programs. But how much of that money are taxpayers likely to see again? And to what...
- External links 2009-06-28
- The Beauty of Citigroup's Coming Stock Conversion
- Donald Marron submits: As I’ve noted in a series of posts (here’s the most recent), there’s an anomaly in the pricing of Citigroup C securities. Several issues of Citi’s preferred stock are scheduled to convert into common by the end of the month. Yet the common stock has been trading...
- External links 2009-07-12
- Counterintuitive Accounting: Ambac Edition
- Donald Marron submits: Yesterday, Ambac Financial Group ABK a big bond insurer reported that it earned more than $2 billion in the third quarter, or $7.58 per share. As reported over at Marketwatch, these must be among the lowest quality earnings in accounting history: Ambac Financial Group reported...
- External links 2009-11-05
Additional Resources
- ADVISORY/CEOs from Paine Webber and Bank of Montreal to Keynote Third Annual Jupiter Financial Services Forum
- Business/Technology Editors ADVISORY...for Tuesday-Wednesday (Oct. 3-4) --BUSINESS WIRE Forum to Examine Key Strategic, Business, and Technology Issues for Managing Exponentially Increasing Demands on Financial Institutions WHO: Tony Comper, chairman and CEO, Bank of Montreal; and Donald ...
- Research articles 2000-10-02
- REMINDER/CEOs from Paine Webber and Bank of Montreal to Keynote Third Annual Jupiter Financial Services Forum
- Business/Technology Editors REMINDER...for Tuesday-Wednesday (Oct. 3-4) --BUSINESS WIRE Forum to Examine Key Strategic, Business, and Technology Issues for Managing Exponentially Increasing Demands on Financial Institutions WHO: Tony Comper, chairman and CEO, Bank of Montreal; and Donald ...
- Research articles 2000-10-03
- Administration Stands Firm on Auto Dealers
- Donald Marron submits: Over the past year, the U.S. government has acquired an unprecedented investment portfolio, including a majority stake in GM (GMGMQ.PK) and a large ownership stake in Chrysler. These investments have raised a plethora of difficult policy challenges. One of the most important is the ongoing risk that...
- External links 2009-07-16
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