Wall Street Folly

It's Official: We've moved! Our new home is www.wallstreetfolly.com

Please join us over at our new Wall Street Folly site.  We're still working out some kinks, but it's up and running! (Note, if for some reason you're not directed to that site, keep trying.  It gonna take a bit for the redirection of our wallstreetfolly.com url to be propogated through the system.)

More banking gloom from Meredith Whitney: "Their business models are not going to come back"

The more she said on her CNBC appearance late this afternoon, the more the market sank....

SNL opener: Tim Geithner talks about the stress tests ($BAC, $C, $GS, $JPM, $WFC, $MS)

Saturday Night Live's opening skit: Tim Geithner on the stress tests. It's pretty amusing..

Bankruptcy Court Filings: Preliminary and First Supplemetary Objections of the Chrysler Non-TARP Lenders to Obama's 363 sale plan

Excellent reads: Here are the bankruptcy court filings made yesterday and this morning by the Chrysler NonTARP Lenders objecting to the flawed and unfair plan that tramples all over creditors' rights. 

Wells Fargo told to raise money? ($WFC)

Per Briefing.com:

WFC Wells Fargo asked to raise money after stress test - AP  (21.26 +1.65)  -Update-

    AP reports regulators have told Wells Fargo to shore up its finances after government "stress tests" showed the bank would have trouble surviving a deeper recession. Wells Fargo is one of several banks that regulators will force to hold larger buffers to protect them against possible future losses, according to two people familiar with the matter who spoke on condition of anonymity because of the sensitivity of the process... Wells Fargo holds billions of dollars in mortgage, construction and credit card loans. The stress test treated those loans as especially vulnerable since borrowers would face trouble repaying their debts in a much worse economy.

Meredith Whitney expects banks to resume negative earnings after the "Great Whitewash" one time gains; she says it's gonna be more difficult for regional banks to pass stress tests ($GS,$MS,$C,$BAC,$WFC)

In a video interview with Bloomberg, Meredith Whitney says that after a series of one time factors that produced gains for banks this quarter, she expects them to return to losses.  And she expects that the large banks will pass their stress tests, but that the regional banks will face more difficulty:

Calpers may expand its own internal hedge funds; JP Morgan may be on the prowl for acquisitions of weaker banks ($JPM); Commercial real estate a time bomb?

Welcome to the Hotel TARPifornia: You can check out any time you like, but you can never leave; Goldman, JP Morgan and others may face restrictions for awhile ($GS,$JPM,$BAC,$WFC,$C)

Toxic TARP: This is why we would NEVER want to do business with Uncle Sam.  It's just plain scary.....

She's not nearly bullish, but Meredith Whitney says there are reasons you might not want to be short banks at this point, at least until companies report

Mike Mayo's latest bank smackdown ($BAC,$JPM,$C,$WFC,$PNC)