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Comment to my loyal subscribers will follow (spoiler: it’s nothing to worry about)

Now I know some of you have been cursing the internet and it’s wily ways of putting information out there, which we would dearly like to be kept hidden….however, I see this latest development as a good thing – simply because it shows us the great unwashed have little changed. There have always been dissenters who have looked to unbalance the status quo, some have almost succeeded like Jefferson and Kennedy to name a couple – but look what happened to them.

It is but noise. I have no need to remind you the people who should be in the right places still are – nothing has changed where it matters.

In fact, I had to laugh with praise for this young man – Timothy Geithner is doing a sterling job at making sure the status quo is being kept, any other course would be pure lunacy. I’ll be writing a post in the next day or two but have a read of his letter to congress about raising the debt ceiling.

Sincerest regards

JW

1% loss – woop woop!!

A Drop in the Bucket

For starters, it’s important to remember that Bank of America also means Countrywide. After purchasing the ailing mortgage company in 2008, Countrywide’s problems became BoA’s problems. And according to the press release, this $3 billion loss provision the bank is taking should cover all Countrywide/BoA mortgages sold or guaranteed by Fannie and Freddie during the housing bubble.

How much is that? According to a Washington Post article on the story, it covers a BoA-Countrywide portfolio of about $530 billion held by Fannie and Freddie. That puts the loss rate on these loans that BoA will be responsible for at less than 1%. You don’t need to be a mortgage analyst to know that a 1% loss doesn’t begin to characterize housing’s deterioration.

Socialise the losses boys, socialise the losses!!!!

Tis a good day

I like the guy, loved his football and even his forays into film have shown moments of brilliance. But this undercurrent of rebellion against the purveyors of our prosperity and peace this last 30 years is a tad disconcerting for someone such as myself – and my colleagues in the banking industry. Eric, what are you trying to achieve here, there’s plenty of cake for everyone if the majority keep their heads down and listen to what the most free and unbiased media in the world tells them.

Apparently.

I have to admit I stopped mid slurp on my skinny moccachino this morning reading this from Reuters.

(Reuters) – Federal prosecutors in New York are conducting a broad criminal investigation into whether major Wall Street financial firms misled investors, a person familiar with the matter said on Thursday.

A little digging and a shoulder rub from Chardonnay later – and it looks like Huffington Post had a note too:

New Proof Wall Street Knew Its Mortgage Securities Were Subpar

Now saying that they knew and there is proof is a little rich – with no evidence that I can see. And even if there were to be circumstantial evidence on the surface, these ‘investigators’ (and I use the term loosely) wouldn’t know an upstanding, honest to goodness business and banking star if they were to fall over him. The people and institutions being investigated here have been shown time and time again to be nothing short of osmotically transparent with any question or investigation thrown at them. Every accusation has been shown to be worthless rhetoric in the end and business has continued as it has and always will! Where did all the growth in the last 20 years come from I ask you? These people are gods among men and should be treated as such.

I and my clients did very well at the end of 2006 and got rid of all sub-prime exposure (thanks to “T” at our friendly bank, by the way!!). Since then we’ve been keeping close tabs,  playing the odd round of golf or sailing with the boys to be on hand and catch the right moves since then – and have done handsomely because of it.

Don’t worry about these ‘investigations’ (nod, wink), it’s all bluff and bluster to keep the great unwashed and social security bludgers at bay and make it look like the big bad banks are being taken to task for something that the great bloody unwashed did in the first place – and that is being greedy and not paying their mortgages!!.

Sincerest regards

JW

From Johnny’s desk

This time of bad news that we seem to be going through is almost unparalleled in my lifetime – the JPM boys played this atrociously and there’s going to be some eggs on faces here. They say, broken eggs? – make omelets, as they have so valiantly done until now. The ball got dropped this time though, pick it up boys, pick it up!!

Zerohedge have always been a thorn in the side of financial and banking progress, but like everything else that has gone on so far, even if it does hit the main stream press, nothing will happen and we can keep steering a steady course through a little rough sea. Wait a little and it’s just another real asset buying opportunity heh.

Bloomberg GMAC story here

Ally Financial Inc.’s GMAC Mortgage unit told brokers and agents to halt foreclosures on homeowners in 23 states including Florida, Connecticut and New York.

GMAC Mortgage may “need to take corrective action in connection with some foreclosures” in the affected states, according to a two-page memo dated Sept. 17 and obtained by Bloomberg News. Ally Financial spokesman James Olecki confirmed the contents of the memo. Brokers were told to stop evictions, cash-for-key transactions and lockouts, regardless of occupant type, with immediate effect, according to the document, addressed to GMAC preferred agents.

Zerohedge made the comment:

“The implications for the REO and foreclosures track for banks could be dire as a result of this ruling, as this could severely impact the ongoing attempt by banks to hide as much excess inventory in their books in the quietest way possible.“

From Johnny’s desk

This note is to let you know she has tendered her resignation and requested it to be effective immediately. I agreed and will be personally holding tomorrow’s monthly meeting.

The discussion about the video she said you should all watch has been postponed indefinitely.

Sincerest regards,

JW

Hi guys,

Here at ‘human remains’ as Mr Wharfedale calls us… we thought you might like the video below. I was at a seminar where this was played and I can’t recommend it enough, especially if you’ve worked here for any length of time.

Some of the ideas I’ve taken from this will be discussed at the monthly meeting and the ones we all agree on will be implemented – after of course, they have been run past Mr Wharfedale.

Thanks,
Kaitlin

Human Resources

From Johnny’s desk.

Although a little disappointed with the response to HR’s request for best wishes, you’ll be pleased to know I’m almost fully recovered after last weekend’s high speed crash. You should see the other guy hahaha ;o)

He is still in hospital admittedly, but we’ve been told he should probably make a good recovery over the next year or two. The investigation into the crash is still ongoing, but I’d like to say categorically here that the rumours are not true and although the replay does look as if I clipped his back quarter (allegedly) deliberately, nothing could be further from the truth as he was in my blind spot. That’s racing.

Anyway, onto this week’s note which is about targets. Below is a handy graphic showing where we are. I put this post and picture together myself and I’m quite proud of it!! (took the best part of a day). i’m grateful to Chardonnay for her input and I see now why these graphics people try to charge so much…

As you can see by the position of my Porsche GT3 R hybrid, we’re 33% to target and half way through the month! The time you charge our clients will be looked into and efficiency recommendations will be suggested as targets and planning down to the minute are king, without them we’d be scratching round in the dirt like with the chickens.

Sincere regards

JW

To all staff,

As some of you know, because you had to take it as annual leave and go with him to be his pit crew or ‘pit girls’ – Johnny was involved in an incident at the weekend. The details of the crash are currently under investigation and a result vindicating Johnny of any wrong doing should be through within 2 weeks.

Johnny, I’m sure you’ll all be relieved to hear, is fine -  apart from a little bruising around the inner thigh area where the seat belt connects up. The other driver involved in the incident is in critical condition and our thoughts go out to his family.

If you’d like to pass on your hopes for Johnny’s speedy recovery, he can be reached at his work email or on his mobile.

Johnny asked me to pass on his thanks to his pit crew, the pit girls and especially head pit girl Chardonnay from marketing – who not only organised a number of splendid cheese and wine events for prospective clients, but was at Johnny’s side throughout the whole time he was being checked out by the medics.

Other news

Chardonnay has been promoted to joint Chief Executive of Marketing.

Although Chardonnay has only been with the company for a short period – in that time Johnny has been very impressed with her humanity, ideas, attention to detail, drive and passion for her role. She will be moving into Janine’s current office next to Johnny’s – and Janine, the current Chief Executive of Marketing, will be moving to the corner Marketing department desk by the window, so as to better oversee and guide the team on a more personal basis there.

Regards,

Kaitlin

Human resources

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