Smith Barney FAs
With C getting drilled, what’s the mood and environment at SB nowadays? I ask as it’s one of the firms I considered when I last moved. Times then were however very different!
Not pretty.
But i would imagine that the mood is not pretty most anywhere right now.
I am curious to know what the morale is like at SB after today… Think of the guys that worked there for 20+ years with a ton of their retirement assets tied to company stock, yeah that party is over…
Guess you never heard of CAP?Of all people, FAs should be the LAST people overexposed to their company stock. We’ve all banged our heads against the wall when we encounter a client like this - shame on us if we get caught in the same trap.
I would think the mood is right about what it was at Wachovia circa October 3. Single digit stock, firm on the block, market sucks. Good times!
Whale - regarding cap - Cap doesnt force you to have a concentrated position. The stock you get vests in 2 years. and every six months you get stock vesting. I’ve always sold my stock as it vests. I would imagine most FA’s with a brain did the same over the years.
Yes, having cap forces you to won stock, but if you run it smart, there is no need to end up having your wealth tied up in the stock.
I heard they are all moving to Dubai, the New New York.
It isn't rocket science what SB should do: Move all operations and back office support to the south where cost of living is... maybe a little cheaper than living in New York City, not to mention people are generally nicer. Pay execs a livable wage not a superhyped one. Those steps alone would save the company millions if not billions.I have a retired friend that wokred at ML for 25 years. He was telling me yesterday that he has a not-yet retired friend (among many others like him) that had 100% (yes 100%) of his 401K in Merrill stock. He said his account went from 10mm down to around 1mm. And he is close to retirement. Is that not the WORST possible thing to do??? I simply don't get it. His rationale was that "Merrill will always do as well or better than the market." Gee that's prophetic. Can you imagine being able to retire on 350-400K of income per year, and STILL growing your portfolio?? But you had to get greedy and go for broke. Well, he reaped what he sowed. Knucklehead.Of all people, FAs should be the LAST people overexposed to their company stock. We’ve all banged our heads against the wall when we encounter a client like this - shame on us if we get caught in the same trap.
People are floating some banks taking over SB from Citi. I was wondering if UBS has any cash to do this. Would it make sense? ML wouldn’t want SB.
HSBC…?
Microsoft has a lot of cash.
I am expecting a Citi gov’t bailout today. The stock can only go down another $4 or so.
Since they’re only at $4.01, that’s all they could drop.
There sh/be a class action on the CAP shares
Potential partners are JP Morgan, HSBC, GS and CSFB. Or the US gov’t.
goldman sacs will take over the bank. they’re talking right now.
Not gonna happen, they will find a way for Citi to maintain it’s independence and the company intact. It’s too big and too global. The gov’t reviewed their book and they say it looks fine or better than all their competitors.
from CNBC http://www.cnbc.com/id/27873985
Agree with Squash1. They have a solid book, the govt will invest in them, maybe insist that they divest, assets, (maybe even SB) but the pressure will be off so they wont have to conduct a fire sale. They will wait till things settle down and get a fair price.
I am going to buying more shares monday as long as it opens below $6
Charlie Gasbag - gotta love him. He starts every sentence with “Listen…”
Here is a hunch, futures will be triple digits up or down tomorrow!Not that Walk-all-over-ya and Wells are tearing it up now but I’ve seen articles pointing to the failed WB buyout as a pivotal point for Citi. In hindsight, I knew that and should have shorted the flippin stock. But how would a weak Citi and a putrid Wachovia have fared any better? An illusion of strength in numbers?
There aren't that many more shoes that can fall in the financial world you would thing. Commercial r/e is tumbling down. How much more bad news is out there that the market isn't factoring in? Why do the Carolina Panthers suck away from home?[quote=Ferris Bueller]On the bright side, Putsy has a lot of C stock.[/quote]
Maybe, but remember, for the most part, Putsy doesn’t “Do”, he “Teaches”.
Keeping on eye on CNBC regarding C tonight. Why is it that Charlie Gasparino consistently knows the same or less than the general public? My guess is that his “inside sources” dislike him and enjoy messing with his head.
CNBC is what FoxNews is to journalism.
someonewouldntexpect that you’re a liberal loony, except me.
Just because I don’t listen to FoxNews or CNBC doesn’t mean I’m a liberal loon. Far from it, I detest hyperbole and yellow journalism; i.e. news sources comparing today’s situation to the Great Depression.
Ah, now I got’cha. You “listen” to non-yellow journalism, like CNN, NPR and the NY Times, yes?
I've been watching some of CNBC on commercial breaks too and these people make me sick. The sad thing is that if you asked them, they would probably say that they are critically important to the markets. This financial crisis must be a wet dream for them. There is way too much information out there, and a lot of it isn't even correct.Keeping on eye on CNBC regarding C tonight. Why is it that Charlie Gasparino consistently knows the same or less than the general public? My guess is that his “inside sources” dislike him and enjoy messing with his head.
I count on CNBC for market capitulation and ends of bull runs. When they get real depressed and start showing “specials” regarding the melt down, I start buying… Vice versa when they claim the bull market will never end and every fund deservers 5 stars, I start selling…
[quote=YHWY]Ah, now I got’cha. You “listen” to non-yellow journalism, like CNN, NPR and the NY Times, yes?
[/quote]
Bloomberg, Wall St. Journal, and Fark.com.
I think CNBC is good for people that daytrade and churn their own accounts, but that’s about it.
squawk box is good and morning call. After that - from Power Lunch to whatever they're calling Bartiromo's fluff show is complete trash. Fast Money? trash.
I will admit I do like Kudlow and Co. He is entertaining.
I agree. Squawk Box and Erin Burnett are great ways to start the day. After that (beginning at 11am ET) it goes WAY downhill. And Fast Money and Cramer are the worst of the bunch. Kudlow is good but they need to put him back in the 5pm ET slot.
60 minutes did a piece after the 2002 meltdown. They interviewed the folks from CNBC and asked them if they felt like they had anything to do with the issue. They said, no, they were “journalists”. So the guy standing at the NASDAQ at Times Square acting as if he has to go tee-tee real bad because stocks happen to be trading during market hours, and the doofus from squawk box that says he will not even quote the DOW any longer since clearly the NASDAQ is the new economy… These people are ambulance chasing whores selling soap. I tell my clients to watch something wholesome, like Days of Ours Lives.
WSJ is down the middle, Bloomberg leans a little left and FT is leftist with the jealous of America Euro bent.
All, of course, IMHO.
Talking head on CNBC this morning said Citi common is “toast”. Not sure I’d like that kind of downside for anyone other than a trader. There has to be some screaming buys in bank debt. I usually buy Loomis Investment Grade Bond Fund for that niche. That fund is in the toilet but Dan Fuss is a good manager.
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