NYCB: trouble. And knock-on effects for other regional banks

Comments

• Crash

  February 1

  2nd straight day:
  https://www.cnbc.com/2024/02/01/us-regional-banking-shares-tumble-for-second-straight-day.html
  
  
• yogibearbull

  February 2

  Regional bank KRE,
  https://stockcharts.com/h-sc/ui?s=KRE&p=D&yr=1&mn=6&dy=0&id=p99852688028
• yogibearbull

  March 6

  NYCB raised $1 billion from an equity issue at throwaway prices. These investors will make out like bandits, or will be fools, but only in hindsight.
  News https://www.cnbc.com/2024/03/06/new-york-community-bancorp-tumbles-40percent-and-is-halted-as-troubled-bank-reportedly-seeking-cash-infusion.html
  NYCB Chart https://stockcharts.com/h-sc/ui?s=NYCB&p=D&b=5&g=0&id=p31473357190
• sma3

  March 6

  Munchin did such a great job as Sec Treasury too!
  
  Can't wait to see how this turns out. But if I remember correctly, he has a lot of household expenses to pay for
• MikeM

  March 6

  Carrying individual stocks is a high-risk game. If it's dividends you're after, there are plenty of lower risk baskets of dividend stock ETFs to use. Scwhab has a very good one, SCHD. Just my 2-cents.
• sma3

  March 6

  I agree about SCHD A great fund and very cheap ER
  
  I doubt there are any cockroaches in it!
• BaluBalu

  March 6

  The Gang paid about $1.7 per share. So, they already made 100% return, with closing market price of $3.4, only if they can sell to cash out. Obviously, the gang did not do the deal just for 100% return.
• sma3

  March 8

  For those of you with a greater risk tolerance than I, this is worth looking at. While I dislike Munchin's politics immensely and think is wife is a disguising, ethically challenged jerk, he did turn around IndyMac. Of course one of the ways he did it was foreclosing on thousands of homeowners when many people thought they should have offered modifications instead.
  
  At least the CEO etc who destroyed this company got fired. I hope his options remain deep underwater
• BaluBalu

  March 8 edited March 8

  @sma3,
  
  The warrants they received in the deal are exercisable at $2.50, today’s closing price is $3.40.
  
  I do not know anything about Indymac. If M did not do anything to drive stock price down and further dilute pre-existing shareholders, which some white knights and activist investors have done in deals, I agree this is worth a flyer and I can be persuaded to participate. At what price is an individual’s personal preference.
• yogibearbull

  March 14 edited March 14

  After getting involved with NYCB rescue, Mnuchin is eying TikTok.
  https://www.cnn.com/2024/03/14/business/steven-mnuchin-tiktok
  https://www.cnbc.com/2024/03/14/former-treasury-secretary-mnuchin-is-putting-together-an-investor-group-to-buy-tiktok.html
• Mark

  March 14 edited March 14

  "After getting involved with NYCB rescue, Mnuchin is eying TikTok."
  
  Well now there's a conundrum. Do you want China to have your data or the Maga party?
  
• Old_Joe

  March 14

  Hello Hobson. I guess that I'll have to go with China.