I’d be more surprised if this wasn’t going on everywhere. Will they be charging the contributors as well? Probably not, I’m sure they had no idea this was going on. Time for an investigation in NJ?
From Bloomberg:
L.A. Appraiser Accused of Cutting Home Values $172 Million
A former Los Angeles appraiser was charged with lowering the property values of wealthy home and business owners by $172 million in return for campaign contributions to County Assessor John Noguez.
Scott Schenter, 49, was arrested today in Beaverton, Oregon, and is being held on $1.5 million bail, Los Angeles County District Attorney Steve Cooley said in a statement. The arrest is part of an investigation into allegations that Noguez cut property values of wealthy clients of a tax consultant and campaign contributor, Cooley said.
“The magnitude of Schenter’s suspected betrayal of public trust is almost inconceivable,” Cooley said. “We believe his actions are not isolated.”
Schenter, who was an appraiser from 1988 to early last year, is accused of lowering the values of multimillion-dollar homes and businesses in Beverly Hills, Brentwood and Pacific Palisades. The unauthorized reductions were discovered by a supervisor in January of last year, according to the prosecutor.
The former appraiser faces 30 counts of falsifying accounts and 30 counts of falsifying records. If convicted, he faces as long as 33 years in state prison, Cooley said.
Good Morning New Jersey
From Reuters:
IFR-Preview-U.S. April existing home sales seen rising
IFR COMMENTARY: “Existing home sales likely rose to a pace of
about 4.55 mln in April, from March’s preliminary reading of
4.48 mln. That would mean sales have come down a touch since the
beginning of the year, but remain at a pace that still looks
quick enough to keep inventory coming down after accounting for
seasonality. The unadjusted inventory numbers usually see a
large bounce in April, and we expect them to rise somewhat less
than usual.
The Pending Home Sales Index, which tends to lead existing
home sales by about a month and a half, was up 0.4% in February
and 4.1% in March. Despite tight credit supply, falling mortgage
rates have been helping affordability, on top of which we
continue to see relatively large shares of all-cash and investor
purchases.
Shadow inventory appears to have peaked, helping prices
stabilize as the greatly swollen supply of cut-rate distressed
homes starts coming down slowly. We still haven’t seen any
significant impact from the mortgage settlement, which was only
recently signed off on. Distressed sales fell more than overall
sales did last month, while non-distressed sales reached a new
post-homebuyer tax credit high.”
Looks like more financial pressure on the forced places insurance whores – time to short Assurant & QBE?
http://www.nytimes.com/2012/05/22/business/new-york-investigates-home-insurer-payments-to-banks.html?_r=1&ref=business#
Can anyone recommend how to choose a house on the shore to rent for a week or two? Looking online is tough, esp as I dont know the towns so well. Its expensive, looks like its cheaper to fly to the Caribbean for a week.
Thanks
Force-placed insurance is just another way banks can wring profit from FK. Many of these insurers are owned/controlled by the banks whose interests they insure.
Grim 2, antecdotally, existing home sales rose to maximum terminal velocity allowed by physics in my town as there is literally nothing left to sell. If you put a refridgerator box on front curb you get 6 bids in mailbox by next morning. I think its being driven by the recently reduced prices and 3.75% mortg rates. I myself got outbid on a cardboard washing machine box made by kenmore. It had some wood support beams so it went for over list price in 2 days.
Grim stop giving New Jersey politicians new creative ideas.
So you had the guy at AIG’s London office sinking that company; now you have this guy at JPM doing his best to do the same; are English regulators that lax? What is it with London? Is all that hypothecation mumbo jumbo?
Veto 6 in what town pray tell does this unbridled buying occur?
Farmville.
Meat,
To your point, Countrywide used to own Balboa which is the nation’s 2nd largest forced placed insurer behind Assurant. BOA sold Balboa to QBE. Always amusing how FPI entities will try to justify their usury rates with the “we are priced in accordance to the risk we are undertaking” but actual loss ratio is 25%. What a scam.
http://seclaw.blogspot.com/2012/05/corzine-compensation-85-million-dollars.html?utm_source=twitterfeed&utm_medium=twitter
How sick is this? Corzine took out 8.5 million
In other news it seems that FaceBook is getting crushed pre market . Will it hit
$30 today?
Route 15 in NJ to be named the Ronald Regan Memorial Highway
For the Gipper: Ronald Reagan may soon have a highway in N.J.
http://www.nj.com/news/index.ssf/2012/05/for_the_gipper_ronald_reagan_m.html
Brain appropriate we have the military industrial complex with Picatinny, Slow progress with all the lights, and the war on drugs with Sparta’s SWAT team. Plus it leads to the republican christian part of the state. would be less appropraite if it was Route 18.
Neanderthal [6],
What town are we talking?
Other than 50% of users now use it on a mobile app which has no ads, and game publishers stopped publishing games on site, GM wont advertise, and it is as trendy as Kodak no reason not to see 29 today.
freedy says:
May 22, 2012 at 8:32 am
In other news it seems that FaceBook is getting crushed pre market . Will it hit
$30 today?
Anyone who has been through an IPO — Two myself — knows what is happening to facebook happens most of the time. The process won’t leave the founders broke. Just more visible to the investing public.
Hype, pump and dump is the new way to make a living. Sound practice is for suckers.
Facebook (FB) shares were off 3.1 percent to $32.96 in premarket trade.
Even worse Kramer the ultimate bull put a buy on this stock in the 21-27 range. He said dont start nibbling to under 28. Ouch when a talking head bull is talking another 30% off after an 12% down day, ouch
“would be less appropraite if it was Route 18.”
There’s lots of conservative people in South River that would love to have Route 18 named after Ronald Reagan, especially my dad.
I will let Libtard make the final call as he is an East Brunswick alum.
FYI:
The Yankees are tied for last with a .500 record. Let me get my hankie and violin out. (yawn…)
It is also retail investors are stupid. Sound IPOS such as Travelers or Vista does not excite them they want a huge Pets.com type pop which does not work out 95% of the time. Blackrock is doing an offering this week of shares, that is more what retail should be buying, but maybe Blackrock will move up 1-3% up off offer price as it is a secondary priced slightly below outstanding stock, well run, nice dividend etc. Retail wants the next big thing.
Essex says:
May 22, 2012 at 9:00 am
Anyone who has been through an IPO — Two myself — knows what is happening to facebook happens most of the time. The process won’t leave the founders broke. Just more visible to the investing public.
In related IPO news. FaceBook goes into freefall . Let the lawsuits begin
“It’s (Facebook) a huge disappointment,” David J. Abella, a portfolio manager at Rochdale Investment Management who tried to get shares in the offering but did not get an allocation. “Investors were expecting easy money on this one.”
Lol! Come to papa, my little muppets!!
The name of this town-like utopia where the unicorns dwell shall remain nameless but you should know that it emits an aire of double digit prop tax bills with a completely gangless high school (i repeat: sans gangs!) nestled up to a train town with 18 year parking waitlist. Lol. The county is mercer.
“I will let Libtard make the final call as he is an East Brunswick alum.”
Route 18 terminates at Hoe’s lane. So, naming it after Bill Clinton would seem more appropriate to me.
Neanderthal [26],
It’s Princeton. I suppose the job market is strong there and impervious to descending market forces. I’d say proximity to Philadelphia would be a reason for demand but that would just create a cluster of chuckles.
Trucker Shares Seen Ready to Rally in U.S. With Housing Rebound
http://mobile.bloomberg.com/news/2012-05-22/trucker-shares-seen-ready-to-rally-in-u-s-with-housing-rebound?category=%2F
Facebook underwriters slashed estimates during the FB road show and only told the big banks and hedge funds. I think the term “Muppet Bait” might have some staying power:
http://finance.yahoo.com/blogs/daily-ticker/facebook-bankers-secretly-cut-facebook-revenue-estimates-middle-133648905.html
Saw a video of a white van pulling up to FaceBook Headquarters and the Pets.com Sock Puppet rolls down window sticks his head out and starts laughing, that says it all.
Speaking of IT, Princeton, Stocks and Jobs. The Miami International Stock Exchange is based in Princeton NJ. Dont ask, they named it Miami as it sounds cooler than Princeton. Anyhow they have some good IT jobs posted and may do an IPO down road and if so you can get in on the action if you are an employee.
gary says:
May 22, 2012 at 9:51 am
Neanderthal [26],
It’s Princeton. I suppose the job market is strong there and impervious to descending market forces. I’d say proximity to Philadelphia would be a reason for demand but that would just create a cluster of chuckles.
[27] tard,
Post of the Day.
REFERRAL ALERT:
Anyone willing to recommend contractors in the vicinity of the Brig for the following services:
Paving and masonry
Painting (interior and exterior
Thanks Nom. Was wondering if anyone else noticed my occasional brilliance.
Nom. I’m not sure if William’s Paving of Wayne goes down to the Brig, but it wouldn’t hurt to ask.
Sales of U.S. Existing Homes Increase as Market Stabilizes
By Shobhana Chandra – May 22, 2012 10:21 AM E
http://www.bloomberg.com/news/2012-05-22/sales-of-u-s-existing-homes-rise-for-first-time-in-three-months.html
Housing stabilizing is like Facebook stabilizing at 32. Somehow someone who bought at 42 still does not feel like dancing.
[27]Lib – Hoe’s Lane wasn’t even the subject or punchline of any jokes back when I attended Rutgers, ’77-’81. Of course, back then, we still slurred the King’s English.
“Route 18 terminates at Hoe’s lane. So, naming it after Bill Clinton would seem more appropriate to me.”
according to this there is a 14.8% margin of error in reported housing starts numbers:
http://www.washingtonpost.com/blogs/ezra-klein/post/housing-starts-the-problem-with-the-governments-numbers/2012/05/21/gIQA7N2rfU_blog.html
Comrade –
Painter
Steve Bezik
New Providence
B+ work his guys keep the place very neat and clean up every night. I am very tough on contractors and would rehire him.
X-pat (39):
I don’t think ‘hoe’ entered the vernacular until De La Soul’s 3-Feet High and Rising went mainstream.
“according to this there is a 14.8% margin of error in reported housing starts numbers:”
Now that’s unexpected!
Facebook should change it’s name to FacePlant or FaceFall or FreeFall….
Another Facebook First: Tripping a Circuit-Breaker
Facebook Inc. shares racked up a couple firsts on Monday—but not the kind the social network was hoping for.
In addition to its 11% slide, which pushed the stock to a new closing low of $34.03 on its second day as a public company, it also tripped its first circuit-breaker, which is aimed at slowing declines and remains in effect through the end of Tuesday …
http://online.wsj.com/article/SB10001424052702304019404577420093138995160.html?ru=yahoo&mod=yahoo_hs
Lib bravo on the hoes laneRt 18 comment and De La Soul Reference.
getting back to work just me myself and I
(39)
In light of yesterday’s/today’s headline news. Do you remember the gay effigy hangings of ’76 and ’77 on that campus?
Sales of existing U.S homes rose in April for the first time in three months, indicating the industry is stabilizing.
Antifreeze is a liquid. Orange juice is a liquid as well; therefore, both can be consumed. Any questions?
The next sub-prime crisis, coming soon to a University town near you. This is a great read, only 7 pages long and expertly written:
http://www.naicu.edu/doclib/20090209_kneedler-paper.pdf
Which Factors Are Associated with Inadequate-Capital Status?
If they were to be named here, the 230 best capitalized and the 207 inadequate-capital
institutions in the survey might appear quite similar. Most traditionally operate with
balanced budgets and generate operating surpluses. Indeed, the most recent available
show 21 of the institutions moving from a negative to a positive operating margin (FY 06
to FY 07), compared to 13 moving the other way. Most have endowments and cash on
hand at the end of the fiscal year (a result that will surely change strongly for the worse
this year). Almost all have more assets (including land, buildings and equipment) than
debts. Many in both groups are well known. However, there is a consistent, large
financial gap between high capital and inadequate-capital institutions that is exacerbated
in a time of financial trouble. Consider two, composite institutions created by averaging
key numbers for each of the two groups of schools. Major differences and prognoses
between the two emerge.
Average adequate-capital institution (Institution A):
Undergraduate enrollment: 3,500
Endowment and other investments: $986,000,000
End-of year cash on hand: $52,600,000
Bonds and mortgages outstanding: $183,000,000
Annual revenues/expenses/margin: $450,000,000/$360,000,000/$90,000,000
Model Post-Market-Drop Score: $510,000,000 (+74% capital score)
Average inadequate-capital institution (Institution B):
Undergraduate enrollment: 2,800
Endowment and other investments: $45,000,000
End-of year cash on hand: $9,000,000
Bonds and mortgages outstanding: $62,000,000
Annual revenues/expenses/margin: $102,000,000/$95,000,000/$7,000,000
Model Post-Market-Drop Score: ($24,000,000) (-24% capital score)
To test how the current climate might affect the two schools, I made several assumptions:
1) Enrollment will drop by 5%, with a loss of $20,000/student.
2) Interest rates on all debt are variable and rise by five percentage points.
3) All debt is called and must be repaid in five years rather than 25.
4) Investment income drops by 20%.
As a result:
Institution A’s operating margin decreases by $51,000,000 to $39,000,000.
1) .05(3500)($20,000) = $3,500,000 revenue loss
2) .05($183,000,000) = $9,150,000 cost increase
3) ($183,000,000/5)-($183,000,000/25) = $29,300,000 cost increase
4) .2(.05)($986,000,000) = $9,900,000 revenue loss
New annual margin: $39,000,000
Institution B’s operating margin decreases by $16,000,000 to ($9,000,000).
1) .05(2800)($20,000) = $2,800,000 revenue loss
2) .05($62,000,000) = $3,100,000 cost increase
3) ($62,000,000/5)-($62,000,000/25) = $9,900,000 cost increase
4) .2(.05)($45,000,000) = $450,000 revenue loss
New annual margin: ($9,000,000)
On every dimension except the final margin, the negative numbers are larger for
Institution A. However, since A begins with larger revenues, cash position, endowment,
and operating margin, as well as better ratios across the board, unless it loses $40,000,000
annually in gifts and other revenue or has equivalent cost increases, it has the capacity,
even after a huge drop in investment values, to pay off all of its secured debt in five years
and emerge debt-free with cash and investments intact. That said, it would probably
refinance its debt and avoid the problem because potential lenders would recognize that it
had sufficient coverage to make its debt well protected in almost any contingency. In
other words, this institution has an excellent credit score to qualify for loans of various
kinds.
Institution B, on the other hand, has only one year before its new operating loss of
$9,000,000/year will consume its entire cash cushion and cause it to draw from a credit
line or its small endowment to pay bills during low revenue periods. Assuming it
continues losing money at this rate, it will exhaust its endowment in 2-3 years, leaving no
other internal source of cash and no way to pay summer bills four years hence. It may
run out of money and time before it can pay off its debts and enjoy its modest operating
margin. This college, were it a person, would have trouble borrowing money to buy a
car.
“douche” is universal:
“Parking Douche”
http://vimeo.com/42188610
Hewlett Packard will post fiscal second-quarter results following media reports that the company was going to eliminate 25,000 to 30,000 jobs, or up to 10% of its workforce. The Palo Alto, Calif.-based company will present both its results and restructuring plan after the closing bell, the source told MarketWatch.
No worries. Everyone gets a pony as soon as we re-elect Oblama.
So did FB employees actually sell any of their shares at the IPO and put real money in their bank accounts – I thought they all had 91 or 182 day lockups or are most of the rank & file forced to hold for lockup and do Zuckerberg, Sandberg et al get to sell immediately and if so, why?
They were allowed to sell a certain percentage maybe up to 50% then the remaining shares had the lockup
Drachma says:
May 22, 2012 at 12:09 pm
So did FB employees actually sell any of their shares at the IPO and put real money in their bank accounts – I thought they all had 91 or 182 day lockups or are most of the rank & file forced to hold for lockup and do Zuckerberg, Sandberg et al get to sell immediately and if so, why?
If shares head south, and they sold up to 50%, some got 7,8,9 and maybe 10 figure kills so the only issue might be keeping the Ferrari an extra year or two or settling for a G550 or Global Express.
#14 Brian
For the state to pay true homage to RR, they should meet the costs of the renaming with either a tax hike or some defecit spending.
I can just see Ronald’s speech if he was alive for his traffic-infested highway dedication.
“Mr. Christie, tear down this mall!”
I also find it funny the stock price is collasping and where is their CEO. Childlike behavior to disappear in time of crisis. Really he is dating the girl nine years, she is done with medical school he cant take off and address fact his stock is collasping.
Isn’t it the Legislative branch that controls spending? If that’s the case, maybe we should name the highway after Congress.
54.Fabius Maximus says:
May 22, 2012 at 12:35 pm
#14 Brian
For the state to pay true homage to RR, they should meet the costs of the renaming with either a tax hike or some defecit spending.
56 – caveat emptor
pre-ipo he said he was not going to run the company for the stock price. the bankers are more responsible for what is going on with FB stock.
Speaking of traffic, the crappy economy seems to have cured our country’s traffic woes.
http://www.usatoday.com/news/nation/story/2012-05-22/traffic-congestion-down/55120930/1
55.Libtard in the City says:
May 22, 2012 at 12:45 pm
I can just see Ronald’s speech if he was alive for his traffic-infested highway dedication.
“Mr. Christie, tear down this mall!”
26/28. West Windsor. Asians. Nuff said. Sheep.
26/28 Princeton has gangs.
Brian [59],
I’ve said it repeatedly over the last two years. It used to be 4 out of 5 days during the work week I’d be sitting in traffic during commute times. Now, it’s 1 to 2 days. It was obvious as to what was happening.
seif (58)-
Bullshit. That’s like saying, “I just bought a new Ferrari; I will put pedal to the metal but let the car drive itself.”
oldie (61)-
Is that what they call the eating clubs now?
“Princeton has gangs.”
[25] “Lol! Come to papa, my little muppets!!”
This had me cracking up in the middle of a meeting.
I was listening to some economist interviewed on NPR last week, blathering on about the “strength” of the American economy, and how we need to educate everyone so that we can keep creating “value” through things like Facebook etc.
Value? I have never used Facebook, but I know enough about it to recognize that it’s one big circlejerk. That passes for creating “value” in our economy?
We are well and truly effed. Muppets, meet your Chinese overlords . . .
Happy Renter [65],
Lol! Comedy and tragedy are closely aligned! 43 years ago, American strength and ingenuity was putting a man on the moon using nothing more than a slide rule and a pencil. Today, it’s a Facebook IPO. How’s that for a slippery descent!!
The New Mascot
http://www.facebook.com/Elmo
[35] libtard,
“Was wondering if anyone else noticed my occasional brilliance.”
Well, I’d like to believe Gator does, but I haven’t seen any evidence of that on her FB page.
[65] renter,
I’ve used it. That’s about all I can say for it. Not addicted by any means but I have spent too much time on it from time to time.
Not anywhere close to this place though.
“…but I haven’t seen any evidence of that on her FB page.”
That means YOU have a Facebook page. I go on FB about once every two weeks. Mainly to see what my wife is doing.
Cory Booker is a smart guy and I always liked him. If he didn’t believe what he was saying, he wouldn’t have said it. His semi retraction was the result of more than just a brow beating. He knows this administration is a f*cking mess and no amount of sweeping it under the rug is going to hide that now.
63 – I should clarify. At this point zuckerberg has not much to do with share price. the bankers set the valuation and price. as quarterly earnings start getting reported zuck will have to answer for the company’s performance and its affect on share price. as of now, the bankers and the exchange bear most responsibility for how the stock is trading.
[71] gary,
He initially resisted the browbeating, but the beatings continued until morale improved. Now, he is aghast at the idea of his words supporting the GOP candidate.
So he pushed back against partisanship before he embraced it.
Greetings from Nashville (a lot of business travel lately)! Another dining related post comin’ at ya:
Our itinerary for this upcoming weekend includes: Cape Cod, Boston, Portland, White Mountains and possibly Burlington, time permitting.
We’ve done Boston and Burlington before, so we may not spend much time there. If anyone has recommendations for anything along our route, especially Portland or NH (white mountains area), something that’s worth a stop, toss a name out there.
Thanks!
Zuckerberg picked bankers and agreed on pricing and amount of shares, he also has GM issue pulling ads and fact he is getting no revenue from Mobile device users as pop up dont show and the fact gamers are dropping facebook in favor or apple and android aps. He also has a big lawsuit on privacy going on. All of this is in last five days. Where is he?
seif says:
May 22, 2012 at 1:34 pm
63 – I should clarify. At this point zuckerberg has not much to do with share price. the bankers set the valuation and price. as quarterly earnings start getting reported zuck will have to answer for the company’s performance and its affect on share price. as of now, the bankers and the exchange bear most responsibility for how the stock is tradin
[71] gary,
Apparently, this isn’t limited to Booker. The administration has had to take some of its supporters to the woodshed for the same thing, and MSNBC reports that the Obamunists are angry that they can’t get supporters in the hedge industry to trash Bain and Romney.
[74] zieba,
I know the White Mountains like the back of my hand. Where are you staying, how long, and what do you like to see/do? Then I can recommend a few things.
Shades of Chrissy Hines: “I went back to Ohio. But my city was gone.”
http://www.cnbc.com/id/44860467?slide=9
[78] redux.
I have a friend from law school who is from Toledo, and works as an attorney for the city. I’d ask her if she plans to turn out the lights when leaves, but I think she’d have me whacked for that.
A guy in NJ gets two tickets after hopping out of his vehicle to grab his son before he goes over a steep river embankment. His Jeep goes in the river instead.
http://www.foxnews.com/us/2012/05/21/saves-his-kid-loses-his-car-and-gets-ticket/?test=latestnews
This is a fair point (re Maher, not booker)
http://dailycaller.com/2012/05/21/obama-surrogate-cory-booker-taken-to-woodshed-but-bill-maher-gets-a-pass/
Bill Maher is the Rush Limbaugh of the Left. So where is the outrage when he gets as offensive as is possible to get?
Just sayin’
75 – I don’t know where he is but i would imagine he is either running the company or on his honeymoon
#78 so much for the abandonment of the suburbs and exurbs for the joys of city life.
#81 I seem to remember Maher getting his network show taken away from him when he made some stupid comment about suicide bombers not being cowards and everyone went apesh*t. They all get theirs.
Well he aint running the company and as far as the honeymoon how long can a rub and a tug take?
seif says:
May 22, 2012 at 1:50 pm
75 – I don’t know where he is but i would imagine he is either running the company or on his honeymoon
Nom [78];
I’m suprised to see Baton Rouge on that list. I had family living there who reported a major population bubble post-Katrina as the NO refugees in camped out tent cities found more permamntent shelter and stayed. That may explain unemployment, but vacancy?
Plus, if rental vacany is so high is so many places, why am I hearing about rents going up as hordes of displaced former “homeowners” move into rentals?
Moose. Don’t know.
Nom,
I haven’t a clue!!!
Full disclosure, I’m the kind of person who is capable of making myself physically ill if I have not exhaustively prepared myself in anticipation of an event, trip, whatever it may be. I’ve been flying a lot recently, working late evenings and doing CPA late nights. I told my old lady f*#% it, we need to get out of town this weekend, let’s wing it. We’re leaving Saturday morning, coming back Tuesday night.
The idea is to spend Saturday making our way to Portland, where we’ll spend the night. Sunday morning we’ll make the drive to NH, hit the Mt. Wash. toll road and then just bum around the area until Monday evening. We’re bringing our light hiking boots (light being the operative word) and an appetite. Anything you could suggest would be greatly appreciated! My cursory search for “gems” in the area yielded nothing and it’s here that we want to spend most of our time.
BTW, the Omni @ Bretton Woods – which I considered for its historical geek factor rather than posh accommodations – is sold out, so right now we don’t even have lodging booked.
And if he is on his honeymoon, where is his #2 Sheryl Sandberg? Maybe you should not be allowed to go public if your executive team is still in diapers.
Seif – Cog train up Mt. Washington is good for the view – $$$ the “guides” on the train are a bit goofy and they try to hit you up for a tip too but the sights are pretty impressive. Lots of good hiking if you like that and if breakfast is your thing, go over to Sugar Hill NH to Pollys Pancakes – used to be good maybe Comrade can comment.
Comrade, do you have a plan for the time between when TSHTF and you get to Nompound? Bug out bag (preferred brand/size – items in it?)
I meant Zieba – and if you are looking for a nice place to stay, Rabbit Hill Inn. Pricy but place is nice, very good food and the therapeutic value of a glass of wine while trying to put together a Stave puzzle cannot be overstated. Gets your mind off of everything.
Food maker General Mills Inc. said Tuesday it will cut about 850 jobs as part of a plan to lower costs and boost efficiency.
850 here, on top of the 25 to 30K by Hewlett Packard. Pretty soon, we’re talking some numbers. By the way, I just got a call from a recruiter with yet another 6 to 12 month “contract” opportunity with an extension (extend this, pal). I asked him where are the full time opportunities and he practically laughed. In the IT world, it takes 6 months before one is familar enough with the environment in which they’re hired because of the business/technical difficulty level. Most of the big financials won’t extend contracts beyond 18 months. So, where are they saving or what’s the end game?
84 & 88
pick this up at the 4:35 mark
http://www.youtube.com/watch?v=x7dqG9m9d44
Anyone get good refinance deals in the past few weeks? I am seeing great rates but closing costs up to $4000. Anyone?
Facebook options…..meh allot of those employees options vest on Nov 18th.
250K…Best I’ve seen on a 15 is 2.75. I’m waiting for the 2.5!
#75 “Where is he?”
Chances are good that Zuckerberg was a virgin on his wedding day. He is now in the process of updating his status to “buried in it”.
Lol – I guess nobody at FB is quitting anytime soon.
According to the company’s S-1 filings, vested, restricted stock unit grants for general employees will be delivered six months after the IPO. Awards given before 2011 generally vested or will vest over four years.
#94 Lib, nice! I need a 30-year conforming over $417k but less than $720 or whatever the upper limit is nowadays. I see 3.875 all over the place. Should probably pull the trigger but not pleased with the closing costs. Don’t want to penny wise pound foolish though.
Gary #90: I’m afraid Bernie Sanders was right — that the money guys not only haven’t thought about what this economy will look like when there are no jobs other than scrambling from contract to contract and no one will spend money because today’s paycheck may be your list; they don’t care. They will leave this country a rotting husk and take their money overseas for a new country to plunder. And so on and so on. And all you delusional types (*cough* JJ *cough*) who think YOU’LL be in their club and don’t have to worry, well, just wait and see. You won’t be allowed on that lifeboat.
250K,
As someone who has refi-ed twice already (shortening the term each time, I might add), patience is really the key to playing this game. The only reason the rates are as low as they are now, is due to the collapse of the Euro and the temporary flight to safety that the US represesnts. If you think Euro crisis is over, lock soon. If you think the PIGS will collapse, then wait.
Gary,
Why don’t you consider a side business. Sell some Tiffin’s or gold at lunch time.
If you think rates are rising short UST 30 year Z coupon bonds. At some point in next year that play will be the play of the century.
Low mortgage rates are meaningless unless one is convinced rates are soon to rise. If I can lock in at 3.75% a 500K mortgage what good does that do me if have 500K siting in a 1.75% treasury. Locking in 3.75% on a 500K mortgage and then rates rise back to 5.75% on a treasury makes me some money. Nobody puts down 100% of their assets on a house. The low rates are just like a barbell. I get a lot rate on my mortgage but I have a low rate on my fixed income.
Libtard in the City says:
May 22, 2012 at 3:03 pm
250K,
As someone who has refi-ed twice already (shortening the term each time, I might add), patience is really the key to playing this game. The only reason the rates are as low as they are now, is due to the collapse of the Euro and the temporary flight to safety that the US represesnts. If you think Euro crisis is over, lock soon. If you think the PIGS will collapse, then wait.
Jill,
I have so many lines in the water and yet very, very little action. I’m constantly emailing and applying to anything and everything that comes close. I’ve been working since I’m 16 years old and I’ve never seen it this bad. We’ll survive but the thing that hurts the most is that we’re helpless in giving our kids any advantage.
Libtard [100],
Whatever it takes. If I have to drive a dump truck at 3:00 AM, I’ll do it. This floor I’m currenty on; 30% of the full timers are dead wood. I run circles around them and yet they’re clueless as to what’s about to hit them. Remember, I’m contracting at a “global” company that’s been back-stopped by your tax dollars. I stay Mum as the place slowly gets converted to temps from Asia.
[87] zieba,
Got it. So hiking Mt. Washington is out. Too bad.
My advice if time is a consideration, and since you are coming from Maine, is to hit the No. Conway area. It’s New Hampshire’s version of Aspen or Park City only not nearly as large or as wealthy. Lot of shopping and eats, especially in the Village.
Hiking: if you want a short hike, check out Cathederal Ledge or White Horse Ledge, just west of North Conway and overlooking the town. Cathederal is more popular and not a bad day hike. Great views. And if its really hot, go to Echo Lake at the bottom.
BTW, explore alternates to Route 16 through No. Conway unless you want to go to outlets, etc. I’d approach the village from the north if possible, through Glen or Kearsarge. From the south, take West Side Road and go east, coming into the village from the North. If coming from Fryeburg, not as simple but you will avoid much of route 16 btwn conway and No. Conway, which can get really backed up.
South of Conway is Mt. Chocorua (sp?). Lake for swimming and Mountain for hiking.
North is Mt. Washington, either the auto road, cog railway, or go to Pinkham Notch and hike some trails on the Gulf of Slides/Tuckerman’s Ravine side. But that is a trek just to say you hiked part of Washington. I’d do Cathederal Ledge and leave Washington for another day.
If you drive south from there on Monday, check out the lakes region, particularly Wolfeboro or Meredith. Nice places just to hang out.
For eats, I like Horsefeathers, but it is centrally located and popular. I think I ate at the 1785 Inn once but hard to say (recall it being good). As for places to stay, lots of charming B&Bs and Inns. Check out No. Conway, Conway, Intervale and Glen. Or for some quiet and romance, check out Jackson. I think I stayed at the Dana Place Inn but I can’t quite remember.
[88] drachma
“do you have a plan for the time between when TSHTF and you get to Nompound? Bug out bag (preferred brand/size – items in it?)”
I do have a plan. Not a particularly well formed plan but a plan nonetheless. As for bug out supplies, that is common sense. Gas and guns are essential. So is water or at least filtration. Everything else is common sense. As for bag, whatever works.
California Man Commits Suicide Before Foreclosure
http://gma.yahoo.com/california-man-commits-suicide-foreclosure-171839159–abc-news-money.html
16? I have been working steady since I was four years old. By the time I was 11 I already worked as a shoeshine boy, dogwalker, babysitter, newspaper boy. Although shining shoes as a really little kid you get some good tips.
At 16 I had my best jobs, that year I was a page in a library, a lab technician, motor boat captain, ticket scalper, hubcap salesmen, flea market worker, pot dealer and ticket scalper and sold bikes. Already gave up my paperroutes when I turn 14, sadly it was not till I got my working papers at 12 was my first on the books job.
Gary you seem to go the IT route a lot. Kids today dont have much skills. I must of had at least 100-200 jobs. Night Club Promoter was a short lived one for instance. But I actually was pretty good at it. I also liked the time I did consulting work at a Nuclear Powerplant, Salmon Mating habits. Outside of Wall Street I worked in Credit Cards, another side speciality, Barclays and MasterCard during college. Also did Credit Card Consulting. I still do day trading, muni bond trading, ticket scalping etc. Also was a painter, a mover, bike repairman, plumbers assistant, professor, public speaker at conferences, auto repair. I could most likely apply to 99% of jobs in paper.
gary says:
May 22, 2012 at 3:13 pm
Jill,
I have so many lines in the water and yet very, very little action. I’m constantly emailing and applying to anything and everything that comes close. I’ve been working since I’m 16 years old and I’ve never seen it this bad. We’ll survive but the thing that hurts the most is that we’re helpless in giving our kids any advantage.
The most interesting man in the world, nothing but love for you JJ.
How many engineering colleges are there in NJ these days? In my day it was just Rutgers, Stevens, FDU, & NJIT, I think. I just tried to look it up but found dubious results. The first shocker was TCNJ has an engineering program. WTF is TCNJ? Oh, used to be Trenton State. Nobody really goes there for engineering, do they?
Clot is right…you are a tool……
seif says:
May 22, 2012 at 2:24 pm
84 & 88 pick this up at the 4:35 mark
#107 – JJ, you left out fluffer.
I could apply to 100% of jobs in paper, which means nothing.
FB and MS are no different than an owner of a POS cape and a realtor who tells them what they want to hear to get the listing……the only difference is that the stock market works faster to expose the price as the buyers are not locked in for any longer than a round-trip buy-sell…….
[89] drachma
Isn’t Rabbit Hill in Vermont? Zieba was asking for New Hampshire and time was an issue, esp. if he is going from Maine thru NH.
Zieba,
If you are going across Central NH and want some different reccos, let me know.
109
I believe Princeton has engineering also.
I gather this did not get much play in the media today.
May. Richmond Fed Mfg. Survey: -10, to 4 (above 0 = growth). Shipments -18 to 0, new orders -12 to 1, jobs +6 to 16.
Things not so rosy in district 5.
Heard this somewhere before.
“Sell your house … yesterday,” Gary Shilling tells Bloomberg. It will take 4 years, he says, to work off still-high inventories, during which time prices could fall another 20%. Turning to Facebook: “(It’s) the end of the social media boom … reminds me of Pets.com.
115 – POS, yes I left out NJ’s Ivy. I just browsed their web site, here’s an interesting “Engineering” Discipline Princeton offers:
Operations Research & Financial Engineering
The Department of Operations Research & Financial Engineering is unique in the United States, combining deep roots in mathematics with engineering, business and finance. Much of the research in the department focuses on managing risk and optimizing operations. Faculty and students develop tools used to make better decisions, improve performance of complex systems, and manage resources efficiently.
Link for above Princeton Engineering Disciplines. Yes Financial Engineering is one of the 6 Engineering departments:
http://www.princeton.edu/engineering/departments/
4:09p ET May 22, 2012 (Dow Jones)
Facebook Settles Lawsuit Over ‘Sponsored Stories’ -Reuters
DOW JONES NEWSWIRES
Facebook Inc. (FB) has reached a deal to settle a lawsuit claiming that the social network’s “Sponsored Stories” feature publicized users’ “likes” without the ability to opt out or compensation, Reuters reported Tuesday, citing a court filing.
The settlement’s terms weren’t detailed in the document, according to Reuters.
Full story at http://www.reuters.com/article/2012/05/22/us-facebook-settlement-idUSBRE84L16920120522?rpc=77
-Dow Jones Newswires; 212-416-2900
(END) Dow Jones Newswires
Thanks guys. I’ll look at everything when I get back to the hotel tonight. Pair recommendations with map points and start assembling some sort of plan of attack.
By my estimation (at waist level) NH is only 50 miles wide, though obviously the road isn’t straight or flat. I don’t think we’ll head back to NJ down the shoreline so we will probably head towards southwestern VT where we can catch a rickety ferry across lake Champlain and be let out off a few miles from the thruway/I87.
southwestern = northwestern
the NJ real estate, guns, wine, medical ailments and remedies, expat count, apocalypse now, dining and travel… blog
gary for president
I have to go bill.
Concerned that we’ve not yet seen or heard a response from the NY Fed regarding Facebook support.
[121] zieba,
or you could go down I-91. If you do, stop off in either Amherst or Northhampton, MA. for a meal and the local color.
[121] zieba,
The Kingdom, eh? Planning on taking 302 over the White Mountains? Or the Kancamagus? Both nice drives. Kancamagus will be crowded on a nice holiday weekend in some places but talk about scenic.
What kind of home does 400k buy you in Ringwood?
Zeiba,
If you like good beer and you’re passing through the northeast kingdom VT, I suggest:
http://www.hillfarmstead.com/ac2012/
They’re breaking out some new brews this weekend.
Thanks for the tip, I may wash out two growlers and toss them in the trunk. I’ve actually checked out Farmstead since you posted about it here some time ago. It’s a little further north than I would have liked, and I’ll likely run out of time to do everything… but the growlers will be there just in case.
We are edging closer and closer to the collapse. Euro first then UK, JPY, and finally Uncle Sam. Bank runs for fun. How are those granite counter tops going?
Time to buy people. Mortgage rates going to 1.5% in the next two-three years. Then when inflation starts to rage fed wont raise rates for at least a year.
92.
Ive been playing the refi game for months now.
Private lender. 2.875 15 year conforming with 3k closing costs.
Wells Fargo. 3.125 15 year conforming with no closing costs.
Take the extra quarter point.
***********Lock that sh_t in now. Doom is coming.
90.
Gary,
The end game is to destroy the USA. Your industry along with it. You got outsourced. Ross Perot told you it would happen. Now you are competing with a bunch of Hepatitis C+, river bathers from South Asia willing to work for 5 bucks an hour. Hows the granite?
Import tariffs NOW! Abolish the income tax NOW!
It’s a really great site you have here. Thank you for the effort to be so good for us (even though we don`t deserve it) and keep it up.