Rougher day for the portfolio today than…
Rougher day for the portfolio today than we have had even on most down days of late. Our silver puts and other bearish bets were all profitable for us today, while most of our longs were in the red. So be it.
Three quick news articles for you to look over tonight. First, Apple’s got it figured out:
iPhone share of phone market in Q1: 5% volumes, 20% revenues, 55% profit
Second, regarding our shorts in the TBTF banks and LPS:
http://www.huffingtonpost.com/2011/05/16/foreclosure-fraud-audit-false-claims-act_n_862686.html
The five separate investigations were conducted by the Department of Housing and Urban Development’s inspector general and examined Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial…
The audits accuse the five major lenders of violating the False Claims Act, a Civil War-era law crafted as a weapon against firms that swindle the government. The audits were completed between February and March, the sources said. The internal watchdog office at HUD referred its findings to the Department of Justice, which must now decide whether to file charges…
The state of Illinois has begun examining potentially-fraudulent court filings, looking at the role played by a unit of Lender Processing Services. Nevada and Arizona already launched lawsuits against Bank of America. California is keen on launching its own suits, people familiar with the matter say. Delaware sent Mortgage Electronic Registration Systems Inc., which runs an electronic registry of mortgages, a subpoena demanding answers to 75 questions. And New York’s top law enforcer, Eric Schneiderman, wants to conduct a complete investigation into all facets of mortgage banking, from fraudulent lending to defective securitization practices to faulty foreclosure documents and illegal home seizures.
And finally — Google will be down tomorrow for this, and I’m likely to buy some more on any such weakness:
Google to start selling debt
Internet company with nearly $37 billion in cash will launch its first-ever U.S. debt offering.
Thanks for reading, have a great night and see y’all manana.
