Loading ...NYCB – Gone By Monday
As I said in a comment in my post below about the stock market, NYCB will be sold and or liquidated over this weekend. It should have been done last weekend but they probably wanted to wait until AFTER Powell went before Congress. https://www.zerohedge.com/markets/nycb-crashes-fresh-28-year-highs-report-need-cash-infusion
Maybe not? They are raising a billion dollars. Stock bouncing after long halt. Extend and pretend?
Mnuchin’s firm is an investor? How come? More Wall Street – Treasury revolving door games?
Good questions. Is he and the other investors getting a good deal or are they helping out in the prevention of a cascading banking system, at least for now?
NYCB Announces $1BN Equity Infusion, Fmr Tsy Sec Mnuchin Joins Board
Bloomberg reports that New York Community Bancorp plans to announce an equity investment of more than $1 billion led by Steven Mnuchin’s Liberty Strategic Capital, Hudson Bay Capital and Reverence Capital Partners, according to a spokesperson for the bank.
https://www.zerohedge.com/markets/nycb-crashes-fresh-28-year-highs-report-need-cash-infusion
This is typical crony capitalism. The stock had been under pressure for over a week. They announce this morning company trying to find capital. They don’t halt trading until after the stock is below $2. You know this deal was in the works for at least a few days if not longer. Then they announce the sweetheart deal and the stock initially pops to over $4. Closed around $3.50. Reminds me of Bear Stearns & JP Morgan.