Third Wave of Hotel CRE Defaults Has Started, Triggered by CMBS Maturities and Variable-Rate Mortgages by Wolf Richter • Jul 11, 2023 • 121 Comments CMBS holders are on the hook, not banks. Investors in hotel REITs have gotten totally crushed.
How Can a Company Lose $3.3 Billion on $402 Million in Sales? Cannabis Companies Show How as Shares Get Wiped Out by Wolf Richter • Jun 22, 2023 • 131 Comments It just never ends with these hype-and-hoopla stocks. And when one wave finally dies, there’s something new. This stuff is just hilarious.
Commercial Real Estate Woes in the Stock Market: Office REITS by Wolf Richter • Jun 9, 2023 • 113 Comments But the dividends are so sweet – until they get cut or “suspended.”
Here’s the Great Deal JP Morgan Got on First Republic, according to JP Morgan’s Victory Lap in front of Investors by Wolf Richter • May 1, 2023 • 183 Comments A one-time “bargain purchase gain” of $2.6 billion, “over $500 million” in net income accretion, lots of other goodies amounting to an IRR of “over 20%.”
First Republic Zombie Bank Dismembered, Pieces Handed to JP Morgan, Uninsured Depositors Bailed Out. Stockholders, some Bondholders Bailed in. Cost to FDIC Fund: $13 Billion by Wolf Richter • May 1, 2023 • 135 Comments FDIC Board Member McKernan laments “our country’s bailout culture that privatizes gains while socializing losses.”
First Republic Discloses it’s a Zombie by Wolf Richter • Apr 24, 2023 • 126 Comments Shares, after jumping 12% during the day in anticipation of something wonderful, plunged 22% after-hours, now within a hair of the low in March.
After Wasting $11.6 billion on Share Buybacks (“Return Value to Shareholders” LOL), Meme-Stock Pump-n-Dump Bed Bath & Beyond Goes Bankrupt, Will Liquidate by Wolf Richter • Apr 23, 2023 • 176 Comments Brick-and-Mortar Meltdown Continues. Revenues Collapsed by 55% since 2017: Share buybacks and Ecommerce killed it.
First Republic Downgraded by S&P from Confidence-Inspiring-LOL “A-” Investment-Grade to BB+, One Itty-Bitty Notch into Junk. Shares, Bonds Re-plunge by Wolf Richter • Mar 15, 2023 • 133 Comments We laugh, but it’s a start. SVB Financial collapsed with investment-grade ratings.
Free Money = Toxic Money: First Republic Bank and Western Alliance Bank Make it into my Pantheon of Imploded Stocks by Wolf Richter • Mar 13, 2023 • 302 Comments Banks as stock-pump schemes in the era of consensual hallucination.
Silicon Valley Bank’s Uninsured Depositors Bailed Out. Crypto Signature Bank Shut Down, All Depositors Bailed Out. Senior Execs Fired. All Shareholders, Some Bondholders Bailed In by Wolf Richter • Mar 12, 2023 • 581 Comments Treasury/Fed/FDIC issue joint statement with Tough Love for investors in failed banks.
