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TPET .at .12 ..10 to .14 subpenny oil play
Heating up hit as high as .14s
XTIA PIK LIFW
XTI Aerospace IncXTIA
4.53 +119.90% 3M
Kidpik CorpPIK
7.42 +70.57% 845.66K
MSP Recovery IncLIFW
0.9685 +45.20% 2.02M
Interesting rare metal cesium amongst them..
EXPLORING,
and DEVELOPING
CESIUM, LITHIUM
and TANTALUM
POWER
METALS
Power Metals Corp is one of Canada’s premier mining companies with a mandate to explore and develop its Cesium, Lithium and Tantalum assets in Canada. We see an unprecedented opportunity in expanding our Cesium discovery for the undersupplied global marketplace.
Did you SING out of some at .28 or holding all. Sung out of some
Nice call LIFE on reversal
LIFW back out 1.30s
SING .2375 louder .24s close
TPST 5.63
Yes GDXU been doing well and in this fake market NVDA needs to break down a little for any fake correction to happen
SING .2285 + 6% tiny float traded over once already lol. Don’t buy too much you might have to file a form at 5% …lol
AISP 7.95 a few hits over here deep state surveillance is lucrative
NVDA $898 . Doubt it . need NVDA to go under $890 first Need to see NVDA break down $852 to $879 range first . Once it starts breaking under $890 then bigger market breakdown possible.
CXAI 6.30 all out it’s all you now..
CXAI 5.80s closing in on 6.20s flip some out
WAVE 1.06 small float can go as long as not excessive dilution. The economic landscape in 2023 was marked by unpredictability and numerous challenges. At the year's start, both consumers and economists braced for a possible recession. Despite these worries, Eco Wave Power demonstrated resilience by increasing its revenues by 1076% (not including funds from grants and other sources) and decreasing its net loss by 36% (compared to 2022), ending the year with $8.4 million in cash and deposits.
In 2023, Eco Wave Power won the Energy Catalyst Round 10 Innovate UK grant (as part of a consortium including Toshiba, Hitachi, University of Manchester, the University of Exeter, the Queen Mary University of London and others) to design a pilot microgrid project for remote islands. The total amount of the grant is GBP 1,499,644 (approximately $1.9 million), out of which Eco Wave Power's share will be GBP 456,500 (approximately $580 thousand). Additional funds were received from other grants, such as the GREENinMED grant funded by the European Union, the ILIAD Consortium grant as part of the European Union's Green Deal, and from the Energy Catalyst round 8 program of Innovate UK.
Although the Company's cash burn rate substantially decreased, Eco Wave Power demonstrated significant and instrumental progress with all its key projects:
In Israel, we successfully connected the EWP-EDF One Project in the Port of Jaffa to the national electrical grid, marking the first time in the history of Israel that wave energy officially connected to the National Electrical Grid, through a Power Purchase Agreement. Since then, the project has been supplying electricity harnessed from the power of the waves to the Israeli national electric grid. An opening ceremony for the project will be held as soon as situation in Israel enables it.
At the Port of Los Angeles, in January 2024, we signed a strategic co-investment agreement with a major Energy Company (full name disclosed in the 20F report), for the implementation of our first U.S-based project while we are also moving forward with the licensing process. We have submitted our comprehensive project engineering plans to the port authorities and have formally requested the final required licenses from both the Port of Los Angeles and the U.S. Army Corps of Engineers. As soon as licenses are received, we expect a very short implementation time of around 6 months for our first U.S. project. In addition, in early October 2023, the Governor of California, Gavin Newsom, signed into law California Senate Bill 605 ("SB 605"), landmark legislation for wave energy in the United States. We believe that SB 605 underscores the potential of wave energy to offer both economic and environmental advantages, and it is anticipated to facilitate the progression of our project while also fostering the development of other prospective initiatives across the country.
In Portugal, we received the final approval necessary for the commencement of the construction works of our first commercial-size project in Porto (TURH license) from APDL Port Authority. As a result, we have issued a performance bond to APDL, meant to solidify our commitment for the construction of the first commercial wave energy project within a 2-year period. We believe this will be the first wave energy project in the world to show significant energy production from the power of the waves.
In 2023, Eco Wave Power also conducted several feasibility studies that enabled us and our clients to explore new markets for wave energy implementation. Among such studies, we have performed a U.S. feasibility study for Shell MRE, a feasibility study for installing our wave energy technology on offshore gas drilling platform for Chevron Corporation, a feasibility study ordered by Jesa Group for a commercial project in Morocco, and a feasibility study and detailed project planning performed for Rogan Associates for a commercial scale project in Greece.
In December 2023, Eco Wave Power submitted an official request to the Financial Supervisory Authority of Sweden ("SFSA"), to receive an authorization for the repurchase of American Depositary Shares corresponding to up to 10 percent of the total number of shares in the Company, which is the maximum amount permitted by the Swedish Law. The Company plans to proceed with the repurchase action as soon as such approval is granted.
CEO commentary:
The economic landscape in 2023 was marked by unpredictability and numerous challenges. At the year's start, both consumers and economists braced for a possible recession. When faced with such challenges, we, at Eco Wave Power, understood that we must adapt and learn how to navigate through the turbulence, and have learned over the past year that adaptability is a cornerstone of success in business, especially in today's rapidly changing economic landscape. Our adaptation process worked, and we were able to demonstrate our resilience by increasing our revenues by 1,076% (not including funds received from grants and other sources) and decreasing our net loss by 36% (compared to 2022) ending the year with $8.4 million USD in cash and deposits.
Although the Company's burn rate of cash has decreased substantially, we were able to achieve significant milestones, such as the grid connection of our Israeli Project, an investment agreement with a major energy company for our first U.S. project at the Port of Los Angeles and the securing of the final license for our first commercial-scale project in Portugal, that is expected to be finalized within a period of two years. We have also reinforced our financial position by providing feasibility studies and project planning engineering services, in addition to applying for and securing multiple grants.
While Eco Wave Power had an eventful year, in the financial markets, clean energy stocks, including WAVE Stock, did not perform well, as we believe high interest rates and lagging efforts to combat climate change have impacted the sector.
According to CNN, Plug Power shares have slipped 63% this year, Enphase Energy shares have plunged 60%, SolarEdge Technologies shares have declined 71% and NextEra Energy shares have slid 29%, showing that even the largest and most resilient energy companies have taken a hit by the financial situation in 2023.
Even considering the above, we strongly believe that with the recovery in the economic landscape, and other positive initiatives, such as The Biden administration's sweeping Inflation Reduction Act (which since its passage, announced more that 270 new clean energy projects, with 132 billion USD in private investments), there will be a significant opportunity for investors in the renewable energy market. We believe that renewable energy, and wave energy in particular, is a significant part of the world's future, and offers a significant opportunity for decarbonization, combined with profitability.
In fact, Peter Krull, director of sustainable investments at Earth Equity Advisors, that manages a portfolio that focuses on stocks in industries from alternative energy to battery technology to green transportation sees the current rut in clean energy stocks as a buying opportunity for investors.
I would like to finish by saying that as the founder and CEO of Eco Wave Power, and one of the largest shareholders of WAVE stock, I am disappointed by the performance of the WAVE stock on the financial market (the company's market cap is currently below its cash position). However, at the same time, I would like to say that since the incorporation of the company, none of the founders of the company have sold any shares as we believe strongly in the Company, and I am very pleased to share that we believe the Company is financially stable and resilient, and has enough funding, expertise, and support from strategic partners to procced with the execution of its upcoming projects in the Port of Los Angeles, in Portugal and in other places.
I believe in Eco Wave Power's team, in Eco Wave Power's technology, and in the global ambition to fight climate change. As a result, we are looking forward to receiving the Financial Supervisory Authority of Sweden's approval to purchase back up to 10% of the company's stock on Nasdaq, to reinstate our belief in our company and our technology.
I am looking forward to an amazing 2024, filled with performance and operational progress.
2023 Financial Overview
Revenues for the year ended December 31, 2023, increased by $280,000, or 1,076%, to $306,000 compared to $26,000 in 2022, with 2023 revenue related to feasibility study services provided in connection with feasibility studies in the United States, Israel and Morocco.
Operating expenses were $2.7 million, down by 25% from 2022.
Research and development ("R&D") expenses decreased by $379 thousand, or 42%, to $519,000 compared to $898,000 in 2022. Although our R&D expenses have significantly decreased during 2023, we expect our R&D expenses to materially increase due to the finalization of the EWP-EDF One project, the planned implementation of our first U.S. project in the Port of Los Angeles, and the implementation of our first commercial scale project in Portugal.
Sales and marketing expenses decreased by $86 thousand, or 18%, to $375,000 compared to $461,000 in 2022. This decrease was primarily attributable to a $53 thousand decrease in sales and marketing activities and a reduction in payroll expenses.
General and administrative expenses decreased by $495 thousand, or 22%, to $1,764,000 compared to $2,259,000 in 2022. This decrease was mainly attributable to a $206 thousand decrease in the Director and Officer insurance premium, a $54 thousand decrease in legal expenses, a $84 thousand decrease in investor relations consultants costs and a $97 thousand decrease in other services.
Other income of $17,000 was generated mainly from management fees in a joint venture.
Share of net loss of the EWP EDF One Project accounted for using the equity method was $19,000.
Operating loss decreased by $1.2 million, or 33%, to $2.4 million compared to $3.6 million in 2022.
Net financial income was $547,000, compared to $706,000 in 2022.
Net loss decreased by $1.04 million, or 36%, to $1,866,000, or $0.04 per basic and diluted share, compared to a net loss of $2,901,000, or $0.07 per basic and diluted share in 2022.
The Company ended the period with $8.4 million - $4.3 million in cash and cash equivalents and $4.1 million in short term bank deposits, compared to $5.3 million and $5 million, respectively, as of December 31, 2022.
Conference Call and Webcast Information
The Chief Executive Officer of Eco Wave Power, Inna Braverman, will host a conference call to discuss the financial results and outlook on Tuesday, April 2, 2024, at 9:00 a.m. Eastern time.
The dial-in numbers for the conference call are 888-506-0062 (toll-free) or 973-528-0011 (international).
If requested, please provide participant access code: 230160
The event will be webcast live, available at: https://www.webcaster4.com/Webcast/Page/2922/50269
A replay will be available by telephone approximately four hours after the call's completion until Tuesday, April 16, 2023. You may access the replay by dialing 877-481-4010 from the U.S. or 919-882-2331 for international callers, using the Replay ID 50269. The archived webcast will also be available on the investor relations section of the Company's website.
CXAI 4.65 gets past 4.81 then 6.20s possible
EDBL .37 earlier at .34 low floater
Share buybacks by the big 7 down negative - 33% year over year so a little bit less of price fixing going forward expected. Blackout period April
NVDA pullback time corporate buybacks down -33% on big caps so machines not buying as much. Might have to wait a little longer for $1,000
TNA $43 + 2% 3 x bullish small caps going higher this week. Big caps look for a pullback as its blackout season for buybacks but buybacks down -33% year over year showing weakness
KRON 1.31 .Cash, Cash Equivalents and Investments: With its ongoing and currently planned clinical programs and $175.0 million in cash, cash equivalents and investments as of December 31, 2023, the Company anticipates sufficient resources to fund its planned operations into the second half of 2026.
R&D Expenses: Research and development expenses were $18.7 million for the fourth quarter of 2023, which includes non-cash stock-based compensation expense of $2.5 million. For the full year of 2023, research and development expenses were $86.4 million, which includes non-cash stock-based compensation expense of $12.0 million.
G&A Expenses: General and administrative expenses were $10.9 million for the fourth quarter of 2023, which includes non-cash stock-based compensation expense of $2.7 million. For the full year of 2023, general and administrative expenses were $41.7 million, which includes non-cash stock-based compensation expense of $13.0 million.
Net Loss: Net loss for the fourth quarter of 2023 was $25.3 million, or $0.43 per share, including non-cash stock-based compensation expense of $5.2 million. Net loss for the full-year 2023 was $112.7 million, or $1.95 per share, including non-cash stock-based compensation expense of $25.0 million.
JAGX hit .11s. .1039
For sure they need to save the face of the real estate market and pump it to max as property taxes pay the pensions of government employees. So would be bullish into a summer eventual correction. Lots of price cuts by home builders with plenty of inventory.
XLO Thursday news .. XTX301 is currently being evaluated in a Phase 1 dose escalation trial in patients with advanced solid tumors.
“Xilio’s novel tumor-activation platform naturally complements Gilead’s clinical development program in difficult-to-treat cancers and expands our focus in immuno-oncology,” said Bill Grossman, MD, PhD, Senior Vice President, Oncology Clinical Development, Gilead Sciences. “We believe IL-12 has the potential to treat a broad range of tumor types and are excited to partner with Xilio to advance XTX301, a tumor-activated IL-12, as a monotherapy and a combination therapy across a variety of solid tumors.”
“Gilead’s confidence in our tumor-activated technology, combined with their deep expertise in developing and commercializing novel immuno-oncology products, will enable us to accelerate and expand the development of XTX301, our tumor-activated IL-12,” said René Russo, Pharm.D., President and Chief Executive Officer of Xilio. “We look forward to collaborating with Gilead as we seek to deliver on the potential for XTX301 to provide a meaningful benefit for a range of tumor types, including immunologically cold tumors, while overcoming the severe toxicities historically associated with IL-12.”
Terms of the Agreement
Under the terms of the agreement, Xilio granted Gilead an exclusive global license to develop and commercialize XTX301, Xilio’s tumor-activated IL-12. Xilio will receive $43.5 million in upfront payments, including a cash payment of $30 million and an initial equity investment by Gilead of $13.5 million in Xilio common stock at a premium. Xilio will be eligible to receive up to $604 million in additional contingent payments, including additional equity investments by Gilead, a transition fee and specified development, regulatory and sales-based milestones. Xilio will also be eligible to receive tiered royalties ranging from high single digits to mid-teens on annual global net product sales.
Xilio will be responsible for conducting clinical development of XTX301 in the ongoing Phase 1 clinical trial through dose expansion. Following the delivery by Xilio of a specified clinical data package for XTX301, Gilead can elect to transition responsibilities for the development and commercialization of XTX301 to Gilead, subject to the terms of the agreement and payment by Gilead of a $75 million transition fee. Prior to the potential transition fee, Xilio is eligible to receive up to a total of $29 million in additional equity investments and a development milestone payment.
Gilead does not exclude acquired IPR&D expenses from its non-GAAP financial measures. This transaction is expected to reduce Gilead’s GAAP and non-GAAP 2024 EPS by approximately $0.03 – $0.04.
About XTX301 (IL-12) and the Phase 1 Clinical Trial
XTX301 is an investigational tumor-activated IL-12 designed to potently stimulate anti-tumor immunity and reprogram the tumor microenvironment (TME) of poorly immunogenic “cold” tumors towards an inflamed or “hot” state. Xilio is currently evaluating the safety and tolerability of XTX301 as a monotherapy in patients with advanced solid tumors in a first-in-human, multi-center, open-label Phase 1 clinical trial. Please refer to NCT05684965 on www.clinicaltrials.gov for additional details.
MDIA XLO DOMA SBFM QLI
Mediaco HoldingMDIA
0.76 +45.89% 3.35M
Xilio DevelopmentXLO
1.48 +37.04% 4M
Doma Holdings IncDOMA
6.04 +33.04% 32.42K
Qilian Internation.QLI
0.8207 +18.96% 727.1K
Sunshine BiopharmaSBFM
0.069 +14.05% 5.91M
Just last year, JPM salacious activities with sex trafficker Jeffrey Epstein, to whom it doled out mountains of hard cash for more than a decade (which he then used to silence his underage victims and accomplices), generated news headlines around the world. The bank settled those charges last year, which had been brought in two civil lawsuits by his victims and by the Attorney General of the U.S. Virgin Islands, for a combined $365 million. (See JPMorgan’s Settlements Reach $365 Million Over Civil Claims It Banked Jeffrey Epstein’s Sex Trafficking of Minors; Criminal Charges Could Lie Ahead.)
On Thursday of last week, two of JPMorgan Chase Bank’s federal regulators fined the riskiest bank in the United States $348 million dollars for engaging in “unsafe and unsound banking practices” for failing to supervise “billions” of trades on at least 30 global trading venues.
The Office of the Comptroller of the Currency (OCC) fined JPMorgan Chase Bank $250 million while the Federal Reserve fined the bank $98.2 million. The OCC said the misconduct occurred since at least 2019. The Fed said the bank had engaged in the misconduct over the span of nine years, from 2014 to 2023.
The key outrage embedded in these charges – that mainstream media failed to point out in its coverage last week – is that this “trading” activity did not occur at the registered brokerage firm of JPMorgan, which has properly licensed traders and trading supervisors. It occurred at the federally-insured bank, which is not allowed to have licensed traders – because casino banking brings on bank runs, bank panics and giant scandals that undermine Americans’ confidence in federally-insured banks.
Under Jamie Dimon at the helm of this federally-insured bank, as both Chairman and CEO, JPMorgan Chase Bank has turned giant scandals into an art form. Its rap sheet reads like that of an organized crime family and includes an unprecedented five criminal felony charges.
Adding to the outrage over the mild slap on the wrist from these two regulators last week is that this federally-insured bank was previously charged with engaging in unsafe and unsound banking activities when it used depositors’ money from its federally-insured bank to engage in massive high-risk credit derivative trades in London in 2012 and lost $6.2 billion of depositors’ money. The case became infamously known as the London Whale scandal.
The OCC wrote as follows in its settlement document covering the London Whale matter in 2013:
“The credit derivatives trading activity constituted recklessly unsafe and unsound practices, was part of a pattern of misconduct and resulted in more than minimal loss, all within the meaning of 12 U.S.C. § 1818(i)(2)(B)”; and “The Bank failed to ensure that significant information related to the credit derivatives trading strategy and deficiencies identified in risk management systems and controls was provided in a timely and appropriate manner to OCC examiners.”
The Securities and Exchange Commission (SEC) also settled charges with the bank in the London Whale matter. The SEC focused on JPMorgan’s ineffective internal controls and failure to keep the Audit Committee of its Board informed in a timely manner as required under its own rules and under the Sarbanes-Oxley Act. The SEC also found the company violated securities laws by filing false information with the SEC: “As a result of its failure to maintain effective internal control over financial reporting as of March 31, 2012, and disclosure controls and procedures, and as a result of its filing of inaccurate reports with the Commission (specifically, the Form 8-K filed on April 13, 2012, and the Form 10-Q filed on May 10, 2012), JPMorgan violated Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Exchange Act and Rules 13a-11, 13a-13, and 13a-15 there under,” the SEC said in its settlement document.
At the time of the London Whale scandal, a woman named Ina Drew was in charge of the unit of the federally-insured bank that oversaw the derivatives trading in London. That unit of the bank was called the Chief Investment Office. (That unit was created after Jamie Dimon took the helm at the bank.)
Ina Drew testified about the matter before the U.S. Senate’s Permanent Subcommittee on Investigations on March 15, 2013. Drew told the hearing panel that beginning in 1999, she “oversaw the management of the Company’s core investment securities portfolio, the foreign-exchange hedging portfolio, the mortgage servicing rights (MSR) hedging book, and a series of other investment and hedging portfolios based in London, Hong Kong and other foreign cities.”
Drew told the Senate Subcommittee that the investment securities portfolio exceeded $500 billion during 2008 and 2009 and as of the first quarter of 2012 was $350 billion. But during the 13 years that Drew supervised massive amounts of securities trading, she had neither a securities license nor a principal’s license to supervise others who were trading securities.
At the time, we asked numerous Wall Street regulators to explain how this is possible at Wall Street mega banks. One regulator who spoke on background only told us that Drew could not hold a securities license because she worked for the federally-insured bank, not its broker-dealer (a/k/a brokerage firm). Only employees of broker-dealers are allowed to hold securities licenses. But apparently, not having a securities license does not stop one from supervising a $500 billion portfolio of securities that are, most assuredly, traded by someone.
It is a long-held requirement by U.S. securities regulators that if you are going to supervise persons holding a securities license, you must also hold the appropriate securities licenses yourself. Drew, without a license, was supervising traders in London who were registered with the Financial Services Authority (now Financial Conduct Authority).
In its 10-K (annual report) filing in February with the SEC, JPMorgan Chase indicated there is a third unnamed regulator that is currently investigating these billions of unsupervised trades. The bank said it was “also in advanced negotiations with a third U.S. regulator, but there is no assurance that such discussions will result in a resolution.”
That third regulator should closely examine what is going on in JPMorgan’s own Dark Pools, where the bank is preposterously allowed to trade large amounts of its own bank stock in its own Dark Pools. (See chart below as an example of what went on in the week of October 23, 2023.) Dark Pools are thinly regulated trading platforms inside the mega banks on Wall Street, and elsewhere, which lack the transparency of stock exchanges.
Federal banking oversight agencies are in agreement: U.S. banks are facing a potential tsunami of problems with commercial real estate loans in the office space sector.
Last June 1, the Office of Financial Research (OFR), (the agency created under the Dodd-Frank financial reform legislation of 2010 to warn about financial stability risks), explained why the vacancy rate in office buildings is in dramatic contrast to the actual occupancy rate, and thus bodes poorly for the future demand for renewing office leases. OFR writes as follows:
“The health of the CRE [Commercial Real Estate] office sector is not only measured by the amount of space leased and rent paid today, but also by how much space will be required in the future. In addition to space available for sublease, we can estimate the amount of space currently occupied by employees by measuring card key swipes using the Kastle Back to Work Barometer.
“Unfortunately, future demand for office space appears weak. In addition to the growth of office space available for sublease, the amount of office space occupied by tenants remains stubbornly low…Although the current office vacancy rate is 16.4%, the average occupancy rate measured by the Kastle Back to Work Barometer is 49.8%. (Note that this represents a weekly average; daily occupancy varies). This implies a structural vacancy rate of 50.2%. Prior to the COVID-19 pandemic, office occupancy averaged close to 100%. This means that on average, firms are paying rent for twice as much space as their employees are currently using. If occupancy of existing office space remains low, current office tenants will probably renew their leases for less space—reducing office demand over time.”
The chart above accompanied the assessment. The same chart also made it into OFR’s 2023 annual report, which predicted office building demolitions were likely to occur for the less desirable office space. OFR wrote:
“High-quality space will likely outperform as the flight to quality continues, with high rents and low vacancy rates for best-in-class assets. However, second-generation space will struggle to backfill, with an increase in demolitions and conversions.”
A key entity that OFR keeps apprised of financial stability risks is the Financial Stability Oversight Council (F-SOC). It was also created under the Dodd-Frank financial reform legislation of 2010 to address the fact that financial regulators were wearing blinders when the 2008 financial crisis on Wall Street left the U.S. economy in tatters, with millions of Americans losing their jobs and their homes to foreclosure from tricked-up mortgages. F-SOC is chaired by the sitting U.S. Treasury Secretary and includes every federal banking and securities regulator. F-SOC wrote the following in its 2023 annual report:
“Commercial real estate (CRE) loans totaled almost $6 trillion as of the second quarter of 2023, and CRE represents a significant portion of the assets of many financial institutions. Banks hold a significant market share of CRE loans at 50 percent, with the rest held by various financial institutions such as insurance companies, holders of commercial mortgage-backed securities (CMBS), and debt funds. CRE is the largest loan category among almost one-half of U.S. banks, and more than one-quarter of U.S. banks have CRE loan portfolios that are large relative to the capital they hold.”
And this:
“The prices of office properties have deteriorated much more than those of other major property types in recent quarters, with an index of office property prices more than 30 percent below its pre-pandemic level as of September 2023.”
There is widespread agreement among federal banking regulators that commercial real estate in the office sector is a serious financial risk to banks. However, there is divergent opinion among two key regulators as to whether this risk is at the smaller banks or includes the largest banks — which pose an exponentially greater threat to financial stability.
On March 7, Fed Chair Jerome Powell appeared before the Senate Banking Committee to deliver his Semiannual Monetary Policy Report. In the Q&A that followed, Senator Catherine Cortez Masto (D-NV) raised the question with Powell about troubled real estate loans as a financial risk to banks.
Powell played down the real estate threat at the largest banks, stating: “There will be bank failures, but this is not the big banks. If you look at the very big banks, this is not a first order issue for any of the very large banks. It’s more smaller and medium size banks that have these issues.”
Powell might have his own agenda in playing down the risks to the mega banks on Wall Street. According to Senator Elizabeth Warren, who also sits on the Senate Banking Committee, Powell is leading the charge behind the scenes to overturn federal regulators’ proposal to require the largest banks to hold larger amounts of capital to prevent a replay of the taxpayer and Fed bailouts of these mega banks that occurred in 2008.
On the same day that Powell was testifying before the Senate Banking Committee, the Chair of the Federal Deposit Insurance Corporation (FDIC), Martin Gruenberg, was holding a press conference to release the FDIC’s latest quarterly “Banking Profile.” Gruenberg boldly revealed a serious real estate problem inside the largest banks, stating the following: (Go to 5 minutes and 12 seconds at this link.)
GRUENBERG: “The increase in noncurrent loan balances was greatest among CRE [Commercial Real Estate] loans and credit cards. Weak demand for office space has softened property values and higher interest rates are affecting credit quality and refinancing ability of office and other types of CRE loans. As a result, the noncurrent rate for nonowner occupied CRE loans is now at its highest level since first quarter of 2014, driven by portfolios at the largest banks.” (Bold emphasis added.)
According to the chart below and accompanying data provided in an Excel spreadsheet by the FDIC, past due loans on commercial real estate at the largest banks (those with more than $250 billion in assets) as of December 31 of last year are at 4.11 percent. That’s 1.66 percent higher than at the end of the fourth quarter of 2008 when banks were exploding all over Wall Street during the financial crisis. As the chart below indicates, commercial real estate problems quickly became a lot worse at the largest banks, with the past due rate reaching 7.97 by the end of the first quarter of 2010.
Past Due Loans on Commercial Real Estate
That 4.11 percent past due rate at the biggest banks on December 31, 2023 compares with a past due rate of 1.35 percent at banks with $10 billion to $250 billion in assets, according to the latest FDIC bank profile data. Banks with $1 billion to $10 billion in assets have a negligible past due rate of 0.64 percent.
According to a report at CommercialEdge, Central Business District (CBD) office buildings “have been hit the hardest by the changes.” They cite a Washington, D.C. 13-story building with ground-floor retail space that “sold for $18.2 million in 2023, down 70% from its 2017 price tag of $61.8 million.”
Yesterday, American Banker released a report showing that five banks in the U.S. hold a combined half trillion dollars in commercial real estate (CRE) loans. It came as a big surprise to a lot of folks that the bank holding the largest amount of CRE loans is JPMorgan Chase – whose bank holding company is also exposed to $49 trillion in derivatives as of December 31, 2023 according to the Office of the Comptroller of the Currency. (See Table 14 at this link.)
JPMorgan Chase is already considered the riskiest bank in the U.S. according to its regulators.
American Banker reported the following CRE totals for the five banks: JPMorgan Chase, $173 billion; Wells Fargo, $139.65 billion; Bank of America, $82.8 billion; U.S. Bank, $55.66 billion; and PNC Bank, $48.89 billion.
Some of the same hubris and willful blindness that prevailed in the runup to the subprime mortgage crisis that blew up large financial institutions in 2008 is showing itself today in regard to commercial real estate loans at federally-insured banks.
On March 7, Federal Reserve Chairman Jerome Powell testified before the Senate Banking Committee as part of his Semiannual Monetary Policy Report to Congress. During his testimony, Powell downplayed concerns about the impact of commercial real estate loans at the largest banks. Powell stated: “There will be bank failures, but this is not the big banks. If you look at the very big banks, this is not a first order issue for any of the very large banks. It’s more smaller and medium size banks that have these issues.”
If CRE is not a problem at the largest banks, that’s because both the banks and the Fed believe that the Fed will always spring to the rescue with an emergency bailout program. In fact, the Fed has already created just such a program that’s waiting in the wings. It’s called the Standing Repo Facility (SRF). It has a lending capacity of $500 billion and can lend to both the federally-insured bank and its trading unit (primary dealer) – thus giving the so-called “universal banks” on Wall Street two bites at the bailout apple.
For a look at just how quickly the Fed can sluice money to Wall Street mega banks with few questions asked by Congress, check out the chart below. It shows the Fed’s emergency money spigot to the mega banks in the last quarter of 2019 – for a financial emergency at the banks which has yet to be explained to the American people.
Fed's Repo Loans to Largest Borrowers, Q4 2019, Adjusted for Term of Loan
To grasp how radically things have changed since 2008 when former Goldman Sachs veteran-turned Treasury Secretary Hank Paulson took a 3-page document to Congress and demanded a $700 billion taxpayer bailout for the banks (Troubled Asset Relief Program, TARP), let the full meaning of the chart above sink in. The Fed can now funnel trillions of dollars in cumulative loans to mega banks on Wall Street, report the names of the banks and amounts borrowed two years later, and get a complete news blackout from mainstream media. (Wall Street On Parade was the only media outlet to chart the details and report the names of the banks that got the trillions of dollars in loans in 2019.)
Powell might have his own agenda in playing down the risks to the mega banks on Wall Street. According to Senator Elizabeth Warren, who sits on the Senate Banking Committee, Powell is leading the charge behind the scenes to overturn federal regulators’ proposal to require the largest banks to hold larger amounts of capital to prevent a replay of the 2008 financial crisis.
WHAT WAS DONE THAT WAS ILLEGAL AND BY WHOM? 1) FINRA allowed an untradeable dividend to trade on the OTC market without company authorization after being submitted by unaffiliated market makers. FINRA appears to have uniquely planned the U3 halt decision by drafting its own corporate action, making unscheduled revisions to it, and telling the company to go with it. Several rules were broken by FINRA to achieve this, including their own rule 6490.
2) MMTLP and the former ticker TRCH were abusively short-sold for years. The number of outstanding shares is yet to be determined but it is anticipated that the allotment of legal shares of MMTLP (165 million issued shares) was likely oversold by as much as 5x or more using counterfeit shares, often referred to as naked shorts. This means thousands of investors may have been sold millions of counterfeit shares by their broker. They may not receive anything from their investment because their sharesarenotreal. Shareholderswerepromised1-to-1sharesinthedividend,NextBridge Hydrocarbons, following the spin-off to a private company.
3) The list of Illegal activities continues to be uncovered by the MMTLP community. These include off- shore trading, trades run through “dark pools”, and counterfeit shares. Plus, collusion on a massive scale between regulatory agencies to protect the Wall Street elite at the expense of the retail investor.
WHAT IS THE STATUS OF THE FIASCO AND WHAT NEEDS TO BE DONE? The MMTLP community has been advocating for more than a year for complete transparency from regulators regarding MMTLP. Nearly 100 Representatives of Congress have asked the SEC and FINRA for answers, and their empty and obfuscating replies are completely unacceptable. The community is seeking a certified aggregated audited share count to prove the oversold situation. This information is not coming willingly from regulators so it is imperative that Congress issue subpoenas for this data immediately.
Once a share count has been acquired, the MMTLP community along with representation from Next Bridge Hydrocarbons will decide the best course of action. This includes any financial compensation for illegal activity, pain and suffering, and/or an opportunity to let the market settle the trades on a regulated blockchain or equivalent trading platform for position close only. Next Bridge Hydrocarbons shall remain a private company once short positions have been closed.
A visual learner? Watch our video:
The trailer features members of the MMTLP community plus APE/AMC investors and other tickers affected by naked short selling or counterfeit shares.
You can watch it here on this YouTube link:
The well-produced trailer features MMTLP community member Anna, attorney Wes Christian, attorney Mark Basile, William Farrand, Kristen Shaughnessy, Frank Nez, and more.
The four-minute trailer was written and directed by Mark Faulk, with cinematography by Jamal Williams and Roderick Berko and music by Anthony Acid and Aranda.
From what we understand, this is going to be a TV series, and one of the episodes will deal with naked shorting.
Animal shelters are in crisis mode as Americans struggle to afford their pets.
Americans adopted animals at record rates in 2020. Now many are headed back to the shelter amid high inflation and a housing crisis.
Inflation and an out of control housing market are crushing adoptions. Everything is far more expensive today than it was two years ago, and that has priced a whole segment of potential adopters out of pet ownership. The rental housing market in particularly out of control; finding any affordable housing, much less housing that allows animals, and even more so housing that allows, say, a dog over 30 lbs or bully breeds, is extremely difficult. That’s another entire population of potential adopters lost.
If you have cash in these banks time to exit.. Commercial Real Estate market to continue spiraling down..
(Reuters) - Ratings agency S&P Global on Tuesday downgraded its outlooks for five regional U.S. banks to due to their commercial real estate (CRE) exposures, in a move likely to reignite investor concerns about the health of the sector.
The ratings agency downgraded the outlook for First Commonwealth Financial, M&T Bank, Synovus Financial, Trustmark and Valley National Bancorp to "negative" from "stable," it said.
"The negative outlook revisions reflect the possibility that stress in CRE markets may hurt the asset quality and performance of the five banks, which have some of the highest exposures to CRE loans among banks we rate," S&P said.
Representatives for the banks did not immediately respond to request for comments outside business hours.
Investor concerns over regional banks' CRE exposure intensified this year after New York Community Bancorp flagged a surprise quarterly loss citing provisions on soured CRE loans, which triggered a sell-off in U.S. regional banking shares. The bank has sold assets to shore up its balance sheet.
Investors and analysts have been worried that higher borrowing costs and lingering low occupancy rates for office spaces in the aftermath of the COVID-19 pandemic could result in more lenders taking losses as borrowers default on loans.
Tuesday's downgrades come a year after the collapse of Silicon Valley Bank and Signature Bank, which heightened investor sensitivity about the health of U.S. regional banks.
n addition to CRE exposure, the sector is also facing challenges from the rising cost of retaining deposits amid high interest rates.
As of Tuesday, S&P had negative outlooks on nine U.S. banks, or 18% of those it rates, it said, adding most of those ratings "relate, at least in part to sizable CRE exposures." The company rates a range of banks of varying sizes.
Have a nice holiday weekend
SING in some .22s that float still only 200k lol…
SING low float… divide and conquer they say at WEF
CERO 2.84
CERO 2.73
CERO 2.55 5m float zero to 100 lol