Elon & Twitter

[bkp_duke]

I wonder if the bank's shareholders were interested in this info. Shareholders wouldn't normally be interested in payment details for a single loan but this one is big enough that non payment could affect numbers on the bank's financial statements.

That's not how corporations work. Without a shareholder vote, shareholders just can't randomly demand that level of detail. The Board of Directors could, but not shareholders without a specific vote (which would just be damned odd).

 

[STS-134]

That's not how corporations work. Without a shareholder vote, shareholders just can't randomly demand that level of detail. The Board of Directors could, but not shareholders without a specific vote (which would just be damned odd).

Corporations can voluntarily release whatever info they want to.

 

[daniel]

That's not how corporations work. Without a shareholder vote, shareholders just can't randomly demand that level of detail. The Board of Directors could, but not shareholders without a specific vote (which would just be damned odd).

Shareholders perhaps can't demand it but the bank could choose to publish it if it felt the information was relevant.

 

[bkp_duke]

Shareholders perhaps can't demand it but the bank could choose to publish it if it felt the information was relevant.

It's not published. At least I could not find it in any bank releases when I went looking.

Bloomberg cites "people with knowledge of the matter".

So more likely than not, this is someone leaking something, hoping for their 5 minutes of fame.

 

[bkp_duke]

Corporations can voluntarily release whatever info they want to.

So not true. If my corporation were to release private payments from one of our clients, you can bet that would be a violation of at minimum the contract I have with them, and most likely the law.

FYI - this wasn't an "official release" by any of the banks of this information. Every article I can find cites "sources close to the matter" or some other BS.


No, this was leaked information, plain and simple.

 

[STS-134]

So not true. If my corporation were to release private payments from one of our clients, you can bet that would be a violation of at minimum the contract I have with them, and most likely the law.

Wouldn't it depend on what the contract for this particular loan says? I really wonder what is in that contract because none of the banks intended to keep the loan for this long.

 

[bkp_duke]

Wouldn't it depend on what the contract for this particular loan says? I really wonder what is in that contract because none of the banks intended to keep the loan for this long.

I know you are looking for a reason here to find legitimacy in this news, but loans are not written in that manner. No one writes a private loan that has terms for public disclosure like this.

Plus, if this were an official public disclosure, why would all the news sources have to say things like "sources close to the matter" and the like. They wouldn't, they would just quote the official report (there is none).


No, I'm sure we are just seeing another case of "Musk" and/or "Tesla" drives clicks, so someone decided to post up this nothing-burger.

 

[STS-134]

Plus, if this were an official public disclosure, why would all the news sources have to say things like "sources close to the matter" and the like. They wouldn't, they would just quote the official report (there is none).

True.

No, I'm sure we are just seeing another case of "Musk" and/or "Tesla" drives clicks, so someone decided to post up this nothing-burger.

Well I'm sure Elon would approve. Doesn't he dislike the entire concept of short selling? This would prevent people from shorting the bank's stock on speculation that the interest payments may not have been made.

 

[bkp_duke]

True.

Well I'm sure Elon would approve. Doesn't he dislike the entire concept of short selling? This would prevent people from shorting the bank's stock on speculation that the interest payments may not have been made.

No one really shorts bank stocks (2008 being the exception in the past 40 years), and a loan of this size isn't remotely close enough to put them in jeopardy.


Now . . . all those auto loans people may be walking away from because their auto value is underwater . . . that's over 1T of exposure the banks have to this sector. A few have even in their most recent filings starting setting aside a few hundred Billion in expectation of increased losses.

 

[trayloader]

Never give anger addicts the satisfaction of thinking they won, because nothing is ever enough.

This whole discussion seems to run deep doesn´t it?

Elon has anger management problems too. I see a big, almost schizophrenic diverging personality between the public, soft spoken and highly educated and cultivated appearance and the raging Hulk on everything written.

His fuel jajaja, but channeling this towards the same manners he shows publicly would catapult Teslas perception to former heights.

 

[STS-134]

No one really shorts bank stocks (2008 being the exception in the past 40 years),

Well someone's obviously doing it. I can lookup JPM, C, WFC, BAC, etc., and find short interest numbers that are all nonzero.

and a loan of this size isn't remotely close enough to put them in jeopardy.

Now . . . all those auto loans people may be walking away from because their auto value is underwater . . . that's over 1T of exposure the banks have to this sector. A few have even in their most recent filings starting setting aside a few hundred Billion in expectation of increased losses.

Do you know how much exposure the banks actually have to those loans? Are the actually holding $1T of loans or did they originate $1T of loans? Most loans are repackaged and sold to investors, not held by the banks.

 

[bkp_duke]

Well someone's obviously doing it. I can lookup JPM, C, WFC, BAC, etc., and find short interest numbers that are all nonzero.

Do you know how much exposure the banks actually have to those loans? Are the actually holding $1T of loans or did they originate $1T of loans? Most loans are repackaged and sold to investors, not held by the banks.

Those short numbers are really small. Chart them and compare them to say TSLA, or even AAPL. Sure, not zero, but not a "bet you are going BK" kind of short.

On the exposure, that's been hard to nail down, but the default rates are climbing, that we know for sure:
Investors Worried About Auto Loans Amid Recession Fears (older article - few months)

Capital One, other lenders tap the brakes on auto loans

Economic concerns have begun to show up in auto financing, prompting some banks to pull back on lending.

www.foxbusiness.com

Auto Loan Debt Reaches New Highs | Bankrate

Remaining supply chain issues causing record-high vehicle prices and high interest rates are causing auto loan debt to soar.

www.bankrate.com

https://thefinancialbrand.com/news/loan-growth/2023-forecast-auto-lending-will-rev-up-but-at-a-price-157448/

There absolutely is repackaging going on, but if they sit on those instruments or how much they are sold, also I am still digging on those. Credit Unions usually hold the loans, and CUs constitute about 30% of all auto loans in the USA.

Banks lose market share in auto lending as credit unions offer lower rates (NASDAQ:CACC)

Credit unions have grabbed more market share for auto loans at the expense of banks and the lending arms of auto manufacturers, credit reporting firm Experian said in its latest...

seekingalpha.com

 

[ElectricIAC]

This whole discussion seems to run deep doesn´t it?

Elon has anger management problems too. I see a big, almost schizophrenic diverging personality between the public, soft spoken and highly educated and cultivated appearance and the raging Hulk on everything written.

His fuel jajaja, but channeling this towards the same manners he shows publicly would catapult Teslas perception to former heights.

His talents have their limit. It’s like that old saying..

Cheap, Fast, or Reliable.

Pick two.

 

[Crutonius]

Pretty weak apology. He should have tweeted it out instead of just as replies. But hey I will take any slight positive news about him.

Sort of looks to me like it's an apology in the same way that Alex Jones "apologized" for spreading lies about Sandy Hook.

 

[ElectricIAC]

Sort of looks to me like it's an apology in the same way that Alex Jones "apologized" for spreading lies about Sandy Hook.

I see now.

Please, Just say struggle session instead of apology.

Honesty is appreciated.

 

[Crutonius]

I see now.

Please, Just say struggle session instead of apology.

Honesty is appreciated.

A struggle session? No. I don't want that. I don't even want an apology. What I want is an explanation from him.

This story that he originally posted is complete fiction. There's hard evidence that refutes this narrative. If he's going to keep thinking that this was some gay lover spat then he might as well believe that the moon landing was fake.

Now I have been guilty of repeating some news stories that turns out to be false. Later on when I learn that the story was false I usually point it out in conversation. I don't actually apologize, I just explain myself. There's a lot of information out there and it takes work to sort out the truth sometimes. Happens to the best of us.

This last exchange was interesting. If I were in Elon's place and so and so tweeted something about being caught in their underwear I would have said something to the effect of "oh yeah, I heard that story too. but it turns out that it's actually wrong. Here's some links that straighten it out."

But this is not what Elon did. His response makes me think that he has some much contempt for one particular political party that he's willing to excuse assassination attempts with lies.

 

[Gauss Guzzler]

As bad as this whole situation is, I must say it will be hilariously ironic when Elon inevitably bans Joe.

https://twitter.com/x/status/1620138541937205250

 

[ElectricIAC]

As bad as this whole situation is, I must say it will be hilariously ironic when Elon inevitably bans Joe.

https://twitter.com/x/status/1620138541937205250

Does the Hummer even qualify for BEV credit?

 

[trayloader]

Does the Hummer even qualify for BEV credit?

Haha my thought exactly. What a zynic posting from the POTUS. It seems prio one was to have a photo op in a GM boat…..

Dependencies….

 

[STS-134]

But this is not what Elon did. His response makes me think that he has some much contempt for one particular political party that he's willing to excuse assassination attempts with lies.

He also manufactured a story about an assassination attempt on his kid as an excuse to ban the ElonJet account. Internet trolls like himself should know better and should know what the Streisand Effect is.