The Seven Deadly Sins of Banking!

George Soros flip-flopped on the market after the G-20 last week, because the rising prices starting to shake him up. today he flopped again, back to the dark side!

He said his back-ache is what tips him off to changes in the market!
http://aaronandmoses.blogspot.com/2009/04/rising-markets-make-viewpoints-change.html

Today, Meredith Whitney, the femme fatale of Wall Street, became decidedly less bearish on Wall Street. Maybe she got a back-ache!
http://aaronandmoses.blogspot.com/2009/03/one-femme-fatales-fatal-flaw.html

On Tuesday, March 17, Meredith said to sell the banks. Today she changed her tune, even though she says the banks won't be out of the woods until mid 2010, but that the bank capital ratio's are sure to get better.

That's a change of more than a few years from her previous viewpoints!

She also said, that the recovery in housing is "the head fake of all head fakes."

She'll soon get a backache on that housing call as the recovery will surely fake her out too!

The next person to get a back ache will be Mike Mayo, who came up with one of the most simplistic and trite viewpoints on banks that I had ever seen. He called it the Seven Deadly Sins of Banking, and it got a lot of press on CNBC this morning.

"The seven deadly sins of banking include greedy loan growth, gluttony of real estate, lust for high yields, sloth-like risk management, pride of low capital, envy of exotic fees, and anger of regulators."

Now I might be biased, because I picked up the original artist proofs of Adolphe-Leon Willette's Seven Deadly Sins from the Art Nouveau Movement in Paris from a seller on ebay in Toronto a few years back. The set I picked up had the original markings and the notes addressed to his grandaughter. I picked it up at 10 cents on the dollar. The seller didn't know what he was selling!

I'd put a picture of them here, but they are too baldy, so I'll act like the Wall Street TARP, and pull a bait and switch, and give you "Envy" from Andre Lampert, who was also another artist from the Art Nouveau movement, who also had a wonderful Seven Deadly Sins set. The front cover of this set, was signed in pencil by Andre, and dedicated to the editor, one of eight sets that he kept for himself.

Unfortunately, with this set, I paid full price.

The seller in Canada didn't know what he had, while the other person did.

It's the same here with the banks.

I knew what I'm buying, but maybe this time, Mr. Mayo doesn't know what he is selling! This call is Mayo's deadly sin!

So I've bought the Seven Deadly Sins that are in the lithograph version, but I'm not buying Mayo's Calyon Credit Agricole Seven Deadly Sins of Banking report, even though they are headquartered in Paris.

I already have the Seven Deadly Sins from France!

And they, like the bank stocks, aren't going down in value, but up!