Wall Street Manna

An irreverent look at Wall Street

Wednesday, February 17, 2010

Another Obama tale

Just listen to this speech, in his pulpit dialect. It was riveting, and almost mystical. Except it just wasn't true.

Here he tells the audience that Kennedy airlifted his Dad over to study with a scholarship. You have to listen to the speech, because he's just really selling it. But if you on the right side, and you can't handle the rhetorical flourishes, here's the transcript:

"It worried the folks in the White House who said, 'You know, we're battling communism. How are we going to win hearts and minds all across the world if right here in our own country, John, we're not observing the ideals set forth in our Constitution? We might be accused of being hypocrites. This young man named Barack Obama got one of those tickets and came over to this country. He met this woman whose great-great-great-great-grandfather had owned slaves. But she had a good idea there was some craziness going on, because they looked at each other, and they decided that we know that (in) the world as it has been it might not be possible for us to get together and have a child."

So here's the manifest, of those airlifted over. Barack Obama Sr? Missing in action.

But it still was a hell of a story, by  the storyteller in chief!

The Background Memorandum for Senator Kennedy is here.


At February 17, 2010 at 9:07 AM , Anonymous Anonymous said...


Would you take profits on MGM Feb calls, or roll the dice on earnings tomorrow?

At February 17, 2010 at 9:49 AM , Blogger Palmoni said...

Me? I go for it!

These companies can massage earnings and Goldman likes them--I think they'll be good.

But I'm one that always plays earnings--because most people I know don't!

And the only time I get to roll the dice is with earnings. Better odds than craps!

At February 17, 2010 at 10:19 AM , Anonymous Anonymous said...

any thoughts on PRGN?

At February 17, 2010 at 10:21 AM , Blogger Palmoni said...

that stock wore me out--it just didn't move even tho I think its cheap

At February 17, 2010 at 10:27 AM , Anonymous Anonymous said...

Obama's speech was as good as the story was false.

At February 17, 2010 at 10:30 AM , Blogger palmoni said...

Wasn't it great though? But he had to embellish it!

He's the salesman in chief. Look at the folks hiring snow shovelers in DC-wearing the Obama hat hoping they'll get some stimulus money hiring the hitchhikers going to DC to shovel snow!

That being said--I'm bullish on the stimulus money in the pipeline!

At February 17, 2010 at 10:32 AM , Anonymous Anonymous said...

I cant even hit the play button on Obamas "stuff" anymore, he is sickening.

At February 17, 2010 at 10:37 AM , Anonymous Anonymous said...

Palmoni, can you please explain to me why GGP was still tradeable? Didn't they file for BK? And when you do don't you lose it all?


At February 17, 2010 at 10:38 AM , Anonymous Anonymous said...

Btw HUSA is still roaring...are you playing CCME?

At February 17, 2010 at 10:44 AM , Anonymous Anonymous said...

Obama is really the best.

At February 17, 2010 at 10:52 AM , Blogger Palmoni said...

yeh HUSA is SCREAMING!!!! did anyone see the story in the WSJ? I'll post everything tonite

NEW YORK (Dow Jones)--Shares of Houston American Energy Corp. (HUSA) hit a 52-week high Tuesday, boosted by the success that Petrominerales Ltd. (PMG.T, PMGLF) is having with Colombian oil wells near acreage Houston American is soon expected to drill.

Colombia-based Petrominerales announced Monday that its Candelilla-2 well in Colombia is now producing more than 15,800 barrels per day. This is the second well into the newly discovered Candelilla structure. The first well, Candelilla-1, has flowed naturally at an average sustained rate of 12,400 barrels per day, Petrominerales said.

It costs about $10 million on average to drill a well in this area, Global Hunter Securities analyst Philip McPherson said. So at the rates the Candelilla wells are producing, a company working in this area could earn back its investment in less than a month, he calculated.

"There’s nothing in the U.S. you can drill onshore that will give you that kind of bang for your buck," he said.

Houston American Chief Financial Officer James Jacobs said the company is a 25% stakeholder in an exploration block called CPO 4, which abuts the area Petrominerales is drilling. South Korea’s SK Energy Co. (096770.SE) owns the rest of that CPO 4 stake, Jacobs said.

"We’re very excited about the prospects we have and about recreating some of the success Petrominerales has had," Jacobs said.

At February 17, 2010 at 10:53 AM , Blogger Palmoni said...

yeh I'm in CCME it look slike it is ready to move again

At February 17, 2010 at 10:56 AM , Blogger Palmoni said...

GGP just went over to the pink sheets the closest to what happened to GGP is what happened to Uhaul--(Amerco) that went into BK

here's that story in theNYT


since creditors get paid, the overage goes to shareholders--this time General Growth was the buy

At February 17, 2010 at 11:49 AM , Blogger Palmoni said...

MGM earnings preview


At February 17, 2010 at 3:30 PM , Anonymous Anonymous said...

Palmoni, are we topped out now ? do you think there is a sell off coming?

At February 17, 2010 at 3:36 PM , Blogger palmoni said...

no--we had the sell-off/correction already--It was too sharp and vicious for us to fall back now--we go through 1100, and then 1170 should be the next target

At February 17, 2010 at 4:02 PM , Anonymous Anonymous said...

Well we're almost there already... so then what??

At February 17, 2010 at 4:06 PM , Blogger Palmoni said...

1170 on the S&P is still 6.6% away!

That should be the first resistance--break thru to new highs and 10% above lows hit last week


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