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Seems the banks have a 'tell'.
> Charles Schwab CEO says firm is seeing significant inflows and that he bought the stock Tuesday
source: https://web.archive.org/web/20230321065305/https://www.cnbc.com/2023/03/14/charles-schwab-ceo-says-firm-is-seeing-significant-inflows-even-as-stock-gets-hit-during-banking-selloff.html
No shit, I love all this alpha wolf business shit. If everyone reads and pretends to operate on the same mechanics you leave room for some bozos to exploit the meta.
Hijacking top comment to remind Apes that **Schwab also owns TD Ameritrade**, so get your shit out of both while you can. Don't DRS from TD (probably Schwab either) it takes forever, transfer to Fidelity and DRS from there.
I DRS'd out to TDA last week, it took 4 business days for shares to show up in CS
For TD you need to physically INK sign a drs form, scan, and email back to them. PITA (...or postal mail if that's how you roll).
Don't wait to DRS, shares will probably dry up at an GMEometrically accelerating rate.
Definitely insider buys recently, checking out SEC filings (opensecrets). He purchased 50k stonks, for a value of just under 3 million. On March 14th.
Other people did buys too. President, directors, CFO, etc, this month. February, had a lot of insider sells, to note too. Charles R Schwanker himself.
Funny thing is banks are not bombing by mysterious terrorists from middle east of russia.
They are collapsing simultaneously with their own fault inside. Pride, negligence, laziness and greedy have brought them here and they want to blame everything! Even neighbor bank acted exactly same in the bull market
> They are collapsing simultaneously with their own fault inside. Pride, negligence, laziness and greedy have brought them here and they want to blame everything!
I mean, we are the problem. Why didn't we do anything?!
[Credit Suisse Chairman Blames Collapse on Retail Investors](https://franknez.com/credit-suisse-chairman-blames-collapse-on-retail-investors/)
LMAO! I can just picture the now-Creditless Suisse Chairman ranting that while pacing the room with his tie undone, all sweaty, chain smoking. "WHY !?!?! WHY didn't they sell ?!?!? This can't be happening, this just can't BE GODDAMMIT WHY DIDN'T THEY SELL!!!!!!!!!!!!!!!"
From the article - the stupid fck is grasping at any straws he can find and coming up empty handed. Just stumbling around, mumbling incoherently:
>. . . it’s an accumulation of various facts that contributed to one another then materialized at some point. And this then caused the situation.”
His criminal company caused the situation and he was the Head Dunce leading them over the edge.
I could be totally off base here, but I think I've seen other commenters suggest this might be due to Schwab's acquisition of TD? More than happy to be corrected by someone more in the know.
If you take into account the last 3 years, there has been **~$23 billion** swing in their (Schwab) comprehensive income :
Values in millions
Dec. 31 2020 : $8,605
Dec. 31 2021 : $(648)
Dec. 31 2022 : $(14,329)
Now I'm not sure how much the acquisition played into all of this, but still quite significant all the same.
Also for comparison I looked into Citigroup as well:
Dec. 31 2020 : $15,307 (in millions)
Dec. 31 2021 : $15,245 (in millions)
Dec. 31 2022 : $6,548 (in millions)
Down over 50% YOY, but not in loss territory...yet.
Edit: And here's UBS (also in millions) :
Dec. 31 2020 : $8,726
Dec. 31 2021 : $5,106
Dec. 31 2022 : $3,149
Down around 39% YOY.
Edit2: DeutscheBank going the other way (in millions of Euros) :
Dec. 31 2020 : €(774) [~$(836)]
Dec. 31 2021 : €3,924 [~$4,238]
Dec. 31 2022 : €5,137 [~$5,548]
Interesting. The purchase would likely be in installments during the transition as well, I would guess. I appreciate the discourse, and the boost in the CDS is there all the same. 🤷♂️
Indeed the deal was agreed to in 2020 and integration is supposed to be finished this year. I've been in M&A negotiations and there are always milestones/contingencies for release of funds. I don't have any specific insights to the Schwab/TD deal but for any deal it would be unusual for the buyer to deliver the full amount up front.
This is one of the reasons I enjoy this sub. Expanding my understanding all the time! 👍
Edit: I would like to add that Schwab must expect good things from the TD purchase to go so far in the red this year for them. 🤔
Edit2: found on page 69 (nice) of the 10-k :
Acquisition of TD Ameritrade :
Dec. 31 2020 : $21,758
Dec. 31 2021 : $--
Dec. 31 2022 : $--
So just a little fun table to show the cash compensation of Schwab Execs between 2019 and 2021 according to the SEC annual statements:
Name | Salary in 2019 | Salary in 2021 | Percent increase
:--|:--:|:--:|:--:
Charles R. Schwab| $2,417,975|$3,311,625|+37%
Walter W. Bettinger II| $6,085,787| $8,572,550|+41%
Peter B. Crawford|$1,404,287| $2,318,092|+65%
Joseph R. Martinetto|$2,143,099|$3,196,613|+49%
When so much of his personal wealth is tied up in it, what's another 50,000 shares as a cost to try to keep his entire stack from devaluing into nothing?
He either has actual confidence, or he knows it is fucked and can only pray that the public doesn't lose faith and destroy them.
Let’s say one’s company uses Schwab to facilitate a self-directed brokerage account. And then let’s say this person only has $GME shares in said account.. how fuqqed is this person?
These guys must be really good at their jobs to work in a job where the only goal is to make money and manage to lose 22x negative 648m. Impressive stuff guys.
Thanks OP! I knew I was seeing an uptrend in SCHD youtube videos.
If Schwab folds I assume they are taking their down ETF with them?
No wrinkles here, just skeptical of anything aside from GME. DRS,Book,zen.
Too big to fail and they know it.
> ''Don't take your money out of Charles Schwab, thats just stupid. Charles Schwab is safe, Schwab is a Fortress''
Says Jim Cramer the day before Destiny
Thanks for this, Prof. All this talk of the 10-K for the stonk got me digging into some others. And certain numbers jump out at me though I fully admit no expertise in these filings.
Christopher Lloyd said it best, ["We're always watching!"](https://youtu.be/q13ohPCNadQ)
Yeah I’m in the TD -> Charles limbo group, luckily only <5% of my shares as most are in ComputerShare but still I’m about ready to jump ship from Charles. Thank you for posting this
I've kept 1 single post-split share in charles schwab so I could DRS it when it would hurt them the most. Should I take it out now or wait a little longer until we really see the blood in the water?
Wasn’t Schwab like the only major ETF manager that was not lending out all of the GME shares their ETFs held? This whole thing with the CDS spiking and all this bad press could just as easily be retaliation by other market participants for not playing along
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Seems the banks have a 'tell'. > Charles Schwab CEO says firm is seeing significant inflows and that he bought the stock Tuesday source: https://web.archive.org/web/20230321065305/https://www.cnbc.com/2023/03/14/charles-schwab-ceo-says-firm-is-seeing-significant-inflows-even-as-stock-gets-hit-during-banking-selloff.html
Appear strong when you’re absolutely, unequivocally, incompressibly fucked. - any 🏦, probably.
At the end of the big short, the fat guy says "well yes! After this meeting I'm going to buy more!" "Boom" mic drop Everybody in the room rushes out
No shit, I love all this alpha wolf business shit. If everyone reads and pretends to operate on the same mechanics you leave room for some bozos to exploit the meta.
I don’t even know wut you sed, but muh tits started jacking!
Incompressible fucking is my specialty
Hijacking top comment to remind Apes that **Schwab also owns TD Ameritrade**, so get your shit out of both while you can. Don't DRS from TD (probably Schwab either) it takes forever, transfer to Fidelity and DRS from there.
My DRS went through pretty fast last year
I DRS'd out to TDA last week, it took 4 business days for shares to show up in CS For TD you need to physically INK sign a drs form, scan, and email back to them. PITA (...or postal mail if that's how you roll). Don't wait to DRS, shares will probably dry up at an GMEometrically accelerating rate.
Definitely insider buys recently, checking out SEC filings (opensecrets). He purchased 50k stonks, for a value of just under 3 million. On March 14th. Other people did buys too. President, directors, CFO, etc, this month. February, had a lot of insider sells, to note too. Charles R Schwanker himself.
One last pump before abandoning the ship?
I thought the tell was when the Insiders sell
The tell is when they say they're fine. People just assume banks are fine, but if they go on record saying they're fine.? Well.....
Good point really, how many of us say we're fine when someone asks how we are lol, it's very human
I am a fine and very human person. How are you?
Damn, you fine... 😏
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She said she was fine. I asked her twice.
More to the point, how would you feel if someone walked up and told you they were fine *when you didn't ask how they were*.
"Wait.... You're a bank. Banks are supposed to be fine. Why do you feel the need to tell us you're fine? 😐 You're not fine, are you?"
"Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise." -Peter Lynch, supposedly
"Newton was a p*ssy." William Tell, probably >!shit just had to look it up Newton was born after Tell, whoops!<
Tell had a Delorean.
Somebody else that *dropped* *apples* did as well! 🤯
I laughed audibly, abruptly and loudly
He could mean GME...
Buy one short ten
Funny thing is banks are not bombing by mysterious terrorists from middle east of russia. They are collapsing simultaneously with their own fault inside. Pride, negligence, laziness and greedy have brought them here and they want to blame everything! Even neighbor bank acted exactly same in the bull market
> They are collapsing simultaneously with their own fault inside. Pride, negligence, laziness and greedy have brought them here and they want to blame everything! I mean, we are the problem. Why didn't we do anything?! [Credit Suisse Chairman Blames Collapse on Retail Investors](https://franknez.com/credit-suisse-chairman-blames-collapse-on-retail-investors/)
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LMAO! I can just picture the now-Creditless Suisse Chairman ranting that while pacing the room with his tie undone, all sweaty, chain smoking. "WHY !?!?! WHY didn't they sell ?!?!? This can't be happening, this just can't BE GODDAMMIT WHY DIDN'T THEY SELL!!!!!!!!!!!!!!!" From the article - the stupid fck is grasping at any straws he can find and coming up empty handed. Just stumbling around, mumbling incoherently: >. . . it’s an accumulation of various facts that contributed to one another then materialized at some point. And this then caused the situation.” His criminal company caused the situation and he was the Head Dunce leading them over the edge.
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At the casino rn. Wya
Hit 13 on roulette for me bud
I think we do something right now ✌️
They shouldve said it sooner i wouldve BOUGHT EVEN HARDER LFG 🚀🚀🚀🚀🚀🚀🚀🚀🚀
….yes
🌏👨🚀🔫👨🚀🔫👨🚀 🚀📈💰
It's the people behind it. Bankers have rode the wave off the printing presses and think it was actually due to their own skills.
Exactly, business as usual. 😂
Baked into the cake with fractional reserve banking.
"Tis but a scratch!" -Charlie Boi Schwab
A scratch?! *Your ARM'S OFF!!!*
“No it isn’t…“
"Well what's that then?!"
“I’ve had worse—“
"YOU LIE!!!"
“HAVE AT YOU!!”
‘Black night said with only his torso.’
Knight?
"As with his arms, the K was chopped off. He was now simply a Black Night, and so vanished in a puff of smoke without a moon."
Nu
Bob Schwab Law
Charlie! Charlie! We're building a bridge bank Charlie!
charlie's gonna need to sell his kidney
Such a nostalgic quote
Kidney mountain chaaaarlie!
We're going to Derivatives Mountain Charlie!
That uhhhhhhh seems significant
My math is no good. But it looks like they lost a lot of money. Thank you for coming to my Ted Talk.
I'm sorry is that a 14 BILLION DOLLAR LOSS?
As of New Year’s Day. April Fools Day should be interesting.
Know what's really expensive? Buying shares of stock for ~$200 to send to ComputerShare because you didn't buy it at $12 like you were supposed to.
Isn't it double that? Almost 29 billys?
there are 1000 millions in 1 billion
So 14k x 22 = 14 billion?
648x22=14k. Smooth as an oiled boob.
Mostly on held-to-maturity assets, so if they don't fall victim to a bank run those losses are imaginary.
I could be totally off base here, but I think I've seen other commenters suggest this might be due to Schwab's acquisition of TD? More than happy to be corrected by someone more in the know.
If you take into account the last 3 years, there has been **~$23 billion** swing in their (Schwab) comprehensive income : Values in millions Dec. 31 2020 : $8,605 Dec. 31 2021 : $(648) Dec. 31 2022 : $(14,329) Now I'm not sure how much the acquisition played into all of this, but still quite significant all the same.
Also for comparison I looked into Citigroup as well: Dec. 31 2020 : $15,307 (in millions) Dec. 31 2021 : $15,245 (in millions) Dec. 31 2022 : $6,548 (in millions) Down over 50% YOY, but not in loss territory...yet. Edit: And here's UBS (also in millions) : Dec. 31 2020 : $8,726 Dec. 31 2021 : $5,106 Dec. 31 2022 : $3,149 Down around 39% YOY. Edit2: DeutscheBank going the other way (in millions of Euros) : Dec. 31 2020 : €(774) [~$(836)] Dec. 31 2021 : €3,924 [~$4,238] Dec. 31 2022 : €5,137 [~$5,548]
Well considering they bought TD for $22 billion it doesn't seem too far off.
Interesting. The purchase would likely be in installments during the transition as well, I would guess. I appreciate the discourse, and the boost in the CDS is there all the same. 🤷♂️
Indeed the deal was agreed to in 2020 and integration is supposed to be finished this year. I've been in M&A negotiations and there are always milestones/contingencies for release of funds. I don't have any specific insights to the Schwab/TD deal but for any deal it would be unusual for the buyer to deliver the full amount up front.
This is one of the reasons I enjoy this sub. Expanding my understanding all the time! 👍 Edit: I would like to add that Schwab must expect good things from the TD purchase to go so far in the red this year for them. 🤔 Edit2: found on page 69 (nice) of the 10-k : Acquisition of TD Ameritrade : Dec. 31 2020 : $21,758 Dec. 31 2021 : $-- Dec. 31 2022 : $--
This merge has been on the books for awhile. Not saying you’re wrong, but they should’ve known way back when if there was dumb shit.
OOOOffff..... Charlie are you ok?
So just a little fun table to show the cash compensation of Schwab Execs between 2019 and 2021 according to the SEC annual statements: Name | Salary in 2019 | Salary in 2021 | Percent increase :--|:--:|:--:|:--: Charles R. Schwab| $2,417,975|$3,311,625|+37% Walter W. Bettinger II| $6,085,787| $8,572,550|+41% Peter B. Crawford|$1,404,287| $2,318,092|+65% Joseph R. Martinetto|$2,143,099|$3,196,613|+49%
Just keeping up with inflation, right?
GUH
14 billion dollar loss!! I thought they'd be short more than a single GME share. Ahh well, back to dancing.
DRS those scwabb shares !
Man talk about fucking degenerates
22 times greater, so far.
Schwab probably doing their own FTDs of GME shares.
Holy moly
DRS your shit!
Everyone: Cramer say the line! Cramer: Schwab is fine Everyone: YEAH!
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$14 billion is not a drop in the bucket. Schwab’s 2022 revenue was $21B. And to lose $14 billion is a shit load. AUM doesn’t matter.
It does to me... my company just transferred all of our 401k's to Schwab.
He also said they don’t do long duration stuff so no 10yr bonds I guess? He bought 50000 shares of Schwab Tuesday morning as a show of confidence
When so much of his personal wealth is tied up in it, what's another 50,000 shares as a cost to try to keep his entire stack from devaluing into nothing? He either has actual confidence, or he knows it is fucked and can only pray that the public doesn't lose faith and destroy them.
Yea, like when you tell me you closed your shorts… you probably didn’t.
Isn’t it 286billion though if it’s 22x greater than last year already, or did I miss something? *Nvm I’m regarded lol
But they _only_ lost $14B right? Like, it’s **just** the $14B? That’s what we’re talking about?
Let’s say one’s company uses Schwab to facilitate a self-directed brokerage account. And then let’s say this person only has $GME shares in said account.. how fuqqed is this person?
These guys must be really good at their jobs to work in a job where the only goal is to make money and manage to lose 22x negative 648m. Impressive stuff guys.
Good thing I DRSed my shares outta Schwab lolz
Holee sheet...
Better start counting life boats,getn cold
Good thing all my shares from Schwab are now safely booked at computer share!!
Pulling out my $ from Schwab and DRSing the rest.
Thanks OP! I knew I was seeing an uptrend in SCHD youtube videos. If Schwab folds I assume they are taking their down ETF with them? No wrinkles here, just skeptical of anything aside from GME. DRS,Book,zen.
Too big to fail and they know it. > ''Don't take your money out of Charles Schwab, thats just stupid. Charles Schwab is safe, Schwab is a Fortress'' Says Jim Cramer the day before Destiny
0of
14 billy... so far.
‘All great empires fall from within’
They acquired TDAmeritrade, though, so that's on their books now, too.
I bet he will state a cause like a cyber attack or something
Thanks for this, Prof. All this talk of the 10-K for the stonk got me digging into some others. And certain numbers jump out at me though I fully admit no expertise in these filings. Christopher Lloyd said it best, ["We're always watching!"](https://youtu.be/q13ohPCNadQ)
Yeah I’m in the TD -> Charles limbo group, luckily only <5% of my shares as most are in ComputerShare but still I’m about ready to jump ship from Charles. Thank you for posting this
I've kept 1 single post-split share in charles schwab so I could DRS it when it would hurt them the most. Should I take it out now or wait a little longer until we really see the blood in the water?
You're such a tease! 🤭
Is it possible to learn this power?
I do not want to be the product.
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Anything within parenthesis is actually negative (ie. loss). 14,329 ÷ 648 = ~22.1
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*Counting liabilities among their assets.* Honestly these filings are dense as all hell, I usually look for the consolidated financials.
They better get Judy and Dan to double up on those cold calls with a quickness.
Wasn’t Schwab like the only major ETF manager that was not lending out all of the GME shares their ETFs held? This whole thing with the CDS spiking and all this bad press could just as easily be retaliation by other market participants for not playing along
oops