*full disclosure: I used to work here.
Mutual Fund managers are a bunch of whoores and ijiots! Stop wasting your money paying these guys to manage yours. They do not know what they are doing. All they had to do was read the balance sheet over the past few months. Do they? NO! So now us, the US taxpayer, will have to bail out this bank just like GS, JPM, WFC, BAC, and on and on and on...until we wake up one morning to find that actually, the US taxpayer has just bought every company in America. Yellow Trucking should apply for TARP, they'd probably get it!
Ameriprise's RiverSource Raised CIT Stake In 2Q
NEW YORK (Dow Jones)--The largest shareholder in troubled CIT Group Inc. (CIT) is a group of mutual funds run by Ameriprise Financial Inc. (AMP), which bought nearly all of its 11% stake in the past 10 months.
That Ameriprise subsidiary, RiverSource Investments LLC, bought 12.7 million shares between March 31 and June 30, bringing its stake to 44.3 million, according to a July 10 regulatory filing.
RiverSource isn't alone; other institutional holders, according to regulatory filings in recent months, include Fidelity Investments, Brandes Investment Partners LP, Vanguard Group and Wellington Management. Another investor is hedge-fund manager Edward S. Lampert of ESL Investments, who owns a controlling stake in Sears Holding Corp. (SHLD). The filings don't disclose more recent trading, and these investors could have sold CIT shares since reporting their positions.
While RiverSource's 44.3 million shares are as of June 30, many other institutional holders reported their positions as of the end of the first quarter, like ESL. Securities and Exchange Commission rules require certain investors to disclose stock positions within 45 days after the end of a quarter. For holders of 5% or more of stock, like RiverSource, the rules are more stringent.
*MORONS
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