Silver State Bancorp Update - Loses much worse than projected

[grantcart]

Originally the bank where Andrew McCain served for director for 116 days (and the shareholders lost $ 100,000,000 in stock value during that time) was originally thought by analysts to lose about $ 0.65 per share ended up losing $ 4.84 a share for a total of $ 73.2 million. McCain was chairman of the audit committee and quietly resigned before the 2nd quarter loses were reported.

Stock closed at .83 at end of trading Thursday

http://www.azcentral.com/business/articles/2008/08/14/20080814biz-silverstatebrief0814-ON.html

Silver State Bancorp. on Thursday said that its second-quarter loss was worse than previously announced, blaming the plummeting value of a commercial land parcel.

The Nevada-based bank, which is expanding in Arizona, said its net loss for the quarter that ended June 30 was $73.2 million, or $4.84 a share. The bank previously put its loss at $62.7 million, or $4.15 a share.

Silver State said it received an updated appraisal on the collateral of one of its commercial land loans. The appraisal led Silver State to raise its provision for loan loss reserves to $69.1 million for the quarter from the previous $58.6 million.

[The Magistrate]

1. So, Sir, McCain's Son Is A Thieving Swindler: Good To Know

[grantcart]

2. Doubtful Sir that any swindling was taking place unless McCain was selling short

or if he was unloading personal shares. It does point to continued incompetence of the whole system of which they profit and even more important, in my opinion, of their cowardice and refusal to publicly face the problems. They want to profit by the system that makes McCain the 3rd richest man in the Senate but are afraid to publicly confront the events that have robbed their shareholders of over $ 100 million.


(does anyone know how we can check if any of the Directors of this company sold personal shares during the 2nd Q?)

[The Magistrate]

3. Some Of That Hundred Million Will Be In His Pockets, Sir: It Is A Talent These Types Are Born With

[grantcart]

5. Actually the ones that have that kind of talent also have the brains never to

get themselves on the board where they will receive scrutiny. The fact that the family has money in excess of $ 100 million but still finds itself needing appointments to local corporations that expose them to public scruitiny and exposure shows that they are neither very clever about it and still very needy for public approbation.

It is this last psychological dimension of the McCain family - constant need for public approval that is the most similar to George Bush and his petulant need to win a war in Iraq where his father failed. Does anyone else get the impression that Senator McCain has a desperate need to win the election but really very little interest in actually being President?

[Barack_America]

4. And yet McCain's involvement still escapes the media's attention...

This family can steal drugs, forge prescriptions and bankrupt companies and get away with nary a scratch.

Unbelievable.

[nc4bo]

6. .62 going down after going up.

[grantcart]

7. thanks

wall street journal finally ran a story

will start another thread tomorrow