The following interesting posts recently appeared on the Yahoo/Finance/FAF/Message Board:
Fleet Street – London – UK – Reports
This interesting message posted by Leclezio on August 2, 2007 caused me to do some digging back.
Is it a mere coincidence that FAF presented at Lehman days before its stock price collapsed?
Did McMahon use his past connections and credibility at Lehman to dump an imminent loser on Lehman’s clients?
Consider the following statement by Kennedy at the time FAF’s Kennedy hired McMahon from Lehman: “McMahon, currently a managing director with Lehman Brothers Holdings, Inc., will join First American on March 31, 2006. Frank is an excellent investment banker who has a deep understanding of Wall Street, the capital markets and our industry said Parker S. Kennedy, chairman and chief executive officer of The First American Corporation. He has managed the West Coast financial institutions practice for Lehman Brothers for the last six years and managed a similar group for Merrill Lynch from 1994 to 1999.” Now consider that McMahon & Kennedy presented at Lehman Brothers' Tenth Annual London Financial Services Conference on May 17, 2007, at 11:40 a.m. EDT. Please check out the First American tell tale historical stock price fluctuation immediately following that presentation:
You will note that the stock went from $49.49 on May 11, 2007 to $55.14 on June 6, 2007 shortly after the presentation at Lehman back to a low of $40.93 on August 2, 2007!In message “Fleet Street UK Reports” posted on August 2, 2007 - Leclezio pertinently points out that:
“Historically this is nothing new. It is a repeat of the hysteria of the 1990s:Where there were conflicts of interest, say between the desire of investment banks to keep clients sweet by pumping up their stock price and the duty of investment banks to tell their smaller clients the truth, the big buck won and honesty lost.”
Do we have something far worse here?
Ex investment banker McMahon is presenting to clients of his ex firm ‘Lehman’, FAF stock, a company in which he has a major stake just before the stock goes down the toilet!
Ouch indeed!
Talk about conflicts of interest. Do those poor Lehman investors possibly duped by McMahon, Kennedy and Lehman have grounds for a major suit?
As if to make matters worse, Leclezio goes on to point out that shortly after that conference was held at Lehman Brothers' European Headquarters, located at 25 Bank Street, London, Lehman downgraded the First American Corporation!!!Ouch!!! Ouch!!! Ouch!!! Indeed!!!!I read ‘First American Title To Injustice.’ By Leclezio. It exposes other past similar scams By FAF chief execs.
I recommend Leclezio’s book to all those interested prior to either investing or dumping FAF.
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_F/threadview?m=tm&bn=6573&tid=9948&mid=9948&tof=14&frt=2
Re: Fleet Street – London – UK – Reports 7-Sep-07 12:53 am
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_F/threadview?m=tm&bn=6573&tid=9948&mid=9948&tof=14&frt=2
Re: Fleet Street – London – UK – Reports 7-Sep-07 12:53 am
Heard on the street - Seeking confirmation...
Frank McMahon & Parker Kennedy plan to present at Lehman Brothers again in September 2007.
The stock is expected to rise back to the same $55 ephemeral levels it reached following their last presentation on May 17, 2007.Investors can rest assured that back in May, McMahon and Kennedy had no idea the company would post losses and would be cutting jobs shortly after the presentation. Although Kennedy and McMahon are surrounded by all the latest IT, they manage to remain safely insulated from such critical info and vital corporate decisions within their IT (Ivory Tower)
Die hard FAF investors are urged to hold on to their shorts – even if weighed down with s… while P. K & F. Mc press rewind in front of loyal Lehman clients! What a difference a short 3 months can make! FAF went from $55.14 on June 6, 2007 to $39.97 on September 6, 2007!!!
But do not worry, the stock is expected to go back to $55.14 by the end of September 2007 if the presentation is once again hosted by friendly Lehman in London!
Re: Fleet Street – London – UK – Reports 12-Sep-07 01:03 am
Who do you work for nysemarketmaker? Lehman or First American?
Re: Fleet Street – London – UK – Reports 12-Sep-07 01:03 am
Who do you work for nysemarketmaker? Lehman or First American?
First American only announced on September 10, 2007 that McMahon & Kennedy would once again present at Lehman in September 2007? http://biz.yahoo.com/prnews/070910/lam15...
How could you already know and post that on September 7, 2007?
Nothing like being well connected!Let’s be frank! McMahon will pour the Mc mayo on. No one will look for the meat that is not present! Nothing like a saucy meatless talk to move that stock right back up to $55!
How much did Lehman clients pay for FAF stock in early June after listening to Frank & Parker in May 2007 in London?
Just as well FAF stockholders can rely on ‘Le Man’ from Lehman! What a convenient inside track!We desperately need Mc's solid past connections to fish that stock out of the toilet and get back in the chips!
