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Strategies & Market Trends : BAK - Investing

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To: batman10023 who wrote (334)	3/1/2012 5:32:31 PM
From: Spin.	1 Recommendation Read Replies (1) of 3249

re cash:ots vs occ the upside on point 3 is CASH being allowed to reintroduce iadavance product on the cards in line with WFC/UBS prepaid programs. ots banned the programs occ seems to think they are fine. point 3 - yes i modeled 8-8.5% ratios requirement back during the day when it looked like OTS was going to force the raise vs earnouts. The need another ~15MM for the 8% to be hit after taking into account the Q2 GNMA sale. point 5 - agree its a threat. its happening at the moment. Also gov and WMT etc prefer ubs/wfc programs. point 7 - which is why it always sells cheap. Until the FIDC overhang and t1/rwa ratio is resolved your upside is capped. The cant earn 15MM quickly - also the MPS deposit growth is capped go forward to internal capital generation to keep the 8% ratio in line. Best think would be for occ to allow iAdvance back. If you call the CEO again id drill into that as UBS/WFC are allowed to offer this. Spin

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