something just clicked, page-49

Buffett,

"Banks are not their biggest shareholders. Sallelites like Colonial Property Trust may hold some shares but these are managed for unitholders. Banks are creditors not shareholders, big difference!"

I don't like the way the word "banks" is used in these threads.
it is too generalized.

here are my thoughts in response to your comment
i am sure you can shoot me down, but thought it worth bringing to attention, for other non sophisticated investors:

----------------------------------------------

post #3293316 by Manobo

Substantial Shareholders

1 HSBC Custody Nominees 16.3%
2 J P Morgan Chase 12.4%
3 National Nominees 11.4%
4 Citicorp Nominees 7.6%
5 Commonwealth Bank of Australia 7.2%
6 Citicorp Nominees Pty Limited 7.0%
7 Me E0.00000?% could not find a calcultar with enough digits!

----------------------------------------

http://bloomberg.com/apps/news?pid=20601206&refer=realestate&sid=aQX8NTASfwow

Centro's main creditors are Commonwealth Bank of Australia, Australia & New Zealand Banking Group Ltd., National Australia Bank Ltd., JPMorgan Chase & Co., Royal Bank of Scotland Group Plc and BNP Paribas.

-------------------------------------------------

I note that JPM and the commonweath bank are present as both creditors and shareholders.
from my understanding, JPM is closely associated with CB's
i tend to lump the whole lot together as one big racket.

another point, written by coppertop, that i feel has some merit, and should be taken into consideration is:
"When they get money back after the liquidators have sold assets then they can write it back to the P and L."

that is my research for tonight


i missed the close today.
there is 157 on the offer at 11 and 730 on the bid at 10.5
would have thought that it would have closed at 11, not 10.5
what happened?

also i note that your sentiment has become very down to earth (to put it mildly), yet you still hold.
i find that rather intriguing, but i would be surprised if you didn't have good reason to do so.

cheers all