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To Our Clients, Colleagues and Friends,

• Did you notice a few times last week that yields on mortgages were lower than on 30-year Treasury bonds. That shouldn’t be possible, but stranger things have happened. Like when Sonny Bono got elected to Congress.


• We’re always surprised that people will pay a consultant to help them choose a hedging advisory service. We help clients do this all the time, and we don’t charge a dime.  We know all the major hedging services, their nuances, and the reasons why one might be a better fit than another.  You don’t need to pay someone for this!


• Many of you coming to San Francisco for our Client Appreciation Dinner are staying an extra 2-3 days, Movie All About Eve Online, so here are a few suggestions:  Have dinner at Tadich Grill for a real San Francisco meal, try Calzone’s (get a sidewalk table) and Rose Pistola, both great North Beach Italian restaurants, and go to Tosca nearby for a drink. 
  
  The jukebox at Tosca mostly plays Opera, and you might even see Francis Ford Coppola having a drink there. Try Brandy Ho’s for good Chinese food and Yank Sing for the best Dim Sum outside of Hong Kong . Skip Alcatraz but take a boat tour of the Bay.


• You should also find a bench at Washington Square Park and watch Chinese grandmothers doing stretching exercises, old Italian men playing bocce ball, artists displaying their work, families picnicking, and the ubiquitous dogs chasing Frisbees.  Across the street is St, Download All About Eve for iPod. Watch All About Eve Movie Online, Peter and Paul Church, and go inside for a moment of beauty and quiet contemplation.   Everyone will tell you that this is where Joe DiMaggio and Marilyn Monroe got married, but like the myth that DiMaggio was a really nice guy, this is simply not true.  They were married at City Hall but then drove to this Church. They had publicity photos taken of them walking down the Church steps, as if they’d just been married.


• Speaking of Joe DiMaggio, on October 17, 1989, Watch All About Eve Online, I was heading home on the Bay Bridge when the Loma Prieta earthquake struck, and after part of the Bridge collapsed and after everyone finally realized we were still alive, we all had to turn our cars around and head back into downtown.  I tried racing through the City to get home over the Golden Gate Bridge , and just as I got there, fire trucks blocked the way and firemen made everyone get out of their cars to help them. The water pipes had broken everywhere, Download All About Eve for iPod, and they had pumps drawing water from the Bay but needed people to haul the hoses 4-5 blocks to the fires that seemed to be everywhere. 
  
  When we finished carrying these hoses, I ran over to Jefferson Street to look for my girlfriend, Lea Haratani.  When I got there, her apartment building had collapsed on itself, and I was screaming her name and trying to get in to see if she was trapped inside. A woman cop came over and told me to leave before the rest of the building toppled onto me.  I once saw a book about the earthquake that had a photo of me trying to find her in the rubble.  In this photo of Lea’s building, what looks like the first floor is actually the second floor. Download All About Eve for iPod, Anyway, the whole point of this digression is that when I was looking for my car, who should I pass on the sidewalk but the one and only Joe DiMaggio, a resident of that neighborhood.  I said something very innocuous like “Wow, can you believe this is actually happening?” and he told me “Get lost!”  Nice guy, huh?  Older bartenders around town will tell you what a jerk he was.


• Early in my career, I liked to keep our loans-to-deposit ratio right around 100%, but if I were setting policy at a bank today, I think I’d set a ceiling much lower, maybe 85% or so. This is a big generalization, Download All About Eve 1080p, but I think bankers push this ratio higher simply because it’s an easier way to grow interest income than doing all the hard work to get more low-cost deposits. It’s core deposits, not loans, that build value, and I didn’t appreciate that early in my career as much as I do today.

A kind of simplistic proof of the value of deposits is that banks typically trade at a premium on deposits but a discount on loans. Put another way, Download All About Eve for BlackBerry, properly priced deposits have zero downside, but even an appropriately priced loan can go bad.

• For those of you coming to San Francisco for our Dinner, here is what people have said or written about our cool, gray city of love.  Columnist Herb Caen wrote “One day I’ll go to heaven and I’ll look around and say, it ain’t bad but it ain’t San Francisco .”  This is the logo of his daily column, something everyone absolutely had to read before starting the day.
  
  Herb Caen taught us all to be disdainful of Los Angeles , and it’s still a part of our culture.  He cleverly wrote “Isn’t it nice that people who prefer Los Angeles to San Francisco live there?”  My daughter once said something about L.A, Download All About Eve for iPod. being a cultural wasteland, Download All About Eve, and I said, “Hey, you’ve never even been to L.A. ” and she said, “Yeah, well, Download All About Eve Movie, it is.”  She was probably 12 at the time.
  Dylan Thomas wrote “ San Francisco has everything. You wouldn't think that such a place could exist” and Rudyard Kipling wrote " San Francisco has only one drawback.  It’s hard to leave."  Here’s a good photo of Kipling, who doesn’t look like he was capable of enjoying much of anything.
  Download All About Eve for iPod, Mikhail Gorbachev  commented  “If I were your President, I would levy a tax on you for living in San Francisco!" and Paul Kantner of Jefferson Airplane once said that "San Francisco is 49 square miles surrounded by reality."  President Taft called it “The City that knows how” and Oscar Wilde wrote that “Anyone who disappears is said to be seen in San Francisco .”
  


• Our fair city has lots of hills, and William Saroyan once wrote “When you get tired of walking around in San Francisco , you can always lean against it.”  So wear nice shoes to our dinner but bring sneakers for walking around.
  By the way, Fisherman’s wharf is a bit too touristy, but the cable cars are fun, and the Wells Fargo Museum is a must, Download All About Eve HQ. It’s only 3-4 blocks from the Palace Hotel where our dinner is, and it tells the story of how Wells Fargo and the once-Wild west were so interconnected.  It’s on the 400 block of Montgomery , it’s free, and it’s worth seeing.
  


• John Lennon said “Yoko and I are crazy about this city.  First time we came here, we walked the streets all day, Download All About Eve HD, all over town and nobody hassled us. People smiled, and we knew we could live here. We'd like to have an apartment here.  Los Angeles, Download All About Eve for iPod. That's just a big parking lot where you buy a hamburger for the trip to San Francisco ." 
  


• Everyone knows Mark Twain’s comment that “The coldest winter I ever spent was one summer in San Francisco ” and it’s true.  I’ve been sweltering in Chicago in 100 degree weather in the morning, and when I fly home and step into the cool, foggy summer night at SFO , I think to myself ”God, I love this city.”   
  On the rare occasion when it gets to 80 degrees, Download All About Eve for PDA, people act like they’re going to die, but after a day or two, the fog creeps in and cools the city off. Natural air conditioning, we call it.  Isn’t this a great picture of the fog rolling through the Golden Gate Bridge to blanket the city?  Living here can be like living inside a beautiful cloud.
  
  


• I’ve had a love affair with San Francisco since I was a little boy sitting in the back of a station wagon when the whole family would drive into the City for dinner or a show.  Even when you’re really young, Download All About Eve IPOD, seeing the City from the Bay Bridge is magical. We live on the edge of the continent but we feel like we’re in the heart of the world. Download All About Eve for iPod, Welcome to our City.
  


• Although I loved the lending side of banking, one of the most enjoyable parts of my career was handling the Treasury function. I think I did a decent job, but if I were to do it again, I’d place a little less emphasis on maximizing yield and little more on pure safety. The real point of an investment portfolio is to have liquidity, Download All About Eve DVD, not to make incremental income, but I wonder if I could have resisted the Wall Street salesmen when they were peddling those high-yielding Freddie Mac and FNMA preferreds.
  

• Looking for a company to handle settlement services, credit reports, appraisal management, escrow, and continuing education?  Check out American Reporting Company (arcorp.com).  We hear good things about them, Download All About Eve AVI, especially in the Northwest.


• There were only three bank failures in all of 2007, and we’ve had already had 146 banks go under in 2010.  How many more banks will fail before the cycle turns?  One good measurement is the Texas Ratio, and when a bank’s number is over 100%, there’s a good probability it will fail.  There are 436 banks over 100%.  Most will fail.

The Oregon Ducks beat Cal on Saturday, and  you’ve never seen a team like Oregon . They didn’t have a single huddle all game. They finish a play, and bam, they’re right back on the line starting another one.    

The Ducks are 11-0 and are #1 in the polls. And did you know that their mascot is the only one ever designed by Walt Disney. Doesn’t it look like his style.

Helping lenders increase revenues, control costs, and better manage risk.

Bonus: Ten keys to survival and 8 leadership rules

• Mike McAuley   (281-250-2536)


• Joe Garrett      (510-469-8633)


• Corky Watts     (408-395-5504)

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