September 2008

  • News

    Write-Offs: 09.30.08

    $$$ The Google Stock Plunge [Dealbook] $$$ HedgeFundGirls Dot Com [FINalternatives] $$$ Marc Ecko: Gentleman & Patriot [1-2] And from today’s Wall Street Journal:

    / Sep 30, 2008 at 6:40 PM
  • News

    Score One (Zillion) Points For The Gutless Hypocrites!

    I know we work up a lot of righteous indignation on behalf of the short selling community over the ass backwardness that is the ban. All of it it warranted– especially that which is thrown at people like the proprietors of GLG and Man Group– but this might actually be the last time we act […]

    / Sep 30, 2008 at 6:22 PM
  • News

    Excellent News From The Ministry Of Price Control!

    At least if the Wall Street Journal is to be believed, the short sale ban will be extended for at least a week or two after the original October 2nd sunset date. Doubtless the incredible success of the plan (see attached chart after the jump), put into place on September 19th, and its immense popularity […]

    / Sep 30, 2008 at 5:24 PM
  • News

    Something I Call ‘HFV’

    As you know, the Securities and Exchange Commission came out with some news today. We consulted an expert on the matter, and he suggested that Cox and Co. take things one step further. And when you think about it, it’s really not that giant a leap from one to the next. His thoughts are after […]

    / Sep 30, 2008 at 4:49 PM
  • News

    Kicking It With The FASB

    A review of “fair value” accounting promises to be a long, painful procedure that not only carries with it the possibility of severe and potentially deadly infection, but entails a long recovery time and is likely to reveal any number of other tumors and growths that threaten to be a bigger deal than the original […]

    / Sep 30, 2008 at 4:12 PM
  • News

    SEC: “Why Don’t You Just Tell Us What You Want The Value To Be?”

    Press Release (plus Q&A!) from Coxville: FOR IMMEDIATE RELEASE 2008-234 Washington, D.C., Sept. 30, 2008 — The current environment has made questions surrounding the determination of fair value particularly challenging for preparers, auditors, and users of financial information. The SEC’s Office of the Chief Accountant and the staff of the FASB have been engaged in […]

    / Sep 30, 2008 at 4:00 PM
  • News

    Layoffs Watch ’08: UBS

    Bloomberg reports that the Swiss bank is going to eliminate 1900 employees in investment banking, equities and fixed income. They’re also planning on announcing a $2.7 billion write-down, probably tomorrow.

    / Sep 30, 2008 at 3:41 PM
  • News

    Who’s Feeling Good Today?

    [click to view]

    / Sep 30, 2008 at 3:25 PM
  • News

    Is Our Congresswomen Learning?

    Good Morning America interviewed Representatives Marcy Kaptur (D-OH) and Marilyn Musgrave (R-CO) this morning; both were on Team Nay yesterday at the Patriot Act Rescue Bill game.* If you don’t have time for the six minute clip, just start paying attention at around 4:45. That’s when Kaptur says “I think one of the problems is […]

    / Sep 30, 2008 at 2:40 PM
  • News

    Presented Without Comment: 48 Hours of Crisis Photography

    After the jump.

    / Sep 30, 2008 at 2:38 PM
  • News

    Short Race To The Bottom

    Yeah, it figures. Taiwan has banned short selling in equities. Period. The brilliant and original move is aimed at “preventing short-sellers from depressing the market and [at] boosting investor confidence….” Taiwan, I believe I may have detected the flaw in your plan. Taiwan bans short-selling on shares of any company [Reuters]

    / Sep 30, 2008 at 2:30 PM
  • News

    Corzine on Bailout: “We’ve Got To Pass This Damn Thing And Get Moving.”

    Is there really anything else to add?

    / Sep 30, 2008 at 2:21 PM
  • News

    FASB and SEC Make Nice-Nice

    Mark-to-Market is a love it or hate it sort of topic. Either you think its critical to proper disclosure or you think its tearing the financial system apart. Either way, you probably will want to pay attention to what happens when the US Accounting Board and the SEC emerge from their tender love-making session, and […]

    / Sep 30, 2008 at 1:55 PM
  • News

    The Mystery CEO Who Took His Firm Off The No-Short List

    CNBC has been building the fake suspense for three commercial breaks now. Who could it be? What penetrating commentary should we expect? We are game. And easily amused. So we got excited when we heard. We fantasized that it was David Einhorn of the Einhorn Eagle Scouts or someone. It is “Ric Dillon.” What a […]

    / Sep 30, 2008 at 1:35 PM
  • News

    Who Put The ‘B’ In CNBC?

    The November issue of Vanity Fair has a story featuring two ladies near and dear to all of our hearts: Maria Bartiromo and Erin Burnett. Specifically, what may or may not be a network-manufactured rivalry between the “Money Honey” and the “Street Sweetie.” Both parties claim the catfight is in no way based in reality, […]

    / Sep 30, 2008 at 1:03 PM
  • News

    What We Have Here Is A Failure To Communicate

    Congressmen supposedly want to hear from their constituents regarding the bailout. Unfortunately, many people are receiving the following auto response after shooting emails to their House Representatives to say “Hi? Could you please pass this thing? Thx” or “Fuck Fat Felines“:

    / Sep 30, 2008 at 12:44 PM
  • News

    Adventures In Absurdly Unfounded, Highly Suspect Rumors

    1. “Speculation that President Sarkozy’s meeting with banking officials today will result in a guarantee of the French bank debt similar to the move in Ireland this morning.” 2. “Whispers of a coordinated rate cut by the Swiss, ECB, Canada and US by noon tomorrow.”

    / Sep 30, 2008 at 11:59 AM
  • News

    September Madness

    [click to enlarge] Since you are businessmen and ladies, you surely know that even when every institution in the world is falling off a cliff, there’s still money to be made. If you’re not into buying put options or credit default swaps, might we suggest putting your powers of prognostication (and rumor-spreading abilities) to use? […]

    / Sep 30, 2008 at 11:47 AM
  • News

    That Wasn’t Sugar

    All depositors are fully protected and there is expected to be no cost to the Deposit Insurance Fund. Wachovia did not fail; rather, it is to be acquired by Citigroup Inc. on an open bank basis with assistance from the FDIC. […] The FDIC has entered into a loss sharing arrangement on a pre-identified pool […]

    / Sep 30, 2008 at 11:23 AM
  • News

    This Is How It Starts, Hong Kong.

    Hong Kong’s Securities and Futures Commission (SFC) warned against abusive short-selling today which, of course, we are all for (abusive short-selling being curbed…not abusive short selling). The SFC issued this statement despite the fact that daily monitoring of the market indicates that short-selling activity is at the same levels as it was pre-financial crisis. This […]

    / Sep 30, 2008 at 11:04 AM
  • News

    Where In The World Is Representative No Vote?

    So, this is kind of shady. Yesterday the Patriot Act Bailout Bill failed to pass, 228 nays to 205 yeas, with Representative Jerry Weller (R-IL) invoking the…”no opinion” option. At first we assumed Weller’s decision to not cast a vote was merely a matter of him being a cough, pussy, cough. But maybe not? According […]

    / Sep 30, 2008 at 10:22 AM
  • News

    Curing The Liquidity Solvency Crisis

    We have pointed out a few times that identifying a liquidity crisis and distinguishing it from a solvency crisis is something like an essential precursor to develop and execute a rescue plan (or to adopt “Plan B” if the first rescue plan fails to return the country and its many mistresses to the style to […]

    / Sep 30, 2008 at 10:08 AM
  • News

    Say No To Bailout

    By which we mean calling it a “bailout.” As many have noted, one not so small factor in Congress’s failure to pass the bill is that many perceived as a “Fat Cat Bailout.” BUT! If we just swap that dirty little word for something more palatable, there’s probably a decent chance all of the naysayers […]

    / Sep 30, 2008 at 9:36 AM
  • News

    Mark Haines, WTF?!

    Yesterday, the NYSE bell doesn’t work. Today there was one person on the platform, which is usually stuffed to the gills with the entire cast of Biggest Loser. We don’t have to tell you, this is not good for morale. Tomorrow, we want to see the barbershop quartet starring Stan O’Neal, Chuck Prince, Jimmy Cayne […]

    / Sep 30, 2008 at 9:30 AM
  • News

    Bush On Bailout: Congress Must Act

    Bushie just addressed the press, and gave a slightly longer speech than his last one regarding the bailout. He is “disappointed by the outcome” and stressed that we need legislation that “helps the economy get moving again,” as the “situation is urgent.” He also mentioned the big huge number…777 points, and said that there will […]

    / Sep 30, 2008 at 8:53 AM
  • Opening Bell

    Opening Bell: 9.30.08

    Futures indicating rebound after historic sell-off (RTT News) Oh, see. We’re still here. The world hasn’t gone anywhere. In fact the stock market is looking up this morning. A few hundred points. Sure it’s just a sliver of what we lost yesterday. But did any banks fail last night? (Don’t answer). Seriously though, Wall Street […]

    / Sep 30, 2008 at 7:32 AM
  • News

    Buttcrack of Dawn: The DealBreaker Unattributed Photo Hour

    Presented without comment. (After the jump).

    / Sep 30, 2008 at 7:15 AM
  • News

    Write-Offs: 09.29.08

    $$$ The world: yesterday and tomorrow [Master of None] $$$ LEH’s Demise Triggered Cash Crunch Around The World [WSJ] $$$ Slick insight on monitoring oil mergers [The Deal] $$$ Personal Banks [Newsgroper]

    / Sep 29, 2008 at 7:35 PM

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