Write-Offs: 09.23.08

Posted by Bess Levin, Sep 23, 2008, 7:13pm

$$$ They said the same thing about the Titanic. [1-2]

$$$ Dick Fuld allegedly not home. [City File]

$$$ Merrill employee sickened at idea of working for BoA [Ivy Gate]

$$$ The Pandit Era: Tougher Internal Memos [Deal Journal]

$$$ Paulson Plan 2.0 [Zamanksy]

$$$ The Spiral - Part IX - Paulson [GP]

$$$ Will Barclays turn its back on Lehman's ETN holders? [The Deal]

$$$ Harbinger down a little. [Bloomberg]

$$$ Texas Hedge Fund Guy Takes Out Scary Full-Page Times Ad About New Bolshevik Revolution [Gawker]

0Recommend this! 21Comments

Comments

1

Posted by guest, Sep 23, 2008 7:26PM

first!

2

Posted by guest, Sep 23, 2008 7:32PM

This country won't allow short sellers to bankrupt it and allow the Chinese and Russians to walk in and become my boss. It. Ain't. Ever. Gonna. Happen. So, unless Carmen Electra calls and needs an emergency tit-fuck, don't bother me.

~Ari Gold

3

Posted by guest, Sep 23, 2008 7:57PM

Jimmy on Kudlow just said that McCain is going to come out against the bill. Vince answered him "McCain would never come out against the bill" and Jimmy fired back "Don't bet on it". And the program went to final commercial.

How's that for an exchange? The soap opera of the government versus wall street continues.

4

Posted by guest, Sep 23, 2008 8:13PM

Bess,
Where is Carney when we need him?
http://www.bloomberg.com/apps/news?pid=20601087&sid=a0Rfcqk5UR60&refer=home

Wish him all the best.

BTW - no worries you rock too. Looking forward to your posts too.


5

Posted by guest, Sep 23, 2008 8:31PM

The arrogance of the Merrill guys is unbelievable. You are the ones who fucked up and went begging to BofA, and the only reason Ken said yes, is because he wants the "crown jewel," all you guys in capital markets, sales and trading are fucked.

6

Posted by Harald, Sep 23, 2008 9:05PM

I got the Dick Fuld SNL sketch. Am I the first to post it?

http://www.zshare.net/video/193034947dc33893/

7

Posted by guest, Sep 23, 2008 9:43PM

carney cocksucker @4- do you see the post below this?

8

Posted by PhilSeltzer, Sep 23, 2008 10:14PM

Harbinger down 12% - the real link
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=afyGp7bn8R_E

Damn, is anyone making money this month?
Maverick down; Eminance down.

Thanks Harald for SNL WU.

9

Posted by Lowly Assistant, Sep 23, 2008 10:23PM

Part 9 is definitely the best yet.

It's scary that ze actor actually resembles Jimmy the Greek. Weird.

10

Posted by Lowly Assistant, Sep 23, 2008 11:25PM

For the love of fucking god, will someone do something with this gem of a song? It's all there: love lost (but not forgotten), moving into shitty apartment complexes, wondering whether you were the cause or the fix, etc. until my eyes fucking bleed. Just fucking do it. Beard and Bald need this. Tonight. A body pillow WILL NOT suffice!

http://www.youtube.com/watch?v=2o7k3ZUjkMI

11

Posted by guest, Sep 23, 2008 11:50PM

@3: Wouldn't be surprised if he came out against it now. At first both McCain and Obama were all for it before they saw any polls. Now that polls are showing overwhelming lack of support for a bailout, it's amusing watching them scurry to backtrack and "clarify" their position.

12

Posted by guest, Sep 23, 2008 11:50PM

Beard and Bald, as you call them, are turning on a rotisserie of their own devising.

13

Posted by StupidEquityGuy, Sep 24, 2008 12:39AM

I know I am stupid and all that... but I was wondering if we could get a story about ETF's and those that are failing.

I know its a retail type question, but the implications of the short ban and the now limited supply of the shares of the ETFs for the short ETFs is an interesting topic.

Best,

~SEG

14

Posted by StupidEquityGuy, Sep 24, 2008 12:45AM

And since we are making requests for tomorrow anyway...

How about an article on the blowing up of the money market funds? That is a story no one is developing yet. Its a huge fact that the 4th largest, and the oldest thus original fund in the category blew up.

Its worth saying now that the business model might be flawed. They appear to have the SEC helping them, with rule changes and what not. The lack of liquidity is causing issues as people find out the value of a dollar is sometimes less then that.

Where and or said differently, what is the NAV for at least three of their funds? How can they not report it?

~SEG

15

Posted by guest, Sep 24, 2008 12:45AM

The FBI is investigating Lehman, AIG and others.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a_oZZHsX.QIM&refer=home

16

Posted by guest, Sep 24, 2008 12:47AM

First!
oh.

17

Posted by guest, Sep 24, 2008 1:07AM

@11

I saw a poll today that said 57% of Americans support a bailout. It's just the left wingers ("damn the corporations! let 'em burn!") and the right wingers ("it's COMMUNISM! Argghhhh!") that are really against it. Everybody else just wants a suck on the federal teet and a discount on the mortgage payments they are contractually obligated to pay.

Congress and politicians, of course, have to act like they're sticking up for the little guy and giving the finger to the evil plutocrats on Wall Street. It's an election year, for fuck's sake.

Plus, did you honestly expect either of them to form a definitive position before a consensus emerged among economists and opinion-makers? At least Obama did what a politician should do and kept his mouth shut until people who knew what they were talking about weighed in. Unlike McCain who ran around calling for Chris Cox's head (and not on account of the short-selling ban like some of you guys here, this was before that boondoggle).

18

Posted by guest, Sep 24, 2008 1:09AM

Even the funnies online have it pinned down: http://www.sinfest.net/archive_page.php?comicID=2938

19

Posted by guest, Sep 24, 2008 1:31AM

If you go to Malkin's site it does appear that voters are really really calling their representatives to say no to the bailout.

Would be funny to see a demonstration. It would be the same people who protested the Viet Nam war. Now that would be funny to see. Just think Dr. Scholl's would make a mint.

20

Posted by guest, Sep 24, 2008 3:49AM

If youre a small guy who cant pay his mortgage, please tell me the difference to him as to who actually ends up holding the "IOU"?
A bank or the goverment? makes no difference to him since hes still on the street holding his toothbrush and wondering where he will get his family to sleep?

The US economy cant hold $700bn of bad debt...

The banking sector needs some downsizing, and we are seeing that..

Bailouts? NO....

21

Posted by KevinB, Sep 24, 2008 6:31AM

Meanwhile, Joe Biden, not content with inventing fiction about his own background, invents fiction about a Democratic icon:

"When the stock market crashed, Franklin Roosevelt got on the television and didn't just talk about the princes of greed," Biden told Couric. "He said, 'Look, here's what happened.'"

Of course, TV was experimental in 1929 (and the first national broadcast featuring a President starred Truman), and Roosevelt wasn't elected President until 1932. But, according to big media, it's Sarah Palin who's an idiot.

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