Morgan Stanley's prime brokerage has lost about ten percent of its hedge fund clients, Bloomberg is reporting . But you probably already knew that the hedgies were running for the exits.
Comments
2
Posted by blndebnker, Sep 18, 2008 12:51PM
Do you mean abandoning ML's PB or am I that slow today?
5
Posted by guest, Sep 18, 2008 12:54PM
blndebnker, you're not seeing things after the all-nighter.
Bloomberg apparently now has a prime brokerage, Dealbreaker first.
6
Posted by blndebnker, Sep 18, 2008 12:55PM
@5 - I wish I had an all-nighter last night. But thanks for the reassurance.
7
Posted by guest, Sep 18, 2008 12:57PM
Lehman gains 10% hedge fund clients in their prime brokerage
8
Posted by guest, Sep 18, 2008 12:59PM
Fuck, the linked article talks about Morgan Stanley and Goldman, not even Merrill Lynch.
Carney, go get some sleep.
9
Posted by guest, Sep 18, 2008 12:59PM
blndebnker - anytime you need an all nighter, I'm right here for you babe, keeping those satin sheets nice and cozy.
10
Posted by guest, Sep 18, 2008 1:01PM
Explains it all:
http://bloomberg.com/apps/news?pid=20601110&sid=avLPxh.uSpH4
13
Posted by guest, Sep 18, 2008 1:01PM
HAHhahaha @8. This post is a shitshow. Not the standard DB fare.
14
Posted by guest, Sep 18, 2008 1:01PM
Explains it all:
http://bloomberg.com/apps/news?pid=20601110&sid=avLPxh.uSpH4
16
Posted by guest, Sep 18, 2008 1:06PM
@10...this is sad to see. The last few weeks have been a trainwreck...but fun trading
17
Posted by guest, Sep 18, 2008 1:07PM
Morgan Stanley 169 percent OWNED!!
SAY HELLO TO YOUR NEW CHINESE OVERLORD MANAGING DIRECTORS.
You guys better polish up on your mandarin chinese if you wanna keep your jobs.
19
Posted by guest, Sep 18, 2008 1:08PM
15 - There aren't 'people' at GS, there are cold blooded fee generating machines, sent back in time to eliminate liabilities and accumulate assets.
and if they're doing anything 'people like' right now, they're waiting
21
Posted by beentheredonethat, Sep 18, 2008 1:09PM
Okay, let me be the first: Morgan Stanley all alone and will probably arrange a deal. They have no choice, in spite of their inflated sense of self, will not qualify for federal assistance. Buyout or bust only options from here.
22
Posted by John Carney, Sep 18, 2008 1:09PM
Sorry. There were too many things going on at once, and that item got garbled. Straightened out now.
23
Posted by guest, Sep 18, 2008 1:11PM
@15 I think I saw them setting up the inflatable suicide matts outside
26
Posted by guest, Sep 18, 2008 1:12PM
Why? BofA has a prime brokerage unit.
Hedge funds aren't withdrawing because they're running for the exits. Hedge funds are withdrawing cash because they're all about to collapse as well.
27
Posted by guest, Sep 18, 2008 1:14PM
Gasparino just said it again after saying it this morning on CNBC that MS/WB would be a good cultural fit because John Mack is from North Carolina. How f*cking stupid is he?
28
Posted by guest, Sep 18, 2008 1:14PM
p.s. google finance officially has more up-to-date pricing than my bloomberg
30
Posted by beentheredonethat, Sep 18, 2008 1:15PM
@26
That's what's keeping me up nights at this point. The silence from the hedge funds is deafening, and the levels of leverage with the hedgies makes the IB's look like a widow and orphan fund.
33
Posted by guest, Sep 18, 2008 1:17PM
Any chance there is an outside sovereign entity picking off these institutions? Some of the slides don't seem to make any sense, e.g. State Street.
35
Posted by Anal_yst, Sep 18, 2008 1:19PM
@ 26
as 31 points out, BofA sold it to BNP Paribas, who has signed up a good amount of funds in the past week (Leh fallout)
@ Carney - bfd MS lost 10% of their pb clients, that's HARDLY running for the exits, come on, resist the urge to resort to sensationalist reporting buddy
37
Posted by guest, Sep 18, 2008 1:19PM
Any chance there is an outside sovereign entity picking off these institutions? Some of the slides don't seem to make any sense, e.g. State Street.
38
Posted by beentheredonethat, Sep 18, 2008 1:21PM
@35
Depends on who the 10% is. If its the big boys, could easily be half the business.....
39
Posted by guest, Sep 18, 2008 1:23PM
trying to find a good firefox add-on to put real-time stock quotes in my browser- you guys know of any good ones?
40
Posted by guest, Sep 18, 2008 1:26PM
Can we please get an update on how our friends the Quants are doing?
41
Posted by guest, Sep 18, 2008 1:27PM
BK - BANK OF NY IS NEXT
After IBanks, its the custodial banks.
BK first
STT Second
are the ones to die
BK is very vulnerable.
SHORT AND KILL IT.. BEFORE SEC BANS SHORTING
43
Posted by guest, Sep 18, 2008 1:28PM
My name is George. I'm unemployed and I live with my parents.
(worth a try)
45
Posted by guest, Sep 18, 2008 1:29PM
@15: Not sure about their panic, but for some reason, the guy with the "We Buy Gold" sandwich board has moved from Wall St to 85 Broad
48
Posted by guest, Sep 18, 2008 1:32PM
@29 are you serious
Can we talk about something else beside MS and GS?
49
Posted by guest, Sep 18, 2008 1:32PM
@42 - DB is not next - stop it - its backed by the government you yahoo...where do you think MS and GS' clients are going?
51
Posted by guest, Sep 18, 2008 1:33PM
WHAT THE FUCK BANNING SHORTING OF FINANCIAL STOCKS IN THE UK - THAT IS COMPLETE BULLSHIT.
WHAT THE FUCK HAPPENS TO SHORT ETF"S they just halt trading?
52
Posted by guest, Sep 18, 2008 1:34PM
WHAT THE FUCK BANNING SHORTING OF FINANCIAL STOCKS IN THE UK - THAT IS COMPLETE BULLSHIT.
WHAT THE FUCK HAPPENS TO SHORT ETF"S they just halt trading?
54
Posted by guest, Sep 18, 2008 1:35PM
@50
you fucking idiot ....ur mother aint proud of u
UK FSA just did that
Why do you think SEC wont follow suit
58
Posted by guest, Sep 18, 2008 1:37PM
http://www.bloomberg.com/apps/news?pid=20601087&sid=aNriOV.A5w1E
BK Is BK
BK Is BK
BK is BK
BK is BK
"An institutional fund run by Bank of New York Mellon Corp. designed to work like a money-market account fell to less than $1 a share after losses on debt issued by bankrupt Lehman Brothers Holdings Inc.
The $22 billion BNY Institutional Cash Reserves fell to $0.991 a share on Sept. 16, according to an e-mail sent by a bank representative to one client. BNY Mellon has ``isolated the Lehman assets in the fund into a separate structure,'' Ivan Royle, a spokesman for the New York-based company, said today ...
59
Posted by NotAGuest IFuckingLiveHere, Sep 18, 2008 1:38PM
Did the UK FSA also ban buying puts? or were they only going to make a half-ass effort at banning market efficiency? Maybe we should ban selling entirely! everyone can only buy! buy! buy! buy! it's your patriotic duty!
60
Posted by guest, Sep 18, 2008 1:39PM
NEW YORK TIMES SAYS THAT BECAUSE THE SOURCES WERE NOT PRESENT DURING THE DISCUSSIONS, THEY COULD NOT CONFIRM THAT MACK SAID "WE NEED A MERGER PARTNER OR WE'RE NOT GOING TO MAKE IT"
Thursday, September 18, 2008 1:16:27 PM (GMT-04:00)
Provided by: Reuters News
IONS, THEY COULD NOT CONFIRM THAT MACK SAID "WE NEED A MERGER PARTNER OR WE'RE NOT GOING TO MAKE IT"
(C) Reuters 2008. All rights reserved. Republication or redistribution of Reuters content
61
Posted by guest, Sep 18, 2008 1:39PM
Okay, here's a new topic: GASBAG's SPITTLE !!!
Dear GOD! Did anyone else witness this horror around 8am today???
Someone has got to find a link and post this --- it was a HUGE blob in the middle of his lip. At first it looked like an unfortunate cold sore, and then ...
It suddenly attached to his upper lip and moved like a piece of string cheese. This went on for several minutes until he must have realized and licked it off.
I thought I was going to vomit.
He should be fired for that alone.
62
Posted by guest, Sep 18, 2008 1:40PM
Banning shorting creates black markets and reduces transparency even more. Why would anyone think this is a good idea?
63
Posted by guest, Sep 18, 2008 1:40PM
The price of Dealbreaker's top notch coverage over the last 2 weeks: all of the wankers from the Yahoo boards showing up and shitting all over the place.
-Dick in CLT
64
Posted by guest, Sep 18, 2008 1:40PM
CS is up 10%, wtf?
Those white shoes look pretty dirty now motha fuckas
66
Posted by guest, Sep 18, 2008 1:41PM
Morgan Stanley going down faster than a 20 dollar crackwhore hooker!!
Oh wait they are cheaper than the crackwhore!!
67
Posted by guest, Sep 18, 2008 1:41PM
BAnk of new york is going under.
Lehman has too much exposure on the bank of new york
BK is BK
69
Posted by guest, Sep 18, 2008 1:44PM
Anyone else think it's weird that MS and GS both bottom at EXACTLY 1:00pm today?
70
Posted by guest, Sep 18, 2008 1:45PM
MS has lost over a 100 billion in PB balances, people worried about counterparty rick, ala Leh you retards.
73
Posted by guest, Sep 18, 2008 1:47PM
@ 62 because politicians are now paying attention and trying to scapegoat the situation.
Short sellers are the easy targets.
But for them you might have to pay attention to the fact that it was actually the SEC in 2004 that gave MER, LEH, BSC, GS and MS an exemption on the debt to net capital ratio which was suppossed to be 12:1 and SEC allowed them to go to 40:1.
What happens when you ban the short sellers and the market still goes down?
ps - we are becoming more and more like russia every day!
74
Posted by guest, Sep 18, 2008 1:47PM
Bank of New York needs to merge with the Red Mafia in order to survive.
75
Posted by guest, Sep 18, 2008 1:49PM
@65 -- you can't miss him. He's the douche with the glasses usually breaking news (and maybe wind) on Leh, Bear, and other crises "du jour"
The spittle was priceless. Just tried finding it on youtube.
Did anyone else see this? Bess ????
76
Posted by guest, Sep 18, 2008 1:49PM
GS and MS should merge with waste management so that they have a strategic partner who can 'go to the mattresses' to take care of the short sellers
77
Posted by guest, Sep 18, 2008 1:51PM
WOOO HOOO!!!! I am making a KILLING shorting the investment banks!!
Thanks, you guys just bought me a new mercedes E500, a brand new escalade and 2 vacations!!!
LOL easiest money I ever made, EVER!!!
78
Posted by guest, Sep 18, 2008 1:53PM
77 Scary part is that you could just have easily lost the same amount.
79
Posted by guest, Sep 18, 2008 1:53PM
Anyone taking bets on an MS bounce-back to $30.00+ next week?
81
Posted by BSD, Sep 18, 2008 1:54PM
@41 - thx for driving BK down for no reason. bought the bottom and made 35% in last hour. anyone who holds a financial for longer than that has some balls/insider info.
83
Posted by guest, Sep 18, 2008 1:55PM
Wells Fargo up nicely. So much for the universal bank model.
84
Posted by guest, Sep 18, 2008 1:56PM
I doubt it was 41's doing (bush?). He can't even write a coherent sentence.
85
Posted by guest, Sep 18, 2008 1:57PM
@72 it actually is alot, believe me. This was wwhat ultimately killed BSC. However, having access to the window is probably a huge help. PS, that was in a three day period genius.
89
Posted by guest, Sep 18, 2008 2:03PM
87 If it was, about 40% of the people on Yahoo Finance message boards would be arrested. An anon post that says "BK is going to fail" is far from insider knowledge.
90
Posted by guest, Sep 18, 2008 2:07PM
NEW FORUM TO DISCUSS UK SHORSELLING FALLOUT - will all the brits start shorting US markets? will US have to make similar rule? Arrrghhh
91
Posted by diablo, Sep 18, 2008 2:09PM
This place is getting silly. Ban guests!
In other news, McCain said Cox should be fired. Bush said Cox is doing a heckuva job like that FEMA guy.
93
Posted by guest, Sep 18, 2008 2:10PM
@41 @89
Fuck u bastard. Live in denial.
BKs fund just broke the buck.
http://calculatedrisk.blogspot.com/2008/09/more-money-market-fund-troubles.html
BK is BK u little cockd bastard.
I am typing here so that you and I can make money. If u want to lose more money in the financials...pls sell yoru mom with it too
94
Posted by guest, Sep 18, 2008 2:14PM
What is up with SKF? NAV is going to be $145-147 after today and it is trading at $128. Are people complete idiots?
96
Posted by guest, Sep 18, 2008 2:17PM
@82
Yes, all bonuses will be down this year, retard. Ask some of the older kids about the 2002 bonus cycle.
97
Posted by guest, Sep 18, 2008 2:17PM
everyone seems to have taken collective leave of their senses. Short selling cannot cause a bank to collapse in the first instance - a declining share price has no effect on the capital position of the bank. (of course there are secondary effects...)
98
Posted by guest, Sep 18, 2008 2:18PM
@95 NAV = Not a Virgin
Meaning.. I have invested in Mutual Funds and I have been fucked.
99
Posted by guest, Sep 18, 2008 2:19PM
@97 - but it pushes up CDS and reduces counterparty confidence, all of which act as negative feedback into the stock price...negative feedback loop
101
Posted by guest, Sep 18, 2008 2:21PM
@97--and cancer does not clinically cause depression but see how you feel when you find out you have it.
102
Posted by guest, Sep 18, 2008 2:21PM
#97 - it affects CP sales, which affects their ability to raise money, etc etc
103
Posted by guest, Sep 18, 2008 2:23PM
@100
and you will live in poverty ?
u dont have a liking for a date with Mrs Donald Trump ?
104
Posted by guest, Sep 18, 2008 2:23PM
@99
of course, but only if CDS dealers don't believe in the credit... and if no one believes in the credit - the bank deserves to go bust.
105
Posted by guest, Sep 18, 2008 2:25PM
Anyone wonder why Hillary has been so quiet?
Take a guess.
Date: Tuesday, September 16, 2008
On or about October 5th, Biden will excuse himself from the ticket, citing health problems, and he will be replaced by Hillary. This is timed to occur after the VP debate on
10/2. There have been talks all weekend about how to proceed with this info. Generally, the feeling is that we should all go ahead and get it out thereto as many blog sites and personal email lists as is possible. I have already seen a few short blurbs about this - the 'health problem' cited in those articles was aneurysm. Probably many of you have heard the same rumblings. However, at this point, with this inside info from the DNC, it looks like this Obama strategy will be a go.
106
Posted by guest, Sep 18, 2008 2:25PM
When did this comment section become Yahoo Finance?
I hate the direction we are headed.
107
Posted by guest, Sep 18, 2008 2:28PM
I never thought I would say this but I miss Mayo, Sham-Wow, First, Second, Third, too long didnt read, I dont make money I print it, Larry Craig, and Timmmaaaaay. I almost even miss the guy from Delaware...
All of the above were better than the yahoo dipshits infesting this place now.
Its easy to ignore MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO MAYO
But I swear to god if I pay attention to another post about predicting the bottom, buying puts, or that Bess is really a man I'm gonna lose it.
Carney you fool you did this...you brought this upon yourself.
111
Posted by guest, Sep 18, 2008 2:31PM
Speaking of abandoning, it's pretty funny to see Felix scoop your own story: Carney Leaving Dealbreaker -- http://www.portfolio.com/views/blogs/market-movers/2008/09/18/blogonomics-blodget-poaches-carney
118
Posted by guest, Sep 18, 2008 2:39PM
107, 110 Actually, I think the problem is that for the past week (is it only a week?), anyone with half a brain has been too busy to be here. Present company excluded of course.
122
Posted by strangebrew, Sep 18, 2008 2:44PM
@94
Who knows what is going to happen with the rules regarding short selling financials?
Kramer just said this could be financial terrorism.
125
Posted by guest, Sep 18, 2008 2:46PM
after the bank collapse is stopped (or we go back to middle age) the USD should decrease in value....this financial system is clearly WEAK...why having dollars? the Capital is not in heer anymore
126
Posted by guest, Sep 18, 2008 2:46PM
Honestly Bess...you could start a blog about the impact of menstruation on post-modernist feminist basket weaving as inspired by the egret and I would still read your shit daily (monthly?...)
127
Posted by strangebrew, Sep 18, 2008 2:47PM
@94 re:SKF
Who knows what is going to happen to the rules with short selling financials?
Cramer just put financial terrorism on the table for fucks sake.
130
Posted by guest, Sep 18, 2008 2:49PM
Now we have taken leave of our senses - cramer actually discussing terrorists as short sellers. "this could be financial terrorism".
Which means we now have a "national security" reason to ban short sellers.
Short sellers with duo citizenship - avoid travel for the next 4 weeks unless you want a free trip to gitmo or some other black site.
132
Posted by guest, Sep 18, 2008 2:50PM
@128-- lat was promoted to managing editor, ie he still works here
133
Posted by guest, Sep 18, 2008 2:50PM
@110
Agreed. Any negative comments about Hillary, Obama, Democrats, socialism, naked squirrels, etc. should be filtered out.
Sham-wow and mayo, are still ok.
136
Posted by guest, Sep 18, 2008 2:52PM
Now that Carney is leaving, you are all welcome over at my shop. The posts aren't as frequent, the verbiage is more pompous, and no trolls can comment on the site (except me).
But hey, as Carney says, Wall Street is changing, and probably for the worse. Besides, you can always IM Bess and EP over here anyway.
Best,
The Epicurean Dealmaker
http://epicureandealmaker.blogspot.com
137
Posted by guest, Sep 18, 2008 2:53PM
@132 - I know but Mr. Mystal is not his equal. The fact that Lat is still in the same building doen't help me.
139
Posted by NotAGuest IFuckingLiveHere, Sep 18, 2008 2:55PM
What are the chances that EP becomes Editor? she did mysteriously pop up in the last week or two... Also, does that mean she gets exposed?
142
Posted by NotAGuest IFuckingLiveHere, Sep 18, 2008 2:56PM
What are the chances that EP becomes Editor? she did mysteriously pop up in the last week or two... Also, does that mean she gets exposed?
144
Posted by guest, Sep 18, 2008 2:56PM
Jeff Immelt: Step into my office.
Gasbagarino: Why?
Jeff Immelt: Cause your fuckin' fired!
Posted by guest, Sep 18, 2008 12:51PM
Bloomberg has a prime brokerage?