Deutsche Bank's Mike Mayo: "Why did you release your numbers ahead of schedule?"
Morgan Stanley's Colm Kelleher: [Sounding like he was about to lose it and scolding a naughty child]: "Because things are frankly getting out of hand! Ridiculous rumors are being repeated, rumors that if I wrote them down today and read them tomorrow I'd think I was dreaming." Or on a really, really bad Peyote trip. Whichever.
Later: "We are at silly and downright irrational levels."
Posted by guest , Sep 16, 2008 6:00PM
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 mayo mayo mayo mayo mayo mayo mayo mayo mayo mayo mayo mayo mayo mayo mayo mayo mayo mayo mayo mayo mayo mayo
Posted by AJ , Sep 16, 2008 6:01PM
@Bess CFO is British
Posted by guest , Sep 16, 2008 6:01PM
Too long, didn't read.
Posted by guest , Sep 16, 2008 6:04PM
Good for Kelleher.That was one dumb question.
Posted by Dan Daoust , Sep 16, 2008 6:05PM
Bosh is the best PF in the East.
Posted by Bess Levin , Sep 16, 2008 6:08PM
@AJ- thanks
Posted by guest , Sep 16, 2008 6:09PM
Fuck the P&L bullshit. It's all about the balance sheet. Accountants know what I'm talking about.
Posted by RAW DOG , Sep 16, 2008 6:11PM
Mike Mayo needs to clean up his own house. DB is going bust next.
Posted by guest , Sep 16, 2008 6:12PM
@8 - DB probably one of the most sound companies in the industry right now. doubt they have much to worry about. having a large retail business in europe is extremely helpful to fall back on right now.
Posted by guest , Sep 16, 2008 6:17PM
@DB is subsidized by the german government and just signed an agreement to buy Deutsche Post and become even more subsidized. There's a greater chance of them buying Morgan Stanley than them going bust. Despite their portfolio of shitty LBO debt.
Posted by guest , Sep 16, 2008 6:18PM
@9 - Ok I understand you obviously work at DB, but be realistic here. 50% of the entire bank's revenues year in and year out are derived from GLOBAL MARKETS, specifically their derivatives desks. With all the unwinding going on right now post-LEH, it's just a matter of time.
Posted by guest , Sep 16, 2008 6:23PM
not sure if this matters, but i dont think european companies reporting under IFRS are required to mark-to-market.
Posted by guest , Sep 16, 2008 6:24PM
Can someone shed light on the claim made earlier by MS that they've divested themselves of any subprime?
I do not remember such an event happening. Ever. Did someone slip me GHB? Did I take Klonopin with a nightcap? I dont' remember this shit ever happening.
Posted by guest , Sep 16, 2008 6:28PM
Bank of American made a goog acquisition, and if you wanted to make money you could have bought MER on Friday, and LEH on Monday. I bought LEH yesterday at 0.17 a share on Monday, offloaded today at 0.29 share.
It has been foretold folks!
http://financialtraders.blogspot.com
Posted by guest , Sep 16, 2008 6:46PM
Can someone explain why MS is still alive despite having the largest percentage of Level 3 assets amongst the banks? They are second to Bear Stearns.
Posted by guest , Sep 16, 2008 6:49PM
@14
You sound like one of those fools from Yahoo Finance. Get the fuck off this blog.
Posted by guest , Sep 16, 2008 7:01PM
Yahoo! Finance Boards R00l!!!! Lolzers!
LEH and AIG bankruptcy is a buying opportunity for WFMI. I buy the dips and reinvest my dividends!
--John Mackey
Posted by guest , Sep 16, 2008 7:06PM
@16 Well-said, sir.
Posted by guest , Sep 16, 2008 7:06PM
@13 & 15. Exactly. They be hiding some toxic shit.
Posted by guest , Sep 16, 2008 7:11PM
no 12, yesterday a guy on kudlow said that this is what is messing everything up. he said these "new rules" aren't working.
Posted by guest , Sep 16, 2008 7:15PM
@15, Level 3 assets include investments in private partnerships, joint ventures and startups. One should not assume that all or even most Level 3 assets are "weapons of financial destruction" like CDO's and Residential MBS. Several banks including JP Morgan and Morgan Stanley did not own many of these assets compared to Bear Stearns, Merrill and Citibank.
Plus, have you seen GS's balance sheet?
Posted by guest , Sep 16, 2008 8:27PM
@13, it's called hedging dumbass, they created opposing positions to their subprime exposure.
@15, do you even know what a level 3 asset is? guess not. so shut the fuck up.
Posted by guest , Sep 17, 2008 12:32AM
@22 its called the counter-party to your hedge is bankrupt and your hedge is total worthless, asswipe.
Posted by guest , Sep 17, 2008 1:05AM
@21, good question. GS is the least transparent of the banks with their numbers. Who knows which monkey they are hiding...