Charlie Gasparino reports that the SEC is meeting right now to determine if "further steps must be taken to curtail improper short selling that is causing damage to the share prices of Morgan Stanley and Goldman Sachs," after receiving calls from John Mack and Lloyd Blankfein. Senators Chuck Schumer and Hillary Clinton apparently put their two cents in as well.
SEC Considering Further Crackdowns At Behest Of GoldGan SachsLey
Posted by Bess Levin, Sep 17, 2008, 3:48pm
Comments
2
Posted by guest, Sep 17, 2008 3:57PM
Reds to the left. Reds to the right. "We are all communists."-James Cramer.
4
Posted by guest, Sep 17, 2008 4:01PM
Once they liquidate AIG/Lehman's level 3's we'll see an assload (bigger than the ones Andy Dick takes!) of write downs. Can anyone say 15 cents on the dollar? Wachovia will fall next, 126 billion Alt-A's
5
Posted by guest, Sep 17, 2008 4:01PM
This market is freaking awesome for trading. Freaking awesome.
7
Posted by Anal_yst, Sep 17, 2008 4:03PM
@4
For these things to be $0.15/$ if held to maturity default rates would have to be massive, far as I know most are still in the mid-to-high single digits on the worst crap. Lets hope it doesn't get to that point, eh?
8
Posted by guest, Sep 17, 2008 4:03PM
I hear that the GoldGan SachsLey bonus equals $364.50/week (after taxes) for both analyst and associates.
9
Posted by guest, Sep 17, 2008 4:03PM
I'm sure they'll do the right thing.
All Chris Cox has to do is listen to what Hillary says, then do the opposite.
11
Posted by guest, Sep 17, 2008 4:07PM
it's not that bad really so far. at the mo the stocks I'm watching are down but not to compelling levels. leverage is getting clobbered true, but not massive capitulation yet. not even GMO calls have started.
13
Posted by guest, Sep 17, 2008 4:12PM
Once they liquidate AIG/Lehman's level 3's we'll see an assload (bigger than the ones Andy Dick takes!) of write downs. Can anyone say 15 cents on the dollar? Wachovia will fall next, 126 billion Alt-A's
15
Posted by guest, Sep 17, 2008 4:13PM
What goes around comes around, baby.....
Indeed you have lived by The Sword, and you shall die by The Sword Mr. Mack & Blankfein!!!!!
Signed,
Mrs. Main Street (not even in the business, trying to live on the hope that my lousy 401K you fuckers are destroying will get me through retirement)
16
Posted by guest, Sep 17, 2008 4:14PM
I heard goldman was short $300bn of frozen orange juice futures and were caught the wrong way when ike knocked out power to refrigerated storage facility in Houston where GS was holding the underlying for delivery this friday.
GS must merge with MinuteMaid in order to survive.
19
Posted by guest, Sep 17, 2008 4:18PM
@ 16 & 17 - Goldman was long soy, made a bundle then, got greedy. Lost it all.
Sincerely,
Martin Prince
20
Posted by guest, Sep 17, 2008 4:21PM
flight to quality
flight to quality
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21
Posted by guest, Sep 17, 2008 4:22PM
I wonder if Larry Kudlow thinks today was a great day for the stock market,,,,he was totally incorrect in his prediction last night...
how is he gonna spin today? buying opportunity?
25
Posted by guest, Sep 17, 2008 4:24PM
I wonder how many GS/MS employees with significant equity stakes are hedging with puts.
26
Posted by guest, Sep 17, 2008 4:25PM
Larry Kudlow has been wrong the entire time...for months. He isn't a glass-half-full kind of guy, he's a the-cup-is-overflowing when there's actually nothing in it kind of guy. He's worse than Cramer.
30
Posted by guest, Sep 17, 2008 4:27PM
WOW -
Anyone see Timothy Sykes recommendations post today? I'll just quote one sentence
"last night’s AIG bailout means the market opens up big"
I love that guy.
32
Posted by guest, Sep 17, 2008 4:31PM
Spode is right? I think more a CFC kind of failure - scooped up right before they face plant into the cement.
"Dude you threw out a ringer for a ringer."
35
Posted by Tapecracker, Sep 17, 2008 4:33PM
Just reported on CNBC: WaMu soliciting bids
36
Posted by KevinB, Sep 17, 2008 4:33PM
@26 - Totally agree. I don't know how Kudlow keeps his job. He must have pictures or videotape.
And Chuck and Hillary both put their 2 cents in? Great - only $19,999,999,999.96
to go!
37
Posted by guest, Sep 17, 2008 4:33PM
Wamu gone.
Washington Mutual Begins Auction to Sell Itself
September 17, 2008, 3:58 pm Link to This E-mail this Topics Mergers & AcquisitionsIndustries Financial ServicesWashington Mutual, the struggling savings and loan, has put itself up for auction, people briefed on the matter said Wednesday.
The unsurprising announcement comes as the bank, which has suffered badly from losses on mortgages it had made, continues to stumble. Shares in Washington Mutual fell nearly 10 percent on Wednesday to $2.09; they have plunged 94 percent over the last 12 months. This week alone, investors have been frightened by Standard & Poor’s cutting of the bank’s debt rating to junk.
Goldman Sachs, which Washington Mutual has hired, started the auction several days ago, these people said. Among the potential bidders that Goldman has talked to are Wells Fargo, JPMorgan Chase and HSBC.
TPG, the private equity firm that led a $7 billion cash injection into Washington Mutual in April, said Wednesday afternoon that it would waive its right to be compensated if the bank sold more shares to raise capital. “Our goal is to maximize the bank’s flexibility in this difficult market environment,” TPG said in a statement.
The April deal gave the investing group roughly 822 million new shares, diluting existing shareholders by nearly 50 percent. TPG bought shares for roughly $8.75 each. Those shares have since fallen to $2.14 a share, meaning that the value of the investor group’s holdings at Tuesday’s close had declined 75.5 percent.
While the bank has a strong deposit base, the uncertainty of the markets and the increasingly poor housing market have increased concerns about Washington Mutual’s outlook. The bank plunged into the option adjustable rate mortgage business.
38
Posted by guest, Sep 17, 2008 4:34PM
Larryt Kudlow must have been read a drastically different "Goldilocks" story than I did...........I would hate to know what the bears did to poor Goldilocks in his rendition.
40
Posted by Tapecracker, Sep 17, 2008 4:37PM
Morgan must merge with Wachovia in order to survive!
Morgovia!
42
Posted by guest, Sep 17, 2008 4:38PM
They name is Hubris....
And it was written that they burned in Hell
43
Posted by guest, Sep 17, 2008 4:38PM
I listen to Kudlow for financial advice too! Kudlow & Cramer! I think they had a show together! They make me SOOOO MUCH MOOLLLA!! WEEEEEE!!!
46
Posted by guest, Sep 17, 2008 4:40PM
From NYT: Morgan Stanley Gets Call from Wachovia Expressing Interest
50
Posted by guest, Sep 17, 2008 4:43PM
I wish Kudlow was in Paulson's place - he'd know what to do.
51
Posted by guest, Sep 17, 2008 4:43PM
I listen to Kudlow for financial advice too! Kudlow & Cramer! I think they had a show together! They make me SOOOO MUCH MOOLLLA!! WEEEEEE!!!
52
Posted by guest, Sep 17, 2008 4:44PM
Gold had a huge day today -- skyrocketing more than $90 an ounce. Own physical, boys. I promise you my girl, gold she won't disappoint.
53
Posted by guest, Sep 17, 2008 4:44PM
Wayne Angell the former fed governor last night told Larry "Don't worry! The Fed has an endless balance sheet! It can't just print money!" and he said it with all seriousness.
54
Posted by guest, Sep 17, 2008 4:44PM
To Larry Kudlow....Would you please kill that #ucking Godilocks. She has #ucked up everything.
55
Posted by guest, Sep 17, 2008 4:44PM
Kudlow is the eternal optimist because he worships at the shrine of Ronald Reagan. As long as R's are in power, the world could be nothing but great. The only thing stopping us from more greatness is those D's, who would regulate and tax us to death. He totally ignores the toxic impact of triple defecits and the explosion of consumer debt, both of which were hatched under his god Reagan.
58
Posted by guest, Sep 17, 2008 4:46PM
To Larry Kudlow....I am sick of this Goldilocks economy. Would you please kill that #ucking @itch. She has #ucked up everything.
61
Posted by guest, Sep 17, 2008 4:47PM
@55 don't know about Reagan being god, but pretty much everyhting else you said is spot on.
65
Posted by guest, Sep 17, 2008 4:49PM
spodey, spode spode
what does it mean? i'll keep asking too
it's some kind of china right?
66
Posted by guest, Sep 17, 2008 4:51PM
@ 61 - just to clarify, 55 says Reagan is Kudlow's god (which is true).
67
Posted by guest, Sep 17, 2008 4:55PM
Chucky Schumer? The destroyer of banks, the ultimate purveyor (sp?) of rumors is concerned about short selling?
What is going on in this world?
69
Posted by guest, Sep 17, 2008 4:58PM
please, i ask for so little here..
spode...
is it...super penis of da earth?
70
Posted by a dead horse, Sep 17, 2008 5:05PM
These "shorters" are playing a very dangerous game
You don't screw with the Jews, and you definitely don't screw with their most prized possession - their money.
You know what happened to the last guy that tried to pull something like this? We got him nailed to some wood. What makes you think we'd do any less to anyone else?
71
Posted by guest, Sep 17, 2008 5:12PM
not to beat a dead horse, but I think the last guy that screwed with tribe ended up blowing his brains out in a bunker in Berlin.
72
Posted by guest, Sep 17, 2008 5:19PM
some say the only money being made now is by the rumor mongers - and it seems like easy money.
i dont say that...some do
73
Posted by a dead horse, Sep 17, 2008 5:40PM
These "shorters" are playing a very dangerous game
You don't screw with the Jews, and you definitely don't screw with their most prized possession - their money.
You know what happened to the last guy that tried to pull something like this? We got him nailed to some wood. What makes you think we'd do any less to anyone else?
75
Posted by guest, Sep 17, 2008 6:09PM
Can someone explain to me what exactly is "improper" short selling?
76
Posted by guest, Sep 17, 2008 6:29PM
Proving again that Wall Streeters are the biggest bunch of pussies around. "WAAHHH! DON'T SHORT SELL US!!" As if you weren't perfectly happy with your dog-eat-dog capitalism what it was you doing the short selling.
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Posted by diablo, Sep 17, 2008 3:56PM
Live by sword, die by the sword. Boohoo!