$$$ AIG new chief meets his employees [Dealbook]
$$$ Bad Timing: The 'Forbes 400' List [City File]
$$$ Chelsea Clinton attends Lehman Bankruptcy Hearing [Deal Journal]
$$$ CVS [WallStrip]
Comments
2
Posted by guest, Sep 18, 2008 7:07PM
Wow...first is angry.
That may top Bess' rant on the anger scale.
Carney better have a spectacular post for tomorrow to say farewell.
3
Posted by diablo, Sep 18, 2008 7:17PM
Is Carney allowed in the building? I know he worked the weekend, and pretty hard, so he might be gone for real. Bye Carney, and leave Bess alone.
4
Posted by guest, Sep 18, 2008 7:18PM
Carney is around...posted in the LEH auction post...he's working a manifesto for tomorrow - a farewell if you will...so he said.
7
Posted by guest, Sep 18, 2008 7:46PM
Carney will be missed. Is Bess like "the new Carney" or are we getting another new Carney.
8
Posted by guest, Sep 18, 2008 7:53PM
Can we get some chatter on the rumored toxic mortgage, et al, RTC-like proposal for the financial services industry going?
Any one think this is real, now that they have had a chance to think about it?
Will CDS positions be included? That's what plagued AIG.
Won't the size of this thing have to be prohibitively large? Hundreds of billions? Trillions?
How in the hell will the assets/liabilities be acquired? And in such a manner where it does not appear to be a blatant wealth transfer from the tax payer to Wall Street? This is a pretty contentious election season at hand and one with strong populist overtones from both sides.
Won't this large and complex scheme require some time? Time is of the essence. morgan stanley goldman wamu
I am obviously sceptical, but the speculation could provide enough time for the remaining IBs to sell themselves.
9
Posted by diablo, Sep 18, 2008 7:53PM
#7
Didn't you noticed that EP showed up again this week unannounced? I wonder if she has a real job anymore.
10
Posted by guest, Sep 18, 2008 7:56PM
@8
Ask all the Yahoo trolls what they think. I'm sure you will get some excellent responses.
Sad sad sad DB is the new Yahoo.
12
Posted by Seaman Bodine, Sep 18, 2008 8:00PM
Sorry if this has been posted before, but wow...
from yahoo quote pages
Changed Ticker Symbol
'LEH' is no longer valid. It has changed to LEHMQ.PK.
14
Posted by guest, Sep 18, 2008 8:08PM
Typo for #11? Did you mean "@10" because you're #8? If so then no I'm not.
15
Posted by guest, Sep 18, 2008 8:20PM
EP - works in private equity. Which means she has time on her hands.
RTC is part of the broader plan. If RTC goes through we will ahve to raise the debt ceiling.
In addition there will be a temporary ban on short selling which could be one of the SINGLE most shameful response to the events that occured in the last 13 months. I am astounded that the United States of America is going to ban (even on temp basis) short selling.
And for full disclosure i am not currently short anything having covered a very much in the money S&P short at around 2pm this afternoon.
16
Posted by guest, Sep 18, 2008 8:22PM
Dealbreaker, interested in ... Chelsea Clinton's daily goings on, LEH memorabilia (albeit sweet looking ties) and Cramer taking on Osama Bin Laden. Interest on a ban on shorts, the introduction of a new RTC and pretty much everything relevant to the market -- ehh not so much.
18
Posted by guest, Sep 18, 2008 8:29PM
By the way the SEC is not banning financial shorts it is banning ALL SHORT SELLING!
19
Posted by guest, Sep 18, 2008 8:44PM
18 - I don't think so. SEC is banning all NAKED short selling. Also Cuomo is investigating false rumor-mongering (strange cause aren't RUMORS by definition not-yet verified?), seeking required disclosure of short sales by firms with at least $100mm AUM and subpoena their communications. UK is banning all financial shorts.
20
Posted by guest, Sep 18, 2008 9:21PM
18 - I will correct myself. According to the WSJ, the SEC does indeed intend to temporarily ban all short selling. WTF? Unbelievable!
21
Posted by guest, Sep 18, 2008 9:31PM
idiot at 16-- they wrote about all that stuff...and this is the write offs section, who the fuck cares.
22
Posted by guest, Sep 18, 2008 9:54PM
That WallStrip chick better at least take her shirt off tomorrow after the week we've been through. Live up to the damn name.
23
Posted by guest, Sep 18, 2008 10:29PM
Fuld (verb): to cower sheepishly while confused or scared.
Example: The natives fulded when the solar eclipse occurred.
24
Posted by diablo, Sep 18, 2008 10:34PM
New Jersey and Lehman news:
New Jersey may sue Lehman Brothers officials after losing more than half of the $200 million they invested with the bank in June, because, state officials charge, they are not sure they were given accurate information before they paid into the company.
Lehman this week filed for bankruptcy protection.
"That will potentially be the subject of litigation," William Clark, director of the Division of Investments, said during a heated meeting of the State Investment Council in Trenton today.
The pension funds closed the books on a disastrous foray into Lehman this week, collecting between 22 cents and 32 cents a share for 1.8 million shares of Lehman they had bought for $28 apiece in June, the division reported today.
Lehman, the 158-year-old investment bank that predates the Civil War and weathered the Great Depression, filed for bankruptcy protection on Monday after it failed to negotiate a sale for itself.
The fire sale disposal of shares in the financial company means the state lost $115.5 million on a $200 million Lehman stake in less than four months, sales results revealed by the Investment Division today indicate.
---
The stupidity of pension funds knows no bounds. This guy Clark should be investigated and purged.
http://www.nj.com/news/index.ssf/2008/09/new_jersey_may_sue_lehman_over.html
25
Posted by guest, Sep 18, 2008 11:11PM
#23: I just had to add it to Urbandictionary. To you goes all the glory (after it gets approved by editors that is)!
26
Posted by guest, Sep 18, 2008 11:26PM
To: hPaulson, cCox, bBernanke
From: group02110
Cc: gBush, dCheney, aGreenspan, dFuld, sCohen
Bcc: hRep, Sen
SubjectL SAVE US BUSINESS PLAN
We've thought a lot about the problem overnight and we have another idea that should help stabilize the financial markets. While we expect that the banning of short selling and the new, more well capitalized version of a CIV, the Enormous CIV ("ECIV"), should support asset prices at current levels, we believe additional stimulus is needed for the consumer.
Speaking points on the plan include the following. Don't worry about the details, we'll iron them out later and do try to avoid any serious questions:
>>The excess capacity the US Treasury Is significant, only printing ~200B in bills. This is ~20B in new hard currency bills annually if you assume average printing of $15.
>>If we work 24 hours a day, seven days a week, we could add 160% to current production, or ~52B in new bills annually.
>>Additionally, if we just print $100s and $50s instead of those smaller ones that have no use anymore anyways, which is not hard synergy to get, we could produce an additional $60 per bill printed.
>> Overall, we could increase production by ~$2.4T from gains in additional printing volume and ~$1.2T from incremental value added. In total, $3.6T per year could be added to the system.
>>The obvious questions is how do you fairly distribute it, and we have thought of this as well, simply give it out to all those who have been harmed by the current crisis. This would include homeowners throughout the country with mortgage problems, individuals with credit card bills, all student loans, all cosmetic loans, all paycheck loans and even all CDS currently written. This would also include firms currently in reorganization or liquidiation, back to December 31, 2007. Any remainder would be distributed to all those who are current on their financial obligations.
>>Not only will these distributions help liquify the financial systems by allowing debts to be repaid in full, it should stimulate consumer demand and enable China to maintain current labor utilization at acceptable rates. For this we will only ask that the purchase a new structured instrument called the Negative Yield Super Value Bond ("NY-SVB") which yields (3)% per annum for a ten year period but offer extreme stability.
>>The NY-SVB will enable us to borrow our way out of the current situation, as each $1m borrowed will only need to be paid back with $0.75m in ten years time. This would allow us the time to address the structural problems in our banks and come back ready to start the global economy again from this stasis in 2018.
>>The money raised from the sale of these NY-SVB will be used to invest in the E-CIV to facilitate liquidity of Goldman Sachs, at 2%, and Morgan Stanley, the last two remaining independent prime brokers so central in the system. The rate of interest rate for Morgan Stanley will be the Prime Rate plus 19.99%. Additionally, for consideration given, Morgan Stanley shall issue warrants equal to 79.9% of its fully diluted common equity. This money will be available to them upon the deposit of any security security or contract with for its face value.
>>We expect to have this plan fully implemented within 2 weeks.
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Posted by guest, Sep 18, 2008 6:40PM
Who cares about Chelsea Clinton? Where is that timid little bitch Fuld?? I want to dig out his heart and shit on it in front of his wife. What a sad little punk that fuckhead is. Mr Badass until things go apeshit, then turns into a chipmunk. At least Jeff Skilling had the balls to get drink a gallon of Franzia and show his face.