If the Dow closes 100 points lower, SouthWest NY, the bar downstairs in the World Financial Center, will offer half priced drinks all night.
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Posted by MarshallStack , Oct 02, 2008 3:50PM
100 points?
With all the GE to go at the bell - that should be doable.
Do they have Hendricks?
Posted by guest , Oct 02, 2008 3:51PM
ATTN Intsitutional Traders:
Get on it!!!
Posted by guest , Oct 02, 2008 3:52PM
A group of Republicans in the U.S. House of Representatives said on Thursday they would seek an amendment to significantly reduce the size of a $700 billion Wall Street bailout package headed for a House vote soon. Ohio Rep. Steven LaTourette said 23 Republican lawmakers will seek an amendment that would lower the amount the Treasury Department could spend on the bailout to $250 billion – Reuters
done
Posted by guest , Oct 02, 2008 3:53PM
who's got some #s on HIG CDS?
Posted by guest , Oct 02, 2008 3:54PM
HIG CDS 10.25/11.25pts
Posted by guest , Oct 02, 2008 3:55PM
@5 thanks
Posted by guest , Oct 02, 2008 3:57PM
Just bought apple.
Posted by guest , Oct 02, 2008 3:58PM
Did HIG have CDS dealings that they got burnt on a la AIG?
Or is it just deterioration of their assets?
I know they have some pretty agressive annuities (oxymoron)
Posted by Henry Ryecroft , Oct 02, 2008 4:00PM
Breaking news: Hedge funds mount brave defence against redemptions. Film here:
http://www.youtube.com/watch?v=IWuaSww3JnA
Posted by guest , Oct 02, 2008 4:02PM
from a Citi note re: HIG...
The company has never written CDS as a protection product, but had issued CDS in efforts to enhance yield in prior periods. The company has not disclosed the vintage of these CDSes, but a total maximum notional loss for credit default swaps and credit index swaps was estimated at $1.86B and $1.01B, respectively, as of 12/07. We do not view total potential notional loss as a reasonable assessment of value at risk.
Posted by guest , Oct 02, 2008 4:03PM
the whole sector moved out today bc of the senator from nevada saying a major insurer would fail if the bill is not passed.
Posted by guest , Oct 02, 2008 4:05PM
thanks 10
Hartford, CT is the new Charlotte, NC
Posted by guest , Oct 02, 2008 4:06PM
No. 8, aren't they using existing laws to have the FDIC kick in and protect everything now? Probably just in this instance it is important.
Posted by MarshallStack , Oct 02, 2008 4:06PM
CB and Hartford spreads mile wide
Posted by guest , Oct 02, 2008 4:07PM
@10,11 I figure though if there's some smoke, there has to be a fire
Posted by guest , Oct 02, 2008 4:08PM
But, CNBC interviewed the chick from the FDIC and she is a firefighter.
Posted by guest , Oct 02, 2008 4:14PM
Wow, so this was Harry Reid stabbing Chris Dodd in the back. Politics is amazing.
Posted by guest , Oct 02, 2008 4:15PM
Is anybody sure about SouthWest NY???
Posted by guest , Oct 02, 2008 4:15PM
Any clue why CB spreads would be wide? They don't have CDS exposure do they?
Posted by guest , Oct 02, 2008 4:17PM
Just called SouthWest NY. They claim you have to have an e-mail from them to get the special...
Posted by guest , Oct 02, 2008 4:22PM
Bess, do you drink on the job?
Posted by guest , Oct 02, 2008 4:25PM
@12,
I'm afraid Charlotte, NC is going to be the new Hartford CT.
Posted by MarshallStack , Oct 02, 2008 4:26PM
Bess.
Tits.
Stat.
Posted by guest , Oct 02, 2008 4:28PM
Yahoo crowd is ruining this blog. Oh how quickly things fall apart
Posted by Bess Levin , Oct 02, 2008 4:31PM
@20- I'll forward it to you if you want.
Posted by guest , Oct 02, 2008 4:37PM
Got excited there for a second when I thought Bess said "@23 - I'll forward it to you if you want."
Posted by guest , Oct 02, 2008 4:38PM
@1 nice call on the Hendricks
Posted by guest , Oct 02, 2008 4:39PM
27 Isnt that stuff great? Something about it that's just perfect.
Posted by guest , Oct 02, 2008 4:40PM
Got excited there for a second when I thought Bess said "@23 - I'll forward it to you if you want."
Posted by guest , Oct 02, 2008 4:43PM
Close lower than what? at 3:45 the dow was at 10,443 and closed up 40. How long does this offer last?
Posted by legal eagle , Oct 02, 2008 4:48PM
@22: I think Charlotte will unfortunately be the next Detroit. The revenues from BofA and WB kept thousands of others in business (lawyers, retail, construction, food services, etc.) and also helped prop up the tax revenues for the city. With the IB divisions probably moving to NYC and the consequent lack of cash flow that will no longer go to other businesses or to the city itself, it's probably in a lot of trouble.
Posted by MarshallStack , Oct 02, 2008 4:52PM
27 + 28 =
Have you had your pussy vodka martini pals try it? They are stunned - stuff is viscous.
I even tried it with a cucumber slice (mentioned in the little booklet) - kind of cool. But way gay. Which is nice.
Posted by girl , Oct 02, 2008 4:53PM
I'm not sure if they have Hendricks, but they do have
a) margaritas the size of your head and b) a curious anti-magnetic quality that repels fratty losers
both of which are winning
Posted by guest , Oct 02, 2008 4:57PM
@32 i have a bottle a week habit now.
Posted by guest , Oct 02, 2008 5:01PM
Fast Money guys saying the bailout at this point may be useless.
Posted by Anal_yst , Oct 02, 2008 5:03PM
@ girl
and you've never shared this information with me previously, why?
Posted by guest , Oct 02, 2008 5:05PM
35 I'm thinking the same thing. Feels like its too late and that the plan has also lost its elegant simplicity. Time to move on. I'm going to take a lot of comfort in the fact that the killers of this thing will suffer a lot more than those who supported it.
Posted by guest , Oct 02, 2008 5:06PM
36 girl: tell me its not because anal_yst is among the fratty losers.
Posted by guest , Oct 02, 2008 5:06PM
I'm hearing all over that bailout is no point, only may be used to save a few regionals on their last legs.
buy JGBs and let main st burn
Posted by guest , Oct 02, 2008 5:08PM
Fast Money guys said they took the amount of the bailout from the window already.
Posted by guest , Oct 02, 2008 5:09PM
Fast Money guys are saying the only thing is transparency and they say it needs to be done now.
Posted by guest , Oct 02, 2008 5:11PM
Ok, The FMG just said that a lot of hedge funds are saying "the rules have changed" and they are throwing the playbook against the wall and saying "i'm out".
Posted by guest , Oct 02, 2008 5:13PM
Total borrowing form the dicount window is up 50%. Stocks slammed on reports that bailout won't be enough. (the crawl under the FMG's)
Posted by guest , Oct 02, 2008 5:14PM
@42 sources say 25% of remaining assets in hedgies could be redeemed before yr end to total a 40% drop from total AUM last year
talk about devastation
it is the least talked about thing in the media but this has serious consequences in the markets
Posted by MarshallStack , Oct 02, 2008 5:17PM
@34
Best thing about it - it's so cheap.
Posted by guest , Oct 02, 2008 5:18PM
Things are starting to smell worse and worse out there... I have seen reports of hedge fund AUM being down 40% in jan '09 vs jan '08
noone in the media is bothering with this but this has serious implications in the market
hate to say it but cramer is the only one i have seen talking about hedge fund redemptions/liquidations
Posted by guest , Oct 02, 2008 5:21PM
How much of that -40% is performance.
Posted by guest , Oct 02, 2008 5:22PM
@46 explains some of the carnage in GOOG, RIMM, AAPL, POT, and FCX. Getting very spooky out there.
@45 must resist urge to stop on the way home.
Posted by MarshallStack , Oct 02, 2008 5:40PM
@48
There aint no way I am watching Sarah Snowpants sober. You need to get yerself a damned rodeo clown to take that risk. Me, Mr. Hendricks and the dog. He drinks the cheap shit though. Black lab with a drinking problem.
Posted by Anal_yst , Oct 02, 2008 5:43PM
@ 38
Non-frat guy here (although I did play lacrosse and squash though so take that as you want)
Posted by Bess Levin , Oct 02, 2008 5:46PM
@MarshallStack- I've been looking for it all day and am yet to find it. I'm worried *someone* yanked it. I'm continuing to search.
Posted by guest , Oct 02, 2008 5:48PM
#49, Obama's campaign is hosting parties to watch in a lot of bars in many cities. Don't watch alone, come watch with the group.
Posted by guest , Oct 02, 2008 5:48PM
48- I know those are hedgie favs, but why jump into popular large cap companies with 30 sell side and probably 100 buy side analysts. I don't see where the information al edge is, unless you are running some sort of quantitative strategy.
Oh wait, I do know why, because until recently they were going up....
Posted by guest , Oct 02, 2008 5:48PM
50 Its not necessary to have been in a frat to be a "fratty loser". So thanks anyway, but we really need to hear from girl on this one.
Posted by guest , Oct 02, 2008 5:50PM
Karen is president of Metropolitan Capital?
Posted by guest , Oct 02, 2008 5:50PM
52 I hope for the sake of the the O campaign that this is not a case of pride going before a fall.
Posted by guest , Oct 02, 2008 5:51PM
Did they wait so long cause they were trying to save our friends in the hedges?
Posted by guest , Oct 02, 2008 5:53PM
#56. It is an excuse for everyone to drink together and hopefully make money from contributions after you've been drinking.
Posted by StupidEquityGuy , Oct 02, 2008 5:56PM
...Borrowing from the U.S. Federal Reserve's expanded
discount window continued to skyrocket in the latest week, reaching a record
$409.52 billion Wednesday as key credit markets remained frozen and
lawmakers continued to debate a $700 billion plan to rescue the financial
sector.
The Fed on Thursday said total borrowing at the discount window, including both depository institutions and primary dealers, rose more than 50% to $409.52 billion Wednesday from $262.34 billion in the prior week. Total
average daily borrowing also jumped to $367.80 billion in the week of Oct. 1
from a previous record $187.75 billion in the prior week....
Posted by guest , Oct 02, 2008 5:58PM
Uncle Bernanke is the only bank in town...
Posted by legal eagle , Oct 02, 2008 5:58PM
If you're watching with the debate with others, use this and turn the whole thing into a drinking game:http://www.palinbingo.com/
Posted by guest , Oct 02, 2008 6:05PM
#59, they just interviewed a guy taking his money out of the bank to literally put it under his mattress.
Posted by guest , Oct 02, 2008 6:07PM
Cramer is saying that the bailout may not matter. Talking about colgate.
Posted by guest , Oct 02, 2008 6:13PM
Cramer said that if the plan passes we won't get a rally because it is too late. He thinks if the FED cuts rates and the Europeans cut rates and the bill goes through you might get a little bounce?
Posted by guest , Oct 02, 2008 6:41PM
@61 - FUCKING AWESOME!