10:10: Obviously, I’m upset about the fact that a certain someone is not present but I’m going to forge ahead and maybe I’ll make a trip up to Stamford later to get a comment about how he thinks the proceedings went.
10:12: PS, which C-SPAN is this on? 70 is Dodd and his hair. (Just kidding: I’M THERE LIVE, peasants).
10:22: Andrew Lo: “hedge funds can withdraw liquidity at a moment’s notice.”
10:25: What do you think the big guys are doing while waiting off stage? Plotting to take down Goldman?
10:27: The MIT grad imparts the wisdom that hedge funds don’t have to report their performances to any regulator (he’d like to change this).
10:33: Joseph Bankman is talking about taxes and boring the living fuck out of everyone, especially Representative Sarbanes.
10:34: Houman Shadab actually defends short sellers, so I feel good about him.
10:45: “I’m just a tax expert, you don’t want my opinion on that [CDOs].”
10:53: Rep. Elijah Cummings wants to know if there’s “something special about these guys and ladies that they get the 15 percent tax treatment?”
10:54: Cummings, who’s usually excellent and was the one blowing a gasket over AIG spending thousands on “manicures and pedicures,” has the gall to name drop “Joe the Plumber.”
10:59: Skip to 1:20
11:11: Rep. Mark Souder wants to know where the pension managers were.
“The housing market was going bananas.”
11:11: Andrew Lo: “As Warren Buffet says ‘A rising tide lifts all boats.” Buffett also says “a cheap prostitute still has a vagina.”
11:12: Rep. Stephen Lynch is discussing how LTCM and Amaranth were “different.” You know what time it is:
11:22 Rep. Yarmuth takes issue with “5 percent of all trades on the NYSE being executed by one trader,” which leads me to this: will the Big Guy get mentioned today? Or does he have some sort of gag order in place?
11:35: 2 things. 1. When Rep. Cooper says “wanna be hedge fund managers,” who do we think he’s talking about? SC? Or Tim Sykes. 2. I like that C-SPAN keeps flashing the definition of a hedge fund on the screen, which I’m guessing is for the benefit of our congressmen and women.
11:40: Sarbanes is dying to whip out the wrap it up box on Andrew Lo.
11:45: Andrew Lo wants an “education minimum.”
11:51: Guy in the hideous pistachio tie literally bows out of every question. “I’m just a tax guy, so I’ll pass,” he says cracking himself up.
first — ka-ching!
GIRL, I THINK YOU ARE SWELL. LUV YOU HIGHSCHOOL CRUSH.
cspan-3
http://www.c-span.org/Watch/C-SPAN3_rm.aspx
I know David Ruder and while I like him personally, I get the feeling he is almost senile.
is it me, or did waxman actually sound as though he respected these guys? “on average, each of the men here today made over $1 billion personally.” maybe cash [does] rule everything around me c.r.e.a.m…
http://www.youtube.com/watch?v=poB8oSahSmM
5: Waxman may have started to understand that while any individual rich guy is at his mercy, if he pisses ALL of them off, it has serious implications for him and his party.
Xcuse my French but this is going to be an assfucking.
BL and/or EP:
Layoffs to come at Gabelli shortly. -40%.$31 bil in AUM as of 12/31/07, $25 bil at 9/30, and he’s down another 30% in performance since 9/30…not just the hedgies in trouble.
http://gabelli.com/prices/prices.html
@6 – true, true. I also liked the comment. “we are here to learn what they think we can do in the future to avoid another crisis”. such a conciliatory tone makes me feel like this is a set up. barney frank will inevitably interject his populist rhetoric as some point…
live video from Ken Griffin’s future testimony
6: Not when half of the registered in the country will no longer be paying any taxes.
I guarantee one of the big guys is ripping down butts like nobody’s business.
live video from Ken Griffin’s future testimony
http://www.hulu.com/watch/39814/saturday-night-live-macgruber-financial-ruin
Cannibal Corpse is the best band around.
Rep. Caroloyn Maloney is a fucking PTA mother at best
-15, And yet she is the 10th richest house member, with assets in the 10′s of millions of dollars. I’d be willing to bet she has some dough in a hedge fund somewhere. Anyone know where she got that kind of coin from?
11: Free postage isn’t gonna be enough to get him re-elected. He needs campaign contributions to run ads to scare the sheep into voting for him and the sheep have no money (and will have even less when he’s through with them.) They need SOME rich guys.
@ 15
Agreed
@ cluzo, @6
No way, you’re giving the schmuck way, wayyy too much credit.
this is bs– HF positions should be revealed to a regulator, transparency, blah, blah, blah…– uh hello?!?! they are to the SEC via prime broker books. now who was it that let the PBs off the hook again?!
Shadab is GREAT. I’m nominating this guy for Treasury Secratary.
which one is guy smiley again?
Cummings just invoked Lord’s name…
Shadab is awesome.
Also, if Bess is there — someone get a screenshot. I think she is the frumpy one behind Bankman.
this bankman guy looks like he got lots of toilet-bowl swirlees in high school, and possibly college
Bess, lunch plans? I’m willing to go out in the rain for the Rayburn salad bar if you’re free.
Lobbyist
Bankman is such a douche. Such a douche.
bankman looks like my insurance guy. now i’m seeing why he always gets me to top up my policies…
i don’t get it. hedge funds are allowed to do what they do because congress set up the slam dunk for them. why are the congressmen pretending it’s anything but their fault?
Barry Zubrow needs to go to a Speech PaFFologist….
Four Hundred and Fifty Fousand?
Maybe the risk manager should know how to work a microphone
mr. issa fo shizza!
Is that really John Tierney, or Darrell Hammond doing Chris Matthews?
Dodd, if you don’t like the tranparency, buy another fucking fund you idiot.
when the hell is that video from Mark Haines is smiling, must be early 80′s?
Dodd’s upset that Countrywide can’t give him another break of $75,000 on his mortgage that he “doesn’t know about.”
Turned back to CNBC … Margaret Brennan looking hot …
wap wap wap wap wap wap wap
what is up with the cease & desist order on dresdner bank?
http://www.federalreserve.gov/newsevents/press/enforcement/20081113a.htm
big guys plotting a 1k drop in the dow during their testimony, pledging to reverse it only if the committee lets them GTF outta there…
How about some TRANSPARENCY with that $2 trillion the Fed is playing with?
shadddabbb, mr. shadab! you’re burning my time!
Hedge funds not regulated?
http://www.sec.gov/answers/accred.htm
I know the master funds are often offshore to allow for a foreign feeder, but how much regulation can be circumvented by setting up the feeder funds offshore?
@14 Stripped Raped and Strangled would be very appropriate.
Jim Cooper is a dumbshit.
was stevie cohen asked to testify?
Cooper is truly stupid – “what if the poor pension fund managers don’t understand that the hedge fund doesn’t hedge?” Oh no, professional money managers might not understand a liguistic relic – TIME FOR CONGRESS TO STEP IN.
@41, it’s the management companies that would be regulated, generally domestic entities. Several are already regulated as investment advisors, commodity trading advisors and/or commodity pool operators.
OK – Did ANYONE think the Fed was going to do this right? Has the Federal Government ever accomplished anything profitable?
that tax guy is awkward
How about those Citi Nov 5 puts…rally down baby! rally down!
Where is ALL CAPS from Wharton??? I want a comment on the Wharton rep.
come on no body thinks this looks like Griffin?
http://www.hulu.com/watch/39814/saturday-night-live-macgruber-financial-ruin
@46 – Thanks. So everyone moves to Ireland, Luxembourg, or the Caymans, if possible?
41
Intelligent, well intentioned articulate, and logical testimony? People like Houman Shadab make you actually think we can get over this economic debacle…at least until they shouted down by some over the top talking heads.
-C
from now on the correct answer to any question requiring more than a half second of contemplation is “i’m just a tax guy”
52 i call Ireland!
has waxman’s nose grown larger, or is just the camera angle?
has waxman’s nose grown larger, or is it just the camera angle?
on the internet broadcast they are giving us updates on when they will return to their regularly scheduled program on mccarthy – HYSTERICAL
love soros plugging his book.
tell me Soros squeezed in a plug for his book… this guy is worse tham jimmy norton!
@51- funny shit.
oh snap! soros just called out the politicos – regulators are “human and beaurocratic”
where are the written hearings posted
It’s easy to laugh at the politicos but man o man they get some fine tail.
@Bess:
yeah can we get the written testimony on this?
thx, lets circle back when you have those numbers.
P.S. is Simmons on crack? CDO’s ratings must be paid for by the buyers to eliminate conflict of interest? Correct me if i’m wrong but today’s buyers are tomorrow’s sellers…. doesn’t seem to eliminate the conflict to me.
P.P.S. Take a shot every time Soros says reflexivity.
@65,
Smokey from Stonybrook is on track as usual. Issuer bought ratings are trash. If rated by a neutral, clearing house type party, funded by transaction cost based fee the result will improve.
this is about to get interesting. q&a time, the unscripted stuff will lead to some sound bites that weren’t pre-approved by the pr folks back at hq.
soros pumped his book, griff pumped his/cme’s exchange. who’s next? time to take a bite out of crime on wall st…
http://www.youtube.com/watch?v=wqYqn8_S0OI&feature=related
@42
I agree. In fact, many parallels could be drawn to the current state of the economy and Cannibal Corpse record and song titles.
Don’t let barney Frank anywhere near the money
http://endofesq.com/?p=515