• 21 Nov 2008 at 10:28 PM

Now What Are We Supposed To Do?

By

I fear that without a mechanism to skirt U.S. online gambling restrictions all is lost.

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Comments (108)

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  1. 1
    Posted by guest | November 21, 2008 at 10:34 PM

    all is lost

  2. 2
    Posted by guest | November 21, 2008 at 10:38 PM

    What does this mean?
    “Once again we would like to thank you for your custom and support since we acquired the TradeSports business in 2007. We would also like to thank our business partners for all their help through out our short ownership of TradeSports.com. We underestimated the difficulties that current and new customers would experience in funding accounts and partly as a result of this we have reluctantly decided to close TradeSports. While we are not hopeful that funding issues may dissipate soon, should they TradeSports will be back and it is therefore an imperative for us to effect and orderly and goodwill preserving closure for you all.”

  3. 3
    Posted by VOL IS KING | November 22, 2008 at 12:25 AM

    Hey EP look into this if you have some free time. i’ve been thinking about the Berkshire put sale transaction. To wit CDS traders hedge their exposure by buying puts/shorting without regard for share price/valuation of the underlying. For this reason the price of the equity drives the bonds down irrespective of seniority. So it seems with a stock like citi is blowing out the cds, AND equity, necessarily so by the aforementioned relationship is also driving the bonds the to zero; such that seniority is has lost its meaning.

  4. 4
    Posted by guest | November 22, 2008 at 12:59 AM

    Federal Authorities Seize Newport Beach-Based Downey Savings and Loan
    Downey Savings and Loan finally drew it’s last, painful breath, then released it in a sigh of utter relief as one of the longest, most painful bank insolvencies to date.
    The body has been claimed by US Bank, which means if they don’t get killed by the same disease Downey did, they may end up owning as many homes in SoCal as people in SoCal do.
    http://yourmortgageoryourlife.wordpress.com/2008/11/21/federal-authorities-seized-newport-beach-based-downey-savings-and-loan/

  5. 5
    Posted by ep | November 22, 2008 at 1:04 AM

    “Posted by VOL IS KING, Nov 22, 2008 12:25AM
    Hey EP look into this if you have some free time.”
    I hate the word “aforementioned.”
    -ep

  6. 6
    Posted by guest | November 22, 2008 at 3:05 AM

    ep i really baked right now stop making up words

  7. 7
    Posted by guest | November 22, 2008 at 4:47 AM

    Now that dust has settled, re-read the post below. It was INDEED the bottom! Naysayers lost an apportunity to make 10% in less than 5 hours. Worse it is very likely they lost money.
    The price not to read and analysis is: 10% profit opportunity + avoid your loss. Total should be north of 15%.
    ”
    marketwarnings.com has just warned in real-time. The stock market bottom has come. Day is nov 21, 2008, time is 11:07AM. Event is the stock market bottom. A day and time that will stay in history of stock market for a long time. Do not later tell yor were not informed. And remember the state of your current mind (if you are reading this on November 21 AM), which is likely telling you something like “this is another piece of worthless thin”g. Fine to think that now. But keep it in mind in the days, and weeks of the future.
    Real-time bottom call details are below (11:07AM, November 21, 2008). The bottom!
    http://www.marketwarnings.com/2008/11/dow-spx-stock-market-bottom-november-21.html

  8. 8
    Posted by guest | November 22, 2008 at 4:49 AM

    Thank you, Republican Party, the Party of “small government”, for sticking your frickin’ nose in my business, at the behest of the lottery and racetrack and casino industries, to make online gambling illegal..f’ off and die you Sarah Palin lovin’ mother f’ers.

  9. 9
    Posted by guest | November 22, 2008 at 8:26 AM

    Vol Is King is a retard.
    - Ben Stein

  10. 10
    Posted by guest | November 22, 2008 at 8:40 AM

    Currency trading is pretty much gambling. All the online providers of this service are open and taking bets.

  11. 11
    Posted by guest | November 22, 2008 at 8:41 AM

    @ 8 — Hey we can’t let you make decisions on your own about your own assets. You need us!!
    On an unrelated note, whoever posted the Dylan “Like A Rolling Stone” lyrics yesterday—-yeah that sums things up pretty well.

  12. 12
    Posted by guest | November 22, 2008 at 8:54 AM

    @10
    You’re a retard too.
    - Ben Stein

  13. 13
    Posted by guest | November 22, 2008 at 10:35 AM

    Now consider Citigroup. It has $2.05 trillion of assets listed on its balance sheet. That includes $63 billion of “goodwill and intangibles,” worthless assets like Fannie’s DTAs. Contrast this with the company’s equity of $151 billion, which would include $25 billion from TARP. That implies a leverage ratio of 14x, not 10x as the bank would have you believe when it publishes its “Tier 1″ capital ratio. Remove goodwill and intangibles from assets and equity and you have a true leverage ratio of 23x. = ($2.05 trillion – $63 billion) / ($151 billion – $63 billion). That’s roughly the same calculation we did to get to Fannie’s true leverage ratio of 100x.
    http://optionarmageddon.ml-implo…citis-leverage/
    HOLY COW.. C is bust ?

  14. 14
    Posted by Harald | November 22, 2008 at 10:35 AM

    @10 only underscoring how arbitrary and stupid ANY law is.

  15. 15
    Posted by guest | November 22, 2008 at 11:07 AM

    @13 – You’re right to point out the bs of goodwill and intangibles on the balance sheet, but it certainly shouldn’t be zero for Citi. Citi could monetize Smith Barney, some of the foreign operations, and even the credit card businesses.
    Anything like that would reduce goodwill and intangibles but increase cash.
    I don’t think Citi is actually bust – that is, their liabilities do not exceed assets. The big banks are cash flow generating machines with captive deposits, high fees and a steep yield curve.
    Conservatively, Citi can throw off $10-15B a year in cash and if the cut divs, suspend buybacks and cut costs, that goes a long way to paying down troubled assets.
    What Citi needs is time and confidence. The current management team ain’t cutting it. The Feds should buy another $25B of converts, force out management, and get someone in there who will shrink the company a bit.

  16. 16
    Posted by guest | November 22, 2008 at 11:11 AM

    There’s a reason why I don’t personally bank with Citi, don’t run forex transactions through Citi, don’t buy any advisory services from Citi, don’t have Citi as a lender in my credit facility or use Citi as my brokerage.
    Let it burn…plenty of other, much better banks out there.

  17. 17
    Posted by guest | November 22, 2008 at 11:56 AM

    @15.
    are you sure ? assets not greater than liabilities ?

  18. 18
    Posted by guest | November 22, 2008 at 12:32 PM

    @17
    You have it all wrong. The correct equation is:
    Assets = Liabilities + Stockholders’ Equity

  19. 19
    Posted by guest | November 22, 2008 at 1:09 PM

    Watch for a Lehman-style Dead Cat Bounce next week for Citi:
    http://yourmortgageoryourlife.wordpress.com/2008/09/04/lehman-brothers-dead-cat-bounce/
    I said over a year ago that Citi needed to spin off it’s Mort and CC Divs – Their retail banking reach and wealth management make them undervalued – if you can afford to go long on them.
    Pandit wrote down some of the of-books vehicles, but they have at least another $50B floating oput there, plus the losses on AltA, Prime, and Heolo/Heloc c*** they have on the books.
    Pandit was holding out for a big bailout – and still is – but Paulson yanked the rug out from undr him last week with his TARP administrative whims – they also put the naked short sale back in action as they want to drive Citi to it’s knees – like a Mafia hit on a weak ‘family’ – JPM Dimon and the GS Kabal are taking everyone out:
    http://yourmortgageoryourlife.wordpress.com/2008/10/06/did-jpmorgan-almost-fail-jekyll-island-investment-still-paying-dividend/
    Cit is in their sites now, Lewis and B of A are next. Watch Wells scramble to get big enough to fight back – but buying WaMu c*** is not going to do it – they need to merge up with US Bank to survive – if they don’t scare each other off with the toxic mortgages they have portfolioed.
    2009 will suck. 2012 will be bottom. Dow will break 3000. We will all be bankrupt.
    Happy Holidays!

  20. 20
    Posted by guest | November 23, 2008 at 2:14 AM

    Gad – is there ANY way to stop that stupid spamming bastard from the “yourmortgageoryourlive”?
    He begs to be blacklisted. Really, he does.

  21. 21
    Posted by guest | November 23, 2008 at 12:45 PM

    make dutch book
    win lose or draw you win anyway
    fixed odds betting causes another online gambling firm to collapse.
    Cantor Fitzgerald please learn a lesson…
    Its not the sharks or the whales… It’s always your failure to understand the axioms of probability…

  22. 22
    Posted by guest | November 23, 2008 at 3:14 PM

    There is no way to take out your money from tradesports, without getting slapped with some kind of withdrawal fee!
    Bastards!

  23. 23
    Posted by guest | November 23, 2008 at 3:51 PM

    As a frequent trader at TS, I can assure you that the US gov’t is unable to stop the flow of $ into the site. TS folded because there are other sites that are cheaper and more liquid.
    Take a look at Party Gaming and 888, both trading at very attractive levels as possible takeover candidates for US gaming interests. The AGA has switched their stance for online gaming and I think that legalization in the US could come as soon as January, 2009.

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