11:55: 5 minutes to show time. While we wait:
(I have it on good authority that Griffin and Soros have rehearsed the above moves and will be performing at intermission.)
12:00: Soros: "There was a defect in the system."
Soros IS HAWKING HIS BOOK (on sale now).
12:09: Jim Simons: "We don't trade those alphabet soup things George was just referring to."
"Transparency to certain regulators can be helpful."
"Too much disclosure could do more harm than good. Why don't you just force us to disclose our entire trading strategy while we're at it?"
Simons, perhaps under the impression that he's in the TARP hearing, suggests that the solution to the problem we're in is too keep people in their homes.
12:15: Paulson's lack of a reaction to Waxman asking him to press the button on his mic was much appreciated.
12:22: Because Falcone is giving us his life's story, and mentions his wife, I will post a picture of Lisa "Dime Piece" Falcone now:
12:30: Ken Griffin: "The creation of central clearing houses for credit default swaps represents a straight forward solution."
"Unleash opportunities, do not limit possibilities."
12:36: Simons is talking, Waxman interrupts to ask, "is your mic on?" "Yeah, it is."
12:36: Waxman asks mic question of Paulson as well. Do you hear them talking fuck stick? THEN IT'S ON.
12:38: Paulson thinks equity requirements of financial institutions needs to be raised.
Problems have been with investment banks, not hedge funds. "Not one dollar of your little bailout has gone toward hedge funds."
12:42: Griffin doesn't want more regulation of hedge funds. "To be very clear: We're gone through a financial tsunami in the past few weeks and it's been the fault of the regulated institutions. Hedge funds have not been a focal point of carnage."
Waxman has no questions prepared besides 'is your mic on?'
12:45: Warren Buffett and Whitney Houston doppelgangers are sitting behind Griffin.
12:52: Paulson wants caps on executive compensation at banks.
12:52: Simons: "Something has to be done about this paper. Nobody knows what it's worth." Over under 'til Waxman asks him if is mic on is being set at 5 minutes.
12:57: Some representative wants to know how it is that these guys knew what they knew before everyone else. Thinking the answers starts with a 'B' and ends with a 'ecause they're fucking smarter than you, Simpleton."
1:04: Simons: "The funds that we operate don't require wisdom...we're not affected by the rises and falls in the market. One fund is but it's still beat the market and that makes our investors happy."
1:06: Rep. Souder: "I understand this is a financial hearing but Mr. Soros, I just want to say that I've had deep disagreements with the heroine needle exchange program and your advocacy of your backdoor legalization of marijuana. Your intervention in the drug area has been appalling. I hope you reevaluate where you put your money."
Posted by whatelseisgoingon , Nov 13, 2008 12:04PM
Soros plugs his book... simply astounding
Posted by guest , Nov 13, 2008 12:05PM
"Your wife is physically attractive...Sell her to me, please."
Posted by VOL IS KING , Nov 13, 2008 12:07PM
Every time Soros says reflexivity take a shot!
Posted by bondguy007 , Nov 13, 2008 12:07PM
Gotta love dem der comb overs.
Posted by guest , Nov 13, 2008 12:08PM
Soros bashing hedge funds - wants more regulation.
Posted by guest , Nov 13, 2008 12:08PM
sounds like it's the first time he's actually read that speech
Posted by guest , Nov 13, 2008 12:10PM
Soros is a self-serving hack.
Oddly Simons is making a lot of sense. He's right that the ratings agencies are the most culpable.
Why is he even here? They don't even trade the illiquid crap.
Posted by whatelseisgoingon , Nov 13, 2008 12:20PM
Q: Why does CNBC keep cutting to commercials during the speeches?
A: because they suck, and think it's more important that I buy a worthless trading platform and some gold coins.
Posted by guest , Nov 13, 2008 12:21PM
any news on the MS cuts today? what groups are hit etc?
Posted by guest , Nov 13, 2008 12:21PM
I love you Bess. Best entertaining reporter EVER.
Posted by VOL IS KING , Nov 13, 2008 12:21PM
@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.
Posted by guest , Nov 13, 2008 12:22PM
Falcone looks like John Lennon crossed with a pimp. Huge watch!
Posted by guest , Nov 13, 2008 12:23PM
I love you Bess. Best entertaining reporter EVER.
Posted by guest , Nov 13, 2008 12:24PM
I love you Bess. Best entertaining reporter EVER.
Posted by guest , Nov 13, 2008 12:27PM
http://www.bloomberg.com/apps/news?pid=20601087&sid=aXFlt0Ejr_.o&refer=home
CAN SOMEONE POST THE VIDEO?? SIMONS MAKES ME HOT!
Posted by guest , Nov 13, 2008 12:28PM
Holy crap. C is down to $8.50. Damn short sellers!
Posted by guest , Nov 13, 2008 12:28PM
Yeah Bess, looks like he came a long way from Minnesota.
Posted by guest , Nov 13, 2008 12:30PM
why did CNBC cut off John Paulson? Answer= for a Fast Money Trade School tip!
Posted by guest , Nov 13, 2008 12:31PM
What is the return of the Harbinger funds this year?
Posted by strangebrew , Nov 13, 2008 12:32PM
7- Simons is there because he is successful and that makes the marxists mad.
Posted by guest , Nov 13, 2008 12:32PM
@16
ITS GOING TO BE CITI GOLD STANLEY BY MONDAY
Posted by VOL IS KING , Nov 13, 2008 12:33PM
CSPAN
http://www.c-span.org/Watch/C-SPAN3_wm.aspx
Written testimony
http://oversight.house.gov/story.asp?ID=2271
P.S.
I thought these were the good fund managers today, why is Griffin speaking. Shouldn't he be invited back on Fuck Up Day with Mozillo and Fuld.
Posted by guest , Nov 13, 2008 12:35PM
Hey for anyone keeping score like me, RBC now has a bigger market cap than Citibank.
Watch out - the Canadians are going to own the North American banking system.
Posted by guest , Nov 13, 2008 12:36PM
Big Earn!!!!!!!!!!!!!
Run for your lives there's a giant shit cloud coming!
Posted by guest , Nov 13, 2008 12:37PM
Waxman: "is your mike on jimmy?"
Simmons: "STFU! How much do you make a year? I just made 5 years of your salary while you wasted my time asking that question."
Posted by guest , Nov 13, 2008 12:37PM
Enough with the "bolt on" titties. The start of the downfall of this nation was when women decided to become either obese or anorexic combined with the reasonably priced breast implant procedure. I am cutting the lower back tattoo some slack, but the shoulder blade dolphin tattoos have to go.
Posted by guest , Nov 13, 2008 12:38PM
Did Falcone buy his watch off P-Diddy ?
Posted by guest , Nov 13, 2008 12:38PM
Waxman: Johnny is your button pushed?
10 minutes later
Waxman: Johnny is your button pushed?
de ja vu baby...
Posted by guest , Nov 13, 2008 12:38PM
Did Falcone buy his watch off P-Diddy ?
Posted by guest , Nov 13, 2008 12:38PM
Just curious, nothing racial, but are they all Jewish?? I know Soros, Simons and Griffin are for sure, but what about Paulson and Falcone. If it's 5 for 5, they really are god's chosen people.
Posted by guest , Nov 13, 2008 12:39PM
tell him Paulson..."not one dollar has been spent to bail out a hedge fund" ...someone else say it for the cheap seats!
Posted by guest , Nov 13, 2008 12:39PM
nice observation 23
Posted by VOL IS KING , Nov 13, 2008 12:39PM
@ 23:
Canada has the world's most stable banking system according to the international bank of settlements. They probably should take over from the Chuck Princes of the world
Posted by guest , Nov 13, 2008 12:41PM
@31...hi nice to meet you Adolf. Do you work for Allianz?
Posted by guest , Nov 13, 2008 12:41PM
Did Falcone buy his watch off P-Diddy ?
Posted by guest , Nov 13, 2008 12:41PM
did he just say crisises TWICE? Harvard anyone?
Posted by guest , Nov 13, 2008 12:41PM
@ 30: try here http://www.jewornotjew.com/profile.jsp?ID=379
Posted by Investorcluzo , Nov 13, 2008 12:42PM
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
why does cnbc insist on putting commercials on every 2 minutes, is ge in that bad a shape?
Posted by guest , Nov 13, 2008 12:44PM
Is Lisa Falcone the same Lisa Falcone from BREAST MEN the Movie with David Schwimmer? Please clarify....
Posted by guest , Nov 13, 2008 12:45PM
pssst: coca cola = corn syrup + water + coloring + artificial caramel flavoring (and probably some rat shit, too)
Posted by guest , Nov 13, 2008 12:46PM
Waxman -- Would you say we need more regulation? x 6
Posted by guest , Nov 13, 2008 12:46PM
Great Ken Griffin T-Shirt available!!!
http://www.tshirthell.com/funny-shirts/kenny-fuckin-g/
Posted by VOL IS KING , Nov 13, 2008 12:47PM
@ic:
CSPAN
http://www.c-span.org/Watch/C-SPAN3_wm.aspx
Posted by VOL IS KING , Nov 13, 2008 12:50PM
Griffin. "do we expand TARP to include nonbanking sector?" Comcast must have shut off Griffin's cable due to margin calls, he missed (H.) Paulson's dog and pony show yesterday.
Posted by StillNoCouch , Nov 13, 2008 12:51PM
Lisa's hawt ! We should have a contest to see how low she could go at closing.
Of course, that would have made a great caption contest too ...
"How to spot a rich guy?"
Posted by guest , Nov 13, 2008 12:51PM
Falcone....nice piece of a$$
Posted by guest , Nov 13, 2008 12:55PM
How much for the anal beads?
Posted by guest , Nov 13, 2008 1:06PM
bad fake tits
Posted by guest , Nov 13, 2008 1:07PM
That because they're smarter than you comment is priceless.
Posted by Clown Capital , Nov 13, 2008 1:09PM
Lol. One of the funniest moments was when some ass clown (Rep. Mark Souder)tried to get up in Soros' shit about his support for legalizing hemp and apparently heroin (can anyone confirm the last drug)?
Can you say "Fund Manager of the Year"?!
Posted by guest , Nov 13, 2008 1:11PM
is the girl sitting behind Souder real or a blinking humanoid?
Posted by VOL IS KING , Nov 13, 2008 1:12PM
Griffin:
"i'm proud we shorted volatility... broke and proud"
Posted by guest , Nov 13, 2008 1:15PM
soros book gets a plug by Maloney
Posted by guest , Nov 13, 2008 1:16PM
Watching solely the manners of the participants, how could any sane person consider investing money with Griffin, instead of Paulson or Simons?
Posted by guest , Nov 13, 2008 1:20PM
the govt needs to slap itself cause of its retarded mics
Posted by guest , Nov 13, 2008 1:23PM
TGFD doesn't need to watch the hearings because I already know - as you all should - what the eventual outcome will be:
1) In the Senate, look for a revival of S-1624 and in the House, HR-2785. Both of these bills will change HF/PE tax rates from 15% to the 35% corporate rate. BX, FIG, & OZM have spent $Zillions lobbying against the bills. The legislation is stalled in the Senate, but after January, look for passage.
2) New, difficult, even punitive regulation of HF and PE outfits.
3) "Any investment product that is based upon an investment product that is already regulated will itself be regulated." You know, CDO, CDS, etc. will have all kinds of new regulations.
All of these things have to happen. The American public hates, resents, and blames Wall St. I'm no fan of Waxman, Barney Frank, or of Sen Max Baucus, but I cannot imagine any other outcome.
The Guy from Delaware
Posted by Clown Capital , Nov 13, 2008 1:24PM
Hey Bess,
Is it time to drop John Paulson's name in the Treasury Sec hat?
Rep Shays: "I said quick answer Beyatch!" lol.
-That guy cracks me up.
Posted by guest , Nov 13, 2008 1:29PM
Soros doesn't support heroin use; he supports needle exchanges for prevention of AIDS. This has been a source of public health controversy for at least fifteen years, and Soros is correct. Rep. Souder is not thinking particularly clearly ...
Posted by guest , Nov 13, 2008 1:30PM
what's up with shays??? shouldn't he be kissing more ass so he can get a job when he gets kicked back to CT in January???
Posted by VOL IS KING , Nov 13, 2008 1:30PM
@ Delaware:
don't be a moron, if you tax hedge funds more punitively people will just set up "non hedge funds" that do the same things. They'll just call it a REIT or whatever the fuck.
Posted by guest , Nov 13, 2008 1:34PM
Talk about volatility, google Lisa Falcone pictures. The pic in this article is one of the most beautiful girls around but there are many other pics that will make you puke!!! A volitile woman indeed.
http://nymag.com/nymetro/shopping/fashion/columns/look/15109/
http://www.stylelist.com/blog/2008/04/27/quick-picks-lisa-falcone-who-is-she-and-wtf-is-she-wearing/
If i could borrow her stock i'ld short it to the buyer @2 and @46.
Posted by guest , Nov 13, 2008 1:34PM
Talk about volatility, google Lisa Falcone pictures. The pic in this article is one of the most beautiful girls around but there are many other pics that will make you puke!!! A volitile woman indeed.
http://nymag.com/nymetro/shopping/fashion/columns/look/15109/
http://www.stylelist.com/blog/2008/04/27/quick-picks-lisa-falcone-who-is-she-and-wtf-is-she-wearing/
If i could borrow her stock i'ld short it to the buyer @2 and @46.
Posted by guest , Nov 13, 2008 1:37PM
Love the Soros reach over on Simons's microphone.
Posted by guest , Nov 13, 2008 1:41PM
VOL@#60...
We'll see what happens, moron. "People" can set up whatever they want. You seem to forget who has the power here, and it ain't Wall St.
If BX, et al weren't so afraid of the legislation, WhyTF did they lobby so hard against it?
Are you sure you know wtf you're talking about? It seems as though you're in some stage of denial.
The Guy from Delaware
Posted by strangebrew , Nov 13, 2008 1:43PM
And Simons goes for a smoke!
Posted by guest , Nov 13, 2008 1:43PM
jim simons:
give me a moment fellas, gotta take a crap.
Posted by Debter , Nov 13, 2008 1:45PM
haha, and Paulson also ignores the chairman when asked to move the mike and speak louder
Posted by VOL IS KING , Nov 13, 2008 1:47PM
@ Delaware
i don't care if Ken Griffin goes bankrupt, I hope he does frankly.
I'm telling you what someone with a brain would do. Then everyone will just copy the guy with the brain. That's how we got all these shit hedge funds in the first place. The Griffins of the world copying the Soroses.
Posted by strangebrew , Nov 13, 2008 1:47PM
And Simons goes for a smoke!
Posted by guest , Nov 13, 2008 1:54PM
jim simons doesn't make money he prints it.
Posted by guest , Nov 13, 2008 2:03PM
first
Posted by guest , Nov 13, 2008 2:03PM
thats the best pussy you could hope for as a hedgie......sad
Posted by guest , Nov 13, 2008 2:06PM
Kenny now trying to bum a ride home since his plane has been put up as collateral.
Posted by guest , Nov 13, 2008 2:08PM
@62. I don't think @2 was a buyer.. Looked more like he was imitating a line from Soros from the SNL skit.
But yea, very volatile woman indeed...or a very good airbrushed photo.
Posted by Anal_yst , Nov 13, 2008 2:14PM
Def think Lisa has been shopping plastic surgeons a bit, no?
Posted by Investorcluzo , Nov 13, 2008 2:25PM
@vol - you are indeed correct. wall street innovates while washington is busy regulating the past. it goes back to the age old conundrum - when will washington pay catch up so that the "smart" guys/girls will work for uncle same to watch over their peers (non piers) on the south end of manhattan (and now greenwich)...
think about it, would rather be a lobbyist or politician? one gets the spotlight/bully pulpit, while the other makes the money…
Posted by guest , Nov 13, 2008 2:32PM
VOL@#68...
The forthcoming HF/PE regulations will define the HF/PE outfits more in terms of what they do rather than in what they call themselves. In other words, "If it looks and smells like a HF/PE, guess what? It is a HF/PE."
BTW, Ken Griffin is a candyass sissy. I hope the fucker goes belly-up too.
Thanks for your comments. I didn't mean to be argumentative.
The Guy from Delaware
p.s. Regarding Lisa...TGFD doesn't care for trash women like her. I'll leave Lisa for all you DB clowns to drool over. Also, the sleeves on that tuxedo in the picture are too long. A rental? WTF is the matter with that dork?
Posted by guest , Nov 13, 2008 2:33PM
VOL@#68...
The forthcoming HF/PE regulations will define the HF/PE outfits more in terms of what they do rather than in what they call themselves. In other words, "If it looks and smells like a HF/PE, guess what? It is a HF/PE."
BTW, Ken Griffin is a candyass sissy. I hope the fucker goes belly-up too.
Thanks for your comments. I didn't mean to be argumentative.
The Guy from Delaware
p.s. Regarding Lisa...TGFD doesn't care for trash women like her. I'll leave Lisa for all you DB clowns to drool over. Also, the sleeves on that tuxedo in the picture are too long. A rental? WTF is the matter with that dork?
Posted by guest , Nov 13, 2008 2:46PM
Cluzo@#76...
Talk about living in the past, your "innovation" comment makes me wonder about the stage of denial in which you find your own self. Seriously, you must be joking. You're going to have a long wait for that "innovation" of which you so confidently speak.
The Guy from Delaware
p.s. TGFD didn't push the "Post" button twice. I don't know wtf happened there.
Posted by VOL IS KING , Nov 13, 2008 2:52PM
@Delaware:
OK so then all banks, insurance companies, the TARP, oil produces, real estate investors, Law Firms, New York City housing Co-Ops, essentially anyone that tries to make a profit in a market of any kind is a hedge fund then?
What you really want to do is to eliminate the LLC and LP and differing treatment for capital gains vs. income. If that's your argument then so be it. But good luck paying off those GM pensioners now.
Lets try something different, how about 10% of capital gains have to be paid into social security.
Posted by Investorcluzo , Nov 13, 2008 3:12PM
@tgfd - please, you better hope innovation comes back. I'm not suggesting there will be change on a grand scale. however, there will be just enough innovation to get investors back in the game, you can bet on that. in fact, it will likely be regulation that serves as a catalyst for said innovation. aside from the great deleveraging that is currently taking place, there is no magic bullet...
Posted by guest , Nov 13, 2008 4:58PM
VOL@#80...
What I might want is not my point. What I wrote in #56 and in #77/78 is what I believe will happen. Guided or misguided, that legislation/regulation is coming Wall St's way. It's very obvious. I think you're taking things too far in your 1st paragraph, though.
Cluzo@#81...
Thank you for the clarification. Your #81 sounds much more realistic than your #76.
The Guy from Delaware
Posted by VOL IS KING , Nov 13, 2008 5:36PM
So the thing i'm telling you Delaware is the regulation won't go far enough to achieve its objectives.
The reason we get "innovations" as IC calls it, is people figuring out new tricks to circumvent the regulation. To the extent there still exists a business configuration that allows people to only be taxed at 15% for deploying capital then that structure is the structure that anyone with a brain will choose. If its a pension then everyone well choose no salaries and pensions that vest immediately, if its an endowment, then everyone will be a not for profit and draw a huge salary from the endowed institution (ahem, harvard). You get the idea.
Regulate away, my brain still works.
Posted by guest , Nov 13, 2008 6:32PM
Tell Soros, even his Needle Exchange is Corrupt, I know!
I was on a 3-year waiting list for methadone in Seattle, while the head bitch sold available slots to anyone who would bang her!
Posted by Last Man Standing , Nov 13, 2008 11:17PM
Soros is such a geeezer. I cant believe he carries on with his theory of reflexivity ( which i actually believe in). Waxman had no clue what Soros was saying, and prob thinking to himself what is this old jew doing to my important hearing. hopefully the guy with long hair and the jacob&co watch will be more entertaining.
Soros was loving it, not having to drop millions on moveon.org to get a soapbox, all he needed was a little grease for waxman's head.
Posted by guest , Nov 17, 2008 4:44AM
The tide has pulled in and exposed us all jewish bankers - what do we do now - come up with a new product middle America wont understand and think we are financial wizards.Lot of tax money at the end if things go wrong any way.
Jacob