Posted by guest , Dec 04, 2008 5:58PM

"New York Federal Reserve Opens 'Pawn Shop' to Buy Up ABS Junk"

"On Wednesday, December 3, 2008 The New York Federal Reserve website reported that they will begin to purchase Asset Backed Securities (ABS) from failed mortgage giants Fannie Mae and Freddie Mac, as well as the Federal Home Loan Banks. They also hinted that they will stop there - everything seems to be on the table now, officially. Treasuries and stocks may see direct effects, with outcomes mixed. Initially, the program will concentrate on non-callable, fixed-rate senior benchmark securities such as Mortgage Backed Securities (MBS), but there are indications in the language used that the program may expand to include other ABS such as privately issued MBS (non-GSE), bonds, stocks and other equities. With this much unprecedented Government intervention in the markets, I find it difficult to apply any models effectively in a predictive fashion. In the long run, I believe will be inflation and devaluation of the dollar - combined with the aftermath of record writedowns, mergers, buyouts, and outright failures that we will see in 2009 - that will be the legacy of these efforts."

http://yourmortgageoryourlife.wordpress.com/2008/12/04/new-york-federal-reserve-opens-pawn-shop-to-buy-up-abs-junk/

Posted by guest , Dec 04, 2008 6:02PM

The moves included putting the nightly CNBC show "The Big Idea" with Donny Deutsch on hiatus, said Brian Steel, vice president of CNBC public relations.

"Given current economic conditions the feeling was that now is not the right time to do a 'success' show five days a week," Steel said. Deutsch will now work on a monthly special and appear regularly on CNBC and the "Today Show," he said.

http://biz.yahoo.com/ap/081204/nbc_universal_cuts.html

Posted by guest , Dec 04, 2008 6:12PM

@3 Phew. With a name like that how can you ever be taken seriously as a person? Next in line, Kudlow and his company of morons.

Posted by guest , Dec 04, 2008 6:25PM

Bess, I love that book!

Posted by guest , Dec 04, 2008 6:46PM

The situation is fluid.

Posted by guest , Dec 04, 2008 6:50PM

So Glenn Beck talks about the NWO and gets canned - Donny Deutsch starts talking about going after the ill-gotten profits and he gets canned.

Hmmm - the investor in me wants to see a pattern here - like don't screw with The Man's historic money-grab!

Maybe it is time we step back and make a more holistic assessment of the costs and benefits of a financial system that demands the return of all the gains ever delivered now that times are bad, and also demands the lion’s share of the returns during the good times.

http://tinyurl.com/6jldft

Posted by guest , Dec 04, 2008 8:20PM

Bye bye Glenview.

Posted by guest , Dec 04, 2008 8:32PM

It kind of makes you wonder how he could come into the year prepared for this storm and still blow up... the last answer in the Q&A is the punchline.

http://money.cnn.com/2007/11/29/news/newsmakers/robbins_glenview.fortune/index.htm

Posted by guest , Dec 04, 2008 11:16PM

not that shocked / rumors re: VW trade probably true? but really sad - this is a great firm...

Posted by guest , Dec 05, 2008 8:29AM

There is far too much of this "its a great firm". I am sorry but if you are in the absolute returns business and you lose 50%, you are not a great firm.

Anyone heard that Thomas H Lee's Fund of Funds was 3 times levered and has blown up? I bet people think he is a great investor as well, but it makes me think he was just lucky first time around

Posted by guest , Dec 05, 2008 8:29AM

There is far too much of this "its a great firm". I am sorry but if you are in the absolute returns business and you lose 50%, you are not a great firm.

Anyone heard that Thomas H Lee's Fund of Funds was 3 times levered and has blown up? I bet people think he is a great investor as well, but it makes me think he was just lucky first time around

Posted by guest , Dec 05, 2008 8:36AM

@11/12

There's far too much assholes on this board that have never achieved anything in their life but have an opinion about everyone.
Just shut the fuck up. Being a 1st year analyst at a 3rd rate brokerage shop comes with some humbleness. You're entitled to an opinion when you have done some deals and made some money for your firm. Bitch.

-PEB

Posted by guest , Dec 05, 2008 9:03AM

What have you done PEB?

Posted by guest , Dec 05, 2008 9:11AM

Lately not a lot of deals,but a lot of portfolio, see, it's a bit fucked up in the market. Before all that hit, a couple of decent deals. But that's not what this is about. It annoys me when people here go running their mouth at people that have a long track record. If you were so smart to see all of this coming, you would have made a big bundle. But you're here so you haven't.

- PEB

Posted by guest , Dec 05, 2008 9:49AM

I think its a valid point to question people - john paulson himself is staggered why he is out in front and others missed the bubble. The point is that those who missed it have still banked millions. Just because you were around making a bundle for the past 5 years donesnt make you a fucking genius douche bag

Posted by guest , Dec 05, 2008 9:51AM

PEB--

I've long suspected, and it is now confirmed, that most of these HF genuises are essentially levered long delta, short vol plays. Obviously a great play from 2002 until Dec 07. Disastrous in 2008. Throw in the credit freeze that destroyed convert arbs, and these guys have to go broke.

Posted by guest , Dec 05, 2008 9:54AM

you are no john paulson, not close to and even i am way, way out of your league. If you were half as much of a slimey ass-kisser on this board as you are to your many bosses, your tone would be very different. bitch.

Posted by guest , Dec 05, 2008 9:55AM

18 = PEB btw, bitch.

Posted by guest , Dec 05, 2008 9:57AM

PEB: why the venom? Like the guy said, if you're running an absolute return strategy you just don't loose 50%. Maybe a bad year comes and you loose 8-10, but 50% means you're out of control. And don't blame the market. Given the fee structure that you've imposed on your clients, you're not supposed to loose control ever.

Posted by guest , Dec 05, 2008 10:10AM

17 & 20 You guys are fully right and I apologize for ranting. But the point is, why is everyone on this message board so much smarter than experienced money managers running actual firms? being condescending in hindsight is abit too easy..

Posted by guest , Dec 05, 2008 2:53PM

"So Glenn Beck talks about the NWO and gets canned"

Glenn Beck signs a contract with a rival and gets fired. Not exactly b/c of anything he said. I bet you think Nixon had the Kennedys killed, too.

Posted by guest , Dec 24, 2008 11:42AM

Every gambler has his streak.