Nov 11, 2009, 10:34am
Nov 10, 2009, 8:45am
$$$ On Excommunicating Bernard Madoff [The Atlantic]
$$$ "Doubledown Media's Failure Only Matched By Those At Portfolio aka Is This What America Really Stands For?" [TS]
$$$ Madoff's Mansions [Cityfile]
$$$ Alan Greenspan: "Banks need more capital" [The Economist]
Sep 15, 2009, 2:22pm
I sense some judgment from the Bloomberg reporter here re:...
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Sep 15, 2009, 2:00pm
Tudor BVI Global: August 2009: 0.5% YTD: 12.5% ...as for...
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Sep 09, 2009, 11:27am
Goldman Sachs partner managing director Richard Kimball Jr. apparently got...
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Sep 09, 2009, 10:15am
Ladies, if you've been looking to work under one of...
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Posted by guest , Dec 18, 2008 4:47PM
Mega homes of the former mastershttp://www.wowowow.com/slideviewer/154277
Posted by guest , Dec 18, 2008 4:54PM
Why is Alan Greenspan saying anything at all? He's a joke!
The guy inflated us to two bubbles and now we're supposed to listen to him again - that we should give another $250B to the banking sector which will ... create the next bubble?
He's nothing more than a shill for Pimco at this point.
What's ridiculous is his steadfast belief that the markets are right - which is what leads us to his stupid procyclical policies.
When times are good, the market thinks banks need little capital cushion - so why make banks hold capital at all?
When times are bad...oh, then the market thinks banks need more capital - expensive capital - so maybe the government should provide it. Then lenders (like Pimco) can feel good about their unsecured investments.
Greenspan's mistake - which we are in danger of repeating again and again - is that regulation should be counter cyclical.
Now is the time that financial institutions should be holding less capital - and it's in good times that their capital ratios should be increased. How many firms have ever successfully timed their repurchase plans?
The most egregious examples of this are FRE and FNM. The last 5 years those firms should have been unloading their mortgage portfolios in the raging bull market - which would have left them with plenty of capacity to buy undervalued assets now.
The real problem, I think, is some stupid human trait that causes us to extrapolate from the most recent set of data.
Posted by guest , Dec 18, 2008 4:57PM
You missed the biggest story of the day here. Yesterday someone won the Showcase Showdown on the Price is Right by guessing the exact amount. Never done in 30 years!
http://86andlex.wordpress.com/2008/12/18/this-day-in-game-show-history/
Posted by guest , Dec 18, 2008 5:06PM
I've got a fever, and the only prescription... is more capital!
Posted by guest , Dec 18, 2008 5:08PM
Crap, I thought the first article was "Executing Bernard Madoff"... was going to send the Mossad a thank you note.
Posted by guest , Dec 18, 2008 5:24PM
Shit! I sold protection on the Showcase Showdown. I am doomed.
Posted by guest , Dec 18, 2008 5:27PM
@3 he just listened to a guy in the audience (Ted) that is a TPIR superfan and bid what Ted told him. Read Ted’s explanation:
http://www.golden-road.net/index.php/topic,9640.msg140232.html#msg140232
Posted by guest , Dec 18, 2008 5:38PM
@2 while Greenspan should just go bide his time in silence somewhere, you are not completely right. Markets are right. Markets are always right. Something is worth what others will pay for it. Just because markets are always right, doesn't mean market participants are always right. The market participants should be regulated, not the market as a whole. Leverage caps, and strict CDS regulations should be the norm. Its funny that last year at this time politicians were harping on the greed and excess on wall street and how it had to be dealt with. And then the market did this faster than any politician ever could. Free Markets are always right and the most efficient way to get something done. But free markets doesn't mean no rules, that is a common misconception.
Posted by Anal_yst , Dec 18, 2008 5:58PM
@8
Dude, come on, while I agree wholeheartedly with you, the voice of reason has no place here, unfortunately
Posted by guest , Dec 18, 2008 6:29PM
SEC Madoff smoking gun
http://online.wsj.com/documents/Madoff_SECdocs_20081217.pdf
Posted by guest , Dec 18, 2008 6:35PM
Hi, sorry for the off-topic post. I'm a good looking, successful black equities trader. Markets currently killing me, so not much $ for airfare. Thus I'm staying in town this weekend. How 'bout you? I'd be up for nailing your wife or girlfriend...who's in? Bess, can you organize a sign-in sheet?
Posted by VOL IS KING , Dec 18, 2008 6:37PM
@8:
Markets are not always, right. Some times mr. market is willing to pay different prices for identical things because his spectacles are dirty.
"The generally accepted view is that markets are always right -- that is, market prices tend to discount future developments accurately even when it is unclear what those developments are. I start with the opposite point of view. I believe that market prices are always wrong in the sense that they present a biased view of the future.”
-George Soros
When all you have is hammer everything looks like a nail. And when all you have is an efficient market hypothesis then all prices look like they're some how rational.
Posted by guest , Dec 18, 2008 6:37PM
lol @ 11 - it's that guy from the Daily Intel post the other day!
Posted by JorgeCad , Dec 18, 2008 6:38PM
@2 Could not have said it better myself.
Greenspan is probably the worse central banker we ever had to deal with. He simply did not get it.
How unfortanate, even wide-clops can't correct this mess.
Posted by guest , Dec 18, 2008 6:38PM
@11 - What are "black equities?"
Posted by guest , Dec 18, 2008 6:42PM
@ 15, sorry for confusion. I'm black; equities were securities that previously went up. What's your wife look like?
Posted by guest , Dec 18, 2008 6:48PM
@15 how about some diversity
Posted by guest , Dec 18, 2008 6:52PM
Madoff's next career will be a Moil - just so he can keep cutting the dicks off of people, for money too!
Posted by guest , Dec 18, 2008 7:32PM
@2 Most thoughtful post of the day.
Posted by guest , Dec 18, 2008 7:55PM
#10 - is that real? Who submitted it?
I don't think it's right that everyone is making into a JEWISH issue - as though people who aren't Jewish never lie or cheat or get involved with scams or stealing money from people.
Most members of congress aren't Jewish yet they just let the Treasury department steal money from honest people and transfer it to banks - yet nobody says CHRISTIANS are all liars and immoral.
Posted by guest , Dec 18, 2008 8:00PM
@ 19, careful not to come across as self-absorbed -- you must have only thought about my post #11 from your perspective, and not from your wife's.
But its cool. You probably meant post #2 was the "most articulate" instead of "most thoughtful".
-#11
Posted by guest , Dec 18, 2008 8:03PM
Speaking of Spitzer - Gasbagarino spotted in Elaine's last night with Eliott's soon to be ex-wife! Rumor has it that she wanted the Gasbag to fuck her with his black socks still on (sound familiar) to get back at the scumbag. Would have been far better off if he shot his wad on her face and she went home with cum on her chin.
Posted by guest , Dec 18, 2008 8:12PM
#22 - that's nice, thank you for sharing. Now be good and do your homework - if you get it all done you can have some milk and cookies later.
I know bankers hate Spitzer more than anyone but try to come up with better insults than that.
Posted by guest , Dec 18, 2008 8:14PM
You bankers are no match for the real playa! Check him out:
http://profiles.friendster.com/4282931
He made a cool mil with a few trades using his "golden goose" while you busted your ass working 100hr/week.
http://online.wsj.com/public/resources/documents/secomplaint-insider-20081218.pdf
Posted by guest , Dec 18, 2008 8:15PM
@22, I've got black socks! Where's Elaine's? Are people still hanging out? What's the closest stop on the 6?
-The "Game-On" Black Equities Trader
Posted by guest , Dec 18, 2008 8:33PM
Madoff burned more jews than hitler!
Posted by guest , Dec 18, 2008 8:53PM
Madoff is like Hitler. He burned the Jews and melted their gold fillings into ingots. .997 purity.
Posted by guest , Dec 18, 2008 9:09PM
Yawn - your insults aren't shocking me. They're too jeuvenile to be offensive.
Hitler!
Jews!
Ovens!
Can I get a reaction out of you? Aren't you shocked?
Go have some milk and cookies.
Posted by guest , Dec 18, 2008 9:48PM
Re: #10 yes its real
See WSJ for rest
It was a boston Hedge Fund manager, was sent in 1999
Posted by AJ , Dec 18, 2008 9:56PM
That pdf is absolutely amazing
Posted by guest , Dec 18, 2008 10:14PM
i gave $$$ to the Clinton Global Intiative
Cheers B1tches,
Tanned Banker
Posted by cy , Dec 18, 2008 10:29PM
check out the graph on the second to last page of the PDF. ridiculous.
hats off to whomever wrote that. amazing stuff.
Posted by guest , Dec 18, 2008 10:53PM
@10: The guy shouldn't have been sending this to the obviously bought and paid for SEC; he should have found a good investigative reporter to break the story.
Posted by Anal_yst , Dec 18, 2008 11:21PM
@33
What you got?
Posted by guest , Dec 19, 2008 1:23AM
@24 - The stock market and banking is such bullshit. These clowns need to get jobs at companies that actually manufacture something and sell it. "What? Bankers tip their friends with inside trader information? Say it aint so. Shocking!"
Posted by guest , Dec 19, 2008 1:28AM
@Cy, a few days ago you asked about the tax implication of the Madoff results.
Here is an article on the topic...
http://news.yahoo.com/s/ap/20081219/ap_on_bi_ge/madoff_scandal_taxes_6
~SEG
Posted by guest , Dec 19, 2008 1:40AM
I feel bad for Madoff; did you see that douche reporter push him? Yeah he's a total fraud, but it's not like he set out with a goal to scam people. He tried to manage the fund himself, and after realizing he sucked, didn't have the heart to tell the trusting folks that he lost money. So what does he do? Borrows from a new guy and make a little mental IOU. Repeat on a massive scale, and I could def relate to him. How do you even wind down a "portfolio" like that?
Posted by guest , Dec 19, 2008 1:51AM
@37, you have no moral fiber obviously...
Posted by VOL IS KING , Dec 19, 2008 1:52AM
@35:
oh you mean one of those companies, that makes profits selling people shit they don't need pushing the american consumer greater and greater into debt? Should they get a job at Strabucks charging $5.00 a cup for coffee or at Best Buy selling people 72" plasmas with no money down 0% financing, or John Deere helping farmers plant more corn so they can make more high fructose corn syrup and ethanol?
Get over yourself, our entire economy is based on greed and consumption people on the street just distill down the economy into its basic constituents and cut out the middlemen.
What speculators do serves a purpose, they just need to stop thinking they were born with a better pot to piss in. They were born with no pot and when they're not pissing on the american people they're pissing on themselves.
Posted by VOL IS KING , Dec 19, 2008 3:00AM
Oh yeah, this is a good sign. And i'm sure cutting off consumer credit is going to do wonders for GDP. THE SHIT SHOW HAS JUST BEGUN, this is the third inning people.
Discover, Capital One Closing Inactive Accounts to Reduce Risk
By David Mildenberg
Dec. 19 (Bloomberg) -- Discover Financial Services Inc. and Capital One Financial Corp. are closing accounts of customers who haven’t used their cards for lengthy periods as part of efforts to reduce risk of defaults.
Discover, the fourth-largest credit-card network, has closed 3 million “inactive” accounts and plans to cut up to 2 million more, Chief Executive Officer David Nelms said in an interview yesterday. “Most of the accounts haven’t been used for years,” he said. “We think it’s a responsible move.”
http://www.bloomberg.com/apps/news?pid=20601110&sid=ag6Wa2F3._A8#