Though the whole Morgan Stanley getting Smith Barney for $1 or so thing would in turn look like a scam, very supposedly, Vikram Pandit is headed for employment at MS.
Comments (73)
Leave a comment
You can log in with your account or comment as a guest below.
Would make sense now that Zoe is gone
the last unfounded rumor (fleming @ ml) turned out to be true……
….will Bess beat CNBC again?
Ponz alert: http://www.cnbc.com/id/28697726
Valhalla…says it all
Confidential. Not for distribution beyond intended recipient.
Please find below estimated return of a portion of the Sandelman Partners Multi-Strategy feeder funds for the period indicated. The return is net of management fees and expenses (there are no incentive fees applied to Class S/Special Investments). The estimated return reflects the reinvestment of dividends and interest. This estimate is for the Class S initial series in June 2008 and is un-audited and should be used for informational purposes only. Final results in the Sandelman Partners Multi-Strategy feeder funds may differ from this estimate and will be made available upon request. Past performance is not indicative or a guarantee of future results. Estimates are derived on a best efforts basis and are subject to change without notice.
Class S/Special Investment Performance:
Class S/Special Investment: Estimate:
Performance for the period from October 1 – December 31, 2008 – 5,838 bps
@3 Tumbling out from all corners, aren’t they? This guy looks ancient, maybe he just wandered off somewhere.
That would be good for a quarter or two then *poof*
Rats just trying to get off the ship…band’s still playing, though
I think this is what they’re doing – splitting Citi into two banks. There will be a “good” bank and a “bad” bank – the “good” bank will have all assets that are profitable, the “bad” bank gets all the toxic assets that will never be profitable and everything they want off their books. The “good” banks belongs to Citi and taxpayers get the “bad” bank.
Art Nadel is probably just east of Gaza
@3 – money manager working in florida…that has “ponzi” written all over it. at a minimum the guy could have kept a ny address to look 1/2 legit. next.
My thoughts drift back to erect nipple wet dreams. About Mary Jane Rotten Crotch and the great home coming fuck fantasy. I’m in world of shit. Yes, but I am alive.
http://www.youtube.com/watch?v=PmILOL55xP0&feature=related
SPODE
Has anyone seen my baseball?
new topic. gov’t considering starting a bank to buy bad assets. excuse me? isn’t that what the tarp was originally set up to do? wtf are they doing in d.c.?
http://online.wsj.com/article/SB123214588361091677.html?mod=testMod
can we get a redo?
@14 oh no that will never work…terrible idea
You know if DC gets into the money game it is over. DC is only know for? um? help me out here
@16- …for missing an “n?”
old Art … http://www.yourobserver.com/photos/030108-OperaOpening-OperaHouse_webgallery/thumbsA/Nadel.JPG
Dear Editor,
I was wondering if you’d be interested in having live stock quotes on your blog. We just launched a free tool that allows bloggers to have updated prices next to any mention of a company or its ticker, for example – Goldman Sachs (GS 88.78 ↑2.33%). We’d be thrilled to have Deal Breaker as one of our launch partners.
Please click the link below to find out more:
http://www.wikinvest.com/blogger/Wikinvest_livequotes
Thank you for reading this and have a great day!
Marcus
marcus@wikinvest.com
Marcus! I thought you were in the hospital!
Marcus,
Unles you got a liver for me, no deal with DB….
- Steve jobs
Ok, while we’re just peddling our own desires completely unrelated to the story:
Mobile version of DB and/or make it so we can post comments from our blackberries?
Wait, if this is “desire” time, I’d like to see live cams in the bathrooms at the banks.
Too unsubstantiated – can’t confirm
Nadel’s AUM? Anyone?
@23 if you haven’t seen these CEOs taking humongous shits, you obviously haven’t been watching the news…
Umm if we are talking about $1 for all of C, MS would be overpaying.
Of course, this presupposes that MS has $1 to pay for C, but that is for another thread.
@27: Fire their CEO?
@28 Will do nothing. Problem is systemic and way too large. Bigger than personalities (although they don’t help). Nationalization is the only answer fair to the asset holders. All else is outright theft or deckchair games.
And JPM is insolvent too. Everyone please stop lying to yourselves. GS (again) smartest people in room…doing nothing and waiting.
The reason GS can do that is that they now have other ways to make money – now they’re going to paid to be asset managers for all the toxic assets the Fed is buying from banks so they can get it off their books and also nobody knows how much money Paulson gave them.
There are thousands of banks in this country – most of them didn’t take the same risks these major banks did. The government needs to close the major banks and find a way to split the business between the other banks so that some employees can keep their jobs. The shareholders should lose everything.
@30
Amen brother.
Bondholders too.
Trade? Of course.
Everyone but those good old depositors covered by the FDIuckingC.
Behold the rise of the United States of Goldman Sacks [sic]
@25, its being reported at $350mm
next week preview:
Beth will be long the Messiah,
I will be short the market
@34 Cliff, that you bro?
Calling all ye DB faithful: Vote for Sham-WOW!
http://www.cnbc.com/id/28693606
@30
In isolation I agree with you, however, back in the realm of reality, that’s not possible for any number of reasons, which I shouldn’t have to point out here since they’re all quite obvious.
Are you freakin’ kidding me? VP going to MSSB? Holy mother humpin crap. This is just too rich even for Hollywood writers. If he goes, he will be looked at as a fruitcake. We already refer to his actions as having been “Madoffed”.
Thanks a ton Vikram-boy.
@38- the post doesn’t say he’s going to ‘mssb,’ just ‘ms.’
add to 36- Round 1: Sham-wow (2) vs. Little Giant Ladder System (15)
DB’s unite and vote.
http://www.cnbc.com/id/28693606
Video of the landing:
http://www.suitablyflip.com/suitably_flip/2009/01/video-of-us-airways-flight-5149-hudson-river-crash-landing.html
@40 – I’m calling bs on the brackets. how can you have the snuggie and shamwow on the same side – not to mention, going head to head in round two. it’s a sham – and not of the wow kind…
Wow, Darren Rovel, really earning your keep over there reporting on the “sports biz”…
Love the banner ad above also “25th Risk Management Conference,” at the oh-so-subtle Ritz Carlton in Laguna, CA.
D’oh!
@36, they left out Vince’s greatest work
http://www.youtube.com/watch?v=rUbWjIKxrrs
“you’re going to love my nuts”
@ Bess, High Priestess of Scoop
Can you put some meat on the bones of that rumur? In what capacity is he allegedly going? Do you have the memo?
Anyhow, time for me to get back in the hot tub w/ Charlie. Let’s chat later.
Thanks, ARS
@22
Install Opera on your bb. (It’s a browser)
I’m posting from a tree stand in So. Alabama.
just had a chance to listen to the citi call, anyone care to enlighten me as to how moving assets from mark to market to held to maturity is a “de-risking” move? seems to me, it’s just another way to smooth earnings and create more pandit management subterfuge. further, why are “direct sub-prime exposures” marked at $0.98 on the dollar when even the p/e investments are marked at $0.90 on the dollar (pg. 16)? even with the gov’t guarantee, c is still liable for the first 10% and then loss share at 10% for the remainder. I would note that the mark on alt-a mortgages went to $0.09 on the dollar from $1.00 for $1.00 at the end of ’07. will we be seeing the same for sub-prime sometime this year?
http://www.citigroup.com/citi/fin/data/p090116a.pdf?ieNocache=875
why can’t you post from your mobile?
@48
Smoke and mirrors. C is toast.
Cluz @48- “De-risking” means less P&L pain, increase assets and reduce expenses. It’s a win win on all the financials, one big f’n game. Maybe we should call them funancials; taxpayers having the time of their life. Selling tomorrow to pay for today fuck conservatism like Burger King you can have it your way. Awesome! Totally awesome! Just like mom and pop they will take it off the market, sit on it, and ignore the pain. The shadows are your god.
Come on over Cluz. I’m at Vik’s singing karaoke.
Everyone Bitches!
http://www.youtube.com/watch?v=fV5hSgPgKwI
Bess is up next with a little NWA. My OTL.
SPODE
calender ponzi girls
roflmao
http://thereformedbroker.com/2009/01/18/girls-of-ponzi-2009-calendar/
too jibba, didn’t jabba.
@cluz
You’re looking at the numbers instead of the game.
When watching 3 Card Monte you’ll almost always see winners – the people taking money off the table. That’s the setup.. Hell, You may even win a hand – and then the takedown happens. And again. And again. You can run the p(x) numbers all you want, 1 in 3 pure luck – maybe you believe you’re better at watching the cards.
The point is this: your idea of trying to figure out the reasoning behind the valuation as it applies to being fair or not fair is only valid in an efficient/fair game.
This game isn’t fair. It’s a con. Stop looking at this brother, figure out who wins with the current set up, and you’ll have your answer.
@ Phobos
You’re also assuming that there is a winner, that its a zero-sum, when, in all likelihood, everyone actually loses, the only difference being to what degree and in what manner.
@22, regarding posting from cell (BB)… I second what @47 suggests… download Opera mini browser to your phone. Works fairly well.
I don’t see VP going to MS. I also think we would have been better off if the gov had actually bought a portion of the toxic assets right at the outset like they implied they would. Then we wouldn’t have this week after week drip of crappy news.
ep and bess, we are improving the site by the hour…come take a look and post a comment…
thedailybail.squarespace.com
“Let’s face it. It was a busy week for bailout news and a great week for DailyBail to get started. We’re excited here and are looking forward to unveiling some of our bigger plans soon. We appreciate everyone stopping by during our soft-launch and hope that every single one of you will take a moment to post something in the comments section of one of our stories. Just pull out your soapbox, step up and tell us how you feel about spending your tax dollars on bailing out failure. Share something, share anything. This particular establishment accepts all forms of anger and frustration. Though cliche, there is strength in numbers and ours are growing by the hour. Tell your friends about us; tell your neighbors, heck tell anyone that cares about their future and that of their children and grandchildren. We are here now. We are not going away. And we will not be stopped. Everything else will fall into place, including our elected officials. Washington will be made to listen and soon we will launch the means to make them hear us. So join up with your fellow sufferers here for a few minutes and give us a piece of your mind.”
thedailybail.squarespace.com
@36 This is what ShamWow is up against:
http://www.youtube.com/watch?v=BDEs_TWJ2kI
@ 57 – chimp
and dailybail website (corny) is probably a sign that the markets have bottomed
@58 This could be the dark horse which may end up winning:
http://www.youtube.com/watch?v=gw1g2yKxb0I
@30
Goldman being the smartest guys in the room. . . hahahaahahaha
Right now that is like being the smartest retard. (my shit firm too)
Goldman is sooooo smart they were “hedged” on all their risk. That’s why they took in $37bn on the first day of AIG’s conservatorship.
I guess, however, they DID properly game the system/hedge by sticking their lackeys in key govt places. I agree, they are truly our intellectual betters. I guess they play the game better than the rest of us chumps, so god bless them.
@phobos/anal_yst, you may be on to something. however, the problem is that the gov’t continues to change the rules of the game. so the only winner guaranteed winner will be golden slacks (it’s not a zero sum game, but that doesn’t mean this is a race worth winning). they have an uncanny way of getting out most situations unscathed – kind of like batman…
http://www.youtube.com/watch?v=_wYxOXD6cns&feature=related
sorry, but I can’t stop looking at the numbers (for those inquiring minds, read on). it seems there will be more pain to come, what’s with these guys? it’s like death by a thousand lashes – what happened to the good ol’ days of kitchen sink quarters. the results thus far show that the emperor indeed does not have any clothes. witness the tangible common ratios (note: the banks only report tier 1 ratios (except bofa). citi only has $23 billion of tangible common, another slip and they could go negative. someone needs to take that horse to the glue factory, stat!
BofA Citi JPM
Price/Tang. Bk 0.63x 0.82x 1.18x
Tang. Common 2.83% 1.23% 3.41%
Rate on Deposits 1.91% 2.47% 1.53%
Allowance/NPAs 141% 133% 260%
Allowance/Loans 2.49% 4.39% 3.18%
CC Provision 6.16% 8.04% 6.18%
riddle me this batman, given that bofa, citi, jpm and now wells control the banking sector, why do they such diverging views with regard to credit and reserving? perhaps citi is being “conservative”, my bet is that the other two are protecting their ratios for the current quarter. and who does kenny boy think he’s fooling? perhaps that’s why the stock trades at a discount to, gulp, citi – if you bring his allowance up to jpm’s level (for total loans) , tangible common would fall by almost 11% (not to mention the allowance/NPAs of 2.6x, would take 35% off of bofa’s tang. equity, ouch!). then you have the credit card provisions – what is citi seeing that jaime d and kenny don’t? finally, it’s interesting to note that citi is paying a significant premium to attract deposits vs bofa and jpm. what were people saying about the advantage of having a big deposit base? if you have to pay up for it, you might as well go to the feds. given that the deposits are guaranteed by you, me and the rest of the taxpayers, you would think the rates would be more in line – we’ll see if that happens in the first quarter. it should be interesting to see where wells marks their assets, even buffett’s halo can’t protect them from the ailing consumer…I think it’s time for me to reinstate my “deathwatch”.
http://dealbreaker.com/2008/09/aig-rating-cut.php#comments
OMG, more financial chaos we don’t need at this point!
http://www.nypost.com/seven/01192009/gossip/pagesix/squawking_season_at_cnbc_150882.htm
“Reached for comment, a spokesperson for CNBC told Page Six, “All three anchors on ‘Squawk Box’ – Becky Quick, Joe Kernen and Carl Quintanilla – have married CNBC producers. Love is in the air when you’re first in business worldwide.”
It’s not the only buzz brewing at the cable channel. On Friday, CNBC on-air editor (and former Post reporter) Charles Gasparino got into a nasty squabble with Media/Technology Editor Dennis Kneale over whether or not Citigroup CEO Vikram Pandit should stay with the financial giant. The financial blog Dealbreaker described it as “a shouting match only dogs can hear/understand.”
The two had previously butted heads after Gasparino, in a segment on ex-Gov. Eliot Spitzer, jokingly accused Kneale of having been a client of call girl Ashley Dupre.”
@63 – wow! how was that kept under wraps for so long? I’m in shock…let’s see how much talk this gets on air tomorrow since the regular programs aren’t on today.
@64– news buried during a holiday. i smell a conspiracy here…
makes sense. he’s doing such a great job at citi, who WOULDN’t want this guy at the helm
Vik is just so damn cute.
Too inaugural, didn’t address.
Oh Bess! ——————————————–>
YES WE CAN!
SPODE
SPODE, is it true that “Phobos” has your name tattooed on his ass? Inquiring minds want to know…
@70- Dude, let me tell you it was not pretty. There we were at High Voltage Tattoo in Hollywood about to ink Phobos with a beautiful one of a kind font created by Katvond herself and guess who showed up? That’s right bitches; Bess was at the door with a loaded 44 in her hand ready to shoot down Phobos who took her dear departed man. Shrouded in anger encompassed by pain I was her best friend and she feared she would never ever ever see me again.
http://www.youtube.com/watch?v=vbbnYsuU7zI
Phobos and I both agree that was a…
wait for it
wait for it
God fearing moment.
Thanks for showing up everyone. I’ll be performing at the Laugh Factory through the end of the week. Two drink minimum.
SPODE
@SPODE,
You Dog
~Not SPODE
@71, and then there was the missing link…
http://www.youtube.com/watch?v=R11x32WoxrM