The American Securitization Forum conference in Vegas used to be quite the party scene, with every bank, monoline (remember them?) and institution outdoing each other in who would throw the most amazing bacchanal. This year, not so much. Also, they moved the venue to the outskirts of DC- where, as a source said, “there really is nothing to do.”
“As a consequence, unlike Vegas where in between sessions you could hang out in bars or go see a ‘show,’ you have nothing to do except go to the damn sessions. On the upside, they are much more well attended than they ever were in Vegas.”
This year, there are no parties at Pure, no Brazilian “dancers,” none of that. This year instead, they have hospitality suites, “where you know, you can hang if you need some quiet time and they put out some wine and beer at 6,” which seems quite gloomy- maybe to match the mood.
“Mortgage people are really depressed at this point. Most of us are going home and figuring out what we’re going to do.”
The expiration of the TALF program in March was also on attendees’ minds. While the core ABS sector will probably do OK, the CMBS one might have a problem without the Fed’s help, and the RMBS market, well it doesn’t really matter at this point because it’s gone baby gone. “I thought that CMBS was more dead than we were, with the trillions that are coming due, but they’re clearly more optimistic than the RMBS people.”
In another sign of the times, whereas in previous years, the conference had people such as Jay Leno headline its gala dinner, this year it held a working lunch, with talking heads Howard Dean and Newt Gingrich. And it was moderated by Larry Kudlow. ‘Nough said.
She looks so Barney Frank, after 3 poppers and 8 quaaludes, in that picture.
-Guy that Doesn’t Know a Guy that Isn’t a Great Outdoorsman Whom Wouldn’t Recognize Most Plants
Join me where I will be moderating a panel on the upcoming expiration of the MILF program. I believe free basing capitalism is the best path to promiscuity.
-Larry
Ohh! SNAP!
Guess what I saw!
Ohh! SNAP!
Guess what I saw!
-Biz
I sold the rest of my CDO^5s to these showgirls.
Oh Jesse Spano how I loved thee
NS/5,
I used to fantasize about taking advantage of her during the caffeine challenge of ’93.
-Hot Fudge Sunday
P.S. For added comic relief, please click the following: http://www.youtube.com/watch?v=6qe5kaiTS0g&feature=related
IM SO EXCITED IM SO EXCITED IM SOOOOO SCARED!!!!!!!!!!!!!
Elizabeth Berkley and James Spader…Think natural gas trading back at the Jimmy in Houston. Those were the days!
I was just at ASF, it wasn’t that bad.
OK, I lied. It really was.
Tis true. No trips to the boobie bar during this conference… Just meetings with issuers on upcoming deals.
No, seriously – I really WAS there. REALLY!
ehh – no one there cared either.
@10 – so what did you do to fill your day after breakfast?
The fools at Citi and BofA each brought 60 guys down to the conference to do what? How many ABS buyers even showed up?
http://blog.ctnews.com/teribuhl/2010/01/28/citi-and-bank-of-america-spend-big-on-conference-for-lagging-securitization-market/
@12- thanks for pointing to the TB article.