cheesedog

Recent Comments

  1. 1
    Posted 2008-10-15 12:40:11 on The End Is Near

    She could change her first name to Sarin, after the deadly gas they used in the Japanese subway. Post-wedding, she could be Sarin Gasparino. Who do you think squats more? I heard Sarin squats 450 free weights.

  2. 2
    Posted 2008-10-14 14:32:28 on Presented Without Comment: Uh Oh.

    60bp is insanely tight when you compare it to GECC at 450 over.

  3. 3
    Posted 2008-10-11 22:34:10 on Halloween Comes 10 Days Early This Year

    Lots of people who wrote protection on Lehman did not post a nickel of collateral. Monolines, DPCs and Synthetic CDOs. None of them post variation margin, and some dont even post initial margin. So please stop repeating what some clown who knows nothing of CDS says on CNBC. There are plenty of people scrounging for cash right now to settle this. Plenty. Luckily, prime brokers were smart enough to have variation margin on Hedge fund counterparties, or we would all be huddled around a nuclear campfire right now. Actually, "smart" would be giving prime brokers too much credit. Has anyone noticed how prime brokers are usually straight out of Sopranos central casting? I met with one that had 2 pinky rings. I couldnt listen to him. The whole meeting I just stared at his pinky rings in silent amazement.

  4. 4
    Posted 2008-10-10 12:45:06 on All That Glitters Is Not Goldman

    As of June 30, Goldman had their subprime exposure marked at 85 cents on the dollar. Merrill puked theirs at 22 cents. Hmmmmmmm.

  5. 5
    Posted 2008-10-10 12:23:15 on Overheard At Morgan Stanley

    If W launched a Patriot missile into Moodys and S&P headquarters, I might vote Republican.

  6. 6
    Posted 2008-10-09 16:27:08 on S&P Keeps Knocking Them Out Of The Park

    If a meteor struck the building that houses the rating agencies, the Dow would rally 1,000 pts.

  7. 7
    Posted 2008-10-02 11:44:01 on Harry Reid, Rumor Monger?

    Turn off CNBC for the next 48 hours. They are going to be plumbing new lows in journalism until this TARP garbage is in the rear-view mirror.

  8. 8
    Posted 2008-10-02 10:40:16 on Inability To Lie, Conceal Seen As Detrimental To Public Firms

    If you put your house on the market and nobody bids for 3 months, but some ass is in your driveway bidding $10, is your house really only worth $10? Obviously not. It aint worth what you paid for it. But it aint worth $10. MTM means you have to mark it at $10, and count the difference as a loss. The truth lies somewhere in between the $10 bid and the absurd amount you paid for it.

  9. 9
    Posted 2008-10-01 21:08:26 on Voting On The Bailout: Let’s Try This One More Time

    Kudlow is an idiot blowhard. So is his guest in the mustard shirt. I want them to fight.

  10. 10
    Posted 2008-10-01 14:20:10 on Investing In The Buff: Warren Endorses GE

    Interesting....GE CDS is widening out again

  11. 11
    Posted 2008-10-01 13:15:23 on France Considering Bailout Of Its Own

    Cant wait to see these countries that hate each other try to agree on how to spend 300Bn. Catfight!

  12. 12
    Posted 2008-10-01 10:41:55 on Adventures In Absurdly Unfounded, Highly Suspect Rumors, Jack Donaghy Edition

    We are hearing that a $30 billion Gordian Knot sponsored SIV (SIGMA) was invested heavily in asset-backed and unsecured debt in financials -- including GE credit bonds. SIGMA has been borrowing heavily to make coupon payments, and yesterday a counterparty (apparently JPMorgan) called in their collateral backing of a repo line to them. Much of that collateral was in the form of GE Commercial credit -- which is being sold -- and resulting in GE CDS spreads widening out.

  13. 13
    Posted 2008-09-30 17:26:50 on Kicking It With The FASB

    I am involved in the structured credit business (for now), and I actually think that this MTM change is the only way out. Plenty of the CDOs that are marked at 20 cents are going to recover 75 or more. But because there are no buyers, and dealers are cowards, they mark them as low as possible to avoid being sued. If you cant sell your house in 6 months, is it worthless? Should you be forced to file? Temporary lack of buyers doesnt make something worthless. This stuff isnt worth par. But it isnt worthless either. Most of the paper is performing fine and pays interest quarterly.

  14. 14
    Posted 2008-09-29 22:29:32 on Write-Offs: 09.29.08

    I think we are going way lower. Bailout v2.0 probably wont come till Thursday at best. So now, we sit in an airpocket of mediocrity while our elected officials have a circle jerk. And by the way, v2.0 isnt going to solve the problem. If anything, it will be more compromised than 1.0, and the market will see through it. Nobody is going to sell into this dumbass program if they have to make good on any future losses. That would be locking in your downside while surrendering any upside. This thing is DOA. Get liquid, stay liquid. Gonna be a clearance sale on all risk assets.

  15. 15
    Posted 2008-09-29 17:25:51 on John McCain On Bailout: “Back To The Drawing Board”

    He actually tried to pin this on Obama. What a jackass. Blame Pelosi. But Obama is such a desperate reach.

  16. 16
    Posted 2008-09-29 13:06:02 on The Bailout Vote

    Note to self: Rent Showgirls again.

  17. 17
    Posted 2008-09-26 10:37:14 on Chairman Also Asking To Be Added To ‘No Executive Kidnapping’ List

    Zales is crucial to the US economy. It would present systemic risk if the stock dropped. Where would mallrats buy their 1/4 carat engagement rings? I think Orange Julius should be on the list also. Nice work SEC......so proud of you.

  18. 18
    Posted 2008-09-26 08:24:45 on Opening Bell: 9.26.08

    That Too long, didnt read shit gets funnier every time. Seriously. Keep doing it. Do you do the Wave at sporting events?

  19. 19
    Posted 2008-09-25 12:58:47 on St. Patrick’s Day? No. Anti-bailout rally!

    Check this story out. Since the ban on shorting, bookies that make markets on financials are reporting huge increases in business. Nicely done, Cox. Send it offshore or to the bookies. http://www.independent.co.uk/news/business/news/ban-on-shorting-financialstocks-sends-betting-soaring-941482.html

  20. 20
    Posted 2008-09-25 10:23:14 on “I’m not saying that,” Douglas replied. “And my name is not Gordon. He’s a character I played 20 years ago.”

    What we need is Alec Baldwin's character from Glengarry Glen Ross to stroll into those hearings on capitol hill and start smacking bitches around.