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Entry: Barclays Pulls Out From Lehman Deal
posted by CrazyCougar
Sep 14, 2008 3:02PM
Developing story at www.reuters.com :
Special U.S. trading session involving credit, equity, rates, forex and commodity derivatives and aimed at reducing risk related to Lehman bankruptcy opened between dealers and Lehman counterparties: ISDA 2:49pm EDT
Entry: Barclays Pulls Out From Lehman Deal
posted by CrazyCougar
Sep 14, 2008 4:16PM
@106 -- Here it is: http://www.bloomberg.com/apps/news?pid=20601087&sid=aW2k6NiDhqJ0&refer=home
Entry: We'll Ask Again: WHAT SOUNDS GOOD WITH MORGAN?
posted by CrazyCougar
Sep 17, 2008 1:37PM
JP MorganStanley. But only because it sounds good.
Entry: Asian Markets Not Buying Bailout?
posted by CrazyCougar
Sep 29, 2008 6:26AM
@17 - German Hypo Real Estate, the 2nd largest mortgage financer in Germany, and one of the 30 DAX titles, was on the verge of collapse and had to be bailed out this morning.
And Reuters just reports that the injections of billions of EUR only serve to "wind down" Hypo in an "orderly" manner.
Oops.
http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSBAT00237420080929
Entry: If We Are Lucky, Timmay! Used Lehman
posted by CrazyCougar
Oct 01, 2008 9:31AM
There are many ways to be fucked when conducting business related in any way to a bank/ brokerage going down the drain: As shareholders, bond holders, "ordinary Joes" with part of their 401K unfortunately invested in one (or several) of now defunct financial institution, clients with assets parked there, hedgefunds, state pension funds (like the Norwegian Government Pension Fund), counterparties.
Or simply traders with no particular affiliation to a collapsed bank other than, by coincidence, having purchased warrants issued by that institution.
After LEH's demise, traders worldwide woke up to discover that their LEH issued warrants had turned as worthless as (or more worthless than) LEH's shares - with the counter party gone, there is no way to trade that stuff.
So before entering in even a short-term business relation (i.e., as a buyer/seller of warrants) with any financial company, it's probably become essential now to check their stock chart first. And if it looks anything like BSC's/ LEH's/ WM's ... don't touch that stuff!
P.S.: For the time being, that means no Commerzbank (CBK) issued warrants right now, thank you very much!
Entry: Write-Offs: 10.02.08
posted by CrazyCougar
Oct 03, 2008 6:20AM
@58 -- All quotations seem to point to the same source: Jim Willie, CB, "the Golden Jackass" Editor, Hat Trick Letter.
Regardless if that particular rumor holds any truth -- my fellow Europeans seem to be getting cold feet and/or preparing for the worst, according to Reuters:
"The leaders of Italy, France, Britain and Germany are scheduled to meet in Paris on Saturday and will discuss the outcome of the vote and measures to deal with the already damaging consequences of the credit crisis for Europe."
http://www.reuters.com/article/newsOne/idUSTRE4912JS20081003
Entry: Write-Offs: 10.02.08
posted by CrazyCougar
Oct 03, 2008 7:13AM
From DJ newswire: Wachovia to merge with WFC, valued at 7$/share.
Wachovia Statement: Wachovia's Board Approves Wells Fargo Merger ProposalLast update: 10/3/2008 7:04:00 AM
CHARLOTTE, N.C., Oct 03, 2008 /PRNewswire-FirstCall via COMTEX/ -- Wells Fargo (WFC) last night presented Wachovia with a signed and Board-approved offer to purchase Wachovia Corporation as an intact company and without government assistance in a stock-for-stock merger transaction. Under the Wells Fargo proposal, each share of Wachovia common stock will be exchanged for 0.1991 shares of Wells Fargo common stock, representing a value of $7 per share, based on Wells Fargo's closing stock price on Oct. 2, 2008.
Entry: CNN To Garrott, Drown iReport Concept In Own Filth
posted by CrazyCougar
Oct 03, 2008 11:04AM
From http://edition.cnn.com/ireport/:
"iReport.com: See it first. Your Stories. No Boundaries.
You won't believe what people are uploading." (Hahaha, very true!)
"No boundaries" and "You won't believe what people are uploading" gets a totally new twist after that, er, debacle.
Looks like the rush of being the first at the front-lines by having everyone and their brother reporting backfired. Somewhat.
You only have to register and then your're pretty much free to post anything on that iReport site? Holy-fucking-cow!
Entry: Opening Bell: 10.06.08
posted by CrazyCougar
Oct 06, 2008 7:39AM
Thank you, and a warm welcome to you from a DB reader! I was going to say "Welcome aboard!", but considering ongoing events, that didn't seem like a greeting bearing good karma ...
Entry: Opening Bell: 10.07.08
posted by CrazyCougar
Oct 07, 2008 7:16AM
Looking for the last stock standing? German car producer Volkswagen is currently up over 30% (at ~380 EUR), after trading as high as 452 earlier.
Market watchers suspect short covering behind the surge (which more or less began with LEH's demise):
http://www.bloomberg.com/apps/news?pid=20601213&sid=aELA5jNHXcX8&refer=home
Entry: Write-Offs: 10.07.08
posted by CrazyCougar
Oct 08, 2008 7:27AM
Global rate cuts!
Reuters:
WASHINGTON (Reuters) - The Federal Reserve led a coordinated round of global official rate cuts on Wednesday, easing by a half-point, as did the European Central Bank, Bank of England and Swiss, Canadian and Swedish banks. In an attempt to stem unprecedented global market turmoil, the Fed cut its key federal funds lending rate by half a percentage point to 1.5 percent and also lowered its discount rate by the same amount to 1.75 percent.
The ECB also cut by a half-point to 3.75 percent as did the Bank of England, taking its rate to 4.5 percent.
http://www.reuters.com/article/newsOne/idUSTRE4974BU20081008
Entry: Opening Bell: 10.21.08
posted by CrazyCougar
Oct 21, 2008 8:14AM
Non, non, non - the French banks do *not* -- I repeat: *not* -- have any problems. In fact, despite Noyer (ECB member and France's highest banker stating that the financial crisis (crisis? what crisis?) being far from over, French banks are strong. Vraiment. And, actually, they don't really need the money. Says Noyer.
Which begs the question, why, then, stuff it down their throats? Perhaps there just wasn't any other way to get rid of these 10.5B EUR burning a hole into the pockets ...
The Bavarian Landesbank, on the other hand, must have had a hole of a different dimension (as in 3B EUR) -- much to the surprise -- and disgust -- of its affiliate Sparkassen (savings banks), who apparently heard about this for the first time in a crisis meeting last night. Which is why the Bayrische Landesbank is the first German bank seeking to tap Germany's newly opened fountain, for around 3-5B EUR. This is reported by the German paper Handelsblatt ( http://www.handelsblatt.com/unternehmen/banken-versicherungen/bayernlb-rechnet-mit-drei-milliarden-verlust;2068951).
Considering Bavaria was the province voicing the loudest protest against the provinces taking their share of responsibility when/ if things go awry and the Federal and provincial governments (umm, actually make that the tax payer) actually had to assume losses/ liabilities, this seems a tad titillating.
Entry: Get Well, Steve
posted by CrazyCougar
Jan 15, 2009 8:47AM
When last week (was it only last week?) news about the hormone thing got out, frankly I had my doubts.
When I read the news about Jobs' 5 months leave yesterday, I was both infuriated and sad.
Infuriated, because this "salami tactic" of presenting bad news in small slices for as long as possible, until there is now way around forcing the whole chunk down people's/ investors' throats, assumes that most people, especially investors, are complete idiots who'll believe and swallow just about everything. That's so ... politics.
At the same time, I feel sad andreally sorry for Jobs. I hope that he'll get well, for his own sake and that of his family and friends.
Is he irreplacable for his family and friends? Most certainly.
Is he irreplacable for Apple? I don't know. I'd be hesitant to honk that "one of a kind" horn. But he certainly is one of the few people able to mesmerize others by his combination of, umm, (marketing)vision and charisma.
Disclosure: I own neither AAPL shares, nor a Mac nor an iPhone, nor (incredible but true) an iPod. Though I might get one of the latter.
Entry: Write-Offs: 09.11.08
posted by CrazyCougar
Sep 12, 2008 5:34AM
@diablo: OUCH! May God --- should he or she exist --, or more to the point: a responsible voter spare this world the McCain/Palin duo infernal.
Not another (Vice-)president who has to be briefed on world affairs while in office. That's like skipping the beta-testing of software and pissing paying customers off by abusing them as lab rats, only potentially more lethal.