Entry: Dobbs vs Blankfein

posted by mj

Feb 28, 2008 2:45PM

Gotta love the original cable business reporter looking to throw down with the head of Goldman. Maybe this is a trend, and we're headed for the day when a clearly insane Dylan Ratigan is frequently spotted on Broad St waving a camera, harrassing tourists, and then shouting "BACK TO YOU MARIA!" til the cops come...

Entry: Was Thornburg Brought Down By Irrational Markets and Mark To Market Accounting?

posted by mj

Mar 07, 2008 2:52PM

Goldstone is rightly criticized for over-leveraging in a liquidity bubble and taking it further than most who made the same mistake. But it doesn't change the fact that bids for non-agy rmbs started to pull back a month ago and have evaporated in the past. Mark to mkt managers are hating life as the bid sid on quality paper passed distressed levels a week and, probably, 3 bottles of whisky and a handful of horse tranquilizers ago...

Entry: Crack Bankruptcy Team: A Special (And Especially Long) DealBreaker Report

posted by mj

Apr 15, 2008 4:02PM

Anal_yst, I'm taking Q3 '08. This has to close out of necessity, and won't get held out by employees and stockholders bitching. They've all given up already and are whining because it makes them feel better. If you mean until every loose end is tied up, where can I buy a 2020 leap? Plus, 383 Mad is useless to stockholders since its fire sale would be used to ad a couple pennies on the dollar onto the debt settlement. Prime brokerage, if anyone's thinking of that, would be completely worthless with only Bear securing transactions (this had to have been one of JP Morgan's prime negotiating points - Prime Brokers is worth a fortune to them but worth nothing without them).

Also, 10:33/10:57/11:52, are you out of your fucking mind(s)?! If Bear boardmembers had played hardball, effectively knowingly sabotaging the only out their worthless firm had, they would have left themselves open to ruinous lawsuits by debtors, bondholders, and counterparties. By agreeing to the merger, Bear upheld its fiduciary duty to them by keeping their commitments secure and intact. Plus, I'm sure some creative lawyer would have figured out a way to the quantify the damage caused by a Bear banruptcy exploding the systemic risk in global finance and gone after them for that as well.