• News

    Mark Haines Dares To Impugn Chuck Rangel’s Integrity When It Comes To Taxes

    Here it is. Starts getting good at 5:10.

    / Mar 19, 2009 at 11:17 AM
  • News

    Pssst! Wanna Buy A Headquarters Building?

    You knew AIG was going to be shedding assets as quickly as humanly (or inhumanly) possible. You also knew that some of this stuff was going to go at firesale prices. Be this as it may, the panic sale of AIGs buildings is something of a surprise: Six months ago, sources had estimated that 70 […]

    / Mar 18, 2009 at 2:58 PM
  • News

    The Secret Goldman Decoder Ring

    We aren’t sure if Goldman took lessons from Greenspan, or if Greenspan learned from Goldman, but either way, the density of the Goldman discourse on a given AIG question reaches neutron star levels while entropy is impossibly high. Consider this bit from a recent Reuters Q&A: QUESTION: If Goldman Sachs was collateralized and hedged on […]

    / Mar 18, 2009 at 12:04 PM
  • News

    Ask Jack

    I know you thought Jack Welch had faded away. We did. Sure, he’d appear at this or that conference. Make a speech here or there. But we were kind of convinced that he had a body double doing all this work while he played bridge at the secret Welch Hideaway Compound. Well, that was until […]

    / Mar 18, 2009 at 11:47 AM
  • News

    Did AIG’s London Office Lose Half A Trillion Dollars?

    Britain’s serious fraud office and U.S. regulators are combing through the records of AIG’s Financial Products Group, formerly located on the fifth floor of an office building in London’s The unit’s small group of traders risked nearly half a trillion dollars to insure U.S. mortgages and other debt using complex financial products called credit default […]

    / Mar 11, 2009 at 12:46 PM
  • News

    Just In Time For The Citigroup Data

    FOX Business Network has won a victory against the Treasury Department in its Freedom of Information Act request for details about the government’s bailout plan. Judge Richard J. Holwell of the U.S. District Court for the Southern District of New York said in a decision Friday that the government is directed to comply with FOX […]

    / Feb 20, 2009 at 2:17 PM
  • News

    Totally Unfounded Rumor Of The Day: AIG’s CDS Dodge

    What do you do when you are on the hook for notional CDS amounts 30-50 times the actual face value of a bunch of worthless ($0.10 on the dollar) bonds? Why, buy the bonds at 100% of face, of course. This is especially clever if you are using the taxpayer’s dime. Not that we know […]

    / Feb 17, 2009 at 10:46 AM
  • News

    That Sounds Like Trouble

    AIG has managed, probably despite all efforts, to keep itself in the news the last several weeks. Among other things, it’s been enough to attract the attention of authorities in the United Kingdom. To wit: American International Group Inc.’s financial products unit, which brought the firm to the verge of collapse with bad bets on […]

    / Feb 12, 2009 at 11:06 AM
  • News

    Credit Default Swaps Not The End All, Be All Of AIG Demise

    The Wall Street Journal finally got around to doing a story on “the other part of AIG,” that being the one that manged to throw cash and assets out the window without touching a Credit Default Swap: Accounts of AIG’s near collapse have largely focused on soured trades entered into by the company’s Financial Products […]

    / Feb 5, 2009 at 11:05 AM
  • News

    The Walking Dead?

    We’ve always liked the term “zombie firms.” Of course, a strong affinity for zombie movies (we are classic 1979 Dawn of the Dead fans) assured that we like anything with the word “zombie” in it, so perhaps this isn’t saying much. Still, our unholy communion with the dead and the damned, and all the sympathy […]

    / Nov 11, 2008 at 11:29 AM
  • News

    “This deal’s getting worse all the time.”

    Liddy: “Paulson, take the $60 billion in 5 year L+300 bonds and $40 billion in preferred shares and put them in my account.” Paulson: “You said it was $85 billion in 2 year, L+850 bonds!” Liddy: “I am altering the deal. Pray I don’t alter it any further.”

    / Nov 10, 2008 at 10:33 AM
  • News

    How Many Points Can You Score?

    Sentencing for federal crimes is governed by federal sentencing guidelines and a “severity points” system developed by the Federal Sentencing Commission. There’s a very thick manual with lots of detail involved, but basically the process (omitting quite a bit) goes like this. 1. Determine the base offense level. 2. Make any changes due to “Special […]

    / Nov 4, 2008 at 10:35 AM
  • News

    AIG Rating Cut

    The Wall Street Journal is reporting that Standard & Poor’s has cut AIG’s credit rating by three notches. Good to see the agency has returned from its 2 year hiatus well-rested and intent on completely fucking what’s left of the global financial system. Oh, and WaMu was downgraded to “junk” earlier tonight, but you already […]

    / Sep 15, 2008 at 9:39 PM

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