The [This Title Space For Rent] Post

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The corporate naming frenzy is in full gear with the rush of new stadiums emerging in New York. The Brooklyn Nets will soon be playing in Not Charles Barclay’s Arena, while the Mets will play in Citi Field starting in 2009. Corporate naming rights are proving to be big business – with the better part of $1bn going out the door for just two New York franchises. The Giants and the Jets are next on the list, and looking to cash in by hiring Wasserman Media Group as resident corporate sponsor fluffer.
The potential stadium names and corporate suitors include:
iStadium – Apple
Disputably Legal Resemblance to iStadium Arena – Microsoft
We Can See You Field – HP
Slightly Bigger than Citi Field DimonDome – JPMorgan
AH-64D Apache Longbow Park – Boeing
OurSpace – News Corp
Chromium VI Holding Bed #6425-5A – PG&E
What Happens Here Is Thankfully More Competitive Than Our Recent Contracts Stadium – Halliburton
Softballs NerfCenter - Hasbro
What’s In a Name? $400 Million - [DealBook]

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This Is The Last Greek CDS Post Ever*

There's that famous scene in Liar's Poker - are there non-famous scenes in Liar's Poker? - where the much maligned equity department sends a program trader to impress Michael Lewis's jackass fellow Salomon trainees with his brilliance. It does not work: He lectured on his specialty. Then he opened the floor to questions. An M.B.A. from Chicago named Franky Simon moved in for the kill. "When you trade equity options," asked my friend Franky, "do you hedge your gamma and theta or just your delta? And if you don't hedge your gamma and theta, why not?" The equity options specialist nodded for about ten seconds. I'm not sure he even understood the words. ... The options trader lamely tried to laugh himself out of his hole. "You know," he said, "I don't know the answer. That's probably why I don't have trouble trading. I'll find out and come back tomorrow. I'm not really up on options theory." "That," said Franky, "is why you are in equities." This is totes unfair to the actual equity vol traders I know, but I kind of felt like that guy after talking to a CDS lawyer yesterday about this craziness in Greece. It went something like this: Me: As an equity derivatives guy, I expect derivatives to transform into derivatives on whatever their underlying transforms into. And I'm troubled by them not doing that. Lawyer: You should not be troubled by the concept of cheapest to deliver. Yeah fair! That's the thing about CDS. Dopes like me think of it as just a rough proxy for default risk but when things get real like with Greece it turns into a cheapest to deliver convexity play and then I slink away in embarrassment. But yeah, as a matter of rough justice, if you can go be opportunistic about finding the cheapest to deliver bond, Greece can go be crappy about leaving you with only expensive to deliver bonds. I guess.