Wednesday, September 24, 2008
SHIT happens in America.
Euphemisms and acronyms.Wall St. and The City seems to be full of them.Years ago Morgan Stanley used have a product called 'OPALS'.Short for Optimized Asset Linked Securities.I can't remember if it was any good.Sure it was popular with clients.I'm assuming in reality it was a crummy product.After all excellent products aren't exactly at the top of an investment bank's list of must haves when you're trying to rip off,l mean ''service'' clients.
The new Resolution Trust Style bailout entity is described as 'TARP'.Troubled Asset Relief Programme.Surely it should be called Securitized Holdings Intervention Trust or 'SHIT'.Because if the Hank and Ben show get away with it the US will be in real 'SHIT'.
RB
The new Resolution Trust Style bailout entity is described as 'TARP'.Troubled Asset Relief Programme.Surely it should be called Securitized Holdings Intervention Trust or 'SHIT'.Because if the Hank and Ben show get away with it the US will be in real 'SHIT'.
RB
Monday, September 22, 2008
Dollar Bail Out
I don't mean The Bailout,you know Resolution Trust 2,or Toxic Bank.Whatever you want to call it.The proposition itself is not new but why does Hank want his proposal/decisions to be outside the scope of judicial review? I was long dollar/Sterling up to 1.75.But given the extra dollars that will need to be injected,and the resulting increase in budget deficit both the US economy and the dollar are just plain doomed.Short dollars.I mean bail out.
RB
RB
Tuesday, September 16, 2008
MERRILL LYNCH:DEATHWATCH
I wept when l heard the news.With laughter.If you didn't see this one coming you must be a real believer in the Blundering Herd.
I'm mulling over yesterday's events.I'm a bit annoyed.I was sure Merrill was going to Chapter 11.It was much worse run than anyone could dream of.I hadn't anticipated anyone could be stupid enough to take it over.But then Bank Of America came along.What's B of A trying to hide that it's buying up Merrill at a massive premium to it's Friday close price.I'm hoping after proper due diligence B of A will see the light and let it fail.It's an awful excuse for an Investment Bank.Oh yes,thumbs up to Thain.Good one.
RB
I'm mulling over yesterday's events.I'm a bit annoyed.I was sure Merrill was going to Chapter 11.It was much worse run than anyone could dream of.I hadn't anticipated anyone could be stupid enough to take it over.But then Bank Of America came along.What's B of A trying to hide that it's buying up Merrill at a massive premium to it's Friday close price.I'm hoping after proper due diligence B of A will see the light and let it fail.It's an awful excuse for an Investment Bank.Oh yes,thumbs up to Thain.Good one.
RB
