Note to mp, you haven't been banned. It's probably some problem with Haloscan. Send me an email if you still can't post, and I'll try to resolve the problem.
Hey, WaMu couldn't let Lehman have all the fun ...
Losses are less likely due to LIBOR reductions, shrinking the neg am buildup in their RE pipe, plus the modding of loans they have done so far, and finally shutting of their HELOC portfolios available credit lines. They've gone over one hill only to face a mountain of more debt to resolve in front of them.
Who believes anything from WAMU or Lehman anymore? As the late Jerry Reed sang, When you're hot you're hot, when you're not you're not. Wamu you aren't hot anymore. You've got 90 days.
Well, here we are on Thursday, with some huge losses for a couple of banks.
Business as usual.
It is becoming obvious that most of the financial system in the United States is currently insolvent, and that Wall Street did indeed manage to kill the golden goose that laid the golden eggs.
Mr. Practical had a great idea- go hide in Japan, I have sent some of my ira money to go and hide with him.
Without massive savings to backstop the tremendous fallout from these repeated bailouts (does anyone seriously think this is done yet?), we will continue to have massive disruptions in our markets combined with insane volitility that bears no relation to underlying risk.
The funny part is Lehman is now worth less than three or four homebuilders- which should be valued about 0 right now.
It is now obvious that the regulatory structure must be overhauled to duration match risks. And those risks must be borne by sufficient capital to take large scale asset bubble implosions.
Well, once again I am drawn to the spectacle- this has been like watching a train wreck in slow motion over and over again.
Sen. Richard Shelby (R., Ala), said the Fed should not rush in to rescue Lehman. I hope they will not use all their powers or all their rabbits in doing this, Mr. Shelby said in an interview on C-SPANs Newsmakers.
The Fed has rabbits?
For some reason, and old joke springs to mind.
A bear and a rabbit are taking a dump in the woods.
The bear grimaces and says to the rabbit, "Hey, does sh*t stick to your fur, too?"
So who goes to the grave first, WAMU or Lehman? So far Lehman in in the lead by a few lengths but WAMU's coming up strong..... will be another facinating Friday.
OT:
Warren Buffett's Berkshire Hathaway Inc. has told one of its subsidiaries to stop insuring bank deposits above the amount guaranteed by the federal government, dealing a fresh blow to the financial-services industry as it tries to assuage anxious customers.
Give me a little leeway here. WaMu cannot be the next domino. The reasoning is if WM (big) goes down then there's absolutely no hope for Downey (medium) or Affinity Bank(small). Shelia needs to eat the appetizer and salad before tackling the porter house with mushroom sauce and au jus.
Let's see, 20-25% of net assets is the burden the last 2 closed banks are projected to cost the FDIC. And WAMU has what, $250b in assets? It will literally take an act of Congress to reliquify FDIC before WAMU can actually be closed.
Seriously, one of the FDIC experts chime in: when the FDIC closes WM, and they don't have enough assets in the insurance fund to cover all the "insured" deposits, what happens? Do they need to go to Congress and get a go ahead before closing them, or do they do that part after? What happens to the deposits if they are waiting for Congress to write them a check? Can they not close them until/unless Congress gives them the go-ahead?
The impact of a WaMu closing here in Seattle would be profound. They're everywhere. They've got a shiny new skyscraper (quite a handsome design, actually). They built a cool concert venue.
It's sad really... they seemed to have real smarts on the retail side of banking, and shit-for-brains in lending.
"Fitch believes that the flexibility to add to capital is now significantly constrained in light of market conditions."
Hmmm..dems some bright boys over at Fitch. I mean to raise $5B at 2.83 is like 1.8B shares. I'd say that qualifies. I wonder if they used a slide rule to figure that out. Or a magic 8 ball. Morons!
Where is H Ross Perot now? They guy who brought scary interesting economic charts to the masses in the 1990s has a website on the national debt, but nothing has been updated since May.
Come on Ross. Step out of retirement. Get the American people property riled up.
Nick, the Treasury will backstop the FDIC. No one will lose FDIC insured deposits.
Barley, yes, I appreciate after market announcement (the 4:30 AM stuff is killing me). Talking about music, I went to the weather underground site to check on Hurricane Ike (a very dangerous 'cane) and they were playing a funeral dirge. Ouch.
tranches of lucifer, the banks never really close, they just change owners. All those branches will stay open IF they are closed or bought out.
CR,
You will have plenty of visitors on your site all week-end. THAT's got to be good news. It's that everybody knows your site is the most dependable for after-hours info.
Being somewhat versed on how these are written lets explore:
1. What we are not saying.
2. How can we say it.
3. Is there a way to say it leave it opinion not matters of fact.
IMHO:
This was written to reassure markets that yes there have been impairments but that from a regulatory pov "we" are fine and have some room to live and grow.
I like the F&F statement - they will expect this to be covered/backstopped.
It is very different than LENs. I might expect a nice pop in the am with some nice gains.
crispy&cole writes:
WaMu new CEo to get $20 million...this is criminal!
some day, a bunch of stock holders are gonna get a lawyer and bring suit against a CEO for, malfeasance, non-performance and / or fraud and take these sons-of-dogs to the cleaners...
Then we can have Coutryfried buy it, and Butcher of America can take the good stuff, and create another entity for the crap, witch can then go off in the corner and die.
a bunch of stock holders are gonna get a lawyer and bring suit against a CEO for, malfeasance, non-performance and / or fraud and take these sons-of-dogs to the cleaners
business judgment rule; almost an impossible threshold for stockholders to overcome. Strangely, they're more likely to go to jail under a criminal violation then a civil one.
If WaMu fails and takes the FDIC with it, expect good old fashioned banks runs just like 1929. IndyMac will look like nothing. That's when the fun really starts.
Comrade Misean, there's no shortage of pizza places here in Seattle. Though they try too hard to be "authentic," going so far as to import their pizza makers directly from Naples, for instance.
I like it, but sometimes I could kill for a greasy New York- or Chicago-style pie. (Yeah some places try, but only a handful are good at it)
We've got awesome pizza here in Seattle waiting for the FDIC. Hot Mama's, Piecora's, Zeek's. But I bet they go with Pagliacci - very consistent with larger orders, and has the delivery drivers least likely to be uber-stoned.
Nick,
The FDIC does not have a large enough staff to close WaMu. Each individual branch must be closed and secured simultaneously in order to prevent a run on the bank. For a major closing, the FDIC would have to ask for assistance from personnel at OTS, the Fed, and the Treasury. In the case of WaMu, all of these agencies combined may still not have enough staff to cover all the branches (I don't know the exact count of branches that WaMu has--If anyone does, please chime in). That's where the term "Too big to fail" comes in. If a troubled bank is of a certain unwieldy size, there is no way to close it effectively, and the FDIC can only hope that there are assets of that bank that can be sold.
Sorry if it offends anyone but it is kind of appropriate that WAMU and LEH are failing on the 7th anniversary of 9/11.
I thought the NYFD would go up and rescue the desperate people standing in the windows. It was a bad situation but nothing the 'experts' couldn't handle. Then I saw a tower give way. Then another.
Isn't that what we are watching today?
Our financial system pancaking down onto itself and what in the hell can Bernanke and Paulson do it about it when the top floors give way?
Sorry, CR, I don't buy this 'Treasury will loan the money to the FDIC to redeem the deposits of WAMU. At some point it is 'Turtles all the Way Down.
Former UnitedHealth CEO William McGuire to pay $30 million to end CalPERS suit
The former chief executive of health insurance giant UnitedHealth Group Inc. agreed to personally pay $30 million to shareholders and give up stock-option rights to settle a class-action lawsuit led by the California Public Employees' Retirement System.
Cheer up folks! Yes, we may have IBs failing left and right, with tax payer money being spent to shore them up....but
at least we don't have a recession!
Sorry, CR, I don't buy this 'Treasury will loan the money to the FDIC to redeem the deposits of WAMU. At some point it is 'Turtles all the Way Down.
unit472 | 09.11.08 - 8:24 pm | #
I stopped at the local WaMu branch on my way home tonight to get into my safety deposit box.
The teller assured me that all accounts at WaMu were safe and sound.
WaMu, she proclaimed, was FDIC insured.
I asked her if she knew anything about a pig and lipstick.
She didn't have a clue.
True story.
Lehman's is in an impossible spot, time is on the bidders side, longer they wait the cheaper the good assets become.
Nothing like dealing from a position of weakness, the more desperate Lehman is the slower somebody is to bid. I would like to introduce the new term FULDBAR to message board.
We will know when to turn the lights out when Hanry Paulson appears Sunday night on TV to announce that 'to prevent systemic failure of the financial system' Roundtable Pizza has been given a liquidity injection and will be able to present its checks to the Federal Reserve as collateral for US Treasury bills.
Well, I was imagining doing something very much like that after my bank called me 3 hours ago telling me that their "longer-term CD rates are much more attractive now". I've got one maturing tomorrow. Yikes.
Careful y'all. Congress worked overtime this summer to enact retroactive liability from civil lawsuits for telecoms in order to avoid publicly disclosing the facts about government eavesdropping.
Signing bonus? What about his Golden Parachute? I hope they're going to compensate him appropriately for his early retirement after his grueling one week of service.
Eventually, the Treasury is going to have to pick and choose which bailouts are worth it. Washington Mutual, the largest S&L in the US, would probably qualify but Lehman almost certainly wont.
The Treasury needs to show that it can walk away. And with the Feds financing window in place, and eager buyers like KKR, Blackstone and distressed debt funds waiting in the wings to pick up pieces, a wind-down of Lehman would be relatively orderly should it ever come to that.
This marks a big change from the Bear Stearns crisis. The Bear near-bankruptcy took everyone by surprise and risked taking down all of Wall Street. Seven months later, Wall Street has had plenty of time to isolate and manage its counter-party risk with Lehman. Thats good for Wall Street, but bad for Lehman shareholders.
Nyet. It's a bit of a drive to San Gabriel from here. And that's the kind of little local place that to find you kinda got to know someone from the neighborhood. I'll keep it in mind though.
New phenomenon in corp. america: your ass is glass.
I like this photo from Photobucket. Tanta introducing CR to the joys of new steel toed bunny slippers. (posted it last night, but hardly anyone had a chance to see it.)
From prev thread, I would hate for anyone to miss out.
Great news! I have just obtained the North American rights for Hemp Salve. Why use regular Vaseline when you can have the healing and relieving effects of Auntie Bushka's Homemade Hemp Salve. Auntie Bushka's Hemp Salve
so if the government doesn't have enough people to shut down WAMU orderly, do they just hire people from the branches for a few days to help with the shutdown? The tellers would probably be down, that would be some nice overtime. Not to mention free pizza!
Glendora is even further. However, that's on the way to the Azuza shootin' range, so I may have to stop for late lunch on the way back next time I need to waste some ammo.
The amount of royalties being collected by Queen must be amazing. How many bloggers are downloading "Another One Bites the Dust"? How many firms have top management playing "Can Anybody Find Me Somebody to Love"
I smell a Broadway play concept here:
"Everyday - I try and I try and I try -
But everybody wants to put me down
They say I'm goin' crazy
They say I got a lot of water in my brain
Got no common sense
I got nobody left to believe
Yeah - yeah yeah yeah
Oh Lord
Somebody - somebody
Can anybody find me somebody to love? "
Blast from the past with Lehman and Cramer- September 5, 2008:
"Cramer was going out on a limb here, he named Lehman his screaming buy for the last couple of hours of Friday trading. It cant get any worse there, he said. If that Dick Fuld does not do something this weekend, he name is mud.
"Cramer was going out on a limb here, he named Lehman his screaming buy for the last couple of hours of Friday trading. It cant get any worse there, he said. If that Dick Fuld does not do something this weekend, he name is mud.
Nick - FDIC deposit issue: Generally, the FDIC doesn't lose on deposits as they are "sold" assumed by another institution(s). Where they lose big is on assets no other institution(s) wants to purchase or assume.....that's the problem with WAMU, too many questionable assets that if marked to market would bring pennies on the dollar....as for the staffing issues others brought up, the FDIC in effect hires the bank's employees, the branch managers stay in place, they just answer to a new boss. What interesting times we're experiencing!!!
Just a quick boots on the ground . . .
I attended my college's career fair this past week (EE master's student).
FDIC had one of the biggest booths there . . . and this is at an ENGINEERING SCHOOL . . . finance isn't exactly our forte-although we do have a MBA program.
Patrick,
The FDIC or assisting agencies has to have its own representatives at each branch at the time of a closing. Using El Cliffo's numbers for the branches (Thanks El C), it would take about 8000 qualified government employees to close WaMu. And yes, they sometimes use the bank's employees to assist with the closings, but the banks' employees cannot be left with the responsiblity of closing the branches on their own.
You're on the ball. Banks are going to be nationalized, one by one. How can any bank compete with a govt-owned mortgage lender who can print money at will?
I am happy that Comrade Cox wants to provide additional protections against abusive naked short selling.
The penis enlargement spam gets through my current spam-block
I attended my college's career fair this past week (EE master's student).
FDIC had one of the biggest booths there . . . and this is at an ENGINEERING SCHOOL . . .
Hallelujah! Between the FDIC and the Census Bureau there's a silver lining over the next two years after all!
New York, September 11, 2008 -- Moody's Investors Service downgraded the long-term deposit and issuer ratings of Washington Mutual Bank to Baa3 from Baa2. The bank's financial strength rating was downgraded to D+ from C-, base line credit assessment (BCA) to Ba1 from Baa2, and short term rating to Prime-3 from Prime-2. Washington Mutual Inc.'s senior unsecured rating was downgraded to Ba2 from Baa3. The rating action concludes the review that was initiated on July 22, 2008. The outlook is negative.
Moody's said the downgrade resulted from WaMu's reduced financial flexibility, deteriorating asset quality, and expected franchise erosion as the bank continues to face adverse performance across its asset base. Its ability to deal with this issue is constrained by prospective earnings that are inadequate to restore or attract capital. This has complicated WaMu's ability to access external capital. Further, as a result, its funding sources have become more concentrated.
Out of 254 financials in the S&P 1500 Composite Financial sector, 12 meet the criteria of being under $10, and having been over $20 in the past 3 years: CNB, ETFC, WM, HBAN, LEH, NCC, SOV, DRH, MTG, TSFG, BPFH, PBKS
You young little dumbass punks better keep a close eye on option grants, cause if yah don't, your children will be mutated aliens!
RE: "Bullet dodging," for example, is the term for delaying options grants until just after the release of bad news (or moving up the release of bad news to precede an already scheduled grant). Because the grant comes after the news is out in the open, such behavior is nearly impossible to prosecute on insider-trading grounds.
More problematic is "spring-loading" - timing an options grant to precede the announcement of good news (or delaying the happy announcement to follow an already scheduled grant).
At Union Station, Grundfest divided this into "symmetric spring-loading," where the members of the board of directors who approve the grant are fully aware of the good news to come, and "asymmetric spring-loading," where they are not. Asymmetric spring-loading itself comes in two flavors: "with ratification," when the board says after the fact that it's okay, and without.
As Grundfest reeled off these terms, I and the reporter sitting next to me giggled, mainly because they sounded so much like something from a diving meet. ("She's going to attempt a reverse double asymmetric spring-loader and ... she nailed it!") But the distinctions may make all the difference, legally speaking.
Current law on spring-loading dates to the case of Texas Gulf Sulphur, a company that in 1963 made a spectacular mineral find on property it owned in Canada. Executives wanted to keep the discovery quiet while the company bought up land around the site, and were afraid outside board members would leak the news.
In the meantime, these executives accepted options grants from the board. In a 1968 ruling that became a key building block of insider-trading law, a federal appeals court agreed with the SEC that this spring-loading was fraud, even though the board members said afterward that they didn't mind.
SAN FRANCISCO (MarketWatch) -- Seeking to head off any unloading of Fannie Mae and Freddie Mac bonds by Japanese investors, the U.S. Treasury Department is taking the unusual step of directly contacting Japanese financial institutions about the plan to rescue the mortgage giants, according to a published report.
Because a massive unloading of Fannie Mae (FNM:Fannie Mae) and Freddie Mac (FRE:Freddie Mac) holdings could hamper the U.S. government's efforts to shore up the mortgage firms' finances, the Treasury Department is effectively asking investors to refrain from doing so, Japanese business daily Nikkei said on its Website in a report dated Friday.
According to sources familiar with the matter, Treasury Undersecretary for International Affairs David McCormick on Thursday phoned senior executives at major Japanese banks as well as the Life Insurance Association of Japan to explain Washington's plans for Fannie Mae and Freddie Mac, the report said.
McCormick is believed to have reiterated plans announced Sunday, including seizure of both mortgage giants and the government's intention to infuse funds if necessary. During the phone calls, he is also said to have urged Japanese institutions to continue investing with confidence in Fannie Mae and Freddie Mac.
According to a Nikkei report earlier this week, Japanese financial institutions own more than 15 trillion yen ($142.5 billion) in securities issued by based on data disclosed by domestic banks, life insurers and others as of March 31. Many Japanese investment trusts also include securities in their portfolios. Read more
The Treasury Department is expected to continue contacting other major Japanese banks and institutional investors, and the Life Insurance Association of Japan is expected to notify its members of the explanations provided by the U.S., Nikkei said.
We got up there, we found all the garbage in there, and we decided it'd be a friendly gesture for us to take the garbage down to the city dump. So we took the half a ton of garbage, put it in the back of a red VW
microbus, took shovels and rakes and implements of destruction and headed
on toward the city dump.
Well we got there and there was a big sign and a chain across across the
dump saying, "Closed on Thanksgiving." And we had never heard of a dump
closed on Thanksgiving before, and with tears in our eyes we drove off
into the sunset looking for another place to put the garbage.
We didn't find one. Until we came to a side road, and off the side of the
side road there was another fifteen foot cliff and at the bottom of the
cliff there was another pile of garbage. And we decided that one big pile is better than two little piles, and rather than bring that one up we
decided to throw our's down.
The dust is starting to settle in the air from the impact of the credit crunch and now things aren't looking up for all the big, fat dinosaurs. I wonder how long we can put off extinction by feeding the big, fat dinosaurs to each other? The only thing worse than what happened is what is about to happen. A decay into a civilization where political influence rules the day. Time to move the White House to ground zero and rename NYC to New Constantinople. Government Contracts -- it's the new Capitalism.
I hope you do not think it is personally offensive. It is not meant to be so. It is just that I find myself observing the (deliberate?) destruction of what used to be known as the American Dream. I want to know who benefits from this destruction. Is it KKR? Is it Joseph Stalin?
As confidence in Lehman continued to drain away on Thursday, the bank, one of the oldest names on Wall Street, reached out to several potential buyers, including Bank of America and Barclays, the big British bank, according to people briefed on the negotiations. Lehman hopes to strike a deal within days.
In each case, the suitors are seeking help from the Federal Reserve to help make an acquisition palatable. They want the Fed to guarantee a part of Lehmans troubled assets
As inflation continues to scream, rates will be cut, more deals to save wall street spun out, we will see election fraud and then in a bout a year, a revolution from people that can't take any more shit.
In each case, the suitors are seeking help from the Federal Reserve to help make an acquisition palatable.
"Gee, that sure is a nice global financial system you've got there. Be a shame if anything... happened to it"
Will the Fed/Treasury yield?
I once saw a video of a guy setting up an enormous cascade of Dominos. Every once in a while, he would slip and start the cascade going by accident. But with incredible reflexes, he would reach his hand out like lightning, and stop the chain reaction before it got very far. It was really quite impressive.
I am thinking the Fed and Treasury are trying to decide if they are like that guy.
I find it odd that McCain and bush are not in Houston for photo opportunities for the hurricane. That worked pretty well during the convention, so why not this week?
I got distracted when Mbia and Ambac were in the dead zone back in july, and since then they seem to have come back to life... somehow. Anyone think they're ready to be plowed under during this round of bank tremors, or are they blessed by god and government?
FDIC Financial Institution Letters
Securities Activities of Banks
Exceptions and Exemptions for Banks from the Definition of "Broker" FIL-89-2008
September 10, 2008
Summary: The FDIC is reminding banks that on the first day of an institution's fiscal year beginning after September 30, 2008, the institution must comply with the requirements of Regulation R, "Definitions of Terms and Exemptions Relating to the 'Broker' Exceptions for Banks," and the Gramm-Leach-Bliley Act of 1999 (GLBA). For more information about Regulation R, see FIL-92-2007, dated October 25, 2007, at FDIC: FIL-92-2007: Exceptions and Exemptions for Banks from the Definition of "Broker".
FDIC - Final Regulation R
Exceptions and Exemptions for Banks from the Definition of "Broker" FIL-92-2007
October 25, 2007
Summary: On October 3, 2007, the Board of Governors of the Federal Reserve System (Board) and the U.S. Securities and Exchange Commission (SEC) published the attached final rules that implement provisions of the Gramm-Leach-Bliley Act (GLBA) that except banks from the definition of "broker" under the Securities Exchange Act of 1934 when they conduct certain securities transactions. Known as "Regulation R," the rules clarify permissible bank brokerage activities that can be conducted under the GLBA exceptions. The Board and the SEC consulted with the FDIC, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision in all phases of the rulemaking. Financial Institutions will have until the first day of their first fiscal year that commences after September 30, 2008, to comply with the requirements in Regulation R. FDIC: FIL-92-2007: Exceptions and Exemptions for Banks from the Definition of "Broker"
Perry warns Texans in Ike's path: Get out now
AUSTIN Gov. Rick Perry today urged coastal residents in Hurricane Ike's path to evacuate immediately, describing it as a storm that could swamp houses in Galveston and other areas to at least their eaves.
"My message to Texans is, in the projected impact area, finish your preparations because this is a storm that can have extraordinary impact on them, on their personal belongings," Perry said. "It's on its way."
While the storm presently is a Category 2 hurricane, Perry said it could be at Category 4 level by the time it is expected to make landfall on Saturday.
At 7 p.m. CDT, the storm was centered about 370 miles southeast of Galveston, moving to the west-northwest at 12 mph. Top sustained winds were 100 mph.
MBIA and Ambac are currently paying out tens of millions per month which their mudels said would never happen, with more to come. Zombies, regardless of perceptions.
Iona,
You and I don't agree on terminology. So, it's difficult to hold a conversation. As for where this is going to go or how it will end up, I'm afraid I have little to contribute in any event. Those decisions are not in my hands; nor do I have access to the ears of those who will decide. I'm just one guy trying to survive.
All this comrade crap... you guys better be careful or Comrade Bush & Commissar Cheney will have you laying track with dryfly next winter in 'Gulag Minnesota'.
Remember 'The Lube' [Lubyanka Prison & KGB HQ from Soviet times - click KGB link] started out life little more than a converted office building belonging to a pre-revolutionary insurance company... it was unfortunately 'liquidated' after the October Revolution... I believe by none other than Felix Dzerzhinsky [Lenin's head of 'The Cheka' - precursor to NKVD & later the KGB].
Just imagine what Commissar Cheney could do with WaMu's offices & branches...
You mean you're not? With the NSA program you admit this? I chose not to publish your name, as I have some sympathies. Please run to the hills non-comrade.
I'm trying to catch up but management has requested that I completely re-engineer my network by tomorrow. I'm having some difficulties.
"preceded by a nasty (well deserved) swipe at Palin"
Sorry, but I think the swipe was well-deserved, not nasty. Palin told Gibson of ABC that the US should be ready to go to war with Russia over Georgia.
Slim Pickens with lipstick.
"you guys better be careful or Comrade Bush & Commissar Cheney will have you laying track with dryfly next winter in 'Gulag Minnesota'."
Da! 'Tis cold, and we shall likely have but simple, but excellent, worker's clothes. I think we get a goat fur cap, but no gloves. But Brave Patriotic Men Shall March Bravely on for the Glorious State!
Popeye writes:
Simple straightforward explanation of Fannie Mae & Freddie Mac .... preceded by a nasty (well deserved) swipe at Palin
Palin is a role model - get off her back.
I was at a HS cross country meet in Rochester Minnesota today - city is home to Mayo Clinic (lot$a doctor$) plus a number of wealthy suburban teams were down for this meet too - big meet.
I saw more than a few 'hockey mom' Sarah look-a-likes - made up middle aged hotties with the hair up & glasses. Coincidence? Considering GOP convention in town & all the hubbub... not likely.
So she's having a positive effect - if only for Mary Kay'ers, hair dressers & optometrists.
I mean what's Biden done for hair fashion & the economy lately, huh?
Field Marshall Ross writes:
Frau Palin needs my notes about confrontations with Mother Russia.
Me thinks she has an ovarian Napoleon complex.
Field Marshall Ross | 09.11.08 - 11:35 pm | #
LOL - maybe that's why they sent her back to Alaska - time out.
FWIW - I'd bet dollars to donuts she's our next VP... and considering McC's age & health history [he even sounds REALLY old & frail]... I give her 50:50 odds of being president before eight years are up.
Update 11:00 PM: The Journal story now on its site gives more credence to the idea that government financial support might be forthcoming:
...prospective buyers would likely want the U.S. government to help shield them from future losses from any such transaction, these people said, as happened in March, when Bear Stearns Cos. was forced into a deal to be acquired by J.P. Morgan Chase & Co....
The Federal Reserve and Treasury Department have been working with Lehman to help resolve the bank's troubles, including talking to potential buyers, according to people familiar with the matter. Federal officials are not expected to structure a bailout along the lines of the Bear transaction or this past weekend's rescue of mortgage giants Fannie Mae and Freddie Mac.
It's sad really... they seemed to have real smarts on the retail side of banking, and shit-for-brains in lending.
tranches of lucifer | Homepage | 09.11.08 - 7:51 pm | #
Yes, and where else do you get ATMs that say SURE and NO, THANKS, instead of YES or NO.
Re: PIZZA
As a born and bred dope from New Haven who has lived in LA - there is no superb pizza there. Does not compare w/Sally's Pepe's, Modern....
Hey, CT has shitty Mexican food. You can't have everything....
FWIW - I'd bet dollars to donuts she's our next VP... and considering McC's age & health history [he even sounds REALLY old & frail]... I give her 50:50 odds of being president before eight years are up.
this is where to got to hand it to the republic party
if the dems ever tried to pull the beauty queen VP play ,
Rove and the rest of the thugs would be hunting down all the ex boyfriends
and finding out about her favorite chapters in the kamasutra and the pages in the PDR that she dog eared.
and if they couldn't, theyd hire some guy to say they did it in the back of his car and he's spin tales
the dems deserve to loose
they dont understand politics is war without bullets
forget truth or fairness
the american people dont give a shit about the details of policy
many if not most americans are more inclined to cast a vote based on hairstyle
I got distracted when Mbia and Ambac were in the dead zone back in july, and since then they seem to have come back to life... somehow. Anyone think they're ready to be plowed under during this round of bank tremors, or are they blessed by god and government?
With the enormity of the problems facing us, will the government be forced to seize people's actual wealth, in addition to increasing taxes?
Disempowered Paper Pusher | 09.11.08 - 11:57 pm | #
It's called inflation - don't need to seize anything.
"Comrade" comes from french camarade, and spanish camarada, meaning "chambermate." Originally from latin -- camera, meaning chamber.
In the 18th century you were either a comrade, or a comrogue.
Rogue, in 1561 meant "...idle vagrant," perhaps a shortened form of roger (with a hard -g-), thieves' slang for a begging vagabond who pretends to be a poor scholar from Oxford or Cambridge"
Blagues, the perfect home for itinerant congrogues.
Heard it growing up as a kid - from my WWII father.
Palin as prez wouldn't really bother me as long as I knew who her handlers were. And the bayonettes of the praetorian guard were sharp and shiny.
Ross | 09.11.08 - 11:55 pm | #
I don't know who the handlers are nor their motivations. I'm not comforted...
( note, this racial innuendo is from the guy who wanted to post the ten commandments in the courhouse but when pressed on tv could only remember 3 of them!!!
"According to The Hill, a Capitol Hill newspaper, Westmoreland was discussing Alaska Gov. Sarah Palin's acceptance speech outside the House chamber today when he veered into his thoughts on Michelle and Barack Obama.
"Just from what little I've seen of her and Mister Obama, Senator Obama, they're a member of an elitist class individual that thinks that they're uppity," Westmoreland said.
When a reporter sought clarification on the racially loaded word, Westmoreland replied, "Uppity, yeah."
For weeks, commentators and critics have asserted that the McCain campaign's efforts to portray Obama as a vacuous celebrity smacked of historical efforts to describe African Americans seeking equality as "uppity" or not knowing "their place." The McCain campaign has heatedly denied any such thing, and has accused Obama of having "played the race card" for saying that Republicans would mock him as an outsider. Westmoreland's comments could rekindle the debate.
Westmoreland briefly gained some national attention when he sponsored legislation to post the Ten Commandments in the House and Senate chambers. Asked by Stephen Colbert in 2006 to name all ten, Westmoreland stumbled. "Um, don't murder, don't lie, don't steal," he offered, before confessing, "I can't name them."
Dark and Stormy - re: gov't employees and branch closures. FDIC could consolidate branches over a weekend, reducing the number of official gov't employees needed in the excercise - sign on door "customer - your deposit and loan records are now located at so and so branch, 1000 gimmedamoney lane, all future transactions will be handled at the new location", nevertheless, you're right in that it'll take a large number of people on the ground....I'm guessing, and it's only a guess, if WAMU goes, it'll be a small group of major players that divide up the branches and deposits, what were WAMU branches on Friday will be Citi, JP Morgan, US Bank, Key Bank etc on Monday.
Ross, that was bizarre. I was figuring out how to translate something into Greek right as you asked that. All I know is some ancient greek. I recited it once, but the audience was drunk. They were also greek so they thought it was funny.
These people who think they know so much about how the FDIC should, could or would operate in this new environment fascinate me. Don't believe a word of it. The FDIC doesn't even know yet.
A logogram, or logograph, is a grapheme which represents a word or a morpheme (a meaningful unit of language). This stands in contrast to phonograms, which represent phonemes (speech sounds) or combinations of phonemes, and determinatives, which mark semantic categories.
Well, at least the worst is over.
but is the best yet to come
YouTube -
sinatra, the best is yet to come
Note to mp, you haven't been banned. It's probably some problem with Haloscan. Send me an email if you still can't post, and I'll try to resolve the problem.
Hey, WaMu couldn't let Lehman have all the fun ...
Best to all.
theme music?
YouTube - carpenters -We've Only Just Begun
We've only just begun....
Losses are less likely due to LIBOR reductions, shrinking the neg am buildup in their RE pipe, plus the modding of loans they have done so far, and finally shutting of their HELOC portfolios available credit lines. They've gone over one hill only to face a mountain of more debt to resolve in front of them.
How To Avoid Being Prosecuted For Theft Of The National Treasury:
DO NOT carry a gun
DO carry a briefcase
DO NOT wear a ski mask
DO wear a suit and tie
DO NOT hang out in the hood
DO hang out on Wall Street
DO NOT drop out of high school
DO attend Harvard
DO NOT stuff hundreds in a sack
DO transfer billions to your friends and their companies
DO NOT say Put your hands up.
DO say In an attempt to avoid systemic failure . . .
Whoops, there goes another aircraft carrier. (1 carrier = $5B) Gives you a tangible picture of how much capital is disappearing.
Who believes anything from WAMU or Lehman anymore? As the late Jerry Reed sang, When you're hot you're hot, when you're not you're not. Wamu you aren't hot anymore. You've got 90 days.
fun times. my MERPRQs got whacked.
Well, here we are on Thursday, with some huge losses for a couple of banks.
Business as usual.
It is becoming obvious that most of the financial system in the United States is currently insolvent, and that Wall Street did indeed manage to kill the golden goose that laid the golden eggs.
Mr. Practical had a great idea- go hide in Japan, I have sent some of my ira money to go and hide with him.
Without massive savings to backstop the tremendous fallout from these repeated bailouts (does anyone seriously think this is done yet?), we will continue to have massive disruptions in our markets combined with insane volitility that bears no relation to underlying risk.
The funny part is Lehman is now worth less than three or four homebuilders- which should be valued about 0 right now.
It is now obvious that the regulatory structure must be overhauled to duration match risks. And those risks must be borne by sufficient capital to take large scale asset bubble implosions.
Well, once again I am drawn to the spectacle- this has been like watching a train wreck in slow motion over and over again.
Someday this war's gonna end...
Fed, Treasury Working With Lehman
Sen. Richard Shelby (R., Ala), said the Fed should not rush in to rescue Lehman. I hope they will not use all their powers or all their rabbits in doing this, Mr. Shelby said in an interview on C-SPANs Newsmakers.
The Fed has rabbits?
For some reason, and old joke springs to mind.
A bear and a rabbit are taking a dump in the woods.
The bear grimaces and says to the rabbit, "Hey, does sh*t stick to your fur, too?"
The rabbit says, "Yeah, yeah it does."
So the bear wipes himself with the rabbit.
So who goes to the grave first, WAMU or Lehman? So far Lehman in in the lead by a few lengths but WAMU's coming up strong..... will be another facinating Friday.
OT:
Warren Buffett's Berkshire Hathaway Inc. has told one of its subsidiaries to stop insuring bank deposits above the amount guaranteed by the federal government, dealing a fresh blow to the financial-services industry as it tries to assuage anxious customers.
Berkshire, in Blow to Banks, Reins In Its Deposit Insurer - WSJ.com
What he know we don't.
John W
LEH sale will be a done deal by Sunday evening...so that's pretty much a no brainer.
Nice one Nemo.
I just got home and I need to get caught up. Jeez, I thought my days of homework were over. See you in about half an hour.
the dominoes keep falling.... (faster and faster)
.............
Does this mean Paulson has to arrange two shot gun (or say Abrams Tank ) weddings this weekend?
If BAC is picked (again) for LEH, is'nt polygamy illegal in the US?
Thank God all of this continuing nonsense is priced in to the stock market already.
Give me a little leeway here. WaMu cannot be the next domino. The reasoning is if WM (big) goes down then there's absolutely no hope for Downey (medium) or Affinity Bank(small). Shelia needs to eat the appetizer and salad before tackling the porter house with mushroom sauce and au jus.
Allen- your prose is always welcome..
Let's see, 20-25% of net assets is the burden the last 2 closed banks are projected to cost the FDIC. And WAMU has what, $250b in assets? It will literally take an act of Congress to reliquify FDIC before WAMU can actually be closed.
They've got to keep WAMU open. The FDIC can't fund a closing.
I-Bank = FED Backstop
D-Bank = FDIC Takeover
Hmmmmm
Containers, get me more containers! You born and bred dopes.... can't you see I need more containers?
AllenM aka Joliet Jake | 09.11.08 - 7:35 pm
well said. thanks.
Seriously, one of the FDIC experts chime in: when the FDIC closes WM, and they don't have enough assets in the insurance fund to cover all the "insured" deposits, what happens? Do they need to go to Congress and get a go ahead before closing them, or do they do that part after? What happens to the deposits if they are waiting for Congress to write them a check? Can they not close them until/unless Congress gives them the go-ahead?
The impact of a WaMu closing here in Seattle would be profound. They're everywhere. They've got a shiny new skyscraper (quite a handsome design, actually). They built a cool concert venue.
It's sad really... they seemed to have real smarts on the retail side of banking, and shit-for-brains in lending.
Comrades,
"Fitch believes that the flexibility to add to capital is now significantly constrained in light of market conditions."
Hmmm..dems some bright boys over at Fitch. I mean to raise $5B at 2.83 is like 1.8B shares. I'd say that qualifies. I wonder if they used a slide rule to figure that out. Or a magic 8 ball. Morons!
Dasvidanya,
Don't forget Vinyard bank is still open...it's a small morsel but still will will add to bill.
CR - Same program different channel at least you did not have to get up early to get on this one...and no muzzac
Comrades in Seattle,
What's the pizza delivery time rate? Is it higher than normal?
If LEH doesn't trade tomorrow, LEH wins. If it trades, and Sheila swoops in at 6PM pst, then WaMu wins.
I'm guessing WaMu, because the pigs want to keep LEH trading to suck in more suckers money. IMO.
Dasvidanya,
they don't have enough assets in the insurance fund to cover all the "insured" deposits, what happens?
Is this before or after the FDIC line of credit at the Treasury is exhausted?
The Fed has rabbits?
ROTFWL
Where is H Ross Perot now? They guy who brought scary interesting economic charts to the masses in the 1990s has a website on the national debt, but nothing has been updated since May.
Come on Ross. Step out of retirement. Get the American people property riled up.
Nick, the Treasury will backstop the FDIC. No one will lose FDIC insured deposits.
Barley, yes, I appreciate after market announcement (the 4:30 AM stuff is killing me). Talking about music, I went to the weather underground site to check on Hurricane Ike (a very dangerous 'cane) and they were playing a funeral dirge. Ouch.
tranches of lucifer, the banks never really close, they just change owners. All those branches will stay open IF they are closed or bought out.
Best WIshes.
Bullwinkle: "Hey Rocky, watch me pull a rabbit outta this hat!"
Rocky: "Again!? That trick never works."
Bullwinkle: "This time for sure."
[rowwar!!!]
Bullwinkle; "I gotta get me a new hat."
Comrade Barley,
"The Fed has rabbits?"
They swap dead squirrels for treasuries and free squirrel recipes, so it wouldn't suprise me.
Comrade some investor guy,
"Get the American people property riled up."
Unintentional I'm sure...but quite funny. Property riled up.
Bwahahahahahahahaha!
Dasvidanya,
CR,
You will have plenty of visitors on your site all week-end. THAT's got to be good news. It's that everybody knows your site is the most dependable for after-hours info.
WaMu new CEo to get $20 million...this is criminal!
San Francisco Business Times: Not Found
over at market ticker,
The Market Ticker
a searing rant on (against) WaMu...
pointing out that swaps on their paper are running at 40 percent ( no, not 40 basis points)
hat click, K denninger
Until they run out of cash...
Stretching - Perhaps WaMu is like one of those underwater homeowners that stopped paying the mortgage months ago and has yet to receive any notice.
Periwinkle, I tried to take a week off, but I guess my foot was telling me something big was about to happen! I'll sleep when the crisis is over ...
Best to all.
Being somewhat versed on how these are written lets explore:
1. What we are not saying.
2. How can we say it.
3. Is there a way to say it leave it opinion not matters of fact.
IMHO:
This was written to reassure markets that yes there have been impairments but that from a regulatory pov "we" are fine and have some room to live and grow.
I like the F&F statement - they will expect this to be covered/backstopped.
It is very different than LENs. I might expect a nice pop in the am with some nice gains.
Nice job!
I've got it. We merge Lehman into WaMu.
Then we have only ONE systemically important institution about to fail.
I can take them bankrupt for $5M.
crispy&cole writes:
WaMu new CEo to get $20 million...this is criminal!
some day, a bunch of stock holders are gonna get a lawyer and bring suit against a CEO for, malfeasance, non-performance and / or fraud and take these sons-of-dogs to the cleaners...
(sorry for insulting dogs)
"I'll sleep when the crisis is over ...
Best to all.
Calculated Risk"
GOSH - You can go one to two years w/o sleep,,,GggeeZzzzz
oopps meant not LEN but LEH...all thumbs
Nemo
right idea
wrong institution
merge Leh, WaMu and USA
then we only have one institution to worry about
oh yeah...i guess thats what there doin
never mind
Comrade Nemo,
"I've got it. We merge Lehman into WaMu."
Brilliant!
Then we can have Coutryfried buy it, and Butcher of America can take the good stuff, and create another entity for the crap, witch can then go off in the corner and die.
Brillliant!
Dasvidanya,
a bunch of stock holders are gonna get a lawyer and bring suit against a CEO for, malfeasance, non-performance and / or fraud and take these sons-of-dogs to the cleaners
business judgment rule; almost an impossible threshold for stockholders to overcome. Strangely, they're more likely to go to jail under a criminal violation then a civil one.
If WaMu fails and takes the FDIC with it, expect good old fashioned banks runs just like 1929. IndyMac will look like nothing. That's when the fun really starts.
rowen
yes you are right...for now
but when the figurative blood begins to flow in the streets, judges may set a precedent or two
Comrade Misean, there's no shortage of pizza places here in Seattle. Though they try too hard to be "authentic," going so far as to import their pizza makers directly from Naples, for instance.
I like it, but sometimes I could kill for a greasy New York- or Chicago-style pie. (Yeah some places try, but only a handful are good at it)
I like this photo from Reuters.
(Hat tip dealbreaker.com)
See Now-everybody loves lawyers
We've got awesome pizza here in Seattle waiting for the FDIC. Hot Mama's, Piecora's, Zeek's. But I bet they go with Pagliacci - very consistent with larger orders, and has the delivery drivers least likely to be uber-stoned.
Is mp jas or Tanta?
Great find nemo...line up and start shooting!
Nick,
The FDIC does not have a large enough staff to close WaMu. Each individual branch must be closed and secured simultaneously in order to prevent a run on the bank. For a major closing, the FDIC would have to ask for assistance from personnel at OTS, the Fed, and the Treasury. In the case of WaMu, all of these agencies combined may still not have enough staff to cover all the branches (I don't know the exact count of branches that WaMu has--If anyone does, please chime in). That's where the term "Too big to fail" comes in. If a troubled bank is of a certain unwieldy size, there is no way to close it effectively, and the FDIC can only hope that there are assets of that bank that can be sold.
Re: I'll sleep when the crisis is over ...
Zeek's is good, however, there service is slower than shit!
Yes, Pagliacci's is the best of the big ones. Not a fan of Zeeks.
Comrade Nemo,
"I like this photo from Reuters."
OK, boys and girls...Go out there and beg like HELL!
Dasvidanya,
Sorry if it offends anyone but it is kind of appropriate that WAMU and LEH are failing on the 7th anniversary of 9/11.
I thought the NYFD would go up and rescue the desperate people standing in the windows. It was a bad situation but nothing the 'experts' couldn't handle. Then I saw a tower give way. Then another.
Isn't that what we are watching today?
Our financial system pancaking down onto itself and what in the hell can Bernanke and Paulson do it about it when the top floors give way?
Sorry, CR, I don't buy this 'Treasury will loan the money to the FDIC to redeem the deposits of WAMU. At some point it is 'Turtles all the Way Down.
OT but related to CEOs plundering and pillaging - there is hope out there:
Insurer's ex-CEO to pay $30 million - Los Angeles Times
Former UnitedHealth CEO William McGuire to pay $30 million to end CalPERS suit
The former chief executive of health insurance giant UnitedHealth Group Inc. agreed to personally pay $30 million to shareholders and give up stock-option rights to settle a class-action lawsuit led by the California Public Employees' Retirement System.
Nemo
great picture
but , if they are gonna jump
arent they facing the wrong way???
Comrade tranches of lucifer,
"I like it, but sometimes I could kill for a greasy New York- or Chicago-style pie. (Yeah some places try, but only a handful are good at it)"
They can't make pizza in SoCal. California Pizza Kitchen is the only decent one...but it truly is California pizza.
Dasvidanya,
mock, didn't you notice the blindfolds?
Cheer up folks! Yes, we may have IBs failing left and right, with tax payer money being spent to shore them up....but
at least we don't have a recession!
[I'm on lesson one, How to be a Pump Monkey]
unit 472 wrote
Sorry, CR, I don't buy this 'Treasury will loan the money to the FDIC to redeem the deposits of WAMU. At some point it is 'Turtles all the Way Down.
unit472 | 09.11.08 - 8:24 pm | #
hey, that hurt
"Sorry, CR, I don't buy this 'Treasury will loan the money to the FDIC to redeem the deposits of WAMU. At some point it is 'Turtles all the Way Down"
They will print it out to hand to withdrawers if they have to. Otherwise its "Turtles all the way Down" for the United States. Period.
tranches of lucifer
ok i get it now
blindfolds
i thought those were masks and they were getting ready to stick up a bank
Comrade KnotRP,
"[I'm on lesson one, How to be a Pump Monkey]"
ROFL.
Dasvidanya,
They can't make pizza in SoCal. California Pizza Kitchen is the only decent one...but it truly is California pizza.
I am a true pizza snob (thin crust ala New Haven, or it's imitation) but I like CPK. I just don't consider it pizza.
Obviously, I'd never be able to work for Sheila.
Comrade JP,
"I like CPK. I just don't consider it pizza."
You have a good point sir.
Dasvidanya,
Misean and Jp-
U 2 haven not had the italian garlic supreme at round table..
nothing else comes close.....
They will print it out to hand to withdrawers if they have to.
That's what will happen. Deflation destroying the banks balance sheet, followed by hyperinflation. What's the worse of the two evils?
Bailing out the banks who made idiotic loans? or
Risking the failure of our entire payments systems?
I stopped at the local WaMu branch on my way home tonight to get into my safety deposit box.
The teller assured me that all accounts at WaMu were safe and sound.
WaMu, she proclaimed, was FDIC insured.
I asked her if she knew anything about a pig and lipstick.
She didn't have a clue.
True story.
Comrade Misean
the local wamu branch in our state capitol, that i "use" (only left petty cash there)
sits right across from a pizza place
how convenient for sheila
comrad turtle
that pic of the LEH meeting must be from some other day, its dark in london right now.
used to be we were all subprime
but
we are all comrads now
Why choose when I have my VISA!
Both, for the whole table! Enjoy folks!
[I'm on lesson two, How to be a Pump Monkey]
so which one of your is krugman? I know he's here...
U 2 haven not had the italian garlic supreme at round table..
nothing else comes close.....
You have besmirched my honor. I am afraid that I must challenge you to a duel.
Ya know, if anyone was going to get banned from CR it would be me, for my ability to derail a perfectly good conversation about WaMoo.
From WSJ
"It would be politically challenging for the government to craft another Bear Stearns-like rescue for Lehman"
Does the USA have a Government?
My kid's taxes will be covering some ex-mortgage broker's cash-out refi financed reposessed Hummer, now worth $3K. Sweet.
juanta
Crisp...nobody wants to be the new CEO of WM...its a career killer. It's 20M and done.
Actually I'll take that job for 5M.
Lehman's is in an impossible spot, time is on the bidders side, longer they wait the cheaper the good assets become.
Nothing like dealing from a position of weakness, the more desperate Lehman is the slower somebody is to bid. I would like to introduce the new term FULDBAR to message board.
JP.
Try Gina's Pizza in Laguna. My wife is from back east and loves it.
We will know when to turn the lights out when Hanry Paulson appears Sunday night on TV to announce that 'to prevent systemic failure of the financial system' Roundtable Pizza has been given a liquidity injection and will be able to present its checks to the Federal Reserve as collateral for US Treasury bills.
DO NOT stuff hundreds in a sack.
Well, I was imagining doing something very much like that after my bank called me 3 hours ago telling me that their "longer-term CD rates are much more attractive now". I've got one maturing tomorrow. Yikes.
As of the end of 2005, WaMu had 2,140 branches, and it has added a couple hundred more since then. That's a lot of pizza.
Someone is going to get the NB asset on the cheap and the fed will backstop the crap. Same set up as Bear but a better asset in the mix.
Oh and in case you didn't see this from the other post.
The local WAMU has a hand drawn (black marker) sign advertising their 5% CDs posted on a saw horse type support sitting in the middle of the sidewalk.
Cost cutting? I think not.
we willknow when to turn the lights out when:
a mafioso boss appears on tv and announces that his crime family is taking over the us banking system cause it is so corrupt..
"is bad for bizzzness"
I just found a pix of you guys...!
http://www.borodulincollection.com/oktyabryata_i_pioneri/10.html
comrade Misean, will you volunteer for "political information" update every 2 AM morning for your "tovarishi"?
Don't forget that as the group leader, you have to set the example!
Tovarisch Misean
Da svedanya = Goodbye
Paka = see you later
Udacha,
Rossichka
Funny Salvs.
crispy&cole writes:
"Great find nemo...line up and start shooting!"
crispy&cole | Homepage | 09.11.08 - 8:23 pm | #
I thought the exact same thing. "Where is the machine gun?"
Or when Henry Paulson is found shot to death with a pizza box filled with Treasury bills lying next to him.
Comrade mock turtle,
"used to be we were all subprime
but
we are all comrads now"
ROFL
Comrade sue,
"I would like to introduce the new term FULDBAR to message board."
Nice! I'm using that.
Dasvidanya,
last week:
The local WAMU has a hand drawn (black marker) sign advertising their 5% CDs posted on a saw horse type support sitting in the middle of the sidewalk.
this week
the sign was drawn with colored chalk on the sidewalk in front of the wamu branch
a mafioso boss appears on tv and announces that his crime family is taking over the us banking system cause it is so corrupt..
Hey, I bet they don't have anything labeled "Level 3". I'd trust their books more than the current batch of crooks.
thanks comrade misea
Comrade Dr. Chaos,
"comrade Misean, will you volunteer for "political information" update every 2 AM morning for your "tovarishi"?"
Da! I will do my patriotic duty.
Dasvidanya,
Big loan losses? Go figure.
Heres a story of an Illegal alien that made $9 an hour. He got a loan for $615,000.00 from Wamu.
Duuuuuuuuuhhhhhhhhh!!!
I suppose they thought they could keep that kind of lending practice going indefinitely.
Source:
When dream homes become nightmares - Los Angeles Times
Does the USA have a Goevernemt?
Is that to difficult a question to ask?
Why is the USA turning into a Communist State in front of my eyes?
"Heres a story of an Illegal alien that made $9 an hour. He got a loan for $615,000.00 from Wamu."
Maybe they thought his zero % tax bracket would help.
Careful y'all. Congress worked overtime this summer to enact retroactive liability from civil lawsuits for telecoms in order to avoid publicly disclosing the facts about government eavesdropping.
NSA! NSA! NSA!
The press release sounds strangely positive...the PLL isn't as bad as last quarter, so things are improving?
But now credit cards are maturing and returning to the balance sheet, meaning losses are now coming back into the books? Whaaaaa?
ren, that's retroactive "immunity" not liability
"Heres a story of an Illegal alien that made $9 an hour. He got a loan for $615,000.00 from Wamu."
They were being careful, he wanted $750,000.
Comrade sdf156,
"I suppose they thought they could keep that kind of lending practice going indefinitely."
It can't? But real estate only goes up. Sheesh get with the team!
BTW why 156 instead of s?
Dasvidanya,
Popeye, absolutely right. Sorry. The pressure of being observed was getting to me.
I would say "short the pig", but there is nothing left so to speak.
Short MER instead
Funny little post from Floyd Norris at the NYT:
Nice Work If You Can Get It
...Mr. Fishman may set the all-time record for hourly pay.
His contract, signed Sunday, includes a $7.5 million signing bonus, plus assorted other incentives and bonuses, and a $1 million annual salary.
The rumors say that Washington Mutual could be taken over as early as this weekend. If so, he would have worked one week for the $7.5 million.
Comrade Lee,
"His contract, signed Sunday, includes a $7.5 million signing bonus, plus assorted other incentives and bonuses, and a $1 million annual salary."
WTF! Who do these guys think they are Ocho Cinco?! Signing bonus?!?
I wish some one would say to me sign here and get $7.5M. There won't be much work to do as we are about to blow up, so enjoy.
Dasvidanya,
They can't make pizza in SoCal.
Then you've obviously never tried Petrillo's
Signing bonus? What about his Golden Parachute? I hope they're going to compensate him appropriately for his early retirement after his grueling one week of service.
9/10/08 WSJ - old news - valid point
Eventually, the Treasury is going to have to pick and choose which bailouts are worth it. Washington Mutual, the largest S&L in the US, would probably qualify but Lehman almost certainly wont.
The Treasury needs to show that it can walk away. And with the Feds financing window in place, and eager buyers like KKR, Blackstone and distressed debt funds waiting in the wings to pick up pieces, a wind-down of Lehman would be relatively orderly should it ever come to that.
This marks a big change from the Bear Stearns crisis. The Bear near-bankruptcy took everyone by surprise and risked taking down all of Wall Street. Seven months later, Wall Street has had plenty of time to isolate and manage its counter-party risk with Lehman. Thats good for Wall Street, but bad for Lehman shareholders.
Mean Street: Why Lehman Brothers Doesn’t Matter Anymore - Deal Journal - WSJ
What's depressing about our turning into a Communist state, is that we won't even get to have a cool president like Fidel.
comrad Misean wrote
WTF! Who do these guys think they are Ocho Cinco?! Signing bonus?!?
no, they think they're harpo groucho and chicko...
Don't further piss off the spanish teachers -- it's Ochenta Cinco Fishman!
Japan up 118 on bailout news.
mal writes:
What's depressing about our turning into a Communist state, is that we won't even get to have a cool president like Fidel.
yeah but we had the decider!
LawyerLiz....Tell Hub to find new bank because WAMU is shuting down their Florida operations.
Comrade Max,
"Then you've obviously never tried Petrillo's"
Nyet. It's a bit of a drive to San Gabriel from here. And that's the kind of little local place that to find you kinda got to know someone from the neighborhood. I'll keep it in mind though.
Dasvidanya,
"The Bear near-bankruptcy took everyone by surprise and risked taking down all of Wall Street."
Bullsh*t
What is depressing is that the bailouts and semi-forced marriages keep the market happy - We are still in correction territory !!
I'm beginning to wonder whether they actually can drag it out long enough to avoid a real bear market.
Comrades mock turtle and Lee,
Bwahahahahahaha
Dasvidanya,
"I like this photo from Reuters"
New phenomenon in corp. america: your ass is glass.
I like this photo from Photobucket. Tanta introducing CR to the joys of new steel toed bunny slippers. (posted it last night, but hardly anyone had a chance to see it.)
http://i537.photobucket.com/albums/ff334/UncleBillyLovesCR/steeltoedbunnyslippers.jpg
It's not as cute as mortgage pig, but it made me smile.
you guys are just a bunch of doomsters
wamu boohoo
its just one bank, get over it
theres at lease 7000 banks out there and most the rest are doing just fine
this is a buying oportunity for financials
Comrade Popeye,
"I'm beginning to wonder whether they actually can drag it out long enough to avoid a real bear market."
Nyet. The bear is gonna drag them back to it's lair and have a nice snack.
Dasvidanya,
From prev thread, I would hate for anyone to miss out.
Great news! I have just obtained the North American rights for Hemp Salve. Why use regular Vaseline when you can have the healing and relieving effects of Auntie Bushka's Homemade Hemp Salve.
Auntie Bushka's Hemp Salve
Comrade Uncle Billy Debunked,
Brilliant! Just Brilliant!
Dasvidanya,
This one goes out to all the Pigs on Broad & Wall:
YouTube - Animals - Pigs [Three Different Ones] (Part 1)
Amazing feat to induce two days (counting tomorrow) of short-covering into big banks dying on my screen.
boohoo
the name cut off ruining the joke
Comrade Misean,
There is also a division of Petrillo's in Glendora. Also they are 2-go providing.
Dobre viechir,
Comrade organgrindersebastianspumpmonk,
Who's name is far too long. I think we got the joke.
Dasvidanya,
SEC under gun to curb short abuses as Lehman tanks
SEC under gun to curb short abuses as Lehman tanks
| Reuters
Here we go again.
tank you comrad
too much vodka
so if the government doesn't have enough people to shut down WAMU orderly, do they just hire people from the branches for a few days to help with the shutdown? The tellers would probably be down, that would be some nice overtime. Not to mention free pizza!
Comrade Max,
Glendora is even further. However, that's on the way to the Azuza shootin' range, so I may have to stop for late lunch on the way back next time I need to waste some ammo.
Dasvidanya,
The amount of royalties being collected by Queen must be amazing. How many bloggers are downloading "Another One Bites the Dust"? How many firms have top management playing "Can Anybody Find Me Somebody to Love"
I smell a Broadway play concept here:
"Everyday - I try and I try and I try -
But everybody wants to put me down
They say I'm goin' crazy
They say I got a lot of water in my brain
Got no common sense
I got nobody left to believe
Yeah - yeah yeah yeah
Oh Lord
Somebody - somebody
Can anybody find me somebody to love? "
SEC under gun to curb short abuses
--
who the hell are they to say its short
and even if it is
leh should still be allowed to abuse it
CR is in top 10 of economic blogs
The Palgrave Econolog - Zeitgeist
"CR is in top 10 of economic blogs"
duh!
Aha, we will finally bury YOU!
Nikita was a wimp. We are using our SWF to short all your financials and DESTROY your capitalist pig system.
You roaders.
France is next. No gas this winter for you. Screw Bonaparte.
Rossichka
CR is in top 10 of economic blogs.
That's because of me. (Modestly) If I weren't here it would probably be in the top two.
Blast from the past with Lehman and Cramer- September 5, 2008:
"Cramer was going out on a limb here, he named Lehman his screaming buy for the last couple of hours of Friday trading. It cant get any worse there, he said. If that Dick Fuld does not do something this weekend, he name is mud.
Comrade Misean,
Much safer than Lytle Creek. I like coming back from my shooting trips unshot.
Dobre viechir,
The pizza the feds might very well be eating in Seattle is Pagliacci, which would be appropriate, as I believe that opera is about clowns.
"Cramer was going out on a limb here, he named Lehman his screaming buy for the last couple of hours of Friday trading. It cant get any worse there, he said. If that Dick Fuld does not do something this weekend, he name is mud.
It's the buy now/scream later plan.
Abbot's Pizza Co - Venice, CA, 90291 - Citysearch
Abbot's Pizza
1407 Abbot Kinney Blvd
Venice, CA 90291
all natural, medium crust, nothing fancy but delish...
Popeye?
What?
Qualify for the Communist Protection Racket?
"Washington Mutual, the largest S&L in the US, would probably qualify but Lehman almost certainly wont."
"Thats good for Wall Street, but bad for Lehman shareholders."
It's the buy now/scream later plan.
you made beer shoot out of my nose with that one.
Ah, Just another day in the life of Ivan Denisivich.
Rossichka
Pagliacci, which would be appropriate, as I believe that opera is about clowns.
YouTube - Smokey Robinson & The Miracles-The Tears Of A Clown
Not the opera, Smokey Robinson.
which Ivy League school has the best training for running companies/countries into the ground? Wharton?
I'm with Dr. Chaos on that one. I'll be in LA next week, and will make a trip to Abbot's. Leeks and mushrooms. Mmmmm.
PRAY EVERYBODY PRAY
Butter,
I dunno isn't that Conga dancer Rice's alma mater ? Maybe expand the issue to include countries.
they just opened the second joint on
1811 Pico Blvd (Abbot Jr)
Nick - FDIC deposit issue: Generally, the FDIC doesn't lose on deposits as they are "sold" assumed by another institution(s). Where they lose big is on assets no other institution(s) wants to purchase or assume.....that's the problem with WAMU, too many questionable assets that if marked to market would bring pennies on the dollar....as for the staffing issues others brought up, the FDIC in effect hires the bank's employees, the branch managers stay in place, they just answer to a new boss. What interesting times we're experiencing!!!
Mulberry Street Pizza in Beverly Hills(also one in the valley) makes a pretty good NY style pizza.
Sorry about that, null.
So Fitch downgraded WaMu to one grade above junk status, but left Wamu on ratings watch negative?
It makes sense, but still, yikes.
Maybe the FDIC can merge Wamu with Indymac Federal and lay the foundation for the Greater Bank of the United States.
quick comparison MER, LEH & WaMu implied volatility...... plus a nice song
The Three Degrees: WaMu, Lehman and Merrill | Capital Chronicle
Just a quick boots on the ground . . .
I attended my college's career fair this past week (EE master's student).
FDIC had one of the biggest booths there . . . and this is at an ENGINEERING SCHOOL . . . finance isn't exactly our forte-although we do have a MBA program.
Bank failure Friday tomorrow
.
Patrick,
The FDIC or assisting agencies has to have its own representatives at each branch at the time of a closing. Using El Cliffo's numbers for the branches (Thanks El C), it would take about 8000 qualified government employees to close WaMu. And yes, they sometimes use the bank's employees to assist with the closings, but the banks' employees cannot be left with the responsiblity of closing the branches on their own.
Marks,
You're on the ball. Banks are going to be nationalized, one by one. How can any bank compete with a govt-owned mortgage lender who can print money at will?
Comrade Crabs
I am happy that Comrade Cox wants to provide additional protections against abusive naked short selling.
The penis enlargement spam gets through my current spam-block
...and let's not forget AIG
The Bonddad Blog: AIG -- Not Looking Good
I attended my college's career fair this past week (EE master's student).
FDIC had one of the biggest booths there . . . and this is at an ENGINEERING SCHOOL . . .
Hallelujah! Between the FDIC and the Census Bureau there's a silver lining over the next two years after all!
fitch downgraded WaMu to one step above junk
what a joke
date line north pole dec 22nd
fitch predicts it is going to be cold
gosh darn, how do I become a Comrade?
Moody's follows the suit
New York, September 11, 2008 -- Moody's Investors Service downgraded the long-term deposit and issuer ratings of Washington Mutual Bank to Baa3 from Baa2. The bank's financial strength rating was downgraded to D+ from C-, base line credit assessment (BCA) to Ba1 from Baa2, and short term rating to Prime-3 from Prime-2. Washington Mutual Inc.'s senior unsecured rating was downgraded to Ba2 from Baa3. The rating action concludes the review that was initiated on July 22, 2008. The outlook is negative.
Moody's said the downgrade resulted from WaMu's reduced financial flexibility, deteriorating asset quality, and expected franchise erosion as the bank continues to face adverse performance across its asset base. Its ability to deal with this issue is constrained by prospective earnings that are inadequate to restore or attract capital. This has complicated WaMu's ability to access external capital. Further, as a result, its funding sources have become more concentrated.
Out of 254 financials in the S&P 1500 Composite Financial sector, 12 meet the criteria of being under $10, and having been over $20 in the past 3 years: CNB, ETFC, WM, HBAN, LEH, NCC, SOV, DRH, MTG, TSFG, BPFH, PBKS
stolen from: The Big Picture
Doc at the Radar Station -
Thats because they need financial engineers and forensic accountants to turn over the dead bodies to uncover the mess some have made
All this talk of Washington makes me go back to my favorite video:
YouTube - Washington by Cox and Combes
Don't mess with Washington, he'll kick you apart.
Popeye,
Eventually, the Treasury is going to have to pick and choose which bailouts are worth it.
Does that include the former USA?
Who are the Treasury?
The Treasury needs to show that it can walk away?
What good is it to the USA if the Treasury needs to know it can walk away? Who do they work for?
Do they work for Blackstone? Do they Work for KKR?
What happened to the USA in the last decade? Decadence?
Is it not more true to say that the USA needs to isolate and manage the greedy Stalinists that occupy the ground that used to be Free Enterprise?
I would like to introduce the new term FULDBAR to message board.
sue...
President Sarah Palin writes:
PRAY EVERYBODY PRAY...
I would like to introduce the new term American Tax Prayer to message board.
wow - that's harsh
"Anonymous writes:
SEC under gun to curb short abuses as Lehman tanks"
Come Monday - you cant BY LAW sell at a loss...We wanted to see whats in Pakistan's backyard so we now have Pakistan as our front yard.
Uffish Thought.
Brilliant. Thou beamish boy.
A Dark & Stormy Night | 09.11.08 - 9:54 pm | #
Would that be contract work or fulltime?
Wamu actually rose after hours to $3.03 on the press release. It may go higher just due to momentum trading and the like.
That 0 handle can't be far off, though. The Wamu debt is just getting crushed.
MarkS writes:
Wamu actually rose after hours to $3.03 on the press release
Told you! Scroll up
It will have a modest but good day tomorrw
You young little dumbass punks better keep a close eye on option grants, cause if yah don't, your children will be mutated aliens!
RE: "Bullet dodging," for example, is the term for delaying options grants until just after the release of bad news (or moving up the release of bad news to precede an already scheduled grant). Because the grant comes after the news is out in the open, such behavior is nearly impossible to prosecute on insider-trading grounds.
More problematic is "spring-loading" - timing an options grant to precede the announcement of good news (or delaying the happy announcement to follow an already scheduled grant).
At Union Station, Grundfest divided this into "symmetric spring-loading," where the members of the board of directors who approve the grant are fully aware of the good news to come, and "asymmetric spring-loading," where they are not. Asymmetric spring-loading itself comes in two flavors: "with ratification," when the board says after the fact that it's okay, and without.
As Grundfest reeled off these terms, I and the reporter sitting next to me giggled, mainly because they sounded so much like something from a diving meet. ("She's going to attempt a reverse double asymmetric spring-loader and ... she nailed it!") But the distinctions may make all the difference, legally speaking.
Current law on spring-loading dates to the case of Texas Gulf Sulphur, a company that in 1963 made a spectacular mineral find on property it owned in Canada. Executives wanted to keep the discovery quiet while the company bought up land around the site, and were afraid outside board members would leak the news.
In the meantime, these executives accepted options grants from the board. In a 1968 ruling that became a key building block of insider-trading law, a federal appeals court agreed with the SEC that this spring-loading was fraud, even though the board members said afterward that they didn't mind.
Now we beg...
SAN FRANCISCO (MarketWatch) -- Seeking to head off any unloading of Fannie Mae and Freddie Mac bonds by Japanese investors, the U.S. Treasury Department is taking the unusual step of directly contacting Japanese financial institutions about the plan to rescue the mortgage giants, according to a published report.
Because a massive unloading of Fannie Mae (FNM:Fannie Mae) and Freddie Mac (FRE:Freddie Mac) holdings could hamper the U.S. government's efforts to shore up the mortgage firms' finances, the Treasury Department is effectively asking investors to refrain from doing so, Japanese business daily Nikkei said on its Website in a report dated Friday.
According to sources familiar with the matter, Treasury Undersecretary for International Affairs David McCormick on Thursday phoned senior executives at major Japanese banks as well as the Life Insurance Association of Japan to explain Washington's plans for Fannie Mae and Freddie Mac, the report said.
McCormick is believed to have reiterated plans announced Sunday, including seizure of both mortgage giants and the government's intention to infuse funds if necessary. During the phone calls, he is also said to have urged Japanese institutions to continue investing with confidence in Fannie Mae and Freddie Mac.
According to a Nikkei report earlier this week, Japanese financial institutions own more than 15 trillion yen ($142.5 billion) in securities issued by based on data disclosed by domestic banks, life insurers and others as of March 31. Many Japanese investment trusts also include securities in their portfolios. Read more
The Treasury Department is expected to continue contacting other major Japanese banks and institutional investors, and the Life Insurance Association of Japan is expected to notify its members of the explanations provided by the U.S., Nikkei said.
butter writes:
which Ivy League school has the best training for running companies/countries into the ground? Wharton
Just like the Fed, Harvard knocks off, and prints pretty certs; many every year year
Comrades Misean and Nemo:
Your MaMu solution reminds me of Arlo Guthrie's garbage solution in Alice's Restaurant:
YouTube - Arlo Guthrie/Alice's Restaurant
We got up there, we found all the garbage in there, and we decided it'd be a friendly gesture for us to take the garbage down to the city dump. So we took the half a ton of garbage, put it in the back of a red VW
microbus, took shovels and rakes and implements of destruction and headed
on toward the city dump.
Well we got there and there was a big sign and a chain across across the
dump saying, "Closed on Thanksgiving." And we had never heard of a dump
closed on Thanksgiving before, and with tears in our eyes we drove off
into the sunset looking for another place to put the garbage.
We didn't find one. Until we came to a side road, and off the side of the
side road there was another fifteen foot cliff and at the bottom of the
cliff there was another pile of garbage. And we decided that one big pile is better than two little piles, and rather than bring that one up we
decided to throw our's down.
Dasvidanya,
Comrade Norka
US Dept of the Treasury
Frequently Asked Questions:
Treasury Senior Preferred Stock Purchase Agreement
Can the U.S. Congress or the Executive Branch change the terms of the preferred stock purchase agreement?
HP-1131: Frequently Asked Questions: Treasury Senior Preferred Stock Purchase Agreement
The Treasury Department is expected to continue contacting other major Japanese banks and institutional investors......
Sounds like we not only have politics and religion all melded together but now it is finance, too
FFDIC,
Treasury has absolutely no right to engage its powers in commerce to trade or exchange securities; this is fraud and the contract is invalid.
The dust is starting to settle in the air from the impact of the credit crunch and now things aren't looking up for all the big, fat dinosaurs. I wonder how long we can put off extinction by feeding the big, fat dinosaurs to each other? The only thing worse than what happened is what is about to happen. A decay into a civilization where political influence rules the day. Time to move the White House to ground zero and rename NYC to New Constantinople. Government Contracts -- it's the new Capitalism.
I hope you do not think it is personally offensive. It is not meant to be so. It is just that I find myself observing the (deliberate?) destruction of what used to be known as the American Dream. I want to know who benefits from this destruction. Is it KKR? Is it Joseph Stalin?
NY Times:
As confidence in Lehman continued to drain away on Thursday, the bank, one of the oldest names on Wall Street, reached out to several potential buyers, including Bank of America and Barclays, the big British bank, according to people briefed on the negotiations. Lehman hopes to strike a deal within days.
In each case, the suitors are seeking help from the Federal Reserve to help make an acquisition palatable. They want the Fed to guarantee a part of Lehmans troubled assets
As Options Fade, Lehman Is Said To Seek a Buyer - NY Times
What's depressing about our turning into a Communist state, is that we won't even get to have a cool president like Fidel.
Hugo Chavez might be persuaded. He could even fly over in one of those TU-160s that are visiting down yonder.
As inflation continues to scream, rates will be cut, more deals to save wall street spun out, we will see election fraud and then in a bout a year, a revolution from people that can't take any more shit.
Re: hey want the Fed to guarantee a part of Lehmans troubled assets
That would be The Level 3 Part
Remember....Next Friday(19th) is TALK LIKE A PIRATE DAY.
Barley --
In each case, the suitors are seeking help from the Federal Reserve to help make an acquisition palatable.
"Gee, that sure is a nice global financial system you've got there. Be a shame if anything... happened to it"
Will the Fed/Treasury yield?
I once saw a video of a guy setting up an enormous cascade of Dominos. Every once in a while, he would slip and start the cascade going by accident. But with incredible reflexes, he would reach his hand out like lightning, and stop the chain reaction before it got very far. It was really quite impressive.
I am thinking the Fed and Treasury are trying to decide if they are like that guy.
I find it odd that McCain and bush are not in Houston for photo opportunities for the hurricane. That worked pretty well during the convention, so why not this week?
This is a really good current econ article - nicely sums up where we are:
Economist's View: Fed Watch: Get Shovel, Dig Deeper
I bet the next person to run WaMu doesn't get a 20 mil. I bet they get a goverment salary.
P.S. NY: Hot Mama's and Piecora's... a big thumbs up! If you like Chicago style... The Northlake Tavern is your place.
Barley writes:
gosh darn, how do I become a Comrade?
--
we are all comrads now
Tonight's Late Market Caps:
SNA...SnapOnTools.......$3.3 BIL
LEH.............................$2.9 BIL
TUP...Tupperware.........$2.1 BIL
CROX..........................$383 MIL
FRE.....FreddieMac........$381 MIL
MFB...Maidenform.Bra...$335 MIL
Any suggestions for Chicago style deep dish pizza in San Francisco?
Uno's is closed
It's God's will!
/snark
Comrade Pitbull
NorkaWest: Zachary's in Berkeley.
Thank you, Comrade Doctor Strangemoney.
Comrade Norka must plan road trip to Peoples Republic of Berkeley.
I got distracted when Mbia and Ambac were in the dead zone back in july, and since then they seem to have come back to life... somehow. Anyone think they're ready to be plowed under during this round of bank tremors, or are they blessed by god and government?
FDIC Financial Institution Letters
Securities Activities of Banks
Exceptions and Exemptions for Banks from the Definition of "Broker" FIL-89-2008
September 10, 2008
Summary: The FDIC is reminding banks that on the first day of an institution's fiscal year beginning after September 30, 2008, the institution must comply with the requirements of Regulation R, "Definitions of Terms and Exemptions Relating to the 'Broker' Exceptions for Banks," and the Gramm-Leach-Bliley Act of 1999 (GLBA). For more information about Regulation R, see FIL-92-2007, dated October 25, 2007, at FDIC: FIL-92-2007: Exceptions and Exemptions for Banks from the Definition of "Broker".
FDIC - Final Regulation R
Exceptions and Exemptions for Banks from the Definition of "Broker" FIL-92-2007
October 25, 2007
Summary: On October 3, 2007, the Board of Governors of the Federal Reserve System (Board) and the U.S. Securities and Exchange Commission (SEC) published the attached final rules that implement provisions of the Gramm-Leach-Bliley Act (GLBA) that except banks from the definition of "broker" under the Securities Exchange Act of 1934 when they conduct certain securities transactions. Known as "Regulation R," the rules clarify permissible bank brokerage activities that can be conducted under the GLBA exceptions. The Board and the SEC consulted with the FDIC, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision in all phases of the rulemaking. Financial Institutions will have until the first day of their first fiscal year that commences after September 30, 2008, to comply with the requirements in Regulation R.
FDIC: FIL-92-2007: Exceptions and Exemptions for Banks from the Definition of "Broker"
Popeye,
The USA does not have to admit anything.
Just Confess.
All will be forgiven.
The "WORLD" cannot live without the "American Dream".
The difficulty now is that there are "RE-EDUCATION" Maoists now working for your Treasury
Perry warns Texans in Ike's path: Get out now
AUSTIN Gov. Rick Perry today urged coastal residents in Hurricane Ike's path to evacuate immediately, describing it as a storm that could swamp houses in Galveston and other areas to at least their eaves.
"My message to Texans is, in the projected impact area, finish your preparations because this is a storm that can have extraordinary impact on them, on their personal belongings," Perry said. "It's on its way."
While the storm presently is a Category 2 hurricane, Perry said it could be at Category 4 level by the time it is expected to make landfall on Saturday.
At 7 p.m. CDT, the storm was centered about 370 miles southeast of Galveston, moving to the west-northwest at 12 mph. Top sustained winds were 100 mph.
"I want to emphasize what a dangerous storm this is going to be," he said. "The latest estimates show Ike is going to be coming to shore in the next 48 hours, packing winds in excess of 120 mph and a storm surge of 14 feet or more. And I want to emphasize the more."
Curfews in effect; Galveston opens shelter of last resort | Houston & Texas News | Chron.com - Houston Chronicle
Comrade Chavez is booting our ambas. and recalling his.
Time for a cruise missle in his swimming pool.
"Oil workers of the world..UNITE."
Anon,
MBIA and Ambac are currently paying out tens of millions per month which their mudels said would never happen, with more to come. Zombies, regardless of perceptions.
Comrade Crabs
Because he pulled his ambas? American way I guess...bail out the crooks and then bomb the innocent,.
Iona,
You and I don't agree on terminology. So, it's difficult to hold a conversation. As for where this is going to go or how it will end up, I'm afraid I have little to contribute in any event. Those decisions are not in my hands; nor do I have access to the ears of those who will decide. I'm just one guy trying to survive.
Can the U.S. Congress or the Executive Branch change the terms of the preferred stock purchase agreement?
thanks FFDIC for your link at 1022pm above
Do we still get a free bank with every toaster purchase?
"President Sarah Palin writes:
PRAY EVERYBODY PRAY..."
YouTube -
What we are not seeing
http://tinyurl.com/The-Look
What you want hear
Amazon.com: Can You Get To That: Funkadelic: MP3 Downloads
Amazon.com: Super Stupid: Funkadelic: MP3 Downloads
Warning! Each song @ $0.89 will cost 1.155 shares of FNM or 1.50 shares of FRE.
Priceless!
comrad borrries and natasha hav oerders frum mieesta bieeg
kiell moosa, kaitch sqerial, sell worthless us paper
All this comrade crap... you guys better be careful or Comrade Bush & Commissar Cheney will have you laying track with dryfly next winter in 'Gulag Minnesota'.
Remember 'The Lube' [Lubyanka Prison & KGB HQ from Soviet times - click KGB link] started out life little more than a converted office building belonging to a pre-revolutionary insurance company... it was unfortunately 'liquidated' after the October Revolution... I believe by none other than Felix Dzerzhinsky [Lenin's head of 'The Cheka' - precursor to NKVD & later the KGB].
Just imagine what Commissar Cheney could do with WaMu's offices & branches...
Simple straightforward explanation of Fannie Mae & Freddie Mac .... preceded by a nasty (well deserved) swipe at Palin
Econbrowser: Palin, on the Ongoing Financial Crisis
Comrades,
"gosh darn, how do I become a Comrade?"
You mean you're not? With the NSA program you admit this? I chose not to publish your name, as I have some sympathies. Please run to the hills non-comrade.
I'm trying to catch up but management has requested that I completely re-engineer my network by tomorrow. I'm having some difficulties.
Dasvidanya,
@Just imagine what Commissar Cheney could do with WaMu's offices & branches...
No.
Shit, it's too late. Would like to unimagine that.
Dryfly,
Always remember that Stalin and Beria were Georgians. Pay back time!
In front of Lubyanka is a beautiful flower clock. Flower children all.
The TU 60 is a piece of cold war junk.
"preceded by a nasty (well deserved) swipe at Palin"
Sorry, but I think the swipe was well-deserved, not nasty. Palin told Gibson of ABC that the US should be ready to go to war with Russia over Georgia.
Slim Pickens with lipstick.
fried - you misread me - we agree
dryfly,
"you guys better be careful or Comrade Bush & Commissar Cheney will have you laying track with dryfly next winter in 'Gulag Minnesota'."
Da! 'Tis cold, and we shall likely have but simple, but excellent, worker's clothes. I think we get a goat fur cap, but no gloves. But Brave Patriotic Men Shall March Bravely on for the Glorious State!
Dasvidanya,
After her career had declined and she had started aging, actress Tallulah Bankhead would answer the question "Are you Tallulah Bankhead?" with:
No, darling, I'm what's left of her.
Popeye writes:
Simple straightforward explanation of Fannie Mae & Freddie Mac .... preceded by a nasty (well deserved) swipe at Palin
Palin is a role model - get off her back.
I was at a HS cross country meet in Rochester Minnesota today - city is home to Mayo Clinic (lot$a doctor$) plus a number of wealthy suburban teams were down for this meet too - big meet.
I saw more than a few 'hockey mom' Sarah look-a-likes - made up middle aged hotties with the hair up & glasses. Coincidence? Considering GOP convention in town & all the hubbub... not likely.
So she's having a positive effect - if only for Mary Kay'ers, hair dressers & optometrists.
I mean what's Biden done for hair fashion & the economy lately, huh?
I think I'm going to go make some borscht now...
excellent sum up and review of LEH on naked capitalism
Lehman: Deal Sought Before Monday; BofA Most Likely Suitor (Updated Again) « naked capitalism
Frau Palin needs my notes about confrontations with Mother Russia.
Me thinks she has an ovarian Napoleon complex.
Field Marshall Ross writes:
Frau Palin needs my notes about confrontations with Mother Russia.
Me thinks she has an ovarian Napoleon complex.
Field Marshall Ross | 09.11.08 - 11:35 pm | #
LOL - maybe that's why they sent her back to Alaska - time out.
FWIW - I'd bet dollars to donuts she's our next VP... and considering McC's age & health history [he even sounds REALLY old & frail]... I give her 50:50 odds of being president before eight years are up.
Comrades? Here's a real comrade for you.
Update 11:00 PM: The Journal story now on its site gives more credence to the idea that government financial support might be forthcoming:
...prospective buyers would likely want the U.S. government to help shield them from future losses from any such transaction, these people said, as happened in March, when Bear Stearns Cos. was forced into a deal to be acquired by J.P. Morgan Chase & Co....
The Federal Reserve and Treasury Department have been working with Lehman to help resolve the bank's troubles, including talking to potential buyers, according to people familiar with the matter. Federal officials are not expected to structure a bailout along the lines of the Bear transaction or this past weekend's rescue of mortgage giants Fannie Mae and Freddie Mac.
Lehman: Deal Sought Before Monday; BofA Most Likely Suitor (Updated Again) « naked capitalism
WaMu not on the FDIC pizza list. Makes you wonder what is exactly. Wishing it won't collapse isn't a real good plan.
Shiela needs to come up with a new list and lotsa money.
It's sad really... they seemed to have real smarts on the retail side of banking, and shit-for-brains in lending.
tranches of lucifer | Homepage | 09.11.08 - 7:51 pm | #
Yes, and where else do you get ATMs that say SURE and NO, THANKS, instead of YES or NO.
Re: PIZZA
As a born and bred dope from New Haven who has lived in LA - there is no superb pizza there. Does not compare w/Sally's Pepe's, Modern....
Hey, CT has shitty Mexican food. You can't have everything....
dryfly wrote
FWIW - I'd bet dollars to donuts she's our next VP... and considering McC's age & health history [he even sounds REALLY old & frail]... I give her 50:50 odds of being president before eight years are up.
this is where to got to hand it to the republic party
if the dems ever tried to pull the beauty queen VP play ,
Rove and the rest of the thugs would be hunting down all the ex boyfriends
and finding out about her favorite chapters in the kamasutra and the pages in the PDR that she dog eared.
and if they couldn't, theyd hire some guy to say they did it in the back of his car and he's spin tales
the dems deserve to loose
they dont understand politics is war without bullets
forget truth or fairness
the american people dont give a shit about the details of policy
many if not most americans are more inclined to cast a vote based on hairstyle
Dryfly,
Dollars to donuts? That was my dad's favorite challange/bet.
Must be from WWII.
Palin as prez wouldn't really bother me as long as I knew who her handlers were. And the bayonettes of the praetorian guard were sharp and shiny.
As a born and bred dope from New Haven who has lived in LA - there is no superb pizza there. Does not compare w/Sally's Pepe's, Modern....
I'm a born and bred dope from New Haven area as well, and hadn't found great pizza in CA. (Like I said, I like CPK, but it ain't pizza.)
BTW, if you haven't been back recently: Add "BAR" to your list. Microbrew + NH pizza is a killer combination.
Oh yeah: And the salsa in CT was approximately ketchup, I wish you hadn't reminded me.
Stupid Question-
With the enormity of the problems facing us, will the government be forced to seize people's actual wealth, in addition to increasing taxes?
Are taxes something other than seizing wealth?
Jeesh, you guys quit the comrade thing right after I type in Comrade Szpinak Kochanka ...... gotta work on my timing.
Please accept my apologies Comrade Popeye.
Ci są odpuszczone, Comrade JP
Which mutual funds will have to sell, as a result of this downgrade event?
They are zombies. They are dead but won't die.
Comrade Popeye,
I am a loyal patriot of the USSR. You have earned your Comrade label.
Dasvidanya,
Dziękuję wielkim liderem Comrade Misea
Мы должны повесить эти пираты
LOL Comrade Anonymous
Comrade, Tovarish is comparable to 'friend'. Moi Tovarish = my friend.
It was used in much the same way as 'citizen' was used during the French revolution. It was an equilizer and code word for 'I am one of you'.
Popeye,
my bad. Apologies.
Comrade A-Mouse you should have that printed up - I think it would sell
Comrades,
LOL all. Must go blow up my network some more.
Dasvidanya,
south OC pizza - BG Emilio's
New discovery of old place - great thin crust pizza at BG Emilio's in Lake Forest (OC) - Los Angeles Area - Chowhound
With the enormity of the problems facing us, will the government be forced to seize people's actual wealth, in addition to increasing taxes?
Disempowered Paper Pusher | 09.11.08 - 11:57 pm | #
It's called inflation - don't need to seize anything.
If I have to work Sunday... You people are going to pay!
"Comrade" comes from french camarade, and spanish camarada, meaning "chambermate." Originally from latin -- camera, meaning chamber.
In the 18th century you were either a comrade, or a comrogue.
Rogue, in 1561 meant "...idle vagrant," perhaps a shortened form of roger (with a hard -g-), thieves' slang for a begging vagabond who pretends to be a poor scholar from Oxford or Cambridge"
Blagues, the perfect home for itinerant congrogues.
Lee, you must have had a pinche baboso for a Spanish teacher - the correct way to write 85 long-hand en Español is:
Ochenta y cinco
He,he, Anon,
Ti pa ruskie,da?
I don't have syrillic on my laptop. Plus my angolish and speling ain't so gud.
Gedia tebia?
Ross - use google "translate" then just copy & paste - much simpler & they do the spelling for you.
Comrade Misean wrote:
Nyet...
Dasvidanya...
Comrade Misean, you should start working on your accent
Назад в СССР, пацаны?
Я должен спать. Доброй ночи всем.
{ I must sleep. Good night all. }
Must be from WWII.
Heard it growing up as a kid - from my WWII father.
Palin as prez wouldn't really bother me as long as I knew who her handlers were. And the bayonettes of the praetorian guard were sharp and shiny.
Ross | 09.11.08 - 11:55 pm | #
I don't know who the handlers are nor their motivations. I'm not comforted...
Hah! Dryfly can't look away either. This place is hypnotic after 9:00 p.m.
Thanks, Popeye,
New tricks, old dogs, moi.
I do know one word in every language spoken on this earth.
Coca Cola!
Re: "Heres история незаконного иностранца, что составил $ 9 час. Он получил кредит на $ 615000,00 из Wamu".
Они были осторожны, он хотел $ 750.000.
ROTFLMAO!
I dunno bout that google for Russian. Here's what Ly-ennon Chohliday's post translates as:
I thought that McC said he was going to be a one term president.
If McC survives, puts her in primo spot to be the first woman pres.
Yeah, and when SNL starts back, bet that Tina Fey's gonna be back for a cameo.
PS - Thank God for fall. Found a nice recipe for cabbage soup. Have an increasing hankering for that.
Hail to the glorious republic!
from the sept 4 edition of the washington post
( note, this racial innuendo is from the guy who wanted to post the ten commandments in the courhouse but when pressed on tv could only remember 3 of them!!!
"According to The Hill, a Capitol Hill newspaper, Westmoreland was discussing Alaska Gov. Sarah Palin's acceptance speech outside the House chamber today when he veered into his thoughts on Michelle and Barack Obama.
"Just from what little I've seen of her and Mister Obama, Senator Obama, they're a member of an elitist class individual that thinks that they're uppity," Westmoreland said.
When a reporter sought clarification on the racially loaded word, Westmoreland replied, "Uppity, yeah."
For weeks, commentators and critics have asserted that the McCain campaign's efforts to portray Obama as a vacuous celebrity smacked of historical efforts to describe African Americans seeking equality as "uppity" or not knowing "their place." The McCain campaign has heatedly denied any such thing, and has accused Obama of having "played the race card" for saying that Republicans would mock him as an outsider. Westmoreland's comments could rekindle the debate.
Westmoreland briefly gained some national attention when he sponsored legislation to post the Ten Commandments in the House and Senate chambers. Asked by Stephen Colbert in 2006 to name all ten, Westmoreland stumbled. "Um, don't murder, don't lie, don't steal," he offered, before confessing, "I can't name them."
Enough with the syrllic Russian. Switch to a Greek translator.
Theme song from "Zorba the Greek".
Of course I guessing no one here does Greek.
Dark and Stormy - re: gov't employees and branch closures. FDIC could consolidate branches over a weekend, reducing the number of official gov't employees needed in the excercise - sign on door "customer - your deposit and loan records are now located at so and so branch, 1000 gimmedamoney lane, all future transactions will be handled at the new location", nevertheless, you're right in that it'll take a large number of people on the ground....I'm guessing, and it's only a guess, if WAMU goes, it'll be a small group of major players that divide up the branches and deposits, what were WAMU branches on Friday will be Citi, JP Morgan, US Bank, Key Bank etc on Monday.
Υπάρχει μια λέξη για "Συγγενικά" σε ρωσικά;
OT:
speaking of pinche babosos, some breaking news out of Venezuela:
Yahoo! 404 - Page Not Found
The actual quote referred to in the article: "Ya basta de tanta mierda de ustedes, yanquis de mierda."
roughly: 'Enough of all your shit, you shit Yankees.'
Say what you want about Dubya, at least he refrains from vulgarities when addressing our enemies, be they Al-Quedas or whatever.
peAkcredit writes:
Tonight's Late Market Caps
I completely confused.
I now must run from the hills to eskape the men with horses and guns who to come for my money matress under.
Luck Good to you.
In the light that morning has look for me. I Will be holding a bright torch to signal to all who search for the land of the free. We find Liberty!
We call this land Amerika. It is where I kan work and family free.
Here is the song sing all of us. It makes us proud!!
YouTube -
I had pizza last Friday. I'm not going to want it so soon again tomorrow.
A real mother title from Bloomberg!
By the time this crisis concludes Bloomberg will be using cuss words...
Fed May Expand Funding in a `Mother of Year-
Fed May Expand Funding in a `Mother of Year-Ends' (Update1) - Bloomberg.com
Of course I guessing no one here does Greek.
Ross
I DO greek - kabobs, salads, fish
Ross, that was bizarre. I was figuring out how to translate something into Greek right as you asked that. All I know is some ancient greek. I recited it once, but the audience was drunk. They were also greek so they thought it was funny.
Hah! Dryfly can't look away either. This place is hypnotic after 9:00 p.m.
Uncle Billy Debunked | Homepage | 09.12.08 - 12:17 am
Is that eastern time? I'm just trying to get that complicated time zone warp blog bustup going again. It was fun!
All I know is some ancient greek
There is a difference b/w anciet Greek and modern Greek?
I have a Greek mother-in-law that smells like rotten fish. You can have her.
I have seen the light!
FFDIC
Does she shave her arm pits? If not do tell.
roflmaobagaflom
Ayla, Ayla, hamayanasay Syngenika!
roflmaobagaflom
I got the first part. What then?
These people who think they know so much about how the FDIC should, could or would operate in this new environment fascinate me. Don't believe a word of it. The FDIC doesn't even know yet.
A logogram, or logograph, is a grapheme which represents a word or a morpheme (a meaningful unit of language). This stands in contrast to phonograms, which represent phonemes (speech sounds) or combinations of phonemes, and determinatives, which mark semantic categories.
Does she shave her arm pits? If not do tell.
Barley | 09.12.08 - 12:32 am | #
never
Con permiso, last fun with google.
Είμαι γέλιο μου θεός Καταραμένων γάιδαρο στο πάτωμα