Wells Fargo and Wachovia: "Background of the Merger"
Submitted by
CalculatedRisk on Sun, 11/02/2008 - 3:54pm (161 comments)
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first?
second?
CR, anyone ever call you demented?
Where are the Cliff Notes?
KC & DP: no fair. i'm still reading and my lips are getting chapped.
one of this will be important when the reality sets i
GM bailout money.... DENIED.
Sunday Night Sanity?
Sports Guy Lafleur writes:
GM bailout money.... DENIED.
link please.
Business Week article from -- gasp!! -- 2006. "Nightmare Mortgages."
Nightmare Mortgages
"Business Week article from -- gasp!! -- 2006. "Nightmare Mortgages.""
All together now:
Hoo-Cooda-Knowed?
Here is a link to the "sports guy" story.
- NY Times
I know the Sandler's took a chunk of stock as well as cash when they sold GW...I wonder how much they managed to dump?
Wow, so the Option ARM portfolio "deteriorated significantly"?
Whocoodanode?!
Morons.
But many more morons out there. Current portfolio of Alt-As and Option ARMs reset thru early 2011.
BOOYAH, shorts.
CC
ikkie on holiday?
did I miss a memo?
Read the filing (I read fast) I get the sense that Wachovia became insolvent before it even knew it was insolvent and only then went shopping for a buyer. My question is; "Aren't you supposed to tell somebody, bank regulators for instance, that you are insolvent the moment you know it?"
"Aren't you supposed to tell somebody, bank regulators for instance, that you are insolvent the moment you know it?"
The first call is to your broker.
Ministry of Truth, this is an interesting story - of course this is Wells Fargo's perspective ...
Outsider, the Cliff Notes are the WSJ story! They focus on the role of the FDIC - and it sounds like the FDIC pushed everything.
reptillian, 2006? Gee, Tanta and I were discussing nightmare mortgages and potential bagholders on this blog (and at Angry Bear when I wrote there) in early 2005 ...
Best to all.
Plantagenet writes:
"The first call is to your broker."
Is the second one to your priest?
"Is the second one to your priest?"
Not necessary. Since you have been confessing for years, he is already short.
Dawg - excellent point.
Have a friend in a forecasting position in a big outfit and we were discussing interbank behavior six months ago. Came up with the phrase "mutually assured lying" to describe it. Still valid. But the really interesting organizational sociology point is that once the lie assumes proportions of systemic breakdown, everyone gets in on the act, and it plays out in large and small measures.
This is still happening.
CC
Cracker
Nikki is observing culture day.
http://www.nni.nikkei.co.jp/FR/MKJ/marketholidays/
"The first call is to your broker."
My broker is E. F. Hutton and when E. F. Hutton... oh wait, that was the last stock market crash. Sorry... carry on.
Aw, CR, where is the punchy, bold-faced, 'read here' section?
between jumping jacks and cultural days....its hard to figure out when they are open.
How much oil prince money is in C and how much is in WFC?
the scales got a fat thumb on this one. Barclays got the latest money outa cutter (Qatar)
wtf. BoJ cuts overnight rate to 0.30%. Doesn't Toyko realize rates are supposed to be in quarter increments?
Instead of providing new assistance, the Treasury Department told G.M. on Friday, the Bush administration will now shift its focus to speeding up the $25 billion loan program for fuel-efficient vehicles approved by Congress in September and administered by the Energy Department.
GM gets 2/3rds. Screw the bailout money. Chevy don't need no stinking bailout money
Calculated Risk writes:
Ministry of Truth, this is an interesting story - of course this is Wells Fargo's perspective ...
The victors get to write the history...
GM gets 2/3rds. Screw the bailout money. Chevy don't need no stinking bailout money
Anonymous | 11.02.08 - 7:58 pm | #
They can wait until Wednesday...
Apparently, Sheila Bair has been deciding the fate of these companies by saying that "you either take this offer or I will take you under". Some guts!
Is she being a fair? I personally think her decisions on WaMu made the credit crisis far worse.
Is she being a fair?
Like ain't fair.
Basel Too,
Their last cut was from .5 to .35%. Welcome to quantitative easing, we all should become familiar with it in the near future.
re: Wachovia
Robert K. 'Bob' Steel left the US Treasury on July 9, 2008. One week prior Wachovia's CEO Ken Thompson was publicly ousted.
So Steel, former vice-chairman of Goldman Sachs and good friend to Henry Paulson, would have negotiated his new job before leaving the Treasury.
Fast forward a few months and Steel is in trouble, all his options will be worthless. So despite Paulson not being allowed to participate in the WB/WFC/C negotiations due to disclosed conflict of interest, he was still able to rewrite a tax statute without Congress (illegal), to give WFC the ability to get Steel a better return. Then despite her obvious discomfort, Paulson's employee, Bair encouraged the breakup of the C/WB merger.
That's the story of Wachovia in the end. Never bet against the house, when the house has its own money at stake
Well, let us see.. GS will give bonuses to it's executives of about the amount that GM asked from the government. I think GM is a more deserving candidate of money than GS- heck they employ a lot of people.
I think GM should be bailed out, with one condition- all senior administration has to resign immediately and recluse themselves from serving on the board/ administration of GM and any of it's future spinoffs till they die.
The part of the story I'd like to read is Citi's side of the story - they sound like they were too smart by half. Maybe if they didn't strike such a hard deal they could now own all that Golden West 'gold'.
As long as we are discussing long boring stories...I think we just hit 7 full years in Afghanistan.... How the hell did we sucked into a crippling 7 year war halfway around the world? How in 7 years did we not get Bin Laden? The civil war took 5 years?
Apparently, Sheila Bair has been deciding the fate of these companies by saying that "you either take this offer or I will take you under".
Actually, she has the statutory authority to do that. Normally, bank mergers are a big deal (e.g. concentration limits, CRA requirements, etc.). However, if you're technically insolvent, the FDIC Chair can basically authorize any shotgun wedding provided that the merger saves the Fund. If not, then the bank is done anyways...
I've read tons of SEC reports in detail and have never seen this type of Dear Abbey blabbering before -- what does it mean?
How the hell did we sucked into a crippling 7 year war halfway around the world? How in 7 years did we not get Bin Laden? The civil war took 5 years?
Currently Eating Candy | 11.02.08 - 8:08 pm | #
Alexander the Great could have answered that for you - the civil war wasn't fought in Afghanistan.
If Citigroup can get their house in order quickly, they might be able to buy Wells Fargo cheap once the Wachovia compost starts to stink to badly.
Otherwise, Citigroup is toast and Jamie Diamond will be proven right: "pandit is a dick".
Golden West had golden days on Wall Street in 2000. "There is a love affair going on with this stock," said Thomas Hain at Lehman Brothers, in a July 2000 American Banker article. "They are in a sweet spot right now in the mortgage business, and that is driving extraordinary earnings compared to other thrifts. They are the best ARM lender, and they have superior interest rate management."
But the love affair ended abruptly by year-end. Investors pulled back from ARM-dependent thrifts when signs of a new refinancing boom surfaced. ARMs' initial low interest rates and low down payments drew many first-time buyers, especially those without funds for other types of loans. But as interest rates for fixed loans improved, those buyers would switch over, diminishing thrifts' ARM portfolios.
The roller coaster ride continued for the thrifts in 2001, and ARM demand appeared questionable for the year to come. The company's mortgage lending unit produced $20.8 billion in loans in 2001, the vast majority from ARMs. But Golden West Financial Corporation, still led by Marion Sandler, as chairman and CEO, had a history of producing strong results even in difficult environments.
Basel Too,
The authority is only based on the lowest cost to taxpayer criteria.
Using that IRS rewrite would not provide the lowest cost to taxpayer, however its use is only implicit as WFC doesn't have to use those free virtually unlimited tax credits
"How the hell did we sucked into a crippling 7 year war halfway around the world?"
Is this a hypothetical question?
Too few troops.
Iraq distraction-o-rama.
Declaring victory, complete with presidential statement, when only 4.5% of the country was under government control.
Bin laden, despite being a 6 foot 7 inch tall giant freak (for the local population) who is on dialysis, is actually a very sneaky guy (or if you prefer conspiracy theories, you could start with bush spiriting all of his relatives out of the u.s. despite the ban on flights right after 9-11)
I, myself, settle for: Afghanistan is not an easy country to conquer and if you wish to do so, you better be committed and competent.
It's not crippling. We're not committed enough for that description. If you want to feel better about it...
The authority is only based on the lowest cost to taxpayer criteria.
The FDIC doesn't read the "lowest cost to the taxpayer" that broadly, to include loss revenue based on any offsetting tax credits. The standard is based on direct cost to the fund itself.
Basel Too,
I know how they interpret it, and there is no chance of a federal judge ruling otherwise.
I was just pointing out the loophole being used
Pakistan and Bush didn't want a quick end in Afghanistan or a quick demise for OBL. Pakistan has made a fortune and Bush consolidated his power in the US govt. through spreading fear. F#ck 'em both
i read the whole thing. my tummy hurts.
those guys really do live in a different world, dont they.
Yep, the loophole sucks, but no federal court is going to overturn the Secretary's interpretation of section 382(
provided it's reasonable, which it is.
Chevron's ugly little head pops up once again.
unhappyCakeEater writes:
i read the whole thing. my tummy hurts.
You must be young - my EYES hurt after reading that.
But it was good. We'll all watch a 60 Minutes or Bill Moyer special about it someday and say... oh, I read the book already. It was posted on CR.
"...In the first half of September 2008, a series of unexpected and unprecedented events occurred in rapid succession in the financial services industry..."
Yeah, whoocoodanode?
If Obama wins, I hope he comes after some of these schmucks with criminal papers.
These guys are so dumb, it IS criminal.
If Obama wins, I hope he comes after some of these schmucks with criminal papers...
Comrade-Dope jg (jg) | 11.02.08 - 8:28 pm | #
Oh jg - you are so idealistic!
So I hear that Obama wants to bankrupt the coal industry.. Why do democrats want to snatch defeat from the jaws of victory?
I say, let us burn these misanthropic environmentalists. You might find it hard to believe, but I hate environmentalists and "official experts" more than the average canuck.
Why do you hate the average Canuck,eh?
Beef, it's what's for dinner:
In vitro meat, also known as laboratory-grown meat or cultured meat, is animal flesh that has never been part of a complete, living animal. As of May 2003, some scientists are experimentally growing in vitro meat in laboratories, but no meat has been produced yet for public consumption. Potentially, any animal could be a source of cells for in vitro meat.
In vitro meat - Wikipedia, the free encyclopedia
EHP - you're back. 30 year T-bond invert?
Jus joshin. Have some ideas.
About Present at the Creation (prev thread), the verb "read" was past tense, not not interrogative or declarative. Damned dirty english apes. Would never happen in French.
CC
Re: GM bailout
Here's a link:
- NY Times
"when Mr. Steel promptly responded to a 4:27 a.m. email from Mr. Pandit suggesting that he was available"
Was he staring at the computer screen all night, or was there a phone call involved? Little half truths speak volumes of bigger, badder lies, within.
So, does the GM bailout failure mean that the Chrysler merger is off?
Mel: i wondered at that too. who is "available" at 4:27 am?
i hope he wasnt having trouble sleeping...
"So, does the GM bailout failure mean that the Chrysler merger is off?"
I believe it's off for atleast 48 hours.
What happened to Wachovias Financial Security people? The new Wachovia just told us about the new services they plan to offer its customers. Travel agency is one of them. There was a list of other new fun things. I asked my wife if we now had an account with a bank or Expedia?
We should have a No. Va. meeting of CR. I think Basel, Jason, and I live with 2 miles of each other.
turned down a request by General Motors for up to $10 billion to help finance the automakers possible merger
Bush administration will now shift its focus to speeding up the $25 billion loan program for fuel-efficient vehicles approved by Congress in September
d-, smallfry like me, we can only hope and pray for the right actions.
"...Mr. Pandit...appealed to Chairman Bair to consider the effect of this development on systemic issues unrelated to Wachovia..."
What does this mean? That the egg on Citi's face would cause a run on them?
Jeez, Pandit, use some plausible, defensible arguments when you are on your knees begging.
Nothing is certain about GM+C until Nov 5 at the earliest, most likely Jan 21.
The Energy Department is trying to meet a congressional deadline of Nov. 30 to write the regulations for the loan program and has sought information from Detroit's Big Three automakers.
Automakers said they were working with the department to ensure the loans were quickly dispatched. Under the program, automakers could save more than $100 million per $1 billion on borrowing costs and could also seek a five-year deferment of repayments. The loans would come at a time when Detroit automakers are burning through cash and trying to cut costs and raise more money to boost liquidity.
Detnews.com | This article is no longer available online | detnews.com | The Detroit News
Winston writes:
So, does the GM bailout failure mean that the Chrysler merger is off?
Winston | 11.02.08 - 8:49 pm | #
Until Wednesday... can you please just wait?
Kids these days and their need for immediate gratification.
[jus' kiddin' ya]
Seriously - GM wanted a deal before the election while the pols were still very vulnerable. They will probably have to wait & see how the power structure sets up in the HOR/Senate & WH. A McPalin admin will look at it very differently than a O'Biden admin - GM will just have to wait if it doesn't get done 'tomorrow'.
PeakVT, if sharp-elbowed, knife-wielding Rahm Emanuel is going to be Os- Chief of Staff, I would wager that things happen way before inauguration.
OT:
i wont pollute the floor with a link, but if you are interested in a chuckle, Joe the Plumber's enormous shiny head has appeared on FOX- and its talking. classic stuff. clip on dKos
I say GM just does it Monday. They are going to bet the Chosen One comes through for them
he U.S. Energy Secretary must approve all applications for loans authorized in last year's energy bill. The money must be used toward vehicles that get 125 percent of the fuel efficiency standard required for similar vehicles. The Energy Department also must write the specific criteria for awarding the loans and must ensure the automaker applying for them is financially viable without the receipt of additional federal funding associated with the proposed project."
Detnews.com | This article is no longer available online | detnews.com | The Detroit News
"
What happened to Wachovias Financial Security people? The new Wachovia just told us about the new services they plan to offer its customers. Travel agency is one of them."
Hmm, former financial services company offering travel services?
I wonder whether they will be offering travel services to Switzerland, Luxembourg, Cayman Islands.
Do they also roll a free off-shore bank account as part of their new services.
Chrysler, Jeep and Dodge vehicles hold numerous best-in-class fuel economy claims for the 2009 model year. The 2009 Dodge Journey offers the best fuel economy in its class with 19 city and 25 highway. The 2009 Jeep Compass 4x4 and Jeep Patriot 4x4 have the best EPA estimated highway fuel economy and are the most fuel efficient four-wheel-drive vehicles in their class
Mel writes:
"when Mr. Steel promptly responded to a 4:27 a.m. email from Mr. Pandit suggesting that he was available"
Was he staring at the computer screen all night, or was there a phone call involved? Little half truths speak volumes of bigger, badder lies, within
Nah. He has his blackberry on vibrate and discovered that when held in a special place it can be "stimulating" when an email comes in. In fact he signed up for every newsgroup on yahoo upon this discovery...
Tom Stone,
I think it boils down to the following factors:
1] Delusional thinking- Canucks seem to think they are much more important than they are.
2] Self-image issues- Canucks define themselves by what they (think) they are not.
3] Groupthink- Willingness to believe (on a large scale) rumors/ statistics that support what they want to believe. Canucks do also go that extra step to create fake data to support whatever they want to believe.
4] Belief in racial superiority- A strongly held belief that they were somehow anointed by destiny to play a "civilizing" role. Belief that only only they (skin color + last name combination) can do "stuff" associated with developed countries.
5] Hypocrisy- The inability to be upfront about what they want. Combined with 1-4, it is a pretty nauseating combination.
6] Belief in destiny (linked to belief in racial superiority).. enough said.
7] Unwillingness to take criticism. Strong feminine passive-aggressive tendencies.
8] A lack of the concept of meritocracy.
9] Excessive belief in people who look and talk like them- almost childlike. A complete lack of trust in people who do not look like them- evidence be dammed.
Chrysler, Jeep and Dodge vehicles hold numerous best-in-class fuel economy claims for the 2009 model year. ...
Thats nice.
Was he staring at the computer screen all night, or was there a phone call involved? Little half truths speak volumes of bigger, badder lies, within
Nah. He has his blackberry on vibrate and discovered that when held in a special place it can be "stimulating" when an email comes in. In fact he signed up for every newsgroup on yahoo upon this discovery...
Mike in Long Island | 11.02.08 - 8:59 pm | #
And he looked down and thought--"things are looking up!"
Comrade-Dope jg (jg) writes:
PeakVT, if sharp-elbowed, knife-wielding Rahm Emanuel is going to be Os- Chief of Staff, I would wager that things happen way before inauguration.
Comrade-Dope jg (jg) | 11.02.08 - 8:55 pm | #
If they want something to get done... how is O going to push for a 'bailout' that produces 200K union and low level white collar pink slips almost immediately?
There will be discussion first... like O asking: "What's in it for me?"
In a McPain admin I can see them moving a lot faster IF it can be done such that it helps stabilize the 'markets'.
Different guys - different agendas - similar end result arrived at from different directions. We got our diversity right there for ya.
U.S. Treasury Official named Lachlan W. Seward to oversee the Department of Energys $25b low-interest-for-20-year-old-or-more-auto-plant-retooling loan program.
Michigan's leading democrats and republicans are calling on Washington to expedite the $25-billion in loans already approved for automakers and consider the industry's request for even more Federal assistance. John McCain told NBC's Meet the Press that he wouldn't rule out additional helpbut says the industry should receive the funding that has already approved before they talk about sending more. Both McCain and Barack Obama have called for the loans to be expedited to help the industry retool to start turning out fuel efficient cars
I would wager that things happen way before inauguration.
I've seen a couple of reports that Obama has assembled a really strong transition team, so it's possible that Congress will have some bills ready for him to sign in his first week. Don't see how much gets implemented with Bush still around, though.
nova writes:
Chrysler, Jeep and Dodge vehicles hold numerous best-in-class fuel economy claims for the 2009 model year. ...
Thats nice.
nova | 11.02.08 - 9:01 pm | #
There are so many 'classes' its hard to NOT be 'best in class' anymore... sort of like awards at an elementary school field day - more ribbons than kids competing.
So what do you guys think about Obama's views on Coal plants???
Coal can never be green. Its to black.
Nova - I live 4 miles from you. Was thru yr way en route to Skyline Drive last week. Am on the river, other side.
Mo pictures: 787 dreamliners rusting in the desert.
CC
The Secretary of the Treasury (in consultation with the President) determined, on the recommendation of the Federal Deposit Insurance Corporation (FDIC) and the Board (both by a vote of 5 members), that compliance by the FDIC with the least-cost provisions of the Federal Deposit Insurance Act (FDI Act) with respect to Wachovia could likely result in serious adverse effects on economic conditions or financial stability. The proposed acquisition of Wachovia by Wells Fargo as currently structured would avoid those adverse effects without reliance on assistance by the FDIC.
d-, pre or post inauguration, there is no way that Os- allows cuts in union jobs.
Lousy economics or not, no way is he going to be part of a gutting of an auto manufacturer.
No, there would be some sounds-nice-but-makes-no-sense 'freeze jobs in place' proviso.
Just like Hoover and FDR helping to keep wages propped high -- via jawboning or law -- in the face of strong downward pressure, prolonging the Great Depression.
This is going to be Bush's attitude for the next 3 months:
YouTube - Bush shows middle finger to camera
Comrade Counterpointer
We should have a meet. Pavel might come and read cool poems also. At least I hope he would
Yep, but without more coal and nuclear power- electrification of automobiles is a pipe dream.
Coal can never be green. Its to black.
nova | 11.02.08 - 9:07 pm | #
Feed the troll, me
peakVT bush is going to help whoever wins.
404 Page Not Found | The White House
posted on another halosca
Go away jackass, you stink.
lucifer writes:
Feed the troll, me
lucifer | 11.02.08 - 9:10 pm
lucifer writes:
So what do you guys think about Obama's views on Coal plants???
lucifer | 11.02.08 - 9:05 pm | #
They'll be fine w/ coal once they realize its either (1) burn coal or (2) freeze in the dark.
If they started on Wednesday and busted ass - we'd maybe see coal replaced as the #1 source of electrical power by say... 2050... And only then if they decide to go nuclear big time.
Coal is safe for now...
Coal is a dirty bird?
As I said..
7] Unwillingness to take criticism. Strong feminine passive-aggressive tendencies.
lucifer writes:
Go away jackass, you stink.
PeakVT writes:
This is going to be Bush's attitude for the next 3 months:
YouTube - ? v=wrFMDYH8JHA
PeakVT | 11.02.08 - 9:07 pm | #
And that is different from the last eight years how?
Yen Falls on Speculation Stock Rally to Encourage Carry Trades - Bloomberg.com
Futures on the Chicago Board of Trade indicate a 55 percent probability the Fed will reduce the target rate to 0.5 percent at its Dec. 16 meeting. The odds a week ago were zero. The rest of the bets are for a quarter-percentage point reduction.
Lachlan W. Seward, the senior adviser to the Treasury Department's Fiscal Assistant Secretary, was named director of the $25 billion auto retooling program funded by Congress and signed into law by President Bush on Sept. 31. In the early 1980s, Seward served as director of the Treasury's Office of Chrysler Finance and was head of the Chrysler Loan Guarantee Board.
Obama's views on coal plants? He says he'll push for clean coal, but I don't think there really is such a thing. Carbon sequestration is extremely difficult. They're talking about somehow putting it underground in saline pools, don't ask me how. Coal-fired power plants are going to be part of our future for quite a while to come, I imagine, especially as we supposedly have a 400 year supply.
gabyjan - there's a difference between the staff and bureaucracy helping the transition team and Bush signing legislation he doesn't like. (Obviously I'm assuming an Obama victory here.)
Nova - Is Pavel local? I didn't know that. Actually, there's a DC board poster too.
We could all do brunch in Georgetown.
Or if that sounds elitist a bit of volunteering together??
CC
@ Bond Girl | 11.02.08 - 9:14 pm | #
That is amazing - 1/2 percent. Vote of confidence for right there...
We could all do brunch in Georgetown.
That does sound elitist, but count me in...
eco-nut,
I am concerned that his puppet masters may be misanthropic rich enviros.
And that is different from the last eight years how?
I'd say during the first 6 years or so he took more of a fart-in-your-face approach. Nowadays he just doesn't have that kind of enthusiasm.
Snobs.
When can we do a brunch here in La Jolla, fellow effetes?
We could all do brunch in Georgetown.
Or if that sounds elitist a bit of volunteering together??
Chain yourself to the fence at the Whitehouse - then take pictures before they haul you away - bet CR would post them. It would be so cool.
Comrade Counterpointer 11.02.08 - 9:16 pm @
I am only in the city from 9 to 5. I live in the burbs about 2 miles from NRA HQ.
We could all do brunch in Georgetown.
Or if that sounds elitist a bit of volunteering together??
How about a gunshow?
Semi-kidding
Dryfly,
Effective well below that anyway....
ova writes:
Comrade Counterpointer 11.02.08 - 9:16 pm @
I am only in the city from 9 to 5. I live in the burbs about 2 miles from NRA HQ.
We could all do brunch in Georgetown.
Get a room
I have a strange feeling that obama might make hoover look good.
(Obviously I'm assuming an Obama victory here.)
PeakVT | 11.02.08 - 9:15 pm | #
Truman is going to be so pissed off if McPain wins - imagine the photo op THAT will make.
CC
stevcampbell @ yahoo.com
lucifer - I don't think that'll make the job any easier.
Well of course O-'s backers are misanthropic envirowackos, lucifer. How else do you describe Soros?
Tough words on Canadians, you had. As an American, I see them as nothing but nice, harmless well-meaning folks. Misguided socialists, but nice and harmless.
You must be an immigrant or American Indian, I'm guessing.
How about a gunshow?
Semi-kidding
nova | 11.02.08 - 9:19 pm | #
Squirrel restaurants in DC? I mean where do the transplants from W Va eat?
lucifer, something tells me all your feelings are strange.
The reality is that the only way we can generate millions of well paying jobs in the next 12 months are-
1] Maintaining infrastructure
2] Building power plants
3] Firing the boards of most companies so that they cannot layoff more people to create profits out of thin air.
Of course we will have to shred the EPA and many lawyers to attain that goal.
Squirrel restaurants in DC? I mean where do the transplants from W Va eat?
Capt. Pells is popular. Its where I would take Jas.
Cat_Skinning
This might come in use if things get bad
Bond Girl,
Cleveland Fed's tracking had a 40% chance of 50bp effective overnight FF come December meeting prior to the Oct meeting's announcement, or a 30% chance of the same for the January meeting
over 2 to 1
Unlike the Bloomberg article, their chart shows the probability of a 50bp rate having decreased in the last week
Credit enema, next year, please post that on Oct. 30th, in time for Halloween (joking).
Lovely photo of the skinned cat's head. Yuck.
Capt. Pells is popular.
It's a shame you can't treat him to Chesapeake Bay anymore.
Capt. Pell's? Damn - I'd go there... Yum - crab and way too much beer. Hard to beat that w/ a stick.
Comrade-Dope jg (jg),
That is correct, as far as you seem them.
"As an American, I see them as nothing but nice, harmless well-meaning folks."
O- must be popular in Hong Kong; Hang Seng is up 4.9%.
Hong Kong's Hang Seng rebounds in early trading - MarketWatch
Over the wkend I saw as part of a CR post some S&P stats showing how 25% of consumers had maxed out their CCs. Must be growing blind .. but can't find the original post. Can some one help me out of my self-induced misery and point me in the right direction.
Basel too - you in DC too? Lemme know.
CC
Dryfly,
I think you would feel at home. TV's, softball jerseys, and American flags is the wall art. Tables covered in paper and the butter served in big squirt bottles.
Waitress call you "hon" and a lot of fed cops, military and mechanics and such. Perfect for an "Americans are born and bred dopes tirade."
ova,
any recommendations for a good seafood place in DC metro area? preferably non-chain. thanks much.
The best part of Northern VA is the Wegman's supermarket. There is one down in your neck of the woods. Highly recommend.
It has been brought to my attention that a disease called Leptospirosis has been spreading in our rodent populations in the Midwest. This includes squirrels. I have had my dog vaccinated as a precaution. This may affect your culinary choices in the coming year, lets be careful out there.
Well, I skim read the longer version and wow, all I've got to say is that it was like listening to Jack Webb narrate a 20 minute ending to "Dragnet" on Ritalin.
oh I am in DC metro too. (and asked nova or any other resident of the environs around Mordor-on-Potomac for seafood recommendations).
Yes.. that is how revolutions start.
Bankers get bonuses even when they run the economy into ground, and J6P cannot buy a christmas present or even decent food for his kid.
Over the wkend I saw as part of a CR post some S&P stats showing how 25% of consumers had maxed out their CCs. Must be growing blind .. but can't find the original post. Can some one help me out of my self-induced misery and point me in the right direction.
anonymous writes:
any recommendations for a good seafood place in DC metro area? preferably non-chain. thanks much
I like Capt. Pells. Used to call it Capt Smells cause we were downwind of the old location. Outside of that there isn't much.
No good seafood in No Va - go to go to Maryland.
Geez, O- must be popular here in the U.S., too; S&P 500 futures are up 9-10:
Intraday Futures Prices - Markets Data Center - WSJ.com
Another incipient pump job; tomorrow's data on ISM, construction spending, and vehicle sales must be terrible.
Nick's Seafood in Baltimore, a place for the locals
I have often seen people on this blog criticize the spending habits of J6P.
How can you criticize J6P when we have shysters for politicians, crooks for bankers, criminals for senior management, kool aid drinkers for middle management and greedy sociopaths for "experts"?
New Thread
GM and Chrysler got to resolve this merger soon. Who is going to buy a car from them not knowing if the warranty is any good...
Oh, Jumbo Mortgage rate is between 8-10% now,
The best part of Northern VA is the Wegman's supermarket.
Bzzzt! Hard Times Chili. And there's a great pho place just up the hill from Rosslyn.
Cowen is a tool, but his dining guide is pretty useful. Tyler Cowen's Ethnic Dining Guide
The best resturants in No. VA are usually in the strip malls. Weird but true.
Anonymous - try Kinkeads on H St - fab crabcakes and great fresh seafood. If yr tryin to impress someone, this is a great place for it.
CC
Plantagenet writes: "The first call is to your broker."
sm_landlord writes: Is the second one to your priest?
After they trace your first call, your second call better be to your lawyer.
lucifer writes: So I hear that Obama wants to bankrupt the coal industry.. Why do democrats want to snatch defeat from the jaws of victory?
Not true.
From the SF Chron:
the Drudge Report, the Republican National Committee and apparently even GOP VP candidate Alaska Gov. Sarah Palin fell for completely fabricated news from a shady website called Newsbusters today suggesting the San Francisco Chronicle has ''hidden'' audio with Sen. Barack Obama regarding his statements on coal.
''Barack Obama explained his plan to the San Francisco Chronicle this year,'' she told a rally in Ohio Sunday. ''He said that sure, if the industry wants to build coal-fired power plants, then they can go ahead and try, he says, but they can do it only in a way that will bankrupt the coal industry.''
She added, ''And you've got to listen to the tape.''
''Why is the audiotape just now surfacing?'' Palin asked the crowd, according to a report from CBS News. Someone in the crowd shouted, ''Liberal media!'
Let's be very clear: the Chronicle did not, and has never, hidden any interview, audio or video, of Obama from its readers.
The truth: the paper's January editorial board session with Obama included comments about coal. The entire interview has been in the public domain, available on line to the public -- and to the McCain campaign -- since early January.
Culture Day (文化の日 Bunka-no-hi?) is a national holiday held annually in Japan on November 3 for the purpose of promoting culture, the arts, and academic endeavour. Festivities typically include art exhibitions, parades, and award ceremonies for distinguished artists and scholars.
nova writes:
The best resturants in No. VA are usually in the strip malls. Weird but true.
nova | 11.02.08 - 9:45 pm | #
True a lot of places - I travel & always check them out.
Why@ ZIRP writes:
It has been brought to my attention that a disease called Leptospirosis has been spreading in our rodent populations in the Midwest. This includes squirrels. I have had my dog vaccinated as a precaution. This may affect your culinary choices in the coming year, lets be careful out there.
Why@ ZIRP | 11.02.08 - 9:34 pm | #
Been around forever - rabbits especially. Yes it is a threat but nothing a little caution (and luck) can't lick.
Rule of thumb - if the rabbit was too east to shoot - leave it.
Rule of thumb - if the rabbit was too east to shoot - leave it.
Too east? What if the rabbit is north of you - they're okay to shoot and eat?
eco-nut writes: Obama's views on coal plants? He says he'll push for clean coal, but I don't think there really is such a thing. Carbon sequestration is extremely difficult.
Perhaps not. From Der Spiegel: German Test Facility to Start CO2 Sequestration. Nut sentence: Fully 20 percent more coal would be required to produce the same amount of energy. Heck, if that's all it takes, that's almost within energy price noise levels.
This Dude is so amazing. Coal aint what it used to be!
sunlight to re-arrange carbon..
Growing Energy using Algae and Bacteria
Today there are dozens of bio energy startups tapping the power of plants, algae and bacteria to grow energy.
The most disruptive idea being explored by startups is to channel coal stack carbon dioxide emissions into water filled bags with carbon-eating algae which can re-purpose carbon and hydrogen into fatty acids which can be used to create liquid biofuels.
The Energy Roadmap
- 'Growing Energy' - TED Talk by Juan Enriquez
Too east? What if the rabbit is north of you - they're okay to shoot and eat?
Mike in Long Island | 11.02.08 - 10:11 pm | #
Too EASY!!! LOL.
Seriously we'd see a rabbit sort of just look at us and we'd say... umm not that one. Sometimes shoot it anyway to 'cull' and slow the disease spread.
I think a lot of the lepto hype is because vets now have vaccines & can sell you something. If your dog isn't out eating rabbit poop - probably don't need it (hunting dogs LOVE to eat deer & rabbit pellets, horse apples, etc.)
And yes I have had mine vaccinated for lepto - they are connoisseurs of poop.
Quarterdeck in Alexandria has good crabs in VA. Blue Ridge Crab Shack is another spot, but way out in Warrenton. The Maine St. seafood market in SW is always a safe bet as well, but I think its seasonal.
Brunch at the Tombs or Martin's are classic G-Town brunches.
I figured you meant easy but I wasn't going to let you off the hook...
Mike in Long Island writes:
I figured you meant easy but I wasn't going to let you off the hook...
Mike in Long Island | 11.02.08 - 10:29 pm | #
Nor should you phat phingers and fonix should always be punished.
Bond Girl,
Yep was going to mention 30 bps overnight when the target is 100 bps...and 36 bps the day before that.
Mel writes:
"when Mr. Steel promptly responded to a 4:27 a.m. email from Mr. Pandit suggesting that he was available"
Was he staring at the computer screen all night, or was there a phone call involved? Little half truths speak volumes of bigger, badder lies, within.
Mel | 11.02.08 - 8:49 pm |
I assumed the tech guys probably had set the received email sound to the beloved "You've got mail!" You have to make it easy on the executive types.....
Mr. Steel heard the cheerful announcement from the laptop and was up in a flash. We should be grateful the email was from Vikram Pandit and not Hank Paulson
If you guys arrange a meet, I'd like to come too. Fellow NoVa, but lurker.
In keeping with the spirit of the times, they offer a 20 per cent off coupon on their web site.
Maine St. seafood market, on Anacostia River, is actually in SE.
It is open year round, from ungodly hour in am to 9 pm at night. This is a fab place, but no place to go to Impress. No place to sit and eat your fresh fried fish and hush puppies from styrofoam take out container. But there is at least one "real" restaurant right on the waterfront.
We could all do brunch in Georgetown.
Although not invited, if you'll publish the time and place, I'll sit at the next table and lurk.
Sorry Ben, we're just sorry.
Meh,
Nothing about the timeline are who did what, when, and where is any different then what we have already know today.
Wells Fargo still left the table at 7:00 PM on the night before Wachovia was to go to receivership because they couldn't get a deal done.
Steel and company continued to press Citi to buy the whole firm (hint - that's a change of ownership event and $225 MM in payouts for him and friends).
Shelia Bair still put her itself in the middle of it and pushed the loss from her agency to the IRS while declaring that it doesn't cost the taxpayer.
Citi still looks like the good guy.
That is all.