Home › Forums › Financial Markets/Economics › I think it’s pretty safe to say that Bear Streans is more or less finished.
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LA_Renter.
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AuthorPosts
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March 14, 2008 at 7:42 AM #12104
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March 14, 2008 at 7:44 AM #169342
Coronita
ParticipantStearns…Stearns… Bear Stearns….(slaps left hand for fat fingering).
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
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March 14, 2008 at 8:07 AM #169352
barnaby33
ParticipantNothing to see hear folks, no deflation, please look away and dollar cost average right on through!
Which IB is next, Merrill, Citi?
Josh
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March 14, 2008 at 9:11 AM #169384
pencilneck
ParticipantFNM?
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March 14, 2008 at 10:14 AM #169417
Ex-SD
ParticipantAP
Fed Pledges to Supply Cash
Friday March 14, 12:08 pm ET
By Martin Crutsinger, AP Economics Writer
Fed Endorses Rescue Effort for Bear Stearns and Pledges to Supply Cash to Financial SystemWASHINGTON (AP) — The Federal Reserve invoked a rarely used Depression-era procedure Friday to bolster troubled Bear Stearns Cos. and said it will provide even more help to combat a serious credit crisis.
The action won praise from the administration, with President Bush saying that Fed Chairman Ben Bernanke was “doing a good job under tough circumstances.”
The Fed announcement came in a brief two-sentence statement that was issued as stocks were plunging on Wall Street over worries that a plan to ease a liquidity crisis at Bear Stearns Cos. might not work.
“The Federal Reserve is monitoring market developments closely and will continue to provide liquidity as necessary to promote the orderly functioning of the financial system,” the board said. It said members had voted unanimously to approve the arrangement, announced by JP Morgan Chase and Bear Stearns earlier.
Delivering a speech on the economy in New York, Bush voiced confidence in the Fed’s actions to aggressively cut interest rates and the Fed announcement last week that it would supply up to $200 billion in loans to cash-strapped financial institutions.
“It was a strong action by the Fed and they did so because some financial institutions that borrowed money to buy securities in the housing industry must now repair their balance sheets before they can make further loans,” Bush said. “Today’s actions are fasting moving, but the chairman of the Federal Reserve and the secretary of the treasury are on top of them and will take the appropriate steps to promote stability in our markets.”
The plan announced Friday will supply secured funding to Bear Stearns for an initial period of 28 days, seeking to provide short-term relief for Bear Stearns.
Senior Federal Reserve staffers said the arrangement allows JP Morgan Chase to borrow from the Fed’s discount window and put up collateral from Bear Stearns to back up the loans. JP Morgan, a bank, has access to the discount window to obtain direct loans from the Fed, but Bear Stearns, an investment house, does not.
This type of procedure, Fed officials said, dates back to the Great Depression of the 1930s but has rarely been used since that time.
Treasury Secretary Henry Paulson praised the Fed’s leadership and said that the country’s financial system would be able to weather the problems.
“As we have been saying for some time, there are challenges in our financial markets and we continue to address them,” Paulson said in a statement. “This is another challenge that market participants and regulators are addressing. We are working closely with the Federal Reserve” and the Securities and Exchange Commission.
Paulson said he appreciated the leadership of the Fed “in enhancing the stability and orderliness of our markets.”
The action by the Fed board in Washington represented an endorsement of a rescue effort for Bear Stearns that had already been arranged by JPMorgan and the Federal Reserve’s New York regional bank.
It was seen as a last-ditch effort to save the investment bank, which on Friday acknowledged its serious financial problems after a week of denials.
JPMorgan Chase is providing an undisclosed amount of secured funding to Bear for 28 days, backstopped by the Federal Reserve Bank of New York.
The Securities and Exchange Commission issued a statement saying it has been “in close contact” with Treasury, the Federal Reserve and the Federal Reserve Bank of New York during discussions concerning an agreement by J.P. Morgan Chase & Co. to provide a secured loan facility to The Bear Stearns Companies.
“We will continue to work closely together in a way that contributes to orderly and liquid markets,” the SEC said.
Last week, the Fed announced an industry-wide rescue package that would provide as much as $200 billion in loans to banks and investment houses and allow them to put up risky home-loan packages as collateral. It was the Fed’s latest effort to stem a global credit crisis that began last August with rising loan defaults for subprime mortgages, loans provided to borrowers with weak credit histories.
Associated Press reporters Jeannine Aversa, Terence Hunt, Stephen Bernard, Madlen Read and Joe Del Bruno contributed to this report.
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March 14, 2008 at 11:03 AM #169446
HereWeGo
ParticipantThis is actually a good thing, IMO. Not in the short term, but at least the consolidation phase of the financials is now firmly underway, with the elimination of CFC and BSC.
I also tend to think that C and MER may join the ranks of the fallen.
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March 14, 2008 at 11:10 AM #169461
JWM in SD
ParticipantJWM in SD
Lets’s See (I’m paraphrasing here):
“…financial condition deteriorated substantially within 24hrs…”
“…lost almost half of its value in 30 minutes…”
Hey Chris S. Glad I don’t follow your advice. How’s that long term investing working out for ya lately eh?
Is there anyone left on this board who still doesn’t see how bad the macro level is getting out there and still thinks that SD home prices are going to reverse course suddenly later this year??? If so, I would recommend that you stop sniffing glue…rigth now….put it down….
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March 14, 2008 at 11:13 AM #169476
Enorah
ParticipantJWM! The bubble is over!
I read it somewhere on the internets, so it must be true!
LOL
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March 14, 2008 at 11:13 AM #169809
Enorah
ParticipantJWM! The bubble is over!
I read it somewhere on the internets, so it must be true!
LOL
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March 14, 2008 at 11:13 AM #169813
Enorah
ParticipantJWM! The bubble is over!
I read it somewhere on the internets, so it must be true!
LOL
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March 14, 2008 at 11:13 AM #169835
Enorah
ParticipantJWM! The bubble is over!
I read it somewhere on the internets, so it must be true!
LOL
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March 14, 2008 at 11:13 AM #169913
Enorah
ParticipantJWM! The bubble is over!
I read it somewhere on the internets, so it must be true!
LOL
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March 14, 2008 at 8:45 PM #169836
Chris Scoreboard Johnston
ParticipantJWM
My advice was very clear go to 100% cash in the last week of December and still be there until the end of March. We are not at that date yet so the book is not closed on that advice but it sure appears to be pretty good. I fail to see how that was bad advice, you would have missed a substantial drop in the DOW as all my clients who follow me have. Maybe I should cut and past some of the thank you’s I have gotten in my emails from clients. I posted several seasonal price projections in my newsletter that all showed a possible low point in March, and one in May. Time will tell if they are right, but the cash position sure looks good right now.
I am a short term trader as anyone who has read my posts here would know. Also I have a audited record of superior returns, that you would not want to compare with yours, it showed $35,000 per futures contract profit for the year of 2007.
Can you show something better than that? it was second in the world I think for last year, with Commodity Timing being first. I am dead against long term investing and always have been. However I do hold some positions for 6 months or so, which I intend to do when I go back in here in the near future on the long side.
Sorry to disappoint you with the facts. Is there one other single person in here who goes on the record several months in advance and calls turning points and what they will do when they arrive? I called for an end of July high last year that was off by two weeks yet called it before the year started. I made that call in this blog along with the post that stated in was time to be in cash at the end of last year.
I correctly called the yields in Bonds last year which Adam can attest to, literally within a week or two of the highs and lows well in advance. It is clear to me I am not a fit here so I will lurk and make an occasional comment if any going forward.
Best wishes to you all, but I hope you do not miss the opportunities that are coming by being too scared to act. Fear sells tickets but does not help you become wealthy.
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March 14, 2008 at 8:59 PM #169855
Anonymous
GuestI went on the record two years ago that everyone should short the shit out of subprime lenders and homebuilders. So far, that advice has netted me over 1000% gains and growing. I didn’t need any advisor to help me with that, it was obvious.
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March 14, 2008 at 8:59 PM #170189
Anonymous
GuestI went on the record two years ago that everyone should short the shit out of subprime lenders and homebuilders. So far, that advice has netted me over 1000% gains and growing. I didn’t need any advisor to help me with that, it was obvious.
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March 14, 2008 at 8:59 PM #170191
Anonymous
GuestI went on the record two years ago that everyone should short the shit out of subprime lenders and homebuilders. So far, that advice has netted me over 1000% gains and growing. I didn’t need any advisor to help me with that, it was obvious.
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March 14, 2008 at 8:59 PM #170215
Anonymous
GuestI went on the record two years ago that everyone should short the shit out of subprime lenders and homebuilders. So far, that advice has netted me over 1000% gains and growing. I didn’t need any advisor to help me with that, it was obvious.
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March 14, 2008 at 8:59 PM #170294
Anonymous
GuestI went on the record two years ago that everyone should short the shit out of subprime lenders and homebuilders. So far, that advice has netted me over 1000% gains and growing. I didn’t need any advisor to help me with that, it was obvious.
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March 14, 2008 at 9:09 PM #169861
equalizer
ParticipantChris,
you post so infrequently that many don’t know your investment methodology. You’ve made it real clear now. Do you watch the VIX? It looks like its ready to spike into mid to upper 30’s. Hopefully, it hits 40 on Monday for a big time buy signal. -
March 14, 2008 at 9:09 PM #170194
equalizer
ParticipantChris,
you post so infrequently that many don’t know your investment methodology. You’ve made it real clear now. Do you watch the VIX? It looks like its ready to spike into mid to upper 30’s. Hopefully, it hits 40 on Monday for a big time buy signal. -
March 14, 2008 at 9:09 PM #170197
equalizer
ParticipantChris,
you post so infrequently that many don’t know your investment methodology. You’ve made it real clear now. Do you watch the VIX? It looks like its ready to spike into mid to upper 30’s. Hopefully, it hits 40 on Monday for a big time buy signal. -
March 14, 2008 at 9:09 PM #170220
equalizer
ParticipantChris,
you post so infrequently that many don’t know your investment methodology. You’ve made it real clear now. Do you watch the VIX? It looks like its ready to spike into mid to upper 30’s. Hopefully, it hits 40 on Monday for a big time buy signal. -
March 14, 2008 at 9:09 PM #170299
equalizer
ParticipantChris,
you post so infrequently that many don’t know your investment methodology. You’ve made it real clear now. Do you watch the VIX? It looks like its ready to spike into mid to upper 30’s. Hopefully, it hits 40 on Monday for a big time buy signal. -
March 14, 2008 at 9:37 PM #169871
SD Realtor
ParticipantGuys I have to say that over the past year that I have known Chris he has been very straight up in his advice which I have solicited more then a few times…. He has always posted how he has done and his thoughts on the markets on his website. I do not know anyone who has ever called the market 100% correctly. What is interesting is that people with perspectives that in the long run they will make money off the market (in the long direction) seem to get knocked around here. I can say with a pretty high degree of confidence that Chris has probably made more money in the markets then most people here will ever make. This is not a knock on anyone here, moreover just a statement of fact.
Indeed I also query many people about the bond markets and Chris has indeed blown all of them away with his calls on the behavior of that market which indeed is his specialty.
Finally yes Chris has done business with me, but I can attest to his calls and he has nothing to hide… It is on his site so anyone is free to check it out.
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March 14, 2008 at 9:54 PM #169885
drunkle
Participantchris:
your insecurity is strange. you don’t have to convince everyone that you’re right, you dont have to convince everyone that you’re a winner. you’re far from the mindless “buy the dips, dollar cost average” idiots, your trend analysis is worth noting and far more valuable. if it weren’t for bombs that are dropping behind the veil of lies and deceit, you’d probably have been spot on.
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March 14, 2008 at 9:54 PM #170219
drunkle
Participantchris:
your insecurity is strange. you don’t have to convince everyone that you’re right, you dont have to convince everyone that you’re a winner. you’re far from the mindless “buy the dips, dollar cost average” idiots, your trend analysis is worth noting and far more valuable. if it weren’t for bombs that are dropping behind the veil of lies and deceit, you’d probably have been spot on.
-
March 14, 2008 at 9:54 PM #170222
drunkle
Participantchris:
your insecurity is strange. you don’t have to convince everyone that you’re right, you dont have to convince everyone that you’re a winner. you’re far from the mindless “buy the dips, dollar cost average” idiots, your trend analysis is worth noting and far more valuable. if it weren’t for bombs that are dropping behind the veil of lies and deceit, you’d probably have been spot on.
-
March 14, 2008 at 9:54 PM #170245
drunkle
Participantchris:
your insecurity is strange. you don’t have to convince everyone that you’re right, you dont have to convince everyone that you’re a winner. you’re far from the mindless “buy the dips, dollar cost average” idiots, your trend analysis is worth noting and far more valuable. if it weren’t for bombs that are dropping behind the veil of lies and deceit, you’d probably have been spot on.
-
March 14, 2008 at 9:54 PM #170324
drunkle
Participantchris:
your insecurity is strange. you don’t have to convince everyone that you’re right, you dont have to convince everyone that you’re a winner. you’re far from the mindless “buy the dips, dollar cost average” idiots, your trend analysis is worth noting and far more valuable. if it weren’t for bombs that are dropping behind the veil of lies and deceit, you’d probably have been spot on.
-
March 15, 2008 at 2:06 AM #169976
gdcox
ParticipantWhich website is that SDR?
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March 15, 2008 at 8:30 AM #170035
LookoutBelow
ParticipantI was short 17K shares yesterday morning….covered at a $22.12 per share profit in the afternoon. 😉
The next IB I have in my target sights is "C"…already loaded for that one, will load more Monday, or after Ben cuts rates again next week possibly. Also, Im VERY short GS right now too, and have been since Dec 07…for what its worth to you traders out there.
Not investment advice here or above, but a peak into my portfolio for the curious.
If you happen to have funds in BSC, move it or potentially lose it. The redemption of funds from large investors on Thursday is what triggered this event yesterday, expect more….LOTS more…Got Treasuries ?
Its NOT the best return in the market, but its the safest right now
Good luck, good trades
-
March 15, 2008 at 8:36 AM #170045
LookoutBelow
ParticipantANOTHER NOTE, because it was mentioned here earlier, if you are relying on the SIPC to guarantee your funds in an insolvent IB, you may or may not have the backstop you think you have, if you do, and they (SIPC/FDIC for others) survive the meltdown were headed for, it can also take 2-5 yrs BEFORE your redeemed the SIPC and or FDIC limits to your account loss.
Best suggestion is short term Treasuries, if you are nervous about the banks. For now anyway.
May you live in interesting times
-
March 15, 2008 at 9:19 AM #170074
patientlywaiting
ParticipantFrom NYT article:
At its closing price of $30 a share on Friday, Bear Stearns was trading at a gaping discount to its reported book value of $80 a share.
The troubles at Bear Stearns have come quickly and savagely and hurt some of the putatively smartest money in finance. From Joseph Lewis, the Bermuda-based billionaire who bought $1 billion of Bear Stearns shares last summer, when the stock was trading at $100 and above, to William Miller, the vaunted value investor at Legg Mason, those who have wagered on a turnaround at Bear Stearns are many.
The demise of the hedge funds began a slow but persistent loss of market confidence in the bank. Such an erosion can be devastating for any investment bank, especially one like Bear Stearns, which has a leverage ratio of over 30 to 1, meaning it borrows more than 30 times the value of its $11 billion equity base.
“The public has never fully understood how leveraged these institutions are,” said Samuel L. Hayes, a professor of investment banking at Harvard Business School. “But the market makers understand this inherent risk. This is a run on the bank, just like Long-Term Capital Management, Kidder and Drexel Burnham.”
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March 15, 2008 at 9:19 AM #170401
patientlywaiting
ParticipantFrom NYT article:
At its closing price of $30 a share on Friday, Bear Stearns was trading at a gaping discount to its reported book value of $80 a share.
The troubles at Bear Stearns have come quickly and savagely and hurt some of the putatively smartest money in finance. From Joseph Lewis, the Bermuda-based billionaire who bought $1 billion of Bear Stearns shares last summer, when the stock was trading at $100 and above, to William Miller, the vaunted value investor at Legg Mason, those who have wagered on a turnaround at Bear Stearns are many.
The demise of the hedge funds began a slow but persistent loss of market confidence in the bank. Such an erosion can be devastating for any investment bank, especially one like Bear Stearns, which has a leverage ratio of over 30 to 1, meaning it borrows more than 30 times the value of its $11 billion equity base.
“The public has never fully understood how leveraged these institutions are,” said Samuel L. Hayes, a professor of investment banking at Harvard Business School. “But the market makers understand this inherent risk. This is a run on the bank, just like Long-Term Capital Management, Kidder and Drexel Burnham.”
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March 15, 2008 at 9:19 AM #170409
patientlywaiting
ParticipantFrom NYT article:
At its closing price of $30 a share on Friday, Bear Stearns was trading at a gaping discount to its reported book value of $80 a share.
The troubles at Bear Stearns have come quickly and savagely and hurt some of the putatively smartest money in finance. From Joseph Lewis, the Bermuda-based billionaire who bought $1 billion of Bear Stearns shares last summer, when the stock was trading at $100 and above, to William Miller, the vaunted value investor at Legg Mason, those who have wagered on a turnaround at Bear Stearns are many.
The demise of the hedge funds began a slow but persistent loss of market confidence in the bank. Such an erosion can be devastating for any investment bank, especially one like Bear Stearns, which has a leverage ratio of over 30 to 1, meaning it borrows more than 30 times the value of its $11 billion equity base.
“The public has never fully understood how leveraged these institutions are,” said Samuel L. Hayes, a professor of investment banking at Harvard Business School. “But the market makers understand this inherent risk. This is a run on the bank, just like Long-Term Capital Management, Kidder and Drexel Burnham.”
-
March 15, 2008 at 9:19 AM #170431
patientlywaiting
ParticipantFrom NYT article:
At its closing price of $30 a share on Friday, Bear Stearns was trading at a gaping discount to its reported book value of $80 a share.
The troubles at Bear Stearns have come quickly and savagely and hurt some of the putatively smartest money in finance. From Joseph Lewis, the Bermuda-based billionaire who bought $1 billion of Bear Stearns shares last summer, when the stock was trading at $100 and above, to William Miller, the vaunted value investor at Legg Mason, those who have wagered on a turnaround at Bear Stearns are many.
The demise of the hedge funds began a slow but persistent loss of market confidence in the bank. Such an erosion can be devastating for any investment bank, especially one like Bear Stearns, which has a leverage ratio of over 30 to 1, meaning it borrows more than 30 times the value of its $11 billion equity base.
“The public has never fully understood how leveraged these institutions are,” said Samuel L. Hayes, a professor of investment banking at Harvard Business School. “But the market makers understand this inherent risk. This is a run on the bank, just like Long-Term Capital Management, Kidder and Drexel Burnham.”
-
March 15, 2008 at 9:19 AM #170509
patientlywaiting
ParticipantFrom NYT article:
At its closing price of $30 a share on Friday, Bear Stearns was trading at a gaping discount to its reported book value of $80 a share.
The troubles at Bear Stearns have come quickly and savagely and hurt some of the putatively smartest money in finance. From Joseph Lewis, the Bermuda-based billionaire who bought $1 billion of Bear Stearns shares last summer, when the stock was trading at $100 and above, to William Miller, the vaunted value investor at Legg Mason, those who have wagered on a turnaround at Bear Stearns are many.
The demise of the hedge funds began a slow but persistent loss of market confidence in the bank. Such an erosion can be devastating for any investment bank, especially one like Bear Stearns, which has a leverage ratio of over 30 to 1, meaning it borrows more than 30 times the value of its $11 billion equity base.
“The public has never fully understood how leveraged these institutions are,” said Samuel L. Hayes, a professor of investment banking at Harvard Business School. “But the market makers understand this inherent risk. This is a run on the bank, just like Long-Term Capital Management, Kidder and Drexel Burnham.”
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March 15, 2008 at 8:36 AM #170378
LookoutBelow
ParticipantANOTHER NOTE, because it was mentioned here earlier, if you are relying on the SIPC to guarantee your funds in an insolvent IB, you may or may not have the backstop you think you have, if you do, and they (SIPC/FDIC for others) survive the meltdown were headed for, it can also take 2-5 yrs BEFORE your redeemed the SIPC and or FDIC limits to your account loss.
Best suggestion is short term Treasuries, if you are nervous about the banks. For now anyway.
May you live in interesting times
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March 15, 2008 at 8:36 AM #170382
LookoutBelow
ParticipantANOTHER NOTE, because it was mentioned here earlier, if you are relying on the SIPC to guarantee your funds in an insolvent IB, you may or may not have the backstop you think you have, if you do, and they (SIPC/FDIC for others) survive the meltdown were headed for, it can also take 2-5 yrs BEFORE your redeemed the SIPC and or FDIC limits to your account loss.
Best suggestion is short term Treasuries, if you are nervous about the banks. For now anyway.
May you live in interesting times
-
March 15, 2008 at 8:36 AM #170406
LookoutBelow
ParticipantANOTHER NOTE, because it was mentioned here earlier, if you are relying on the SIPC to guarantee your funds in an insolvent IB, you may or may not have the backstop you think you have, if you do, and they (SIPC/FDIC for others) survive the meltdown were headed for, it can also take 2-5 yrs BEFORE your redeemed the SIPC and or FDIC limits to your account loss.
Best suggestion is short term Treasuries, if you are nervous about the banks. For now anyway.
May you live in interesting times
-
March 15, 2008 at 8:36 AM #170484
LookoutBelow
ParticipantANOTHER NOTE, because it was mentioned here earlier, if you are relying on the SIPC to guarantee your funds in an insolvent IB, you may or may not have the backstop you think you have, if you do, and they (SIPC/FDIC for others) survive the meltdown were headed for, it can also take 2-5 yrs BEFORE your redeemed the SIPC and or FDIC limits to your account loss.
Best suggestion is short term Treasuries, if you are nervous about the banks. For now anyway.
May you live in interesting times
-
March 15, 2008 at 8:30 AM #170369
LookoutBelow
ParticipantI was short 17K shares yesterday morning….covered at a $22.12 per share profit in the afternoon. 😉
The next IB I have in my target sights is "C"…already loaded for that one, will load more Monday, or after Ben cuts rates again next week possibly. Also, Im VERY short GS right now too, and have been since Dec 07…for what its worth to you traders out there.
Not investment advice here or above, but a peak into my portfolio for the curious.
If you happen to have funds in BSC, move it or potentially lose it. The redemption of funds from large investors on Thursday is what triggered this event yesterday, expect more….LOTS more…Got Treasuries ?
Its NOT the best return in the market, but its the safest right now
Good luck, good trades
-
March 15, 2008 at 8:30 AM #170374
LookoutBelow
ParticipantI was short 17K shares yesterday morning….covered at a $22.12 per share profit in the afternoon. 😉
The next IB I have in my target sights is "C"…already loaded for that one, will load more Monday, or after Ben cuts rates again next week possibly. Also, Im VERY short GS right now too, and have been since Dec 07…for what its worth to you traders out there.
Not investment advice here or above, but a peak into my portfolio for the curious.
If you happen to have funds in BSC, move it or potentially lose it. The redemption of funds from large investors on Thursday is what triggered this event yesterday, expect more….LOTS more…Got Treasuries ?
Its NOT the best return in the market, but its the safest right now
Good luck, good trades
-
March 15, 2008 at 8:30 AM #170397
LookoutBelow
ParticipantI was short 17K shares yesterday morning….covered at a $22.12 per share profit in the afternoon. 😉
The next IB I have in my target sights is "C"…already loaded for that one, will load more Monday, or after Ben cuts rates again next week possibly. Also, Im VERY short GS right now too, and have been since Dec 07…for what its worth to you traders out there.
Not investment advice here or above, but a peak into my portfolio for the curious.
If you happen to have funds in BSC, move it or potentially lose it. The redemption of funds from large investors on Thursday is what triggered this event yesterday, expect more….LOTS more…Got Treasuries ?
Its NOT the best return in the market, but its the safest right now
Good luck, good trades
-
March 15, 2008 at 8:30 AM #170473
LookoutBelow
ParticipantI was short 17K shares yesterday morning….covered at a $22.12 per share profit in the afternoon. 😉
The next IB I have in my target sights is "C"…already loaded for that one, will load more Monday, or after Ben cuts rates again next week possibly. Also, Im VERY short GS right now too, and have been since Dec 07…for what its worth to you traders out there.
Not investment advice here or above, but a peak into my portfolio for the curious.
If you happen to have funds in BSC, move it or potentially lose it. The redemption of funds from large investors on Thursday is what triggered this event yesterday, expect more….LOTS more…Got Treasuries ?
Its NOT the best return in the market, but its the safest right now
Good luck, good trades
-
March 15, 2008 at 9:47 AM #170079
SD Realtor
Participantgdcox – http://www.iamafuturestrader.com
lookedoutbelow – I purchased some puts on gs back in January and let them go a few weeks ago. Wish I would have kept em but cannot complain about taking money off the table.
SD Realtor
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March 15, 2008 at 11:03 AM #170106
LA_Renter
ParticipantRoubini is on a roll right now. He wrote a 12 steps to a financial disaster earlier this year.
“Step 9 of the Financial Meltdown: “one or two large and systemically important broker dealers” will “go belly up”
Nouriel Roubini | Mar 14, 2008
In my February 5th piece on 12 Steps to a Financial Disaster I predicted – as Step 9 of the meltdown – that “one or two large and systemically important broker dealers” will “go belly up” and that other members of the “shadow financial system” – i.e. non-bank financial institutions that look like banks in terms of liquidity/rollover risk – will also go bankrupt.And today the first one of these large broker dealers – Bear Stearns – in on the verge of bankruptcy. Let us be clear: given its massive exposure to toxic MBS and ABS product Bear Stearns is insolvent; the decision by the NY Fed to try to bail out Bear Stearns would make sense if this firm was only illiquid; the trouble that it is insolvent and thus such attempted bailout is altogether inappropriate. It is true that Bear is a large broker dealer; but its systemic importance is much smaller than that of much larger institutions. The world and financial market can survive if Bear disappears.
So the only possible justification for such Fed action is to engineer an orderly rather than a disorderly shutdown of this institution. But unfortunately the Fed is behaving as if Bear Stearns is illiquid but solvent. That is delusional and the official sector support of an otherwise insolvent institution will end up – like many other recent Fed actions – being paid for by the US tax-payer.”
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March 15, 2008 at 11:03 AM #170437
LA_Renter
ParticipantRoubini is on a roll right now. He wrote a 12 steps to a financial disaster earlier this year.
“Step 9 of the Financial Meltdown: “one or two large and systemically important broker dealers” will “go belly up”
Nouriel Roubini | Mar 14, 2008
In my February 5th piece on 12 Steps to a Financial Disaster I predicted – as Step 9 of the meltdown – that “one or two large and systemically important broker dealers” will “go belly up” and that other members of the “shadow financial system” – i.e. non-bank financial institutions that look like banks in terms of liquidity/rollover risk – will also go bankrupt.And today the first one of these large broker dealers – Bear Stearns – in on the verge of bankruptcy. Let us be clear: given its massive exposure to toxic MBS and ABS product Bear Stearns is insolvent; the decision by the NY Fed to try to bail out Bear Stearns would make sense if this firm was only illiquid; the trouble that it is insolvent and thus such attempted bailout is altogether inappropriate. It is true that Bear is a large broker dealer; but its systemic importance is much smaller than that of much larger institutions. The world and financial market can survive if Bear disappears.
So the only possible justification for such Fed action is to engineer an orderly rather than a disorderly shutdown of this institution. But unfortunately the Fed is behaving as if Bear Stearns is illiquid but solvent. That is delusional and the official sector support of an otherwise insolvent institution will end up – like many other recent Fed actions – being paid for by the US tax-payer.”
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March 15, 2008 at 11:03 AM #170443
LA_Renter
ParticipantRoubini is on a roll right now. He wrote a 12 steps to a financial disaster earlier this year.
“Step 9 of the Financial Meltdown: “one or two large and systemically important broker dealers” will “go belly up”
Nouriel Roubini | Mar 14, 2008
In my February 5th piece on 12 Steps to a Financial Disaster I predicted – as Step 9 of the meltdown – that “one or two large and systemically important broker dealers” will “go belly up” and that other members of the “shadow financial system” – i.e. non-bank financial institutions that look like banks in terms of liquidity/rollover risk – will also go bankrupt.And today the first one of these large broker dealers – Bear Stearns – in on the verge of bankruptcy. Let us be clear: given its massive exposure to toxic MBS and ABS product Bear Stearns is insolvent; the decision by the NY Fed to try to bail out Bear Stearns would make sense if this firm was only illiquid; the trouble that it is insolvent and thus such attempted bailout is altogether inappropriate. It is true that Bear is a large broker dealer; but its systemic importance is much smaller than that of much larger institutions. The world and financial market can survive if Bear disappears.
So the only possible justification for such Fed action is to engineer an orderly rather than a disorderly shutdown of this institution. But unfortunately the Fed is behaving as if Bear Stearns is illiquid but solvent. That is delusional and the official sector support of an otherwise insolvent institution will end up – like many other recent Fed actions – being paid for by the US tax-payer.”
-
March 15, 2008 at 11:03 AM #170467
LA_Renter
ParticipantRoubini is on a roll right now. He wrote a 12 steps to a financial disaster earlier this year.
“Step 9 of the Financial Meltdown: “one or two large and systemically important broker dealers” will “go belly up”
Nouriel Roubini | Mar 14, 2008
In my February 5th piece on 12 Steps to a Financial Disaster I predicted – as Step 9 of the meltdown – that “one or two large and systemically important broker dealers” will “go belly up” and that other members of the “shadow financial system” – i.e. non-bank financial institutions that look like banks in terms of liquidity/rollover risk – will also go bankrupt.And today the first one of these large broker dealers – Bear Stearns – in on the verge of bankruptcy. Let us be clear: given its massive exposure to toxic MBS and ABS product Bear Stearns is insolvent; the decision by the NY Fed to try to bail out Bear Stearns would make sense if this firm was only illiquid; the trouble that it is insolvent and thus such attempted bailout is altogether inappropriate. It is true that Bear is a large broker dealer; but its systemic importance is much smaller than that of much larger institutions. The world and financial market can survive if Bear disappears.
So the only possible justification for such Fed action is to engineer an orderly rather than a disorderly shutdown of this institution. But unfortunately the Fed is behaving as if Bear Stearns is illiquid but solvent. That is delusional and the official sector support of an otherwise insolvent institution will end up – like many other recent Fed actions – being paid for by the US tax-payer.”
-
March 15, 2008 at 11:03 AM #170541
LA_Renter
ParticipantRoubini is on a roll right now. He wrote a 12 steps to a financial disaster earlier this year.
“Step 9 of the Financial Meltdown: “one or two large and systemically important broker dealers” will “go belly up”
Nouriel Roubini | Mar 14, 2008
In my February 5th piece on 12 Steps to a Financial Disaster I predicted – as Step 9 of the meltdown – that “one or two large and systemically important broker dealers” will “go belly up” and that other members of the “shadow financial system” – i.e. non-bank financial institutions that look like banks in terms of liquidity/rollover risk – will also go bankrupt.And today the first one of these large broker dealers – Bear Stearns – in on the verge of bankruptcy. Let us be clear: given its massive exposure to toxic MBS and ABS product Bear Stearns is insolvent; the decision by the NY Fed to try to bail out Bear Stearns would make sense if this firm was only illiquid; the trouble that it is insolvent and thus such attempted bailout is altogether inappropriate. It is true that Bear is a large broker dealer; but its systemic importance is much smaller than that of much larger institutions. The world and financial market can survive if Bear disappears.
So the only possible justification for such Fed action is to engineer an orderly rather than a disorderly shutdown of this institution. But unfortunately the Fed is behaving as if Bear Stearns is illiquid but solvent. That is delusional and the official sector support of an otherwise insolvent institution will end up – like many other recent Fed actions – being paid for by the US tax-payer.”
-
March 15, 2008 at 9:47 AM #170407
SD Realtor
Participantgdcox – http://www.iamafuturestrader.com
lookedoutbelow – I purchased some puts on gs back in January and let them go a few weeks ago. Wish I would have kept em but cannot complain about taking money off the table.
SD Realtor
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March 15, 2008 at 9:47 AM #170414
SD Realtor
Participantgdcox – http://www.iamafuturestrader.com
lookedoutbelow – I purchased some puts on gs back in January and let them go a few weeks ago. Wish I would have kept em but cannot complain about taking money off the table.
SD Realtor
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March 15, 2008 at 9:47 AM #170436
SD Realtor
Participantgdcox – http://www.iamafuturestrader.com
lookedoutbelow – I purchased some puts on gs back in January and let them go a few weeks ago. Wish I would have kept em but cannot complain about taking money off the table.
SD Realtor
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March 15, 2008 at 9:47 AM #170514
SD Realtor
Participantgdcox – http://www.iamafuturestrader.com
lookedoutbelow – I purchased some puts on gs back in January and let them go a few weeks ago. Wish I would have kept em but cannot complain about taking money off the table.
SD Realtor
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March 15, 2008 at 2:06 AM #170309
gdcox
ParticipantWhich website is that SDR?
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March 15, 2008 at 2:06 AM #170310
gdcox
ParticipantWhich website is that SDR?
-
March 15, 2008 at 2:06 AM #170336
gdcox
ParticipantWhich website is that SDR?
-
March 15, 2008 at 2:06 AM #170413
gdcox
ParticipantWhich website is that SDR?
-
March 14, 2008 at 9:37 PM #170203
SD Realtor
ParticipantGuys I have to say that over the past year that I have known Chris he has been very straight up in his advice which I have solicited more then a few times…. He has always posted how he has done and his thoughts on the markets on his website. I do not know anyone who has ever called the market 100% correctly. What is interesting is that people with perspectives that in the long run they will make money off the market (in the long direction) seem to get knocked around here. I can say with a pretty high degree of confidence that Chris has probably made more money in the markets then most people here will ever make. This is not a knock on anyone here, moreover just a statement of fact.
Indeed I also query many people about the bond markets and Chris has indeed blown all of them away with his calls on the behavior of that market which indeed is his specialty.
Finally yes Chris has done business with me, but I can attest to his calls and he has nothing to hide… It is on his site so anyone is free to check it out.
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March 14, 2008 at 9:37 PM #170209
SD Realtor
ParticipantGuys I have to say that over the past year that I have known Chris he has been very straight up in his advice which I have solicited more then a few times…. He has always posted how he has done and his thoughts on the markets on his website. I do not know anyone who has ever called the market 100% correctly. What is interesting is that people with perspectives that in the long run they will make money off the market (in the long direction) seem to get knocked around here. I can say with a pretty high degree of confidence that Chris has probably made more money in the markets then most people here will ever make. This is not a knock on anyone here, moreover just a statement of fact.
Indeed I also query many people about the bond markets and Chris has indeed blown all of them away with his calls on the behavior of that market which indeed is his specialty.
Finally yes Chris has done business with me, but I can attest to his calls and he has nothing to hide… It is on his site so anyone is free to check it out.
-
March 14, 2008 at 9:37 PM #170230
SD Realtor
ParticipantGuys I have to say that over the past year that I have known Chris he has been very straight up in his advice which I have solicited more then a few times…. He has always posted how he has done and his thoughts on the markets on his website. I do not know anyone who has ever called the market 100% correctly. What is interesting is that people with perspectives that in the long run they will make money off the market (in the long direction) seem to get knocked around here. I can say with a pretty high degree of confidence that Chris has probably made more money in the markets then most people here will ever make. This is not a knock on anyone here, moreover just a statement of fact.
Indeed I also query many people about the bond markets and Chris has indeed blown all of them away with his calls on the behavior of that market which indeed is his specialty.
Finally yes Chris has done business with me, but I can attest to his calls and he has nothing to hide… It is on his site so anyone is free to check it out.
-
March 14, 2008 at 9:37 PM #170308
SD Realtor
ParticipantGuys I have to say that over the past year that I have known Chris he has been very straight up in his advice which I have solicited more then a few times…. He has always posted how he has done and his thoughts on the markets on his website. I do not know anyone who has ever called the market 100% correctly. What is interesting is that people with perspectives that in the long run they will make money off the market (in the long direction) seem to get knocked around here. I can say with a pretty high degree of confidence that Chris has probably made more money in the markets then most people here will ever make. This is not a knock on anyone here, moreover just a statement of fact.
Indeed I also query many people about the bond markets and Chris has indeed blown all of them away with his calls on the behavior of that market which indeed is his specialty.
Finally yes Chris has done business with me, but I can attest to his calls and he has nothing to hide… It is on his site so anyone is free to check it out.
-
March 14, 2008 at 8:45 PM #170165
Chris Scoreboard Johnston
ParticipantJWM
My advice was very clear go to 100% cash in the last week of December and still be there until the end of March. We are not at that date yet so the book is not closed on that advice but it sure appears to be pretty good. I fail to see how that was bad advice, you would have missed a substantial drop in the DOW as all my clients who follow me have. Maybe I should cut and past some of the thank you’s I have gotten in my emails from clients. I posted several seasonal price projections in my newsletter that all showed a possible low point in March, and one in May. Time will tell if they are right, but the cash position sure looks good right now.
I am a short term trader as anyone who has read my posts here would know. Also I have a audited record of superior returns, that you would not want to compare with yours, it showed $35,000 per futures contract profit for the year of 2007.
Can you show something better than that? it was second in the world I think for last year, with Commodity Timing being first. I am dead against long term investing and always have been. However I do hold some positions for 6 months or so, which I intend to do when I go back in here in the near future on the long side.
Sorry to disappoint you with the facts. Is there one other single person in here who goes on the record several months in advance and calls turning points and what they will do when they arrive? I called for an end of July high last year that was off by two weeks yet called it before the year started. I made that call in this blog along with the post that stated in was time to be in cash at the end of last year.
I correctly called the yields in Bonds last year which Adam can attest to, literally within a week or two of the highs and lows well in advance. It is clear to me I am not a fit here so I will lurk and make an occasional comment if any going forward.
Best wishes to you all, but I hope you do not miss the opportunities that are coming by being too scared to act. Fear sells tickets but does not help you become wealthy.
-
March 14, 2008 at 8:45 PM #170174
Chris Scoreboard Johnston
ParticipantJWM
My advice was very clear go to 100% cash in the last week of December and still be there until the end of March. We are not at that date yet so the book is not closed on that advice but it sure appears to be pretty good. I fail to see how that was bad advice, you would have missed a substantial drop in the DOW as all my clients who follow me have. Maybe I should cut and past some of the thank you’s I have gotten in my emails from clients. I posted several seasonal price projections in my newsletter that all showed a possible low point in March, and one in May. Time will tell if they are right, but the cash position sure looks good right now.
I am a short term trader as anyone who has read my posts here would know. Also I have a audited record of superior returns, that you would not want to compare with yours, it showed $35,000 per futures contract profit for the year of 2007.
Can you show something better than that? it was second in the world I think for last year, with Commodity Timing being first. I am dead against long term investing and always have been. However I do hold some positions for 6 months or so, which I intend to do when I go back in here in the near future on the long side.
Sorry to disappoint you with the facts. Is there one other single person in here who goes on the record several months in advance and calls turning points and what they will do when they arrive? I called for an end of July high last year that was off by two weeks yet called it before the year started. I made that call in this blog along with the post that stated in was time to be in cash at the end of last year.
I correctly called the yields in Bonds last year which Adam can attest to, literally within a week or two of the highs and lows well in advance. It is clear to me I am not a fit here so I will lurk and make an occasional comment if any going forward.
Best wishes to you all, but I hope you do not miss the opportunities that are coming by being too scared to act. Fear sells tickets but does not help you become wealthy.
-
March 14, 2008 at 8:45 PM #170195
Chris Scoreboard Johnston
ParticipantJWM
My advice was very clear go to 100% cash in the last week of December and still be there until the end of March. We are not at that date yet so the book is not closed on that advice but it sure appears to be pretty good. I fail to see how that was bad advice, you would have missed a substantial drop in the DOW as all my clients who follow me have. Maybe I should cut and past some of the thank you’s I have gotten in my emails from clients. I posted several seasonal price projections in my newsletter that all showed a possible low point in March, and one in May. Time will tell if they are right, but the cash position sure looks good right now.
I am a short term trader as anyone who has read my posts here would know. Also I have a audited record of superior returns, that you would not want to compare with yours, it showed $35,000 per futures contract profit for the year of 2007.
Can you show something better than that? it was second in the world I think for last year, with Commodity Timing being first. I am dead against long term investing and always have been. However I do hold some positions for 6 months or so, which I intend to do when I go back in here in the near future on the long side.
Sorry to disappoint you with the facts. Is there one other single person in here who goes on the record several months in advance and calls turning points and what they will do when they arrive? I called for an end of July high last year that was off by two weeks yet called it before the year started. I made that call in this blog along with the post that stated in was time to be in cash at the end of last year.
I correctly called the yields in Bonds last year which Adam can attest to, literally within a week or two of the highs and lows well in advance. It is clear to me I am not a fit here so I will lurk and make an occasional comment if any going forward.
Best wishes to you all, but I hope you do not miss the opportunities that are coming by being too scared to act. Fear sells tickets but does not help you become wealthy.
-
March 14, 2008 at 8:45 PM #170271
Chris Scoreboard Johnston
ParticipantJWM
My advice was very clear go to 100% cash in the last week of December and still be there until the end of March. We are not at that date yet so the book is not closed on that advice but it sure appears to be pretty good. I fail to see how that was bad advice, you would have missed a substantial drop in the DOW as all my clients who follow me have. Maybe I should cut and past some of the thank you’s I have gotten in my emails from clients. I posted several seasonal price projections in my newsletter that all showed a possible low point in March, and one in May. Time will tell if they are right, but the cash position sure looks good right now.
I am a short term trader as anyone who has read my posts here would know. Also I have a audited record of superior returns, that you would not want to compare with yours, it showed $35,000 per futures contract profit for the year of 2007.
Can you show something better than that? it was second in the world I think for last year, with Commodity Timing being first. I am dead against long term investing and always have been. However I do hold some positions for 6 months or so, which I intend to do when I go back in here in the near future on the long side.
Sorry to disappoint you with the facts. Is there one other single person in here who goes on the record several months in advance and calls turning points and what they will do when they arrive? I called for an end of July high last year that was off by two weeks yet called it before the year started. I made that call in this blog along with the post that stated in was time to be in cash at the end of last year.
I correctly called the yields in Bonds last year which Adam can attest to, literally within a week or two of the highs and lows well in advance. It is clear to me I am not a fit here so I will lurk and make an occasional comment if any going forward.
Best wishes to you all, but I hope you do not miss the opportunities that are coming by being too scared to act. Fear sells tickets but does not help you become wealthy.
-
March 14, 2008 at 11:10 AM #169794
JWM in SD
ParticipantJWM in SD
Lets’s See (I’m paraphrasing here):
“…financial condition deteriorated substantially within 24hrs…”
“…lost almost half of its value in 30 minutes…”
Hey Chris S. Glad I don’t follow your advice. How’s that long term investing working out for ya lately eh?
Is there anyone left on this board who still doesn’t see how bad the macro level is getting out there and still thinks that SD home prices are going to reverse course suddenly later this year??? If so, I would recommend that you stop sniffing glue…rigth now….put it down….
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March 14, 2008 at 11:10 AM #169798
JWM in SD
ParticipantJWM in SD
Lets’s See (I’m paraphrasing here):
“…financial condition deteriorated substantially within 24hrs…”
“…lost almost half of its value in 30 minutes…”
Hey Chris S. Glad I don’t follow your advice. How’s that long term investing working out for ya lately eh?
Is there anyone left on this board who still doesn’t see how bad the macro level is getting out there and still thinks that SD home prices are going to reverse course suddenly later this year??? If so, I would recommend that you stop sniffing glue…rigth now….put it down….
-
March 14, 2008 at 11:10 AM #169820
JWM in SD
ParticipantJWM in SD
Lets’s See (I’m paraphrasing here):
“…financial condition deteriorated substantially within 24hrs…”
“…lost almost half of its value in 30 minutes…”
Hey Chris S. Glad I don’t follow your advice. How’s that long term investing working out for ya lately eh?
Is there anyone left on this board who still doesn’t see how bad the macro level is getting out there and still thinks that SD home prices are going to reverse course suddenly later this year??? If so, I would recommend that you stop sniffing glue…rigth now….put it down….
-
March 14, 2008 at 11:10 AM #169897
JWM in SD
ParticipantJWM in SD
Lets’s See (I’m paraphrasing here):
“…financial condition deteriorated substantially within 24hrs…”
“…lost almost half of its value in 30 minutes…”
Hey Chris S. Glad I don’t follow your advice. How’s that long term investing working out for ya lately eh?
Is there anyone left on this board who still doesn’t see how bad the macro level is getting out there and still thinks that SD home prices are going to reverse course suddenly later this year??? If so, I would recommend that you stop sniffing glue…rigth now….put it down….
-
March 14, 2008 at 11:03 AM #169779
HereWeGo
ParticipantThis is actually a good thing, IMO. Not in the short term, but at least the consolidation phase of the financials is now firmly underway, with the elimination of CFC and BSC.
I also tend to think that C and MER may join the ranks of the fallen.
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March 14, 2008 at 11:03 AM #169783
HereWeGo
ParticipantThis is actually a good thing, IMO. Not in the short term, but at least the consolidation phase of the financials is now firmly underway, with the elimination of CFC and BSC.
I also tend to think that C and MER may join the ranks of the fallen.
-
March 14, 2008 at 11:03 AM #169805
HereWeGo
ParticipantThis is actually a good thing, IMO. Not in the short term, but at least the consolidation phase of the financials is now firmly underway, with the elimination of CFC and BSC.
I also tend to think that C and MER may join the ranks of the fallen.
-
March 14, 2008 at 11:03 AM #169882
HereWeGo
ParticipantThis is actually a good thing, IMO. Not in the short term, but at least the consolidation phase of the financials is now firmly underway, with the elimination of CFC and BSC.
I also tend to think that C and MER may join the ranks of the fallen.
-
March 14, 2008 at 11:27 AM #169491
capeman
ParticipantMeesa thinks they won’t be able to pay back the Fed!
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March 14, 2008 at 1:19 PM #169621
blackbox
ParticipantBear Stearns who?
-
March 14, 2008 at 1:19 PM #169954
blackbox
ParticipantBear Stearns who?
-
March 14, 2008 at 1:19 PM #169957
blackbox
ParticipantBear Stearns who?
-
March 14, 2008 at 1:19 PM #169980
blackbox
ParticipantBear Stearns who?
-
March 14, 2008 at 1:19 PM #170059
blackbox
ParticipantBear Stearns who?
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March 14, 2008 at 1:25 PM #169631
34f3f3f
ParticipantSo is anyone here moving assets out of Bear Stearns? In spite of the bailout, you’d have to be nuts to keep funds there right?
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March 14, 2008 at 1:33 PM #169641
Coronita
ParticipantSo is anyone here moving assets out of Bear Stearns? In spite of the bailout, you'd have to be nuts to keep funds there right?
It's an investment bank, and probably doesn't have your traditional savings accounts that's typical for average joe's. Anyway, even if Bear Stearns is your bank, what assets?
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
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March 14, 2008 at 2:28 PM #169676
davelj
ParticipantI’m kind of a small-L libertarian at heart and this bailout shit drives me nuts. BUT…..
It wouldn’t bother me nearly as much if the Fed had said, “OK, we’re going to take on this collateral for 28 days (or whatever the term is that the JP Morgan conduit is using) and at the end of that 28 days we’re going to mark this crap to market – REAL market – and it’s going to come out of Bear Stearns’ common equity. That would basically be saying, “OK, folks, we’re going to save you bond holders in this one, but you equity holders get zippo. Zilch. We’re taking the losses out of your hide.”
At least this would scare the piss out of investors without causing any additional pain on the debt/liquidity front. I feel the same way about some of these banks. I’m not as ardent about wiping out the debt holders (assuming there are more bailouts)… but the equity holders should get nothing. You want to organize a government-sponsored bailout of Citigroup, Fannie Mae, etc.? Fine. But they get re-capped at $1 per share. That’s the way the cookie crumbles when you’re at the bottom of the balance sheet.
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March 14, 2008 at 2:41 PM #169681
patientlywaiting
ParticipantVery well said, davelj.
A bailout is inevitable. But the equity holders need to pay for it. The shareholders had all the upside before, now they need to take responsibility for the downside.
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March 14, 2008 at 2:50 PM #169686
davelj
ParticipantI can see Paul Volcker right now shaking his head and muttering, “Rank amateurs.”
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March 14, 2008 at 2:59 PM #169696
Arraya
ParticipantGiving money to institutions that failed at their only job, which was to have money, may not be the best strategy. -the onion
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March 14, 2008 at 4:34 PM #169741
drunkle
Participantdave:
why should the bond holders be saved, but not the equities? aren’t they both “investments”? who are more likely to hold what: j6p = common shares vs ib = bonds?
neither should be saved, imo. cnbc reported that this was a non recourse loan to jp in order bail out bear. non recourse… we get to prop up the bond market. hurray.
btw, the taf and the taf2 should be shut down, all institutions forced to use the discount window and DECLARE THEIR FUCKING (IN)SOLVENCY. these cocks straight lied not 2-3 days ago about their situation… this kind of nonsense at the gov, fed, institution, ratings and media levels all destroy trust across the board which is ultimately going to be much much worse…
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March 14, 2008 at 5:51 PM #169781
davelj
Participantdrunkle,
I’d prefer that neither the equity nor debt holders be bailed out. But IF we’re going to bail people out – and that’s a given as far as I can tell – the LEAST the Fed can do is let the equity of these companies go to $1 (or thereabouts). (They can wipe out the preferred holders as well, if they like.) Again, the debt holders should feel pain too. No doubt about it. But that may be asking too much from the current Fed. Thus, all I ask is that at MINIMUM the equity holders get hosed. Recall that we already have something called the FDIC which is going to bail out most bank depositors (which are really just banks’ senior most debt holders). Extending such protection to the next level of debt holders in the capital structure isn’t a stretch considering all the BS that’s been going on as of late.
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March 14, 2008 at 6:13 PM #169786
drunkle
Participantdave:
as far as i can tell (from a layman’s pov), the equities are already hosed. there’ll be no bailout for the equities unless someone wants to come in with a buyout offer at recalculus prices.
the bonds and bond holders across the board are being saved here; if bsc went belly up and had to liquidate, everyone else holding those same bonds would be equally hosed. marked to market or as they say in housing, it’s a comp killer.
edit: fdic, sipc, etc… the fed just threw hundreds of billions of dollars into a black hole, what’s going to be left for depositor’s insurance afterwards? granted, they’re not the same entities, but by having the fed kill the dollar in order to save 1 lousy rotting piece of flesh, there’ll be nothing left for anyone to try and save the body…
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March 14, 2008 at 6:35 PM #169791
novice1027
Participant“The action won praise from the administration, with President Bush saying that Fed Chairman Ben Bernanke was "doing a good job under tough circumstances.”"
"Way to go Brownie, I mean Bennie!"
Haven't we heard this from this crap before from George W?
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March 14, 2008 at 6:35 PM #170124
novice1027
Participant“The action won praise from the administration, with President Bush saying that Fed Chairman Ben Bernanke was "doing a good job under tough circumstances.”"
"Way to go Brownie, I mean Bennie!"
Haven't we heard this from this crap before from George W?
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March 14, 2008 at 6:35 PM #170127
novice1027
Participant“The action won praise from the administration, with President Bush saying that Fed Chairman Ben Bernanke was "doing a good job under tough circumstances.”"
"Way to go Brownie, I mean Bennie!"
Haven't we heard this from this crap before from George W?
-
March 14, 2008 at 6:35 PM #170152
novice1027
Participant“The action won praise from the administration, with President Bush saying that Fed Chairman Ben Bernanke was "doing a good job under tough circumstances.”"
"Way to go Brownie, I mean Bennie!"
Haven't we heard this from this crap before from George W?
-
March 14, 2008 at 6:35 PM #170226
novice1027
Participant“The action won praise from the administration, with President Bush saying that Fed Chairman Ben Bernanke was "doing a good job under tough circumstances.”"
"Way to go Brownie, I mean Bennie!"
Haven't we heard this from this crap before from George W?
-
March 14, 2008 at 6:37 PM #169796
Deal Hunter
ParticipantThis looks like a bail out, but it’s not. Bear Stearns could not open for business today. The Fed got JP Morgan to come in and put their hand on the gushing wound, but it is just a temporary measure for others to come in with buckets to collect any viable body parts.
Call it a “Term Fire Sale Facility” that only looks like a bail out. Make no mistake. Bear Stearns is done. It will be bought, absorbed or taken apart and sold for parts. Doing this for an investment bank (whose main business in 2007 was backing subprime hedge funds), is just to make the “bail outs” to come not look like a total collapse of the financial markets.
JP Morgan is next. If Citigroup doesn’t fall first. The next one to get run through the egg slicer on the investment bank side will be Merrill Lynch.
Remember LTCM? Central Banks have up to $1-2 Trillion to do this (LTCM was $1 Trillion in 1998). The CBs have plenty of “bail out” left in them.
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March 14, 2008 at 6:37 PM #170129
Deal Hunter
ParticipantThis looks like a bail out, but it’s not. Bear Stearns could not open for business today. The Fed got JP Morgan to come in and put their hand on the gushing wound, but it is just a temporary measure for others to come in with buckets to collect any viable body parts.
Call it a “Term Fire Sale Facility” that only looks like a bail out. Make no mistake. Bear Stearns is done. It will be bought, absorbed or taken apart and sold for parts. Doing this for an investment bank (whose main business in 2007 was backing subprime hedge funds), is just to make the “bail outs” to come not look like a total collapse of the financial markets.
JP Morgan is next. If Citigroup doesn’t fall first. The next one to get run through the egg slicer on the investment bank side will be Merrill Lynch.
Remember LTCM? Central Banks have up to $1-2 Trillion to do this (LTCM was $1 Trillion in 1998). The CBs have plenty of “bail out” left in them.
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March 14, 2008 at 6:37 PM #170130
Deal Hunter
ParticipantThis looks like a bail out, but it’s not. Bear Stearns could not open for business today. The Fed got JP Morgan to come in and put their hand on the gushing wound, but it is just a temporary measure for others to come in with buckets to collect any viable body parts.
Call it a “Term Fire Sale Facility” that only looks like a bail out. Make no mistake. Bear Stearns is done. It will be bought, absorbed or taken apart and sold for parts. Doing this for an investment bank (whose main business in 2007 was backing subprime hedge funds), is just to make the “bail outs” to come not look like a total collapse of the financial markets.
JP Morgan is next. If Citigroup doesn’t fall first. The next one to get run through the egg slicer on the investment bank side will be Merrill Lynch.
Remember LTCM? Central Banks have up to $1-2 Trillion to do this (LTCM was $1 Trillion in 1998). The CBs have plenty of “bail out” left in them.
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March 14, 2008 at 6:37 PM #170156
Deal Hunter
ParticipantThis looks like a bail out, but it’s not. Bear Stearns could not open for business today. The Fed got JP Morgan to come in and put their hand on the gushing wound, but it is just a temporary measure for others to come in with buckets to collect any viable body parts.
Call it a “Term Fire Sale Facility” that only looks like a bail out. Make no mistake. Bear Stearns is done. It will be bought, absorbed or taken apart and sold for parts. Doing this for an investment bank (whose main business in 2007 was backing subprime hedge funds), is just to make the “bail outs” to come not look like a total collapse of the financial markets.
JP Morgan is next. If Citigroup doesn’t fall first. The next one to get run through the egg slicer on the investment bank side will be Merrill Lynch.
Remember LTCM? Central Banks have up to $1-2 Trillion to do this (LTCM was $1 Trillion in 1998). The CBs have plenty of “bail out” left in them.
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March 14, 2008 at 6:37 PM #170231
Deal Hunter
ParticipantThis looks like a bail out, but it’s not. Bear Stearns could not open for business today. The Fed got JP Morgan to come in and put their hand on the gushing wound, but it is just a temporary measure for others to come in with buckets to collect any viable body parts.
Call it a “Term Fire Sale Facility” that only looks like a bail out. Make no mistake. Bear Stearns is done. It will be bought, absorbed or taken apart and sold for parts. Doing this for an investment bank (whose main business in 2007 was backing subprime hedge funds), is just to make the “bail outs” to come not look like a total collapse of the financial markets.
JP Morgan is next. If Citigroup doesn’t fall first. The next one to get run through the egg slicer on the investment bank side will be Merrill Lynch.
Remember LTCM? Central Banks have up to $1-2 Trillion to do this (LTCM was $1 Trillion in 1998). The CBs have plenty of “bail out” left in them.
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March 14, 2008 at 6:13 PM #170119
drunkle
Participantdave:
as far as i can tell (from a layman’s pov), the equities are already hosed. there’ll be no bailout for the equities unless someone wants to come in with a buyout offer at recalculus prices.
the bonds and bond holders across the board are being saved here; if bsc went belly up and had to liquidate, everyone else holding those same bonds would be equally hosed. marked to market or as they say in housing, it’s a comp killer.
edit: fdic, sipc, etc… the fed just threw hundreds of billions of dollars into a black hole, what’s going to be left for depositor’s insurance afterwards? granted, they’re not the same entities, but by having the fed kill the dollar in order to save 1 lousy rotting piece of flesh, there’ll be nothing left for anyone to try and save the body…
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March 14, 2008 at 6:13 PM #170122
drunkle
Participantdave:
as far as i can tell (from a layman’s pov), the equities are already hosed. there’ll be no bailout for the equities unless someone wants to come in with a buyout offer at recalculus prices.
the bonds and bond holders across the board are being saved here; if bsc went belly up and had to liquidate, everyone else holding those same bonds would be equally hosed. marked to market or as they say in housing, it’s a comp killer.
edit: fdic, sipc, etc… the fed just threw hundreds of billions of dollars into a black hole, what’s going to be left for depositor’s insurance afterwards? granted, they’re not the same entities, but by having the fed kill the dollar in order to save 1 lousy rotting piece of flesh, there’ll be nothing left for anyone to try and save the body…
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March 14, 2008 at 6:13 PM #170145
drunkle
Participantdave:
as far as i can tell (from a layman’s pov), the equities are already hosed. there’ll be no bailout for the equities unless someone wants to come in with a buyout offer at recalculus prices.
the bonds and bond holders across the board are being saved here; if bsc went belly up and had to liquidate, everyone else holding those same bonds would be equally hosed. marked to market or as they say in housing, it’s a comp killer.
edit: fdic, sipc, etc… the fed just threw hundreds of billions of dollars into a black hole, what’s going to be left for depositor’s insurance afterwards? granted, they’re not the same entities, but by having the fed kill the dollar in order to save 1 lousy rotting piece of flesh, there’ll be nothing left for anyone to try and save the body…
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March 14, 2008 at 6:13 PM #170221
drunkle
Participantdave:
as far as i can tell (from a layman’s pov), the equities are already hosed. there’ll be no bailout for the equities unless someone wants to come in with a buyout offer at recalculus prices.
the bonds and bond holders across the board are being saved here; if bsc went belly up and had to liquidate, everyone else holding those same bonds would be equally hosed. marked to market or as they say in housing, it’s a comp killer.
edit: fdic, sipc, etc… the fed just threw hundreds of billions of dollars into a black hole, what’s going to be left for depositor’s insurance afterwards? granted, they’re not the same entities, but by having the fed kill the dollar in order to save 1 lousy rotting piece of flesh, there’ll be nothing left for anyone to try and save the body…
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March 14, 2008 at 5:51 PM #170114
davelj
Participantdrunkle,
I’d prefer that neither the equity nor debt holders be bailed out. But IF we’re going to bail people out – and that’s a given as far as I can tell – the LEAST the Fed can do is let the equity of these companies go to $1 (or thereabouts). (They can wipe out the preferred holders as well, if they like.) Again, the debt holders should feel pain too. No doubt about it. But that may be asking too much from the current Fed. Thus, all I ask is that at MINIMUM the equity holders get hosed. Recall that we already have something called the FDIC which is going to bail out most bank depositors (which are really just banks’ senior most debt holders). Extending such protection to the next level of debt holders in the capital structure isn’t a stretch considering all the BS that’s been going on as of late.
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March 14, 2008 at 5:51 PM #170117
davelj
Participantdrunkle,
I’d prefer that neither the equity nor debt holders be bailed out. But IF we’re going to bail people out – and that’s a given as far as I can tell – the LEAST the Fed can do is let the equity of these companies go to $1 (or thereabouts). (They can wipe out the preferred holders as well, if they like.) Again, the debt holders should feel pain too. No doubt about it. But that may be asking too much from the current Fed. Thus, all I ask is that at MINIMUM the equity holders get hosed. Recall that we already have something called the FDIC which is going to bail out most bank depositors (which are really just banks’ senior most debt holders). Extending such protection to the next level of debt holders in the capital structure isn’t a stretch considering all the BS that’s been going on as of late.
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March 14, 2008 at 5:51 PM #170140
davelj
Participantdrunkle,
I’d prefer that neither the equity nor debt holders be bailed out. But IF we’re going to bail people out – and that’s a given as far as I can tell – the LEAST the Fed can do is let the equity of these companies go to $1 (or thereabouts). (They can wipe out the preferred holders as well, if they like.) Again, the debt holders should feel pain too. No doubt about it. But that may be asking too much from the current Fed. Thus, all I ask is that at MINIMUM the equity holders get hosed. Recall that we already have something called the FDIC which is going to bail out most bank depositors (which are really just banks’ senior most debt holders). Extending such protection to the next level of debt holders in the capital structure isn’t a stretch considering all the BS that’s been going on as of late.
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March 14, 2008 at 5:51 PM #170217
davelj
Participantdrunkle,
I’d prefer that neither the equity nor debt holders be bailed out. But IF we’re going to bail people out – and that’s a given as far as I can tell – the LEAST the Fed can do is let the equity of these companies go to $1 (or thereabouts). (They can wipe out the preferred holders as well, if they like.) Again, the debt holders should feel pain too. No doubt about it. But that may be asking too much from the current Fed. Thus, all I ask is that at MINIMUM the equity holders get hosed. Recall that we already have something called the FDIC which is going to bail out most bank depositors (which are really just banks’ senior most debt holders). Extending such protection to the next level of debt holders in the capital structure isn’t a stretch considering all the BS that’s been going on as of late.
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March 14, 2008 at 4:34 PM #170070
drunkle
Participantdave:
why should the bond holders be saved, but not the equities? aren’t they both “investments”? who are more likely to hold what: j6p = common shares vs ib = bonds?
neither should be saved, imo. cnbc reported that this was a non recourse loan to jp in order bail out bear. non recourse… we get to prop up the bond market. hurray.
btw, the taf and the taf2 should be shut down, all institutions forced to use the discount window and DECLARE THEIR FUCKING (IN)SOLVENCY. these cocks straight lied not 2-3 days ago about their situation… this kind of nonsense at the gov, fed, institution, ratings and media levels all destroy trust across the board which is ultimately going to be much much worse…
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March 14, 2008 at 4:34 PM #170076
drunkle
Participantdave:
why should the bond holders be saved, but not the equities? aren’t they both “investments”? who are more likely to hold what: j6p = common shares vs ib = bonds?
neither should be saved, imo. cnbc reported that this was a non recourse loan to jp in order bail out bear. non recourse… we get to prop up the bond market. hurray.
btw, the taf and the taf2 should be shut down, all institutions forced to use the discount window and DECLARE THEIR FUCKING (IN)SOLVENCY. these cocks straight lied not 2-3 days ago about their situation… this kind of nonsense at the gov, fed, institution, ratings and media levels all destroy trust across the board which is ultimately going to be much much worse…
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March 14, 2008 at 4:34 PM #170101
drunkle
Participantdave:
why should the bond holders be saved, but not the equities? aren’t they both “investments”? who are more likely to hold what: j6p = common shares vs ib = bonds?
neither should be saved, imo. cnbc reported that this was a non recourse loan to jp in order bail out bear. non recourse… we get to prop up the bond market. hurray.
btw, the taf and the taf2 should be shut down, all institutions forced to use the discount window and DECLARE THEIR FUCKING (IN)SOLVENCY. these cocks straight lied not 2-3 days ago about their situation… this kind of nonsense at the gov, fed, institution, ratings and media levels all destroy trust across the board which is ultimately going to be much much worse…
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March 14, 2008 at 4:34 PM #170176
drunkle
Participantdave:
why should the bond holders be saved, but not the equities? aren’t they both “investments”? who are more likely to hold what: j6p = common shares vs ib = bonds?
neither should be saved, imo. cnbc reported that this was a non recourse loan to jp in order bail out bear. non recourse… we get to prop up the bond market. hurray.
btw, the taf and the taf2 should be shut down, all institutions forced to use the discount window and DECLARE THEIR FUCKING (IN)SOLVENCY. these cocks straight lied not 2-3 days ago about their situation… this kind of nonsense at the gov, fed, institution, ratings and media levels all destroy trust across the board which is ultimately going to be much much worse…
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March 14, 2008 at 2:59 PM #170027
Arraya
ParticipantGiving money to institutions that failed at their only job, which was to have money, may not be the best strategy. -the onion
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March 14, 2008 at 2:59 PM #170032
Arraya
ParticipantGiving money to institutions that failed at their only job, which was to have money, may not be the best strategy. -the onion
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March 14, 2008 at 2:59 PM #170057
Arraya
ParticipantGiving money to institutions that failed at their only job, which was to have money, may not be the best strategy. -the onion
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March 14, 2008 at 2:59 PM #170134
Arraya
ParticipantGiving money to institutions that failed at their only job, which was to have money, may not be the best strategy. -the onion
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March 14, 2008 at 2:50 PM #170017
davelj
ParticipantI can see Paul Volcker right now shaking his head and muttering, “Rank amateurs.”
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March 14, 2008 at 2:50 PM #170024
davelj
ParticipantI can see Paul Volcker right now shaking his head and muttering, “Rank amateurs.”
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March 14, 2008 at 2:50 PM #170046
davelj
ParticipantI can see Paul Volcker right now shaking his head and muttering, “Rank amateurs.”
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March 14, 2008 at 2:50 PM #170123
davelj
ParticipantI can see Paul Volcker right now shaking his head and muttering, “Rank amateurs.”
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March 14, 2008 at 2:41 PM #170013
patientlywaiting
ParticipantVery well said, davelj.
A bailout is inevitable. But the equity holders need to pay for it. The shareholders had all the upside before, now they need to take responsibility for the downside.
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March 14, 2008 at 2:41 PM #170018
patientlywaiting
ParticipantVery well said, davelj.
A bailout is inevitable. But the equity holders need to pay for it. The shareholders had all the upside before, now they need to take responsibility for the downside.
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March 14, 2008 at 2:41 PM #170041
patientlywaiting
ParticipantVery well said, davelj.
A bailout is inevitable. But the equity holders need to pay for it. The shareholders had all the upside before, now they need to take responsibility for the downside.
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March 14, 2008 at 2:41 PM #170118
patientlywaiting
ParticipantVery well said, davelj.
A bailout is inevitable. But the equity holders need to pay for it. The shareholders had all the upside before, now they need to take responsibility for the downside.
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March 14, 2008 at 2:28 PM #170009
davelj
ParticipantI’m kind of a small-L libertarian at heart and this bailout shit drives me nuts. BUT…..
It wouldn’t bother me nearly as much if the Fed had said, “OK, we’re going to take on this collateral for 28 days (or whatever the term is that the JP Morgan conduit is using) and at the end of that 28 days we’re going to mark this crap to market – REAL market – and it’s going to come out of Bear Stearns’ common equity. That would basically be saying, “OK, folks, we’re going to save you bond holders in this one, but you equity holders get zippo. Zilch. We’re taking the losses out of your hide.”
At least this would scare the piss out of investors without causing any additional pain on the debt/liquidity front. I feel the same way about some of these banks. I’m not as ardent about wiping out the debt holders (assuming there are more bailouts)… but the equity holders should get nothing. You want to organize a government-sponsored bailout of Citigroup, Fannie Mae, etc.? Fine. But they get re-capped at $1 per share. That’s the way the cookie crumbles when you’re at the bottom of the balance sheet.
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March 14, 2008 at 2:28 PM #170012
davelj
ParticipantI’m kind of a small-L libertarian at heart and this bailout shit drives me nuts. BUT…..
It wouldn’t bother me nearly as much if the Fed had said, “OK, we’re going to take on this collateral for 28 days (or whatever the term is that the JP Morgan conduit is using) and at the end of that 28 days we’re going to mark this crap to market – REAL market – and it’s going to come out of Bear Stearns’ common equity. That would basically be saying, “OK, folks, we’re going to save you bond holders in this one, but you equity holders get zippo. Zilch. We’re taking the losses out of your hide.”
At least this would scare the piss out of investors without causing any additional pain on the debt/liquidity front. I feel the same way about some of these banks. I’m not as ardent about wiping out the debt holders (assuming there are more bailouts)… but the equity holders should get nothing. You want to organize a government-sponsored bailout of Citigroup, Fannie Mae, etc.? Fine. But they get re-capped at $1 per share. That’s the way the cookie crumbles when you’re at the bottom of the balance sheet.
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March 14, 2008 at 2:28 PM #170036
davelj
ParticipantI’m kind of a small-L libertarian at heart and this bailout shit drives me nuts. BUT…..
It wouldn’t bother me nearly as much if the Fed had said, “OK, we’re going to take on this collateral for 28 days (or whatever the term is that the JP Morgan conduit is using) and at the end of that 28 days we’re going to mark this crap to market – REAL market – and it’s going to come out of Bear Stearns’ common equity. That would basically be saying, “OK, folks, we’re going to save you bond holders in this one, but you equity holders get zippo. Zilch. We’re taking the losses out of your hide.”
At least this would scare the piss out of investors without causing any additional pain on the debt/liquidity front. I feel the same way about some of these banks. I’m not as ardent about wiping out the debt holders (assuming there are more bailouts)… but the equity holders should get nothing. You want to organize a government-sponsored bailout of Citigroup, Fannie Mae, etc.? Fine. But they get re-capped at $1 per share. That’s the way the cookie crumbles when you’re at the bottom of the balance sheet.
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March 14, 2008 at 2:28 PM #170113
davelj
ParticipantI’m kind of a small-L libertarian at heart and this bailout shit drives me nuts. BUT…..
It wouldn’t bother me nearly as much if the Fed had said, “OK, we’re going to take on this collateral for 28 days (or whatever the term is that the JP Morgan conduit is using) and at the end of that 28 days we’re going to mark this crap to market – REAL market – and it’s going to come out of Bear Stearns’ common equity. That would basically be saying, “OK, folks, we’re going to save you bond holders in this one, but you equity holders get zippo. Zilch. We’re taking the losses out of your hide.”
At least this would scare the piss out of investors without causing any additional pain on the debt/liquidity front. I feel the same way about some of these banks. I’m not as ardent about wiping out the debt holders (assuming there are more bailouts)… but the equity holders should get nothing. You want to organize a government-sponsored bailout of Citigroup, Fannie Mae, etc.? Fine. But they get re-capped at $1 per share. That’s the way the cookie crumbles when you’re at the bottom of the balance sheet.
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March 14, 2008 at 5:39 PM #169766
Arty
ParticipantIt’s an investment bank, and probably doesn’t have your traditional savings accounts that’s typical for average joe’s. Anyway, even if Bear Stearns is your bank, what assets?
If you have brokerage account with them, it may be wise to transfer the stocks you have to another brokerage. In theory, the stocks you have just like your money in the bank but without FDIC insurance and you don’t know if BS still have them physically :). At least that’s my take and I can be wrong.
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March 14, 2008 at 10:52 PM #169921
Eugene
ParticipantIf you have brokerage account with them, it may be wise to transfer the stocks you have to another brokerage. In theory, the stocks you have just like your money in the bank but without FDIC insurance and you don’t know if BS still have them physically :). At least that’s my take and I can be wrong.
There’s a special kind of insurance called SIPC that gets involved whenever a brokerage fails, it will attempt to give you your stocks back, even if the brokerage did not have them in physical possession when it failed. It’s not as bulletproof as FDIC though.
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March 14, 2008 at 10:52 PM #170254
Eugene
ParticipantIf you have brokerage account with them, it may be wise to transfer the stocks you have to another brokerage. In theory, the stocks you have just like your money in the bank but without FDIC insurance and you don’t know if BS still have them physically :). At least that’s my take and I can be wrong.
There’s a special kind of insurance called SIPC that gets involved whenever a brokerage fails, it will attempt to give you your stocks back, even if the brokerage did not have them in physical possession when it failed. It’s not as bulletproof as FDIC though.
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March 14, 2008 at 10:52 PM #170257
Eugene
ParticipantIf you have brokerage account with them, it may be wise to transfer the stocks you have to another brokerage. In theory, the stocks you have just like your money in the bank but without FDIC insurance and you don’t know if BS still have them physically :). At least that’s my take and I can be wrong.
There’s a special kind of insurance called SIPC that gets involved whenever a brokerage fails, it will attempt to give you your stocks back, even if the brokerage did not have them in physical possession when it failed. It’s not as bulletproof as FDIC though.
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March 14, 2008 at 10:52 PM #170281
Eugene
ParticipantIf you have brokerage account with them, it may be wise to transfer the stocks you have to another brokerage. In theory, the stocks you have just like your money in the bank but without FDIC insurance and you don’t know if BS still have them physically :). At least that’s my take and I can be wrong.
There’s a special kind of insurance called SIPC that gets involved whenever a brokerage fails, it will attempt to give you your stocks back, even if the brokerage did not have them in physical possession when it failed. It’s not as bulletproof as FDIC though.
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March 14, 2008 at 10:52 PM #170357
Eugene
ParticipantIf you have brokerage account with them, it may be wise to transfer the stocks you have to another brokerage. In theory, the stocks you have just like your money in the bank but without FDIC insurance and you don’t know if BS still have them physically :). At least that’s my take and I can be wrong.
There’s a special kind of insurance called SIPC that gets involved whenever a brokerage fails, it will attempt to give you your stocks back, even if the brokerage did not have them in physical possession when it failed. It’s not as bulletproof as FDIC though.
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March 14, 2008 at 5:39 PM #170099
Arty
ParticipantIt’s an investment bank, and probably doesn’t have your traditional savings accounts that’s typical for average joe’s. Anyway, even if Bear Stearns is your bank, what assets?
If you have brokerage account with them, it may be wise to transfer the stocks you have to another brokerage. In theory, the stocks you have just like your money in the bank but without FDIC insurance and you don’t know if BS still have them physically :). At least that’s my take and I can be wrong.
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March 14, 2008 at 5:39 PM #170103
Arty
ParticipantIt’s an investment bank, and probably doesn’t have your traditional savings accounts that’s typical for average joe’s. Anyway, even if Bear Stearns is your bank, what assets?
If you have brokerage account with them, it may be wise to transfer the stocks you have to another brokerage. In theory, the stocks you have just like your money in the bank but without FDIC insurance and you don’t know if BS still have them physically :). At least that’s my take and I can be wrong.
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March 14, 2008 at 5:39 PM #170125
Arty
ParticipantIt’s an investment bank, and probably doesn’t have your traditional savings accounts that’s typical for average joe’s. Anyway, even if Bear Stearns is your bank, what assets?
If you have brokerage account with them, it may be wise to transfer the stocks you have to another brokerage. In theory, the stocks you have just like your money in the bank but without FDIC insurance and you don’t know if BS still have them physically :). At least that’s my take and I can be wrong.
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March 14, 2008 at 5:39 PM #170204
Arty
ParticipantIt’s an investment bank, and probably doesn’t have your traditional savings accounts that’s typical for average joe’s. Anyway, even if Bear Stearns is your bank, what assets?
If you have brokerage account with them, it may be wise to transfer the stocks you have to another brokerage. In theory, the stocks you have just like your money in the bank but without FDIC insurance and you don’t know if BS still have them physically :). At least that’s my take and I can be wrong.
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March 14, 2008 at 7:18 PM #169801
34f3f3f
ParticipantIt’s an investment bank, and probably doesn’t have your traditional savings accounts that’s typical for average joe’s. Anyway, even if Bear Stearns is your bank, what assets?
Excuse my ignorance, but I thought Bear Stearns is also a custodian bank and clearing house. Presumably that means they hold clients assets on behalf of brokers?
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March 14, 2008 at 7:57 PM #169816
tangouniform
ParticipantYes, they are a clearing house and bucket shop. Those parts will go on to Gypsy Morgan and her many oracles. This is an organ donor card that was played; J6P get the organ that dangled between the Bear’s legs, as usual.
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March 14, 2008 at 7:57 PM #170149
tangouniform
ParticipantYes, they are a clearing house and bucket shop. Those parts will go on to Gypsy Morgan and her many oracles. This is an organ donor card that was played; J6P get the organ that dangled between the Bear’s legs, as usual.
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March 14, 2008 at 7:57 PM #170153
tangouniform
ParticipantYes, they are a clearing house and bucket shop. Those parts will go on to Gypsy Morgan and her many oracles. This is an organ donor card that was played; J6P get the organ that dangled between the Bear’s legs, as usual.
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March 14, 2008 at 7:57 PM #170175
tangouniform
ParticipantYes, they are a clearing house and bucket shop. Those parts will go on to Gypsy Morgan and her many oracles. This is an organ donor card that was played; J6P get the organ that dangled between the Bear’s legs, as usual.
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March 14, 2008 at 7:57 PM #170251
tangouniform
ParticipantYes, they are a clearing house and bucket shop. Those parts will go on to Gypsy Morgan and her many oracles. This is an organ donor card that was played; J6P get the organ that dangled between the Bear’s legs, as usual.
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March 14, 2008 at 7:18 PM #170133
34f3f3f
ParticipantIt’s an investment bank, and probably doesn’t have your traditional savings accounts that’s typical for average joe’s. Anyway, even if Bear Stearns is your bank, what assets?
Excuse my ignorance, but I thought Bear Stearns is also a custodian bank and clearing house. Presumably that means they hold clients assets on behalf of brokers?
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March 14, 2008 at 7:18 PM #170139
34f3f3f
ParticipantIt’s an investment bank, and probably doesn’t have your traditional savings accounts that’s typical for average joe’s. Anyway, even if Bear Stearns is your bank, what assets?
Excuse my ignorance, but I thought Bear Stearns is also a custodian bank and clearing house. Presumably that means they hold clients assets on behalf of brokers?
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March 14, 2008 at 7:18 PM #170163
34f3f3f
ParticipantIt’s an investment bank, and probably doesn’t have your traditional savings accounts that’s typical for average joe’s. Anyway, even if Bear Stearns is your bank, what assets?
Excuse my ignorance, but I thought Bear Stearns is also a custodian bank and clearing house. Presumably that means they hold clients assets on behalf of brokers?
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March 14, 2008 at 7:18 PM #170236
34f3f3f
ParticipantIt’s an investment bank, and probably doesn’t have your traditional savings accounts that’s typical for average joe’s. Anyway, even if Bear Stearns is your bank, what assets?
Excuse my ignorance, but I thought Bear Stearns is also a custodian bank and clearing house. Presumably that means they hold clients assets on behalf of brokers?
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March 14, 2008 at 1:33 PM #169974
Coronita
ParticipantSo is anyone here moving assets out of Bear Stearns? In spite of the bailout, you'd have to be nuts to keep funds there right?
It's an investment bank, and probably doesn't have your traditional savings accounts that's typical for average joe's. Anyway, even if Bear Stearns is your bank, what assets?
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
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March 14, 2008 at 1:33 PM #169977
Coronita
ParticipantSo is anyone here moving assets out of Bear Stearns? In spite of the bailout, you'd have to be nuts to keep funds there right?
It's an investment bank, and probably doesn't have your traditional savings accounts that's typical for average joe's. Anyway, even if Bear Stearns is your bank, what assets?
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
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March 14, 2008 at 1:33 PM #170000
Coronita
ParticipantSo is anyone here moving assets out of Bear Stearns? In spite of the bailout, you'd have to be nuts to keep funds there right?
It's an investment bank, and probably doesn't have your traditional savings accounts that's typical for average joe's. Anyway, even if Bear Stearns is your bank, what assets?
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
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March 14, 2008 at 1:33 PM #170078
Coronita
ParticipantSo is anyone here moving assets out of Bear Stearns? In spite of the bailout, you'd have to be nuts to keep funds there right?
It's an investment bank, and probably doesn't have your traditional savings accounts that's typical for average joe's. Anyway, even if Bear Stearns is your bank, what assets?
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
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March 14, 2008 at 1:25 PM #169964
34f3f3f
ParticipantSo is anyone here moving assets out of Bear Stearns? In spite of the bailout, you’d have to be nuts to keep funds there right?
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March 14, 2008 at 1:25 PM #169967
34f3f3f
ParticipantSo is anyone here moving assets out of Bear Stearns? In spite of the bailout, you’d have to be nuts to keep funds there right?
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March 14, 2008 at 1:25 PM #169990
34f3f3f
ParticipantSo is anyone here moving assets out of Bear Stearns? In spite of the bailout, you’d have to be nuts to keep funds there right?
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March 14, 2008 at 1:25 PM #170068
34f3f3f
ParticipantSo is anyone here moving assets out of Bear Stearns? In spite of the bailout, you’d have to be nuts to keep funds there right?
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March 14, 2008 at 11:27 AM #169824
capeman
ParticipantMeesa thinks they won’t be able to pay back the Fed!
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March 14, 2008 at 11:27 AM #169828
capeman
ParticipantMeesa thinks they won’t be able to pay back the Fed!
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March 14, 2008 at 11:27 AM #169851
capeman
ParticipantMeesa thinks they won’t be able to pay back the Fed!
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March 14, 2008 at 11:27 AM #169928
capeman
ParticipantMeesa thinks they won’t be able to pay back the Fed!
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March 14, 2008 at 10:14 AM #169749
Ex-SD
ParticipantAP
Fed Pledges to Supply Cash
Friday March 14, 12:08 pm ET
By Martin Crutsinger, AP Economics Writer
Fed Endorses Rescue Effort for Bear Stearns and Pledges to Supply Cash to Financial SystemWASHINGTON (AP) — The Federal Reserve invoked a rarely used Depression-era procedure Friday to bolster troubled Bear Stearns Cos. and said it will provide even more help to combat a serious credit crisis.
The action won praise from the administration, with President Bush saying that Fed Chairman Ben Bernanke was “doing a good job under tough circumstances.”
The Fed announcement came in a brief two-sentence statement that was issued as stocks were plunging on Wall Street over worries that a plan to ease a liquidity crisis at Bear Stearns Cos. might not work.
“The Federal Reserve is monitoring market developments closely and will continue to provide liquidity as necessary to promote the orderly functioning of the financial system,” the board said. It said members had voted unanimously to approve the arrangement, announced by JP Morgan Chase and Bear Stearns earlier.
Delivering a speech on the economy in New York, Bush voiced confidence in the Fed’s actions to aggressively cut interest rates and the Fed announcement last week that it would supply up to $200 billion in loans to cash-strapped financial institutions.
“It was a strong action by the Fed and they did so because some financial institutions that borrowed money to buy securities in the housing industry must now repair their balance sheets before they can make further loans,” Bush said. “Today’s actions are fasting moving, but the chairman of the Federal Reserve and the secretary of the treasury are on top of them and will take the appropriate steps to promote stability in our markets.”
The plan announced Friday will supply secured funding to Bear Stearns for an initial period of 28 days, seeking to provide short-term relief for Bear Stearns.
Senior Federal Reserve staffers said the arrangement allows JP Morgan Chase to borrow from the Fed’s discount window and put up collateral from Bear Stearns to back up the loans. JP Morgan, a bank, has access to the discount window to obtain direct loans from the Fed, but Bear Stearns, an investment house, does not.
This type of procedure, Fed officials said, dates back to the Great Depression of the 1930s but has rarely been used since that time.
Treasury Secretary Henry Paulson praised the Fed’s leadership and said that the country’s financial system would be able to weather the problems.
“As we have been saying for some time, there are challenges in our financial markets and we continue to address them,” Paulson said in a statement. “This is another challenge that market participants and regulators are addressing. We are working closely with the Federal Reserve” and the Securities and Exchange Commission.
Paulson said he appreciated the leadership of the Fed “in enhancing the stability and orderliness of our markets.”
The action by the Fed board in Washington represented an endorsement of a rescue effort for Bear Stearns that had already been arranged by JPMorgan and the Federal Reserve’s New York regional bank.
It was seen as a last-ditch effort to save the investment bank, which on Friday acknowledged its serious financial problems after a week of denials.
JPMorgan Chase is providing an undisclosed amount of secured funding to Bear for 28 days, backstopped by the Federal Reserve Bank of New York.
The Securities and Exchange Commission issued a statement saying it has been “in close contact” with Treasury, the Federal Reserve and the Federal Reserve Bank of New York during discussions concerning an agreement by J.P. Morgan Chase & Co. to provide a secured loan facility to The Bear Stearns Companies.
“We will continue to work closely together in a way that contributes to orderly and liquid markets,” the SEC said.
Last week, the Fed announced an industry-wide rescue package that would provide as much as $200 billion in loans to banks and investment houses and allow them to put up risky home-loan packages as collateral. It was the Fed’s latest effort to stem a global credit crisis that began last August with rising loan defaults for subprime mortgages, loans provided to borrowers with weak credit histories.
Associated Press reporters Jeannine Aversa, Terence Hunt, Stephen Bernard, Madlen Read and Joe Del Bruno contributed to this report.
-
March 14, 2008 at 10:14 AM #169753
Ex-SD
ParticipantAP
Fed Pledges to Supply Cash
Friday March 14, 12:08 pm ET
By Martin Crutsinger, AP Economics Writer
Fed Endorses Rescue Effort for Bear Stearns and Pledges to Supply Cash to Financial SystemWASHINGTON (AP) — The Federal Reserve invoked a rarely used Depression-era procedure Friday to bolster troubled Bear Stearns Cos. and said it will provide even more help to combat a serious credit crisis.
The action won praise from the administration, with President Bush saying that Fed Chairman Ben Bernanke was “doing a good job under tough circumstances.”
The Fed announcement came in a brief two-sentence statement that was issued as stocks were plunging on Wall Street over worries that a plan to ease a liquidity crisis at Bear Stearns Cos. might not work.
“The Federal Reserve is monitoring market developments closely and will continue to provide liquidity as necessary to promote the orderly functioning of the financial system,” the board said. It said members had voted unanimously to approve the arrangement, announced by JP Morgan Chase and Bear Stearns earlier.
Delivering a speech on the economy in New York, Bush voiced confidence in the Fed’s actions to aggressively cut interest rates and the Fed announcement last week that it would supply up to $200 billion in loans to cash-strapped financial institutions.
“It was a strong action by the Fed and they did so because some financial institutions that borrowed money to buy securities in the housing industry must now repair their balance sheets before they can make further loans,” Bush said. “Today’s actions are fasting moving, but the chairman of the Federal Reserve and the secretary of the treasury are on top of them and will take the appropriate steps to promote stability in our markets.”
The plan announced Friday will supply secured funding to Bear Stearns for an initial period of 28 days, seeking to provide short-term relief for Bear Stearns.
Senior Federal Reserve staffers said the arrangement allows JP Morgan Chase to borrow from the Fed’s discount window and put up collateral from Bear Stearns to back up the loans. JP Morgan, a bank, has access to the discount window to obtain direct loans from the Fed, but Bear Stearns, an investment house, does not.
This type of procedure, Fed officials said, dates back to the Great Depression of the 1930s but has rarely been used since that time.
Treasury Secretary Henry Paulson praised the Fed’s leadership and said that the country’s financial system would be able to weather the problems.
“As we have been saying for some time, there are challenges in our financial markets and we continue to address them,” Paulson said in a statement. “This is another challenge that market participants and regulators are addressing. We are working closely with the Federal Reserve” and the Securities and Exchange Commission.
Paulson said he appreciated the leadership of the Fed “in enhancing the stability and orderliness of our markets.”
The action by the Fed board in Washington represented an endorsement of a rescue effort for Bear Stearns that had already been arranged by JPMorgan and the Federal Reserve’s New York regional bank.
It was seen as a last-ditch effort to save the investment bank, which on Friday acknowledged its serious financial problems after a week of denials.
JPMorgan Chase is providing an undisclosed amount of secured funding to Bear for 28 days, backstopped by the Federal Reserve Bank of New York.
The Securities and Exchange Commission issued a statement saying it has been “in close contact” with Treasury, the Federal Reserve and the Federal Reserve Bank of New York during discussions concerning an agreement by J.P. Morgan Chase & Co. to provide a secured loan facility to The Bear Stearns Companies.
“We will continue to work closely together in a way that contributes to orderly and liquid markets,” the SEC said.
Last week, the Fed announced an industry-wide rescue package that would provide as much as $200 billion in loans to banks and investment houses and allow them to put up risky home-loan packages as collateral. It was the Fed’s latest effort to stem a global credit crisis that began last August with rising loan defaults for subprime mortgages, loans provided to borrowers with weak credit histories.
Associated Press reporters Jeannine Aversa, Terence Hunt, Stephen Bernard, Madlen Read and Joe Del Bruno contributed to this report.
-
March 14, 2008 at 10:14 AM #169775
Ex-SD
ParticipantAP
Fed Pledges to Supply Cash
Friday March 14, 12:08 pm ET
By Martin Crutsinger, AP Economics Writer
Fed Endorses Rescue Effort for Bear Stearns and Pledges to Supply Cash to Financial SystemWASHINGTON (AP) — The Federal Reserve invoked a rarely used Depression-era procedure Friday to bolster troubled Bear Stearns Cos. and said it will provide even more help to combat a serious credit crisis.
The action won praise from the administration, with President Bush saying that Fed Chairman Ben Bernanke was “doing a good job under tough circumstances.”
The Fed announcement came in a brief two-sentence statement that was issued as stocks were plunging on Wall Street over worries that a plan to ease a liquidity crisis at Bear Stearns Cos. might not work.
“The Federal Reserve is monitoring market developments closely and will continue to provide liquidity as necessary to promote the orderly functioning of the financial system,” the board said. It said members had voted unanimously to approve the arrangement, announced by JP Morgan Chase and Bear Stearns earlier.
Delivering a speech on the economy in New York, Bush voiced confidence in the Fed’s actions to aggressively cut interest rates and the Fed announcement last week that it would supply up to $200 billion in loans to cash-strapped financial institutions.
“It was a strong action by the Fed and they did so because some financial institutions that borrowed money to buy securities in the housing industry must now repair their balance sheets before they can make further loans,” Bush said. “Today’s actions are fasting moving, but the chairman of the Federal Reserve and the secretary of the treasury are on top of them and will take the appropriate steps to promote stability in our markets.”
The plan announced Friday will supply secured funding to Bear Stearns for an initial period of 28 days, seeking to provide short-term relief for Bear Stearns.
Senior Federal Reserve staffers said the arrangement allows JP Morgan Chase to borrow from the Fed’s discount window and put up collateral from Bear Stearns to back up the loans. JP Morgan, a bank, has access to the discount window to obtain direct loans from the Fed, but Bear Stearns, an investment house, does not.
This type of procedure, Fed officials said, dates back to the Great Depression of the 1930s but has rarely been used since that time.
Treasury Secretary Henry Paulson praised the Fed’s leadership and said that the country’s financial system would be able to weather the problems.
“As we have been saying for some time, there are challenges in our financial markets and we continue to address them,” Paulson said in a statement. “This is another challenge that market participants and regulators are addressing. We are working closely with the Federal Reserve” and the Securities and Exchange Commission.
Paulson said he appreciated the leadership of the Fed “in enhancing the stability and orderliness of our markets.”
The action by the Fed board in Washington represented an endorsement of a rescue effort for Bear Stearns that had already been arranged by JPMorgan and the Federal Reserve’s New York regional bank.
It was seen as a last-ditch effort to save the investment bank, which on Friday acknowledged its serious financial problems after a week of denials.
JPMorgan Chase is providing an undisclosed amount of secured funding to Bear for 28 days, backstopped by the Federal Reserve Bank of New York.
The Securities and Exchange Commission issued a statement saying it has been “in close contact” with Treasury, the Federal Reserve and the Federal Reserve Bank of New York during discussions concerning an agreement by J.P. Morgan Chase & Co. to provide a secured loan facility to The Bear Stearns Companies.
“We will continue to work closely together in a way that contributes to orderly and liquid markets,” the SEC said.
Last week, the Fed announced an industry-wide rescue package that would provide as much as $200 billion in loans to banks and investment houses and allow them to put up risky home-loan packages as collateral. It was the Fed’s latest effort to stem a global credit crisis that began last August with rising loan defaults for subprime mortgages, loans provided to borrowers with weak credit histories.
Associated Press reporters Jeannine Aversa, Terence Hunt, Stephen Bernard, Madlen Read and Joe Del Bruno contributed to this report.
-
March 14, 2008 at 10:14 AM #169852
Ex-SD
ParticipantAP
Fed Pledges to Supply Cash
Friday March 14, 12:08 pm ET
By Martin Crutsinger, AP Economics Writer
Fed Endorses Rescue Effort for Bear Stearns and Pledges to Supply Cash to Financial SystemWASHINGTON (AP) — The Federal Reserve invoked a rarely used Depression-era procedure Friday to bolster troubled Bear Stearns Cos. and said it will provide even more help to combat a serious credit crisis.
The action won praise from the administration, with President Bush saying that Fed Chairman Ben Bernanke was “doing a good job under tough circumstances.”
The Fed announcement came in a brief two-sentence statement that was issued as stocks were plunging on Wall Street over worries that a plan to ease a liquidity crisis at Bear Stearns Cos. might not work.
“The Federal Reserve is monitoring market developments closely and will continue to provide liquidity as necessary to promote the orderly functioning of the financial system,” the board said. It said members had voted unanimously to approve the arrangement, announced by JP Morgan Chase and Bear Stearns earlier.
Delivering a speech on the economy in New York, Bush voiced confidence in the Fed’s actions to aggressively cut interest rates and the Fed announcement last week that it would supply up to $200 billion in loans to cash-strapped financial institutions.
“It was a strong action by the Fed and they did so because some financial institutions that borrowed money to buy securities in the housing industry must now repair their balance sheets before they can make further loans,” Bush said. “Today’s actions are fasting moving, but the chairman of the Federal Reserve and the secretary of the treasury are on top of them and will take the appropriate steps to promote stability in our markets.”
The plan announced Friday will supply secured funding to Bear Stearns for an initial period of 28 days, seeking to provide short-term relief for Bear Stearns.
Senior Federal Reserve staffers said the arrangement allows JP Morgan Chase to borrow from the Fed’s discount window and put up collateral from Bear Stearns to back up the loans. JP Morgan, a bank, has access to the discount window to obtain direct loans from the Fed, but Bear Stearns, an investment house, does not.
This type of procedure, Fed officials said, dates back to the Great Depression of the 1930s but has rarely been used since that time.
Treasury Secretary Henry Paulson praised the Fed’s leadership and said that the country’s financial system would be able to weather the problems.
“As we have been saying for some time, there are challenges in our financial markets and we continue to address them,” Paulson said in a statement. “This is another challenge that market participants and regulators are addressing. We are working closely with the Federal Reserve” and the Securities and Exchange Commission.
Paulson said he appreciated the leadership of the Fed “in enhancing the stability and orderliness of our markets.”
The action by the Fed board in Washington represented an endorsement of a rescue effort for Bear Stearns that had already been arranged by JPMorgan and the Federal Reserve’s New York regional bank.
It was seen as a last-ditch effort to save the investment bank, which on Friday acknowledged its serious financial problems after a week of denials.
JPMorgan Chase is providing an undisclosed amount of secured funding to Bear for 28 days, backstopped by the Federal Reserve Bank of New York.
The Securities and Exchange Commission issued a statement saying it has been “in close contact” with Treasury, the Federal Reserve and the Federal Reserve Bank of New York during discussions concerning an agreement by J.P. Morgan Chase & Co. to provide a secured loan facility to The Bear Stearns Companies.
“We will continue to work closely together in a way that contributes to orderly and liquid markets,” the SEC said.
Last week, the Fed announced an industry-wide rescue package that would provide as much as $200 billion in loans to banks and investment houses and allow them to put up risky home-loan packages as collateral. It was the Fed’s latest effort to stem a global credit crisis that began last August with rising loan defaults for subprime mortgages, loans provided to borrowers with weak credit histories.
Associated Press reporters Jeannine Aversa, Terence Hunt, Stephen Bernard, Madlen Read and Joe Del Bruno contributed to this report.
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March 14, 2008 at 9:11 AM #169714
pencilneck
ParticipantFNM?
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March 14, 2008 at 9:11 AM #169718
pencilneck
ParticipantFNM?
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March 14, 2008 at 9:11 AM #169740
pencilneck
ParticipantFNM?
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March 14, 2008 at 9:11 AM #169817
pencilneck
ParticipantFNM?
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March 14, 2008 at 8:07 AM #169683
barnaby33
ParticipantNothing to see hear folks, no deflation, please look away and dollar cost average right on through!
Which IB is next, Merrill, Citi?
Josh
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March 14, 2008 at 8:07 AM #169688
barnaby33
ParticipantNothing to see hear folks, no deflation, please look away and dollar cost average right on through!
Which IB is next, Merrill, Citi?
Josh
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March 14, 2008 at 8:07 AM #169710
barnaby33
ParticipantNothing to see hear folks, no deflation, please look away and dollar cost average right on through!
Which IB is next, Merrill, Citi?
Josh
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March 14, 2008 at 8:07 AM #169787
barnaby33
ParticipantNothing to see hear folks, no deflation, please look away and dollar cost average right on through!
Which IB is next, Merrill, Citi?
Josh
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March 14, 2008 at 7:44 AM #169673
Coronita
ParticipantStearns…Stearns… Bear Stearns….(slaps left hand for fat fingering).
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
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March 14, 2008 at 7:44 AM #169679
Coronita
ParticipantStearns…Stearns… Bear Stearns….(slaps left hand for fat fingering).
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
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March 14, 2008 at 7:44 AM #169700
Coronita
ParticipantStearns…Stearns… Bear Stearns….(slaps left hand for fat fingering).
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
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March 14, 2008 at 7:44 AM #169777
Coronita
ParticipantStearns…Stearns… Bear Stearns….(slaps left hand for fat fingering).
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
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