iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
16,851 Blog Posts

Fly Buy: SRS

I bought 3,000 [[SRS]] @ $116.

UPDATE: I bought 3,000 @ $113.11

Disclaimer: If you buy SRS because of this post, the next time you order Chinese takeout, vermin will be in your rice. And, you may lose money.

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Fly Sell: RIMM

I sold short 2,000 [[RIMM]] @ $94.20.

Disclaimer: If you sell short RIMM because of this post, Warren Buffet will buy a 20% stake in the company. And, you may lose money.

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Fly Buy: SMN

I bought 1,000 [[SMN]] @ $41.61.

UPDATE: I bought 3,000 SMN @ $41.65

Disclaimer: If you buy SMN because of this post, your ink jet will run out, at the most inopportune time. And, you may lose money.

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Fly Buy: DECK

I covered some of my [[DECK]] short, buying 5,000 shares @ $113.76.

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Your Wardrobe is Unacceptable

Many of you are slobs. I look at you (“The Fly” is watching all of you) and I think to myself: “wow, what a fucktard.” I mean, quit viewing my blog in your bullshit Aramani rip off, polyester suit. Go to your local tailor and spend a good 2g’s on a high quality thread count/100% wool suit.

You ought to be ashamed of yourself.

Keep in mind, this is a “high end” blog, where only the very wealthy or “rich” are invited. Should your net worth be under 1.1 million or your age above 47 1/2, you will be escorted off the site’s premises. So sorry, I keeps [sic] my standards.

With regards to the markets:

Who cares?

I have a long weekend ahead of me. The NYS Insurance asshats are trying to rig the system, bailing out the monolines. As a result, my [[SKF]] may not be able to reach $140, yet. Also, I’m not enjoying any spike, whatsoever, in [[VMI]]. As a matter of fact, it’s down a buck.

All in all, today is a rather opaque, yet gay, day.

I suppose things will “heat up,” later on. After all, who wants to be long stock, going into the weekend? Oooh, scary.

Top picks: [[SKF]], [[SRS]] and [[SMN]]

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Gunners Forecloses on Ducati’s Blog

“The Fly” believes in symmetry. Ducati ruined Gunners perfect post with a 1 star rank; therefore, Gunners is “awarded” Ducati’s blog. It’s that simple.

Tit for gat.

Since the cat is out of the bag, Ducati has NEVER given anyone, other than himself, more than 1 star. We’re talking dozens of 1 star votes. An egregious voter, if you will.

How’s that for full disclosure?

Hence, iBankCoin welcomes Gunners.

In other news: The monolines are “financial terrorists.” And, they’re f#@%ed (we can say fucked here Barry).

And, Mish gives an update on how fucked the auction fuckers are, with a little unique insight.

Many of the ARS munis are held by leveraged closed end mutual funds. Since the auctions are failing, my guess is they will liquidate the leveraged portion of the portfolio, meaning a cascade on muni paper into the market. Plus, other issuers will be trying to re-finance their ARS, (NY, Tollways, etc.), we should be watching the yields going forward and they should spike sometime in the future. There might be an opportunity in here!

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Tonight, I Will Eat Chocolates Made of Gold

Much to your chagrin, I made “buckets” of coin today, as the hatfucking banks, collectively, fell into an idle snake pit. Thanks to many failed bond auctions, there is fear permeating the market, with regards to the lack of liquidity at our lovely institutions.

Aside from that, it appears Ducati has quit, iBankCoin? Is this true? If so, I may need to quickly reassign his fucking blog, to a non-deserving Peanut.

Being that it’s Valentines Day and all, I will not bore you with “The Fly’s” superior trading moves. Instead, I will remind you that death and “great harm” will afflict the banks. Should you ignore these dire warnings, I will be forced to track your dumbass down and punch your fucking chest hairs off.

Be well.

NOTE: [[MBI]] and [[ABK]] are liars. All of them. The whole lot.

UPDATE: The party at [[CMG]] is officially over.

UPDATE II:

Banks advised to walk away from big deals – FT
  FT reports leading banks are being advised that it would be cheaper to walk away from big buy-out deals than incur further losses on their funding commitments, increasing the chances that more high-profile private equity transactions will collapse. This advice from lawyers contrasts with the conventional wisdom that banks would risk serious damage to their reputations if they were to drop out of deals. But legal advisers argue that the break-up fees banks would owe in such cases would be far lower than the write-downs they would have to make on their loans, given the current cataclysmic conditions in the capital mkts. “It is the tipping point argument,” said a senior partner at one of the biggest private equity group, who asked not to be named. “The banks have so many issues with their balance sheets that they are considering a new policy.” However, such a radical shift could have a dramatic impact on the mkts. The presence of private-equity buyers is one factor that has helped boost stock prices…

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