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Yeah, we’re going to flush to the terlet here, with this Goldman Kabuki going on. And now Merrill is getting into the act, too.
Big whoop. Like it’s a shocker that losers are going to try to blame someone else for losing money?
It’s the way of the world. Blame someone else for your stupidity. Tell me one thing, though… if you went to that Goldman Sachs trading room back in 2006, how many geniuses on that floor would’ve been betting on John Paulson?
Yeah, that’s what I thought. Not even Timmah was betting with Paulson back then. Hindsight being twenty-twenty, though, let’s throw them all in jail now. I’ve been in this business 20-years and I could’ve been in it 200… the story remains the same. Chock full of losers looking to blame someone else. Step off and take responsibility for your decisions.
Or just get the hell out.
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Meanwhile, Transport leader and king United Parcel Service, Inc. [[UPS]] made a giant move last week and only pulled back a little off of it with Friday’s mess. Recognize, I believe it will pull back more with this long expected blow off we have expected, and we should experience more of this week. But I also think it shows we’ve got more to go in this retardiculous (sic) market runup into the 2010 elections.
Here’s where I think the buypoint for UPS should be:
This should also become a signal to you of when the market as a whole will begin to recover. The Transports always lead, Charles Dow has yet to be wrong in over 100 years, and he’s been my sherpa for some of the worst market conditions we’ve experienced since the Depression.
Put your faith in Chuck, watch United Parcel Service, Inc. [[UPS]] and look for gold and silver in extremis.
My best to you all.
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Ups cannot ship to europe due to black smoke.
That is all.
UPS ships to Asia, mostly.
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Half the traffic in London is caused by double-parked brown mini-trucks. I took a few pics of them last time i was there.
Hey jake,
Nice to see you writing again. Been looking for your blog. And I agree.
Yes, apologies for the slow down, I promise it’s not union-related.
Just buried up to my ears, ovah heah.
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As usual, you don’t permit facts to interfere with your kneejerk rants.
The complaint in the Goldman case alleges a very specific fraud . So wtf are you bitching about?
Not that it’s not fraud.
Nope. Just your usual broad-stroked blather.
If they were going after short sellers, hedgies generally, the uptick rule, Martha Stewart, or other such shit – you’d have a point. But in this specific case, they are prosecuting a specific crime. Hallefreakinlujah!
Anyway, who is to blame for the financial crisis? Clueless, short-sighted Americans who keep returning the same old Greenspan/Bernanke-appointing, insurance and fraud law ignoring, extra-constitutional behaving Dems and Republicans to office.
(Chortle) Good thing none of your ham-fisted jeramiads are pre-canned, eh Recherche de Temps Perdu?
Keep reading the Boston Globe, my self wrongteous noob-troll. For my part, I’ll await the trial where the defense actually gets to present it’s case.
Promise you won’t stroke out when it doesn’t follow your comic book thesis again?
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Trial? They won’t have no stinkin’ trial.
Born yesterday?
We’ll see M. L’Underbridge.
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There’s no way there will be a trial
Nothing but a big cash payment followed by GS claiming no fault and the Government claiming victory
There WILL be a trial and the SEC will think they have the upper hand with their secret witness, Frank “Frankie Five Angels’ Pentangeli.
Much to their chagrin, Frankie’s brother Vincenzo is flown in from Sicily for the trial, effectively causing Fankie to come to his senses and change his testimony.
Kabuki indeud.
If GS knew that the CDOs were set up explicitly to fail, then the fraud allegations are true, in my opinion. And they probably knew. On the other hand, these bankers who bought this shit were a bunch of stupid donkey-shits. I have to say that the average intelligence of the institutional traders I know is about double of the bankers. No wonder they get suckered into all kinds of shit.
Here’s the thing… this reminds me of those SEC asshats going back after the dotcom meltdown and saying “aha!”
Fact is, in 2006, Paulson was seen as a crazy loner. There are probably also plenty of emails that will show how the boys at GS thought he was going to lose his shirt. If what they’ve said in preliminary defense holds true — and that they actually lost $90 mm on the deal despite getting the $15mm fee — that means they bet against Paulson themselves.
If GS was so “in the know” about these CDO pools melting down, howcome they needed Uncle Warren to ride in and buy their equity at Wal-Mart prices?
See, I’ve just introduced a tiny modicum of doubt into this whole SEC-Associated Press Populist Idiot theme show. Wait til actual Latham & Watkins $1200/ hour defense lawyers get a hold of it.
Keep this notion in your head and you can almost never be too far off: “The SEC is almost always wrong, at least in the first cut.”
They may learn eventually, but make no bones, this is a politically driven coordinated hash job, and they will be embarrassed for it.
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Like I said, “if”. This whole thing will open the door for a lot of litigation, We could see a nice buying opp in financials soon. Maybe those poor fucks who bought ABK at $3+ will be able to average down. We all know that’s the way to make back your losses.
Also, this whole thing is in fact politically motivated. It’s all because Mr. Dodd couldn’t get enough support for his bill.
Agreed Jake. This should be nothing less that comical, watching the SEC try and say that Goldman somehow orchastrated with the legendary Paulson to defraud investors when, in fact, Paulson only just gained his notoriety from betting against these products, after the fact.
And if Goldman is smart, they won’t settle. It’ll just make them look worse. Instead, they’ll stick to their convictions and watch the SEC drive 180mph into a concrete barrier.
It’s Kabuki. Goldman is the Dem’s biggest donor, and they own Charles Schumer. If you think any of this is uncoordinated….
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I have trouble seeing Goldman going along with this; especially after that seething press release. This feels like a betrayal to me.
Hello Jake,
Brown is a long term play imo because they have proven versatile and forward looking in adapting to alternate transportation energy sources. They are using hybrids and natty and will probably diversify more going forward. These are not investments which will necessarily play out in a matter of months but rather years. UPS is one of the few corporations that haven’t pissed me off lately and the things they spend money on make sense.
They are a big union shop, as well, which may accrue to their benefit in these kommisar-ish days.
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Ambivalent about the unions but I’d rather the money went to local wages than OPEC.
Jake, I’m not sure Kabuki is the right word for it. The rules of the game have certainly changed, and the Democrats are learning to use their power in a Daleyesque or Johnsonian [sic][sic] sort of way. Regardless of what we call it, it’s not good for the markets. I think it’s “proper” that they went after their friends first, GS can settle and get on with business quickly, while they make others squirm with the end being financial reforms are in place before November.
http://www.mutantfrog.com/2010/04/17/kabuki-backlash/
I started the usage of kabuki as an adjective. Libs follow my shit all over.
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Eh tu kommisar? Good song. Lets bring back the eightys again. Good times and good money to be made.
Nah … just listen to some Dan, man … that’s STEELY DAN!
If it’s all theatre (agreud ) then this dip should be seen as an opportunity to get in at lower prices, n’est pas?
On my watchlist: CREE, VECO, AMD, LIWA, POT, ANDE, MON, PAL, ENTR and ETFC as a dice roll.
The problem is it could be much lower prices. My point is this is about power not money.
Added XRA @ $7.23 … they are in the catbird seat with their Chile investment
I really wish you hadn’t sold out of AAPL at around 123.50…
Agreuuuuuud.
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FYI Jake- Two new etfs that started trading yesterday.
SIL (Global Silver stocks) and COPX (global copper stocks).
SIL volume on first day was over 50,000 so I suspect it will be up to 500,000 or so in 30 days.