Thanks to the ‘tards at [[AIG]], [[LEH]] and [[RIMM]], “The Fly” is up 1.75%, intra-day.
I felt you should know that, prior to finishing up your day.
Carry on.
No Regards,
Fly
If you enjoy the content at iBankCoin, please follow us on Twitter
Joined Nov 10, 2007
23,429 Blog Posts
COF, MER, C for me.
Fuck solar too… but that’s not working today… today.
Good news Fly: fm minyanville
One of my best sell side sources just told me there were 11 failed auctions at Lehman (LEH) on Friday, some at Goldman (GS) and 11 at Citi (C) today.
On top of that SLMA was forced to pay 7 1/4 % for AAA 35 day money. Yes, Virginia, there is a credit crunch.
In a failed auction, basically the re-marketing agent gets all sell orders and no buy orders. This is a sell imbalance at its worst and the municipality doesn’t get the cash. If it happens more than once, the broker calls the issuer and says ‘Mr. issuer, if you want money, you had better go to the fixed rate window’. And the fixed rate window, with the economy floundering and the insurers all but bankrupt (certainly not writing any new business), is kinda closed too.
So be careful out there. real careful. If this turns into a rout, it could reverberate through the economy. Big time.
Good stuff Juice.
Prob hits the papers tomorrow, WSJ or NYT & down we go tomorrow
shorted extra LEH off that
got a link?