…from a “fucking retarded monkey sell” to a “watch out a nuclear bomb truck is in your garage sell.”
Price target has been reduced from $00.05 to $00.00.
Viz.
UPDATE: It appears the bagholders from [[JPM]] will announce a mercy killing of [[BSC]], for about $20.
Fucking ridiculous.
This will pave the way for sheer panic amongst share prices of other investment banks, notably [[LEH]], [[COWN]] and [[TWPG]].
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Their patents are worthless.
can u still buy BSC shares to short?
A nukular bomb in my garage? Naw, it’s just some of that leftover BSC toxic waste from hell they are trying to unload. They paid me 10 cents a ton to hide it there.
Their patents expired.
Bucket Shop
Haw! Haw!
Fuk da Hoyas!
My long term position in BSC began when it was $90. I rode it all the way up only to watch it fall. I accumulated a total of 5500 shares of BSC at much higher prices. I will hold strong even though it is approximately half my net worth and will not sell one share at this ridiculously cheap price. The company is run very efficiently from the inside. Please stop bashing BSC fly.
GA Dawgs over KY ‘Cats…not odd, no?
Is your name Joe Lewis?
Fool.
joe, who cares that the company is run efficiently from the inside… BSC is a ticking time bomb.
Joe -next time use stops.
Some of you must have some extra bags of Troll Chow you are trying to get rid of.
Back on topic, let’s keep an eye out for reports that the severe financial distress is “contained” to BSC, and that nothing similar could happen to any of its peers. Inconceivable!
In Con Thieve Able.
You guys are insane. Bear is in great shape. Book value is $80/share.
By the way, did you know? If you stick a crack pipe up your ass, the high is twice as intense.
Funny you should mention BSC. I was at a party last night. Two JPM people were there. One bond trader who replied they’ll be buying BSC when asked .
I asked the other guy, (in finance) if they were really buying BSC. He said, “yes”.
Me – “Why don’t you wait till they go to zero?”
Him – “We’re gonna wait till they go to zero.”
“So, its still a short at 30?”
“Yes, they’re going to zero.”
So, for whatever that conversation is worth.
Breaking news: Buffett offers eleven cents for troubled BSC.
A couple words from Fleck on BSC & the S&P ratings group:
Amnesty As Travesty
And, it appears that the Fed’s new TSLF was set up solely to provide Bear Stearns with liquidity, as Bear cannot avail itself of the TAF. Obviously, JP Morgan can use both. Nevertheless, even the TSLF hasn’t been enough, as Bear today needed help from JPM and the NY Fed. So, this is the Fed’s way of attempting to bail out Bear Stearns. And that illuminates something I have railed against for some time: We have become a bailout nation.
You would think that if ever there was an example to be made of a brokerage firm that took risk-taking to its extreme, it would be Bear Stearns. Given that the company put itself in harm’s way, why shouldn’t it be allowed to fail? But the sad fact of the matter is that the Fed and the regulators think they can and should prevent anyone from failing. Which is how we got to this point in time — where, notwithstanding efforts by the powers that be — the problems are too big to bail out.
Meanwhile, the consequences of their attempts are a collapsing dollar and a higher gold price. And, at some point, it will matter to the Treasury market, though it certainly hasn’t yet. The repercussions to the policies pursued by Greenspan and the Fed are now manifesting themselves. Over the course of the coming months, it will finally be clear to everyone just what an abomination and what a dangerous entity the Fed has become. Perhaps the good that will arise from the crackup ahead is a new regime at the Fed, though I am not holding my breath for when that becomes reality.
Doo-Doo Diligence
In the rich irony department, it’s worth noting the extent of clairvoyance at Standard and Poor’s, which — after yesterday having opined that liquidity problems were nearing the light at the end of the tunnel — suddenly today realized that Bear Stearns might have an issue or two, prompting S&P to cut Bear’s credit rating. It’s hard to fathom how these ratings agencies can claim to have even one ounce of credibility — and anyone who does believe in them lives in a fantasy world.
The good news is that the Fly downgrading BSC will not negatively impact Cayne’s bonus or his golf game. I bid three no trump.
Wasn’t JPMorgan going to buy WAMU, like a few months ago, just after Bofa bought countrywide?
I think they are just calling it a bailout, so they can orderly get rid of its assets, instead of panic firesale sell-out.
Man, is it just me or MBI/AMBAC looks amazingly juicy for a short? If BSC went down, theres no way those companies will make it.
Wonder why Elliot Spitzer was entrapped & taken down for his victimless (besides his wife) crime?
=======
It was the night of February 13 when Spitzer made the bone-headed choice to order take-out in his Washington Hotel room. He had just finished signing these words for the Washington Post about predatory loans:
‘Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which he federal government was turning a blind eye.’
Bush, said Spitzer right in the headline: ‘was the ‘Predator Lenders’ Partner in Crime.’ The President, said Spitzer, was a fugitive from justice. And Spitzer was in Washington to launch a campaign to take on the Bush regime and the biggest financial powers on the planet.
Spitzer wrote: When history tells the story of the subprime lending crisis and recounts its devastating effects on the lives of so many innocent homeowners the Bush administration will not be judged favorably.”
But now, the Administration can rest assured that this love story – of Bush and his bankers – will not be told by history at all ”now that the Sheriff of Wall Street has fallen on his own gun.”
Which bank is going to follow the Bear?
Joe,
Sell, Sell, Sell
Too hilarious. I guess the fuknek Dems are trying to make lemonade out of their favorite fascist’s downfall. In the end, they’ve had to retreat to their threadbare retort:
“It’s Bush’s fault!”
Of COURSE it is!
That and the WTC, right?
“While terms of the deal were still being hammered out Sunday afternoon, Bear Stearns could fetch roughly $2.2 billion, or slightly less than $20 a share, said people familiar with the talks. Reflecting the dire situation at Bear, that valuation is one-third lower than the company’s stock price of $30 in New York Stock Exchange composite trading Friday at 4 p.m. Last year, the shares hit $170.”
From the WSJ
Unbelievable … how fast the mighty have fallen. Scary.
http://www.zshare.net/download/9045298be5058c/
**here’s some top secret recipes for you
Down we go boys, prepare to qualify.
Looks like your BSC is going to be taken private for $20.
The deal is ready to go… we just need to hammer out one last detail: I want all high-level employees paid in “crack rock”, while the cheapskates at JP Morgan insist on cheaper, lower quality “herb”. I think we can reach a compromise before Asian markets open.
So the question is: Does the market find at least a temporary floor for several months, perhaps thru the Summer Olympics; after revaluing the brokers & banks for the BSC take under?
I am guessing yes.
so, who is next?
and will it play out like this, with the govt back-stopping every deal (yes)?
and will this happen 6 or 7 times, and will financial markets’ implosion be averted all “world war 3 like” each and every time?
i dont necessarily want bread lines and shit, but nobody bails me out when i fuck up. infuriating (and dont lecture me on the concept of “the greater good”…i get it).
and i am not a rocket scientists, admittedly, but how does the FED with 800 Billion repeatedly bail out fuck-ups with exposure in the 10’s of Trillions?
Your price target was pretty fucking close, Fly.
http://biz.yahoo.com/ap/080316/jpmorgan_bear_stearns.html
$2 a SHARE
HOLY FUCK
…and the futures rally.
maybe i should switch games.
Why bail out? Because if BSC went bankrupt, the dominoes could start to fall. These big banks are in the foundation of the economy – pull one out and the whole house of cards could tumble. Maybe BSC could have been allowed to BK, but why take a chance?
The Fed just cut by 25 bps. We have panic!
http://www.cnbc.com/id/23664032
And the best part of the deal: each shareholder of BSC will receive a small plastic kazoo, with our logo silkscreened on the side. I think this is truly a “win-win” for all parties.
So do we gap down 500 points or 1000. Fly, I learned my lesson. I will never fuck with the man with a time machine. You are gonna make a killing tomorrow on ultrashort financials and short LEH. LEH is going down big as well. Fly you are the king. All hail FLY.
What’s the point of cutting the discount rate? I thought all the banks were sucking at the “TAF” titty now.
Well, that little bounce in the futures didn’t last long.
Well, that little bounce in the futures didn’t last long.
Nope. The NQ went up 30 to down 16 in 30 minutes.
Yikes!
On Dec. 21, Cayne owned over 5.6 million shares and Schwartz over a million – think they got out in time?
i’ll take 100,000 UYG @ $2, please
Is it time to move beyond the “smug about being short since August” stage to the “afraid money might not work any more” stage?
the rollercoaster ride continues.
LEH to $6
$2!!!!!
Cayne sold $15 mill worth on Dec. 21 and Schwartz sold $6 million but it appears they both are gonna be down a small fortune – shoulda sold it all boys, but then that might have looked suspicious, no?
was that “joe” guy way above on this thread serious? long since $90, averaging up on the way up, accumulating 5500 shares, and holding. ouch
i meant $2, not 20…..wow…
$2, holy fucking shit… get ready for the St. Patricks Day Massacre – he’ll be driving the snakes from Wall Street tomorrow.
Crazy, $2 a share! The Fly’s Time Machine was in fine form this weekend.
And the Fed cut on the weekend. Makes me wonder what they know about that we don’t. Or are the Fed board members just so panicked they’ll do anything? Either way it’s bad.
Who the fuck bought all of those 25, 30 puts last week???
insiders. lucky bastards, should they stay out of jail
Looks like Brucey’s guy was not blowing smoke.
Got XLF put(z)?
______________
I blame Bush.
Unreal. All of CNBC should be drawn and quartered for pumping Bear’s supposed book value on Friday. People may be jumping from windows over this shit.
Gold at $1,016 right now. hope people are loaded up on GLD and DCP
Bad week(s) for Cramer d’Asshat.
The market is collapsing. Tastes so good. Do not dare to cover shorts and go long. Only cover if you don’t have the stomach.
Oh MY GOD. Thats all I can say. When will SMN take off? What about DUG? SKF anyone? Buy a house in the next few months anyone? Good god.
I just got back from a college golf tournament and I read that BSC is being taken over for about $2.00 a share and Jake is blaming Bush for stuff ( I agree). Next thing you know gold will hit $1,000 and my local Wamu will be in trouble. As the world ends gather your guns, gold, beans, and four iron.
CRAMER SAID.ON TUESDAY ON MAD MONEY
03/11/08 – told viewers that he’s not worried about Bear Stearns
(BSC – Cramer’s
Take – Stockpickr), saying the company is not in trouble and no one should
be pulling their
money out of it.
Strange stuff happening here. Joe Lewis just called me and wants to move into my backyard with a Coleman tent.
TC — in case you’ve missed it, most of what I put on this board can be read “tongue firmly ensconced in cheek.”
And no, I’ve no idea what that means.
Fly posting on the weekend…very ominous sign.
Jake – Oh yeah, I forgot. Still thinking of birdies and six footers to save par. I didn’t even know anything about BSC until I heard it on the news on the way back today. Back to the world of insanity.
I go play in a bridge tourney and smoke a little ganja for a couple days and look what happens. They sell my fucking company out from under me for $2/share.
Thank you Dennis Kneale for saying I only take a loss when I sell.
Cocksucker.
God willing the same will happen with LEH soon.
Asia opening RED – Code RED!!!!
$2? Are you fucking kidding me?
That includes the price of their huge freaking building! $236 million…
I’m at a loss. What does this do to all the other brokerages? Kill them? Who wins?
-DT
Well at least inflation is in check.
I don’t get the Sunday cut though? Does that mean no more for Tuesday?
They’ll cut again, they were predicted to do 75 bps. I can see them cutting a full 100bps Tuesday if not tomorrow if things go south hard.
mrkcbill,
The Sunday cut (in the discount rate, BTW, not Fed Funds Rate) is kinda scary… I mean, it’s like, they have nothing else to do, so I guess they had to do something to “counter” the headline of $2 BSC.
Crazy. Well, I guess we just have to stay calm and see what things look like when the dust settles. I’ll tell you one thing… it’s a 4 day week, (because of Good Friday) but it’s gonna seem like a full one.
-DT
Wow – I can’t wait to see joe standing in the soup line while the bears get rich off of him
http://youtube.com/watch?v=dirHWM7VP6g&feature=related