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
21,506 Blog Posts

Late Night Thoughts

Steve’s 401k plan is “hurting,” as per Steve, during our weekly garbage night chat.

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71 comments

  1. DSB

    hahaha

    You’re an evil fuck

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  2. Aris

    nothing better than a little enron pie for everybody.

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  3. BOOMER

    That’s dark.

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  4. mrkcbill

    Prosecute the Short Seller!

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  5. Prospectus

    Throw yourself (and your bullshit 401k) off the balcony.

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  6. Woodshedder

    My platform shows futures down 2.5%?

    Edit***

    Tradestation. Never mind. I was looking at the wrong workspace.

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  7. DSB

    What kinda platform you got?

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  8. Prospectus

    PS: On an absolute return basis, my 401k is only up 3% this year. On a relative return basis, my co-workers are signing the deeds to their houses over to me tomorrow. God Bless iBC.

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  9. JakeGint

    It’s made out of cee-ment blocks and it shares space with the copper still and clay jug.

    ___

    Hanging Seng down 3.5% btw. Nice call on the FXP pickup, Air Fly.

    ___

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  10. JakeGint

    My 401k is up even more than my regular trading account, ironically due to egregious amounts of FXP and SKF in them for wont of shortable action.

    Because you can’t “short” in an IRA/401k.

    Thank you, pro-shares.

    _

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  11. BOOMER

    A shortage of liquid asphalt is occurring, in part, because oil refiners are concentrating on producing more profitable finished products from crude oil, such as diesel fuel, instead of asphalt, said Tom Peterson, executive director of the Colorado Asphalt Pavement Association.

    http://www.denverpost.com/breakingnews/ci_9879699

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  12. Nancy Sinatra

    can’t wait to sell my puts on ‘various’ cali reg banks for multiple ‘baggers’ in the coming day(s).

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  13. DSB

    Too many motherfuckers, fuckin with my shit

    [youtube:http://www.youtube.com/watch?v=Bqxnm6t3QMw 450 300]

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  14. JakeGint

    From BOTD’s Onion Article:

    Current bubbles being considered include the handheld electronics bubble, the undersea-mining-rights bubble, and the decorative office-plant bubble. Additional options include speculative trading in fairy dust—which lobbyists point out has the advantage of being an entirely imaginary commodity to begin with—and a bubble based around a hypothetical, to-be-determined product called “widgets.”

    The most support thus far has gone toward the so-called paper bubble. In this appealing scenario, various privately issued pieces of paper, backed by government tax incentives but entirely worthless, would temporarily be given grossly inflated artificial values and sold to unsuspecting stockholders by greedy and unscrupulous entrepreneurs.

    “Little pieces of paper are the next big thing,” speculator Joanna Nadir, of Falls Church, VA said. “Just keep telling yourself that. If enough people can be talked into thinking it’s legitimate, it will become temporarily true.”

    Hold on a sec… isn’t that what got Fan and Fred into this current mess?

    _

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  15. BOOMER

    Paramount forced to suspend $450m financing

    By Matthew Garrahan in Los Angeles

    Published: July 15 2008 00:12 | Last updated: July 15 2008 01:28

    The credit crunch has hit home in Hollywood after Paramount Pictures, which has released a string of hit movies this year, was forced to suspend plans for a $450m film financing.

    The studio has been working with Deutsche Bank on financing that would have provided funds for up to 30 films, including possible blockbusters such as the sequel to Transformers and a new version of Star Trek.
    EDITOR’S CHOICE
    Hollywood big screen in an instant message – Jun-29
    MGM in talks as it plots new golden age – Jun-05
    The Monday Interview: Daniel Battsek of Miramax – Jun-01
    Regal to expand number of 3-D screens – May-20
    Malone grants film studio liberty to act – Apr-24
    Hollywood studios in web and TV deal – Apr-21

    However, the bank was unable to close the financing because of a market-wide lack of enthusiasm for the deal’s senior debt component. Deutsche has subsequently decided to close its film finance unit and concentrate on other areas.

    http://www.ft.com/cms/s/0/4b3eea5c-51f9-11dd-a97c-000077b07658.html?nclick_check=1

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  16. DannyW

    Fly (or anyone else),
    Could you please tell me the best way to short the euro over the next 18 months. I know of the fxe that I could short, but is there anything else more aggresive/better? thank you, DW

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  17. These Banks...

    You keep saying you’ve got something for me.
    something you call capital, but confess.
    You’ve been messin’ where you shouldn’t have been a messin’
    and now someone else is gettin’ all your best.

    These banks are made for failing, and that’s just what they’ll do
    one of these days these banks are gonna fail all over you.

    You keep lying, when you oughta be truthin’
    and you keep losin’ when you oughta not bet.
    You keep samin’ when you oughta be changin’.
    Now what’s right is right, but you ain’t been right yet.

    These banks are made for failing, and that’s just what they’ll do
    one of these days these banks are gonna fail all over you.

    You keep playin’ where you shouldn’t be playin
    and you keep thinkin’ that you´ll never get burnt.
    Ha! I just found me a brand new inverse ETF yeah
    and what he know you ain’t HAD time to learn.

    Are you ready banks? Start failin’!

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  18. JakeGint

    DSB, that shit was funny enough for an embed…

    “Mah transaction…. shiiiiit”

    _

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  19. DSB

    Thx. I suck at the internets.

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  20. mrkcbill

    Fly how is that Million in FXP doing……..Sweet and Dandy!

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  21. Nancy Sinatra

    cheers

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  22. DSB

    Hey, WOODSHEDDER IS ALIVE

    And with a nice fuckin’ post

    http://www.ibankcoin.com/woodshedderblog/index.php/2008/07/14/list-of-banks-more-likely-to-fail/

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  23. '401k' Plan

    Actually, I’m more of a ‘301k’ plan lately.

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  24. DPeezy

    Thanks to a job switch, I got to roll my 401k out of my bullshit Fidelity auto account into something I can fully manage.
    Thus, I still have hope of having money for my ‘viagra-years’.

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  25. Juice

    Fly jokes about stealing 401ks, IRAs, pensions. After the close yesterday, I walked down to the beach. There’s a guy a couple houses away who’s retired. He used to work at the NY Fed. He didn’t see this coming. His wife, who is a real estate lawyer saw something coming. He looked downright depressed after the pillage in financials lately & particularly yesterday. He had that look of a deer in headlights. He mentioned his retirement evaporating but he can’t sell here.

    Pretty sad. This is playing out all over the US.

    Another friends husband works at BKUNA. I saw them in the fall of 2006 when BKUNA was around 30 and I asked what he knew about short sellers claims. He said they had no problems there. The stock is now under 66 cents on its way to zero. He had 100k shares. Never sold one because he was a loyal employee. Retirement & his 2 kids education is history.

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  26. sniper6

    “Past performance is not indicative of future results”

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  27. Anton Cigur

    What is this?

    Some kinda sea shell party?

    Sea horse?

    Yeah, right.

    RIGHT!

    (Long FXP)

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  28. BPOE

    Banks start earthquakes in California to collect insurance and destroy all records.

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  29. CubsRock

    Blow off top on SKF.

    Capitulation initiated.

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  30. Juice

    Short IBM .. its still up there and their business with financials is huge … just like ORCL giving it up on its financial biz exposure, IBM will follow

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  31. CubsRock

    Juice, looks a bit like a head and shoulders top also.

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  32. Average American
    Average American

    I need the minimum work age lowered to ten right now!! Junior needs to start earning his keep around here.

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  33. TraderCaddy

    Steve Leesman- Stop yelling at Becky.

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  34. Zenprofit

    I met Liesman. Very short, pudgy, chain smoker.

    Very unattractive. Loves to seem superior to Santelli.

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  35. Juice

    I was watching CNBC very early this am. Some anchor woman, Bertha whatever, was interviewing Jim Rogers in Singapore. She tried to accuse short sellers of ruining corporations & their stocks. Rogers told her if she thought that, maybe she should get another job.

    I love that bow tie with an asshole!

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  36. lol

    jeeze with IBD’s cover and article, and with yahoo news “150 banks to fail”, and many other front page shit, it’s like they’re trying to recreate the run on the banks predepression.
    JPM aparently started the rumors last time and had them posted on front page press of many of the papers he controled… not sure who’s pulling the strings this time.

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  37. TraderCaddy

    Watch LEH in pre-market. Rumors about going private?
    PS Please don’t prosecute me.

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  38. Woodshedder

    Even within employee sponsored 401Ks, there are options. My wife’s plan is with Fidelity. At the beginning of the year, I pulled everything out of the funds, and had it placed in money market funds. I was specific about getting money market funds with very very little exposure to mortgages. Her account is up for the year, due to the 4% interest she is getting. I know many many other people, my dad included, who have been getting killed because I could not convince them to go to cash.

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  39. gappingandyapping
    gappingandyapping

    Fly seriously, your trading lately has truly been godlike. Now RIG gets upgraded? Lets just hope VLY goes under and EWBC.

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  40. Topper Harley

    The last time RIG caught an upgrade the stock gave back all it’s gains at the close, and some more.

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  41. Jakegint

    HDB Mothah Uckas!!

    ___

    (Hat tip to the Fly)

    __

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  42. Jakegint

    I sent out a second “Warning to all family” email over the weekend to my aunt & uncles, bros & sister, cousins, etc. Not much response. Couple of jokey replies from my little brothers, mostly.

    Did have one aunt call me about a specific stock they’d been holding a lot of since it was in the mid 80’s. It’s now in the mid 30’s. Bank related of course. I said “sell.”

    Of course.

    ______

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  43. Jakegint

    Skiffles @ $200.

    Soon to catch POT, and smoke it.

    _________

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  44. Jakegint

    Ooop! Guess that Lehman talk was bullshit after all…

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  45. Zenprofit

    VIX will hit 30 today. KABOOOOOM!!!!!

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  46. hmm

    How is long UYG working for you ? IDIOT !

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  47. Aris

    the VIX will go to 40.

    the SKF will go to 300.

    there are about 4 people on wall st buying banks. everyone else wants nothing to do with them, and those foolish enough to try are using options. they’re going to be shorted straight down until these companies start buying back stock.

    no stock buybacks or acquisitions? they’ll all be single digits.

    i wonder how many 401k plans are still holding a bunch of banks? probably a lot.

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  48. Buckle Up

    enuf said

    oh, one more thing

    put on your {crash} helmets

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  49. awake

    holy shit Bernanke is gonna tank the market, listen to the synopsis of his comments

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  50. Crude Broker

    My thinking is that SRS is the next to blow to $150. With the turmoil in the banks, the real estate is gonna get fucked, again.

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  51. Big Ben

    Hello stagflation (Gosh…who saw that coming?).

    WTF am I going to do now?

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  52. BPOE

    It is DIAPER time!!!!!

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  53. Jakegint

    The Fly is currently doing octopus arms on the phones.

    Today is a day for assuaging clients.

    My own broker just called me asking me where the bottom was going to be on banks.

    lol.

    _

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  54. Aris

    everything is going to get torched. ag, steel, oil, gas, coal, tech – all going down fast.

    i’d probably buy the SMN, if i were a gambler, because the SKF, SRS, etc., have been so heated, and the SMN needs to catch up. the volume on the SKF is ridiculous.

    they’re even selling crude right now – lol @ traders on the run.

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  55. Jakegint

    Next stop for the Cubes?

    $42.20

    Patrick better not worry about hair balms just now.

    ___

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  56. awake

    vix 30.38 right now

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  57. DSB

    LOL

    President Bush: Important people ‘have confidence’ in the housing market

    LOL

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  58. gas grass or ass
    gas grass or ass

    Dodd is asking intelligent questions.

    Benrnanke is speaking truth.

    Bush is an blathering idiot.

    I’m all out of gas and grass.

    Good fucking times 🙂

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  59. Hank Paulson

    I’m lining up the fucking hit squad for any sellers of bank stocks.

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  60. InternationalGroupie

    so true.
    “less on the solvency and more on the capital needed for these companies. “-bernake

    WTF, this means he knows that theres no true reform.

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  61. CAP

    I thought today would be a bottom ( not THE bottom) for a summer rally. I’m just not feeling it though. I think we need a drop to – 400 on the Dow. Get the VIX to 35+

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  62. Vince Lombardi

    What is going on with Lehman? Market is rallying. I think its a good idea to short the shit out of the pop off the lows here.

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  63. Prospectus

    JakeGint: That’s awesome about your broker. LOL

    Need to hire a Rocket Scientist? Look me up…

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  64. Topper Harley

    anyone watching pnc ?

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  65. Jakegint

    Bush is an (sic) blathering idiot.

    Maybe you could run for Prez next, then?

    __

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  66. Jakegint

    Topper.

    Shorted them yesterday on the breakdown past support.

    __

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  67. Jakegint

    I’m lining up the fucking hit squad for any sellers of bank stocks.

    I just rebid your “contractors” with my recent winnings.

    Watch your back you dollar inflating son of a bitch.

    __

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  68. Dislocation

    the obligatory oversold short covering rally

    one of these will stick

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  69. Mushroomz

    tee hee, 69 Responses

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  70. DSB

    I can’t stand people who hate on short sellers…

    You know what I say to those people? FUCK YOU

    The market experienced 8 years of innapropriate growth, based on lax lending standards and little to no oversight. I should be able to identify this inappropriate growth, and take financial advantage of the ensuing contraction.

    We all got gamed… and the last one to the punch bowl to take advantage of the downside will suffer from natural selection. The strong shall survive, fuckers.

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