Dealbreaker has a nice summary outlining who got screwed by Lehman Brothers Holdings Inc. [[LEH]] . However, as you know, the media is so past Lehman. That is very early September 2008.
Instead, let’s focus on a possible American International Group, Inc. [[AIG]] buyout. After all, should AIG get bought out, that would mean everything is gravy train again, no? By the way, AIG is not down 60% for the day; it’s up 50% from the lows. I guess you didn’t get the memo.
This all brings us to tomorrow’s Fed meeting:
In light of Wall Street’s non-stop whining over a rate cut, I am beginning to think Bernanake may actually do it. Logic dictates the Fed would be stark raving mad to lower rates. However, that never stopped them before.
So, with this in mind, sadly, I will cease shorting banks(for the day) and put my money towards depressed oil shares.
At the present, [[SKF]] is my largest position and I would love to buy more—for I think it’s worth $140, easy. But, I need to remind myself how stupid all of the dip buyers are, with their Crameresque mannerisms and Larry Kudlow patience.
Temper your moves with extended breaks. Go for a walk. Eat a sandwich and drink a 40oz. of malt liquor. By the time you come back, the market will be at the lows of the day, effectively poleaxing all of the idiots with online trading accounts.
To sum things up: I will hold my powder, until 3:30. If I buy anything, it will be Western Refining, Inc. [[WNR]] or [[DIG]] . Let’s not get all gay and start saying “markets bottom on these type of events.” That is just plain huckery and untrue.
NOTE: How amusing would it be to see the MER and CFC acquisitions put BAC into receivership?
NOTE II: The mandatory Buffett rumor has been dismissed as lies. Shocker.
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From my PG post on the Lehman Bag Holdings:
Of their 30 largest unsecured creditors, Citibank, N.A. and The Bank of New York as indenture trustees are, jointly, the largest claimant, and are owed approximately $138 billion with respect to certain bond debt.
Doh! Doh! Doh! Doooooh!
__
Don’t do it.
” temper your moves with extended breaks ”
well said.
Is this the BIG ONE? The Great Tsunami? I added SKFie and traded out and now back in. Why fool with all these names? Just go SKFie.
CFC has to be giving these guys indigestion.
Like those great little Mexicans places where not even the waiters speak english.
BAC was a client of mine for several years, several years ago. Among the bloviating, self congratulatory tools who passed for “management” you couldn’t scrape together 100 I.Q. points between them with a manure shovel. But the MER deal is stupid even for them. Rise up with pitchforks and torches and they will think you’re throwing a weeny roast in their honor.
Mr. Fly, need I remind you that AIG has real assets!
rofl @ heading subtitle: iBankcoin has executed Larry Kudlow
So what happened to the Karma buttons? I see a few comments that deserve some positive feedback.
Try a little dgp fly-master.
Down with the Rothschilds.
How is that amongst all this carnage a ‘ Low Income Lender’ like COF is in the green? What is the Armadillo man upto?
If there is a coordinated rate cut, precious metals will be the place to be.
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Fil Zucchi
12:32:53 PM
Position in BRK/B
AIG and Berkshire
As American International Group (AIG) stock plunges and Berkshire (BRK-B) stock rises ,the obvious nexus is growing. With cash and equivalents in excess of $140 billion dollars, Buffett could almost pay cash for the entire enterprise value of AIG.
Of course he won’t – but he is in a position to offer $0.50 on the dollar to AIG debt holders who are otherwise gonna get wiped out. This would be an almost ideal scenario for the government – which does not have the money, political appetite or legal power to step into AIG’s mess – since it would immediately steady AIG’s business and balance sheet.
Yes there is that little detail about the credit default swaps on AIG’s debt, but frankly at this point, there isn’t much anyone can do about that.
This is all conjecture on my part of course, but the alternatives seem to be growing fewer by the minute.
Is ESLR going under or what?
TC – http://www.ibankcoin.com/flyblog/index.php/2008/09/15/rainbows-and-unicorns-for-the-bulls/#comment-40907
Did I just hear Charlie “Fuckface” Gasparino say AIG is going bankrupt?
RC – “RC Says:
rofl @ heading subtitle: iBankcoin has executed Larry Kudlow”
I must proudly accept credit for that headline as well. I was on a roll that day.
I didn’t think any of you deserved Karma. Poof!!!!
What was left of Hurricane Ike blew through my hood last night. It left downed power lines, light poles, and banks in its wake.
now Dennis Kneale is warning us about what should be done .. un-#$^&*-ing reale
talk about closing the door after the horses got out
Karma smarma – I’m gonna buy those 10 year bonds at 3.5% and retire. What about C? Will the Abu Dhabi boys buy the whole thing?
I’m feeling lonely, please visit soon.
MER = 18.97
BAC = -19.6%
Fucktarded!
No Donny, it makes complete sense what they did.
[sarcasm off]
I am tempering my moves, by taking a brief break and doing my day job for a while.
It sucks.
Long GS / Short MS looks good here. If you are shooting at GS I would advise against it, but who the fuck am I, proceed without caution.
GS will be bankrupt within months.
Careful there.
Is your next fortune cookie GS to .01? 🙁
Shooting, no…been waiting too long for that. For GS, I have only a razor sharp K-Bar to the throat.
Can I get some govt. intervention for my bowel movements?
I can’t leave the tape – every time I do – something bad happens. I just raised a sell limit on SKFie. We have seen this movie before here, but this time might have a different ending.