Let me get this straight: the government created an environment, through loose monetary policy and lax regulations, that led to the whole CDO/credit crisis debacle. Then, when the shit hit the fan, they bailed out the banks, including Goldman, via TARP and funneling money to them via American International Group, Inc. [[AIG]] . Now, after the market is up and Tea Party’s are running rampant throughout America they want to sue Goldman?
Pardon me for being skeptical; but the government is full of shit and Goldman will end up getting away with nothing more than a little slap on the wrist. If this happened one year ago it might have broke the old bank. But, after such a vigorous market recovery, the Godly fuckers at Goldman can just write a check for $5bill and tell the Obamanites to “fuck off” and enjoy the robot led recovery.
I had a good day, with [[TLT]] , [[VXX]] and [[SRS]] charging higher. My longs did “alright” with minor pullbacks in Flotek Industries, Inc. [[FTK]] , TriQuint Semiconductor [[TQNT]] and POSCO (ADR) [[PKX]] .
At the end of the day, this market is still in bull mode, until we get a string of triple point decline days. Although I believe the market is way overextended, I have been wrong about calling the top before, so there is no reason to believe I will be right now. Typically, I am pretty good at calling inflection points. However, truth be on the table spinning, I have been dumbfounded by the relentless and incessant “bullshittery.”
NOTE: I believe Mr. Bones, iBC’s new blogger, will post this weekend. And, be sure to tune in on Sunday, at 8:00pm, for my little cartoon show: “The Fly” Meets Mr. Devil Dog.
[youtube:http://www.youtube.com/watch?v=DP2VyquMAaM 616 500] If you enjoy the content at iBankCoin, please follow us on Twitter
Lol at smaller and smaller tea bags
Homo said what?
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This will be a non event when it’s all said and done. Quit looking for justice and focus on getting yours
Fix is in.
This was arranged. The tipoff was the blame placed on a veep. Pfffffft! Yeah a VP constructed that $15mm fee deal.
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Fyi: justice is an ass
Fyi: justice is an ass
Then my eyes see a reflection of ‘simply beautiful’ hard firm and muscular Gluteus Maximus. Long live a ‘TIGHT/FIRM’ ass..
F/D..my non~multilensed eyes are riding the tail of ‘de~jour Fly’and very gratefully so!
Did you know?
Fly’s shit does ‘NOT’ stink!!
Can you honestly prove to anyone that you have smelled little fly turds?
Fig
Goldmans is on double secret probation from here on.
Jagger sounds as good as he did 30 years ago..great band
You mean this isn’t a 30 year old recording?
I agree with your take on this lawsuit Fly, but don’t forget to mention, this will all be done in time for the Fall elections so Obaminator can claim he cleaned up Wall Street and held them accountable. Meanwhile, Goldman can sacrifice a director, maybe a few traders, pay a record setting fine, and claim no wrong doing, if anything it was only a few “bad eggs” but certainly no institutional problems….nothing to see here.
Love how the bad guy is a vice president.
Of course, he cannot be a partner.
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I come from the futures of spaces and times. Sounds like Brimstone, Young Man and I can’t wait for Mr. Bones, Retirement Specialist.
I believe commercial RE still ain’t good yet, as reflected by GE made-man “not Jack Welch.” However, overseas I think the restriction of insurance companies allowed to invest in RE in China and egregious rules of 50% down payments for second homes shows that real estate is too hot in China. The question is though, are wages and savings sufficient to support mortgage payments? EJ is a short I mentioned yesterday that could perform well in that situation. Or, if there’s alot of investments in RE by China insurance and Godzilla sized earthquakes persist, look to short LFC.
Oh yea, I still think some of the retailers should pull back, like ANF which I had to exit earlier this week because it bounced +13% on idiocy.
Citi put retailers on “downgrade watch” from market weight today after the bell i believe
we are all fools.
Well said. This is just a civil suit filed by the clowns over at the SEC after all. If Obama & Co. were really interested in shaking down GS, methinks the timing and method would be very different.
Looking forward to the timely meeting between The Fly and Mr. Devil Dog.
Fly,
Yes, GS can write a check and tell the gov to fuck off. That is what it will do. Plus a director or two and a bunch of traders. Multiply this across the big banks–as this is the first salvo. The big point is that Obama and the dems will get their financial reform, squeezing the republicans into smaller and smaller teabags. If the market corrects, well, then, yields will drop. Seems like that is precisely what I would want to happen if I were in the white house. And, what is more, I don’t doubt that the banks knew something like this was coming down the pike and that they should get ready and man up. One big back room deal, it seems to me.
If the Dems “get financial reform” it will be in the guise of all “reform” they’ve backed since the 30’s — meaning they will throw up more barriers to smaller concerns competing against the dinosaurs, and concentrate power with their friends, the Goldmans and Citis of the world.
Chuck the Schmuck will be in the center of it all, just like D’Amato was before him.
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The dems will get their reform… Will it be a piece of dogshit by the time it’s baked, most likely. But I don’t think in the corrupt context we live in today, you can actually pass a piece of good legislation. It would challenge too many interests. But something is better than nothing, and if they manage to put in the Volker rule or something that would at least put a wall between prop trading and traditional banking, it would be a start. Will there be carrots in exchange. I don’t doubt it. that’s how this great country was built!
As for their “friends,” come on Jake. You’re better than Fox. At least don’t make shit up. That’s why the Repubs are trying to block the reform? Aren’t you a blogger so you don’t have to bury the nuance in deceitful, mindnumbing simplication.
Obama is the American Stalin?? Shame on you. If you actually had family shipped to the gulags, gunned down, or destroyed, you wouldn’t say things like that. The Republicans have rhetorical diarrhea. Doesn’t mean you should.
Was expecting a “no news” sudden waterfall here–like a 1987 style sucker punch.
http://www.youtube.com/watch?v=qwicLgOGJOI
Unfortunately– GS news cancelled this optimistic “blow off top” phase. So, we likely get a boring, stairstep style decline
Its ironic that bad news will actually make the market decline slower, than it would have otherwise. A nice, choppy , gradual burn off.
The best sectors to scalp on intraday bounces, will be EEM ,XLP, EEB, XLU, and XLV. But only intraday, and only with a close target, and “guy adami” tight stop.
I believe you are correct sir. That was the goal of this move, and it will happen that way now. A stairstep decline makes investments in inverse ETF’s more profitable than anything else. This is why Fly’s investment in SRS is genius.
The squid is much more powerful than the sec.
The SEC is just the water-boy here. The Senate panels and the justice department will be in on the action. And, if there is a conviction on this charge, as someone above noted, wait until the clients’ army of lawyers comes a callin’.
In the eyes of the public, GS was already guilty. Now, with the email from fab Fabrice Tourre alone, you better bet your ass that they now have what they need to light the fire for the witchburning. My gut feeling is that this is going to get uglier than anyone expects. Everyone has written Obama off as a lightweight. And he is revealing himself to be a brawler. You wait and see.
JPM ripped off Jefferson county alabama big time, replete with graft and bribery. A dozen local officials went to jail but 33 Liberty walked away clean.
http://www.rollingstone.com/politics/story/32906678/looting_main_street/print
Not a brawler, Spooky, you Tigerbeat fanatic.
A fucking American Stalin.
Behold! The Apotheosis of the Grown up Radical Left.
Nice voting, People Magazine readers.
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The Fly is God.
GS can handle the SEC, but what about all the clients – banks, states, HNIs – all of them filing statements of claim this weekend? Will that not add up to a few more multiples of $5 bill or whatever the SEC hands out?
With full flaps out, I stand by my January IBC short GS pick – and this in the one year I did not buy the anti-GS armageddon puts I usually give myself every Christmas…
Braveflaps in and out!
I think they get a big wrist slap. They can hurt and sting sometimes for an hour.
More downside coming, but the high is not in for the big fall.
Ball Sach’d
“De~ball da bas’TURDS'”, I say!!
This was a nice choice of vid. The Stones rock with real balls and BIG moveable organs.
Once de~balled they can submit their aps to the Fox Network.* Regarding Auditions for their hit show ‘Glee’. Perfect! We know they can dance but can they sing?
imagine Loyd B. singing this tune(to Big Ben)
My particular fav.and original version:
http://www.youtube.com/watch?v=G_g3kkGH8Mo&feature=related
The new hit Fox Series version:
http://www.youtube.com/watch?v=C2FQ40_fVDk&feature=related
Goldman was/is SHORT GS
They’ll use the profits to pay off some of the fine from this civil suit. Then the fed will “give” them money at 0% to lend out …They’ll BUY treasuries and the interest paid from the US Teasuries Dept will pay off the rest of the civil suit fine …plus a few billion for their trouble….Obama will tell the 50% of voters who pay no Federal Taxes that he beat “the fat cats” all the while getting donations from “the fat cats” for 2012……
http://www.youtube.com/watch?v=_EPsuOEH1fY&feature=related
oh the games people with really fat asses , I meant fat wallets and pencil dicks(no balls),play. None should complain as we rode the ‘BLUE BURSTING SACHS’ all the way up..rising up.
Blue Bursting Sachs..I thank you for all your deceiving ways and 18 months worth of ‘Multiple Orgasms’. f/d no position
Oh Hell, even Mick with his moveable organs thanks you.
just a quick lil` follar up here.
fyi, to alter~ego~v~king,
I’m a bit o`a sap for those Rover dudes.
Yee ole ‘fricken’ bloke!!!
How much did GS make shorting their own stock today? GS = The new Greece. Whenever .gov needs to hide something under the rug (like an extra 12 trillion in spending), they will just pull GS out of the closet and wave them around a little. Who’s next?
Blue blazer day, indeud.
What is this I see – STX setting up reserves for dividend and/or share buybacks –
http://biz.yahoo.com/e/100416/stx8-k.html
Long live Cramerica!!!!!
Common man says: Ya’ll are wrong on GS/Paulson. This was too blatant, too over the top. It was “let them eat cake” in our faces and now we want the flip side of it – their heads, our basket. I don’t wanna see charges, I wanna see some attorney general build a whole career on these guys. I want someone to go all spitzer on ’em. I want to see $5B bail and a live trial on Oprah. I want to see 20-ft Australian crocs released in Greenwich to foster humility.
This story’s got legs, and it ends with the smartest guys in the room losing theirs. Again.
Remember when Moser from Solomon Bros was rigging his treasury auction orders and heads rolled. They had to bring in W. Buffett to “take control” as a shareholder and steady the ship….Remember who bought into that special GS preferred stock during our latest crisis? …Buffett…The stage awaits, WB
It might be all Krull’s fault
http://www.youtube.com/watch?v=Hreceqzr98Q
The Fly is masterful at regurgitation. It’s a beautiful, dog it vomit, world!
That’s why I stand behind him and not before.
Thank You ,Fly.
The Fly
“Let me get this straight: the government created an environment, through loose monetary policy and lax regulations, that led to the whole CDO/credit crisis debacle. Then, when the shit hit the fan, they bailed out the banks, including Goldman, via TARP and funneling money to them via American International Group, Inc.”
So… what exactly don’t you understand?
The opinion here seems to be that GS will get nothing more than a slap on the wrist. I lean toward that opinion too in an apathetic tired way but I will add this: if the gov is going to go after banks for the CDO debacle–whether for political show, reform, or both–there is a lot of material out there to work with from regular banks to investment banks to ratings agencies. The story will be told in what they do about the big juicy bone called derivatives. Will they actually pry it from the jaws of finance? If they move to regulate derivatives (yeah, yeah I’m pie in the sky dreamer) then they’re serious about financial reform and the xlf will feel it. Maybe.
The people I talked to on Main St. are not even conscious of this deal today. To them it’s more of the same shit they don’t understand and it’s been going on for a year and a half.
Why does Paulson get off? Political contributions? Grant of Amnesty?
What did Paulsen do wrong, in your considered position? They thought they were laying shit off on him. They got fucked, he made out like a bandit.
Clue in.
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Clue in?
nice
Agreed, nothing will happen. Small fine (in GS terms) slap on the wrist, and one on the butt for a job well done. Rinse and repeat. Anything more, and it would be a shock. Too many GS alum in the system to really do anything. Plus bama scores some points with the unwashed masses, whilst the boys conitnue to snort coke of hookers asses.
What happens to Goldman means nothing. The issue with this lawsuit is that it’s a sign that Wall Street no longer gets a free pass from Washington. That means that the market will no longer trade up for no reason other than robots saying it is supposed to trade up. This was bound to happen eventually with the reality of a market out of control again. Washington wants to blame someone else for their own maleficence, and there is no one better than the big money banks. The result of this will be the end of the rah rah sis boom bah 40 points a day, and you will now need to know how to pick stocks to make money. As I said earlier this week, Fly’s choice of SRS was a thing of beauty. I am already way up on my investment in SRS and expect several hundred percent gains in that investment over the next several months. This market is now hosed, but don’t go blaming anyone for the mess, because there is plenty of blame to go around to all of the entities involved. Markets do no self govern as has now been proven, and excess regulations also don’t make for a perfect market either. Welcome to the new world on Wall Street, it is going to be a fun ride.
Several hundred percent over the next several months? I believe you have eaten too much burlap today.
Spot.
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Considering that URE went from the teens to 46 over the last year+, I don’t believe I am off base in my estimate. REITs will trade down from here, because they are nearly all worthless. When interest rates rise, starting this spring, the valuations of the REITs are going to come under huge amounts of pressure. Yes, I expect at least a 200% move in SRS over the next year. The challenge will be selling at the top because as it starts to really move, the swings will get extreme. That won’t be an issue for quite a while though, so I am happy holding on to my position.
If Goldman has a problem, the whole market has a problem.
Class in session
http://www.youtube.com/watch?v=76frHHpoNFs&feature=related
Debate vs. dingbat Naomi Klein even better.
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Cramer and the whole CNBC crew stay here.
http://www.pikerslodge.com/