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
20,416 Blog Posts

Your Wardrobe is Unacceptable

Many of you are slobs. I look at you (“The Fly” is watching all of you) and I think to myself: “wow, what a fucktard.” I mean, quit viewing my blog in your bullshit Aramani rip off, polyester suit. Go to your local tailor and spend a good 2g’s on a high quality thread count/100% wool suit.

You ought to be ashamed of yourself.

Keep in mind, this is a “high end” blog, where only the very wealthy or “rich” are invited. Should your net worth be under 1.1 million or your age above 47 1/2, you will be escorted off the site’s premises. So sorry, I keeps [sic] my standards.

With regards to the markets:

Who cares?

I have a long weekend ahead of me. The NYS Insurance asshats are trying to rig the system, bailing out the monolines. As a result, my [[SKF]] may not be able to reach $140, yet. Also, I’m not enjoying any spike, whatsoever, in [[VMI]]. As a matter of fact, it’s down a buck.

All in all, today is a rather opaque, yet gay, day.

I suppose things will “heat up,” later on. After all, who wants to be long stock, going into the weekend? Oooh, scary.

Top picks: [[SKF]], [[SRS]] and [[SMN]]

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Gunners Forecloses on Ducati’s Blog

“The Fly” believes in symmetry. Ducati ruined Gunners perfect post with a 1 star rank; therefore, Gunners is “awarded” Ducati’s blog. It’s that simple.

Tit for gat.

Since the cat is out of the bag, Ducati has NEVER given anyone, other than himself, more than 1 star. We’re talking dozens of 1 star votes. An egregious voter, if you will.

How’s that for full disclosure?

Hence, iBankCoin welcomes Gunners.

In other news: The monolines are “financial terrorists.” And, they’re f#@%ed (we can say fucked here Barry).

And, Mish gives an update on how fucked the auction fuckers are, with a little unique insight.

Many of the ARS munis are held by leveraged closed end mutual funds. Since the auctions are failing, my guess is they will liquidate the leveraged portion of the portfolio, meaning a cascade on muni paper into the market. Plus, other issuers will be trying to re-finance their ARS, (NY, Tollways, etc.), we should be watching the yields going forward and they should spike sometime in the future. There might be an opportunity in here!

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Tonight, I Will Eat Chocolates Made of Gold

Much to your chagrin, I made “buckets” of coin today, as the hatfucking banks, collectively, fell into an idle snake pit. Thanks to many failed bond auctions, there is fear permeating the market, with regards to the lack of liquidity at our lovely institutions.

Aside from that, it appears Ducati has quit, iBankCoin? Is this true? If so, I may need to quickly reassign his fucking blog, to a non-deserving Peanut.

Being that it’s Valentines Day and all, I will not bore you with “The Fly’s” superior trading moves. Instead, I will remind you that death and “great harm” will afflict the banks. Should you ignore these dire warnings, I will be forced to track your dumbass down and punch your fucking chest hairs off.

Be well.

NOTE: [[MBI]] and [[ABK]] are liars. All of them. The whole lot.

UPDATE: The party at [[CMG]] is officially over.


Banks advised to walk away from big deals – FT
  FT reports leading banks are being advised that it would be cheaper to walk away from big buy-out deals than incur further losses on their funding commitments, increasing the chances that more high-profile private equity transactions will collapse. This advice from lawyers contrasts with the conventional wisdom that banks would risk serious damage to their reputations if they were to drop out of deals. But legal advisers argue that the break-up fees banks would owe in such cases would be far lower than the write-downs they would have to make on their loans, given the current cataclysmic conditions in the capital mkts. “It is the tipping point argument,” said a senior partner at one of the biggest private equity group, who asked not to be named. “The banks have so many issues with their balance sheets that they are considering a new policy.” However, such a radical shift could have a dramatic impact on the mkts. The presence of private-equity buyers is one factor that has helped boost stock prices…

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The Next Shoe is a Boot

Minyanville has been all over the failed Muni auctions, over the last week. Last week, I outlined how [[ADCT]] fucked itself reaching for yield.

To sum it up, the auction rate market is seizing up. Just today, [[UBS]] said they will no longer support failed auctions. In my opinion, the failure of these securities is due to the lack of liquidity at banks. If these fuckers can’t support the Port Authority of NY/NJ, how are they going to lend money to subprime fuckers wanting a McMansion.

Eggsactly [sic].

This mess has just begun. Look for it to grab the headlines, shortly.

Long [[SKF]]

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Fuck the Banks, part IV

Thus far, the market is in profit taking mode, with the exception of ag stocks. I remain a stalwart bear in the banks and brokers. From [[LEH]] to [[GS]] to [[BAC]] to [[WM]], I wish them all a swift death.

The tech sector is taking a breather, allowing “The Fly” to retrieve some of his lost coin in [[REW]]. Good for me.

Rick Santelli is going “gangster” on that economy guy from CNBC— right now. Good for him. And, in a short while, Bill Ackman will go “tommy gun mafia” on Congress, regarding the pending doom at [[MBK]] and [[ABK]]. Good for everyone.

Let the recession begin now!

Regarding sovereign wealth funds:

They’re a risk to national security. We ought to be ashamed of ourselves for being in a position of needing a fucking bailout from foreign nations. The asshats on tv will say “oh, we can’t close our borders to investment and be protectionist.” As you know, there is a big difference between a foreign company buying a piece of [[C]] or a sovereign wealth fund—who is funded by Government.

Finally, I like [[VMI]] here, ahead of tonights earnings. Most likely, I will belong 10,000 shares, fully prepared to lose 10 bucks, should things go “awry.”

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