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
22,296 Blog Posts

WTF is Going On?

Seriously, I am a bit confused by today’s tape. I never get nervous or jumpy; but I am today.

With Goldman Sachs Group, Inc. [[GS]] and Morgan Stanley [[MS]] knifing lower, what the fuck is everybody celebrating?

I even got sucked into a quick [[UYG]] trade (for a profit might I add); but this is bullshit.

I am shorting AXA (ADR) [[AXA]] and getting tortured for doing so. Idiots are buying reits, sending [[SRS]] lower. And, assholes on tv are suggesting the recent flurry in the banks is being done by “financial terrorists,” an Al Qaeda cell trying to take down the country.

Are you fucking kidding me?

They cannot be serious right?

So, it was Al Qaeda who made all those assholish loans and packaged them into cdo’s? I see.

With my money, I am as nervous as a cat on a hot tin roof. Nonetheless, I am buying [[SKF]] and [[SRS]] on this dip. And, I will continue to short those fucking French faggots (AXA) until the dollar becomes cool again.

NOTE: Apparently it’s unpatriotic to short GS. Just thought you should know that.

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Kill the Short Sellers

The U.K. has decided to just ban short sellers. Here in the U.S., there are open outcries to limit or prohibit short sellers. As a result, one big giant short squeeze has just ensued.

Think fast and understand that men with large red clown noses will buy banks, even if a nuclear bomb detonated on the exchange.

This little rally can last a bit, as people scramble to cover.

As a hedge, unfortunately, [[UYG]] may be a place to scalp a trade.

UPDATE: Panicked a little, I covered my entire Legg Mason, Inc. [[LM]] short at $30. And, I sold some [[SRS]] in the mid 90’s. However, I still have 90% of my position. Also, I bought some [[UYG]] at $17.

But, this new plan to kill shorts will not work. As a point in fact, it failed miserably in China this year, as evidenced by their exchange getting boot stomped by 60%.

Basically, I am getting all greedy and shit, trying to hold onto gains. Sometimes it’s better to do nothing and drink milkshakes. However, this is not one of those times.

UPDATE II: I sold out of my UYG trade, for a small profit.

UPDATE III: I bought 3,000 [[SKF]] @ $134 and 2,000 [[SRS]] @ $88.15.

UPDATE IV: I sold short 2,000 AXA (ADR) [[AXA]] @ $30.55

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Live by the Sword and Die by It

All I hear is cries for government intervention. Everyone is demanding that the government come in and bail everyone out.

Assholes, we live in a free/capitalistic society. This is not Soviet Russia or authoritarian Zimbabwe. How much do you want them to do?

They have already overstepped their bounds. It’s sort of like trying to resuscitate a patient who is dead. Eventually you have to give up and register the time of death.

Listen to me: the financial system is dead. Within days, both Morgan Stanley [[MS]] and Goldman Sachs Group, Inc. [[GS]] will be gone, via bankruptcy or acquisition. The age of the investment banks is over and it ended in a very egregious way.

So, quit blaming short sellers or the fucking Fed for our problems. Wall Street created these weapons of mass financial destruction, now live with them— and die by them.

NOTE: I am not covering any shorts. In fact, I just loaded up on my AXA (ADR) [[AXA]] short. And, I bought more [[SRS]] .

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Fly Short: AXA

I sold short 10,000 AXA (ADR) [[AXA]] @ $29.

Disclaimer: If you sell short AXA because of this post, the next time you are in Paris someone will spit on you. And, you may lose money.

[UN]fortune Cookie Update: Legg Mason, Inc. [[LM]] is hitting pavement, in a very egregious way. Once again, the power of the [un]fortune cookie displays itself in all of its glory.

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Who’s Holding the MS/GS Bag?

Well, even if they are not going out of business, their share prices suck rocks.

With that being said, here is a list of the [[MS]]/Goldman Sachs Group, Inc. [[GS]] bag holders aka largest holders of equity.

Largest publicly traded Morgan Stanley Shareholders

State Street Corporation [[STT]] : 181 million shares

AXA (ADR) [[AXA]] : 66.7 million shares

Barclays PLC (ADR) [[BCS]] : 49 million shares

UBS AG (USA) [[UBS]] : 33 million shares

T. Rowe Price Group, Inc. [[TROW]] : 21.6 million shares

JPMorgan Chase & Co. [[JPM]] : 17.6 million shares

The Bank of New York Mellon Corporation [[BK]] : 14.6 million shares

Credit Suisse Group AG (ADR) [[CS]] : 14.2 million shares

Northern Trust Corporation [[NTRS]] : 12.7 million shares

Goldman Sachs Group, Inc. [[GS]] : 12.1 million shares

Pzena Investment Management, Inc. [[PZN]] : 7.8 million shares

Largest publicly traded Goldman Sachs Shareholders

Barclays PLC (ADR) [[BCS]] : 17.1 million shares

State Street Corporation [[STT]] : 13.8 million shares

AXA (ADR) [[AXA]] : 10.1 million shares

Janus Capital Group Inc. [[JNS]] : 7.2 million shares

T. Rowe Price Group, Inc. [[TROW]] : 6.7 million shares

Northern Trust Corporation [[NTRS]] : 6.2 million shares

The Bank of New York Mellon Corporation [[BK]] 6.1 million shares

JPMorgan Chase & Co. [[JPM]] : 5.2 million shares

Oppenheimer Holdings Inc. (USA) [[OPY]] : 3.7 million shares

Wells Fargo & Company [[WFC]] : 3.3 million shares

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Fly Buy: SRS

I bought 5,000 [[SRS]] @ $93.99.

Disclaimer: If you buy SRS because of this post, your only son will take a job at CNBC. And, you may lose money.

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This Rally Cannot Last

Do not be fooled. The market will not rally with Morgan Stanley [[MS]] and Goldman Sachs Group, Inc. [[GS]] in the shit box. As long as people have doubts about them, the market will drill itself lower—putting holes in asshole dip buyers in its path.

Again, I made a mistake selling out of my energy stocks yesterday. However, if it makes some of you feel better, I did load up on Freeport-McMoRan Copper & Gold Inc. [[FCX]] , which should charge higher soon.

At the present, my total energy exposure consists of National-Oilwell Varco, Inc. [[NOV]] , Western Refining, Inc. [[WNR]] and Clean Energy Fuels Corp. [[CLNE]] .

On the long side, I like the action in ag stocks. Lindsay Corporation [[LNN]] , Valmont Industries, Inc. [[VMI]] and Potash Corp./Saskatchewan (USA) [[POT]] look less than gay.

Finally, I sold out of all of my [[FXP]] today, due to China Mobile Ltd. (ADR) [[CHL]] fuckery. And, I am really digging the move in Hansen Natural Corporation [[HANS]] today, despite not owning a single share. I just like their products.

NOTE: Bill Miller still sucks.

NOTE II: [[SKF]] and [[SRS]] still look pretty neat.

NOTE III: The death drop by State Street Corporation [[STT]] will sound some alarms. Elevator down.

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Morgan CEO: ‘We’re Not Going to Make it’

Holy cowballs! The NY Times will likely be sued for this article. Apparently, it’s game time for [[MS]].

“We need a merger partner or we’re not going to make it,” Mr. Mack told Mr. Pandit, according to two people briefed on the talks. Mr. Pandit, a former senior investment banker at Morgan Stanley, said Citigroup was not interested.

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Courtesy of The PPT

As you know, the Godly folks from iBankcoin are launching their first ever premium service on the 79th anniversary of the great crash of ’29 (10/28). Don’t worry assholes; the site will not change one bit. I am into throwing parties, then throwing people out after they had a few drinks, as an aside.

At any rate, considering how “in flux” the financials are, I thought it would be nice to run a screen of highest debt to equity ratios—in order to get an idea who could get blown out next, as capital dries up. Also, I ran debt to equity screens on the entire market. And, finally, I screened for gold/mining stocks with the highest percentage of shares sold short. In light of today’s breakout in gold, I though it would be helpful.

For you retards who are new to investing: companies with high debt to equity ratios, in a tight credit environment, are more likely to go bankrupt than companies who actually have good balance sheets. Shocker. And, stocks with a high percentage of shares sold short tend to rally hard, into a squeeze.

Financials/ Debt:Equity

Freddie Mac (FRE: 0.27 +4.01%) 64.55
Newcastle Investment Corp. (NCT: 4.36 -12.63%) 55.33
Nelnet, Inc. (NNI: 12.86 -15.84%) 47.14
Maguire Properties, Inc. (MPG: 7.11 -12.22%) 26.74
Federal Agricultural Mortgage Corp. (AGM: 10.54 -3.66%) 23.87
Equity Lifestyle Properties, Inc. (ELS: 48.22 -3.64%) 19.55
Fannie Mae (FNM: 0.43 -10.60%) 19.39
(STU: 98.80 -6.44%) 14.03
Bank of Ireland (ADR) (IRE: 22.06 -18.36%) 12.93
Redwood Trust, Inc. (RWT: 20.51 -4.25%) 12.89
General Growth Properties, Inc (GGP: 20.37 -13.91%) 12.29
CIT Group Inc. (CIT: 7.15 -14.88%) 11.55
Penson Worldwide, Inc. (PNSN: 13.22 -7.49%) 10.32
Glimcher Realty Trust (GRT: 9.71 -6.81%) 9.54
Merrill Lynch & Co., Inc. (MER: 19.36 -12.71%) 8.48
Interactive Brokers Group, Inc. (IBKR: 19.32 -15.23%) 7.74
AmeriCredit Corp. (ACF: 9.76 -5.79%) 7.54
Allied Irish Banks, plc. (ADR) (AIB: 16.40 -20.12%) 7.47
Flagstar Bancorp, Inc. (FBC: 3.87 -1.78%) 7.46
MBIA Inc. (MBI: 9.71 -16.00%) 7.33
(ESBF: 10.27 -0.68%) 7.28
Deutsche Bank AG (USA) (DB: 70.40 -7.53%) 7.09
CBL & Associates Properties, Inc. (CBL: 21.05 -4.41%) 6.93
Resource Capital Corp. (RSO: 4.84 -15.83%) 6.89
Morgan Stanley (MS: 21.75 -24.22%) 6.8
(ALX: 369.10 -4.76%) 6.1
American Express Company (AXP: 33.04 -8.40%) 6.08
(IFC: 4.17 -1.18%) 5.99
Hudson City Bancorp, Inc. (HCBK: 18.63 -3.12%) 5.83
Goldman Sachs Group, Inc. (GS: 114.50 -13.92%) 5.65

All Industries/ Debt:Equity

Energy Transfer Equity, L.P. (ETE: 21.00 -4.59%) 592.18
Tenet Healthcare Corporation (THC: 5.84 -1.85%) 164.72
RSC Holdings Inc. (RRR: 9.05 -2.37%) 149.78
Embarq Corporation (EQ: 40.98 -4.43%) 67.08
Freddie Mac (FRE: 0.27 +4.01%) 64.55
Newcastle Investment Corp. (NCT: 4.36 -12.63%) 55.33
Nelnet, Inc. (NNI: 12.86 -15.84%) 47.14
(HTC: 20.25 -2.55%) 47.04
Alliance Imaging, Inc. (AIQ: 10.35 -6.50%) 40.81
Portugal Telecom, SGPS (ADR) (PT: 9.91 -3.03%) 35.23
(AHD: 25.48 -5.00%) 35.22
(HPGP: 20.18 +6.55%) 35
Qwest Communications International Inc. (Q: 3.35 -3.74%) 28.27
Maguire Properties, Inc. (MPG: 7.11 -12.22%) 26.74
Koppers Holdings Inc. (KOP: 40.36 -9.30%) 24.72
Federal Agricultural Mortgage Corp. (AGM: 10.54 -3.66%) 23.87
Town Sports International Holdings, Inc. (CLUB: 7.50 -14.38%) 22.36
Equity Lifestyle Properties, Inc. (ELS: 48.22 -3.64%) 19.55
(NRGP: 29.60 -0.57%) 19.53
Fannie Mae (FNM: 0.43 -10.60%) 19.39
InterContinental Hotels Group PLC (ADR) (IHG: 12.50 -4.65%) 19.13
SBA Communications Corporation (SBAC: 26.88 -6.50%) 18.88
Crown Holdings, Inc. (CCK: 21.80 -6.28%) 18.71
PDL BioPharma Inc. (PDLI: 9.82 -5.12%) 18.56
Exelixis, Inc. (EXEL: 6.20 -7.88%) 18.33
Compass Minerals International, Inc. (CMP: 55.01 -5.82%) 18.18
Herman Miller, Inc. (MLHR: 26.87 -2.75%) 16.35
Health Management Associates, Inc. (HMA: 4.38 -7.98%) 15.01
(HEP: 28.90 -10.25%) 14.96
Magellan Midstream Holdings, L.P. (MGG: 16.78 -6.26%) 14.42
(STU: 98.80 -6.44%) 14.03
NaviSite, Inc. (NAVI: 2.0175 -3.47%) 13.88
Cenveo, Inc. (CVO: 7.73 -7.09%) 13.16
Bank of Ireland (ADR) (IRE: 22.06 -18.36%) 12.93
Redwood Trust, Inc. (RWT: 20.51 -4.25%) 12.89
(CEA: 16.57 -13.79%) 12.42
Deluxe Corporation (DLX: 13.55 -6.10%) 12.29
General Growth Properties, Inc (GGP: 20.37 -13.91%) 12.29
CIT Group Inc. (CIT: 7.15 -14.88%) 11.55
CBRL Group, Inc. (CBRL: 28.12 -2.77%) 11.07
Alaska Communications Systems Group, Inc (ALSK: 11.47 +0.35%) 10.69
Cellcom Israel Ltd. (CEL: 30.24 -2.77%) 10.39
Penson Worldwide, Inc. (PNSN: 13.22 -7.49%) 10.32
(GGC: 3.16 -12.22%) 10.09
Fairpoint Communications, Inc. (FRP: 7.92 -3.41%) 9.69
Glimcher Realty Trust (GRT: 9.71 -6.81%) 9.54
Overstock.com, Inc. (OSTK: 17.14 -7.20%) 9.5
RCN Corporation (RCNI: 11.38 -5.87%) 9.15
Cedar Fair, L.P. (FUN: 22.10 -3.07%) 8.62
(DTG: 4.10 -16.33%) 8.52

Mining Stocks/ % of shares sold short

Hecla Mining Company (HL: 4.98 +9.93%) 24.5
Insteel Industries, Inc. (IIIN: 14.42 -3.55%) 22.2
Apex Silver Mines Limited (SIL: 1.19 -0.83%) 20.1
Metalico, Inc. (MEA: 5.00 -14.09%) 17.5
China Precision Steel, Inc. (CPSL: 4.40 -7.37%) 16.5
Worthington Industries, Inc. (WOR: 15.73 -9.34%) 15.8
Olympic Steel, Inc. (ZEUS: 32.01 -5.32%) 15.3
(CDE: 1.63 +13.19%) 14
(GSI: 7.34 -1.74%) 13.9
Northwest Pipe Company (NWPX: 59.60 -1.91%) 13.8
Century Aluminum Company (CENX: 37.79 -2.80%) 13.7
Gibraltar Industries, Inc. (ROCK: 21.07 -2.18%) 12.6
Haynes International, Inc. (HAYN: 53.34 -2.79%) 12.5
Schnitzer Steel Industries, Inc. (SCHN: 50.84 -8.25%) 11
AK Steel Holding Corporation (AKS: 26.94 -12.98%) 10.6
Royal Gold, Inc. (RGLD: 36.74 +10.00%) 10.2
Freeport-McMoRan Copper & Gold Inc. (FCX: 65.41 -1.27%) 10.2
Kaiser Aluminum Corp. (KALU: 47.89 -5.41%) 9.3
Quanex Building Products Corporation (NX: 16.05 -6.41%) 9.2
Universal Stainless & Alloy Products (USAP: 30.86 -2.00%) 8.3
Olin Corporation (OLN: 19.94 -8.15%) 7.2
Cleveland-Cliffs Inc (CLF: 64.75 -14.04%) 6.2
Sutor Technology Group Ltd. (SUTR: 4.28 -5.52%) 6.1
Allied Nevada Gold Corp. (ANV: 4.83 +11.29%) 5.7
Newmont Mining Corporation (NEM: 43.25 +9.36%) 3.5
Steel Dynamics, Inc. (STLD: 20.25 -7.58%) 3.5
Commercial Metals Company (CMC: 19.74 -7.93%) 3.3
Golden Star Resources Ltd. (USA) (GSS: 1.64 +38.98%) 3.1

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