Friday, November 28, 2008
This is a clip from Aug 12th on Bloomberg News (running time ~~ 4 minutes)… it concerns the auction rate securities markets…analysis by Adam Dean, President of SVB Asset Management and Joe Mysak, Bloomberg columnist…
Mr. Dean talks about the approx $ 200 billion dollars of ARS that the large banks had to bring back on [...]
Thursday, November 13, 2008
From WSJ.com ~~~ “…. Officials are looking for market players who, during August and September, may have spread false information to manipulate CDS prices, say the people familiar with the investigation. CDS prices have recently had strong influence over stock and bond prices of financial firms such as Morgan Stanley and American International Group Inc. The regulators [...]
Brilliant reporting on the demise of Lehman Brothers from Bloomberg… here is a snip about the very end…
~~~~ ” … On Sept. 12, one team of Lehman executives was camped out at the Lexington Avenue offices of New York-based law firm Simpson Thacher & Bartlett LLP, showing the firm’s books to Barclays. Another group was at [...]
Another Sunday night awaiting the word of the crisis resolution team at the Federal Reserve on Liberty Street…
It’s AIG this time… other Sundays we awaited word of the fate of Bear Stearns, Lehman Brothers, AIG-1, Goldman Sachs and Morgan Stanley… you would think Tim Geithner and his staff deserved some time off… if this is [...]
Before the deluge…
Chart thanks to EconomPic Data
From BBG… some vignettes about Davos… the international gathering of the worlds elite and Wall Street’s attendence… and most of these people are still running their firms… please sweep away them away as wreckage…
~~~~ ” … Steinberg recalls the attitude among some of the delegates at Davos from 2003 through last January.
Didn’t Listen
“It was clear [...]
Near the end of the Civil War Union forces beseiged Petersburg, VA for 9 months. Confederate forces could barely find food to eat. Starving, with their numbers dwindling due to desertions, and with Sherman’s forces approaching from the south, Lee attempted a break out.
It failed miserably, and on April 2nd, Union forces soon assaulted the Confederate lines. The [...]
Filed in Liquidity, Pricing, Regulatory
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Also tagged accounting, Bear, BofA, Goldman Sachs, Liquidity, Merrill, Moodys, Morgan Stanley, NRSRO, ratings, S&P, SEC
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Saturday, October 11, 2008
“The wise man bridges the gap by laying out the path by means of which he can get from where he is to where he wants to go.”
+ + John Pierpont Morgan + +
I’m giving a talk in Washington this week entitled… “U.S. Bond Market Basics & Recent Events“… timely…
I’ve been developing some thoughts about [...]
Filed in Liquidity, Pricing, Regulatory, Restructuring, Trading
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Also tagged ATS, Bear, bonds, clearing, Congress, exchange, Federal Reserve, fixed income, Goldman Sachs, Morgan Stanley, municipal, OTC, ratings, SEC, securities, TRACE, Trading, Treasuries, Treasury
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Yves Smith (Naked Capitalism) and Daniel Gross (Newsweek, Slate and The Big Money) discuss the shadow banking system, market structure, the CDS auction settlement process, the failure of Lehman Brothers, legislative and regulatory efforts and some ways forward… (running time = 27:45)
Thursday, October 9, 2008
~~~~ “HONG KONG -(Dow Jones)- The Hong Kong Monetary Authority said Thursday it is investigating nine banks over sales of Lehman Brothers Holdings Inc. (LEH) ” mini-bonds” that sparked protests from investors who claim they were duped into thinking their money was safe.
The HKMA has received 7,730 complaints about the mini-bond sales and has opened 41 investigations, [...]