What Vintage Was That?
My last Merrill post until the next big writedown (or investigation / indictment): The Merrill sale involved "U.S. super senior ABS...
Actual Merrill CDO Sale: 5.47% on the Dollar
An active trader pointed us to this very familiar looking off-balance sheet shenanigan found in the following paragraph regarding...
Rinse. Lather. Repeat.
A brief review of recent Merrill CEO statements: 1. We don’t need capital; 2. We could use some capital, but we won’t sell...
Merrill’s $5.7B Write-Down, $8.5B Share Issuance
I’m on an earlier than usual train home today, to take the missus out to dinner (she just flew back into NY today). Change at...
Poole: Save Fannie/Freddie, Then Dismantle Them
Its actually kind of ironic: Two Fed Governors warn Federal Reserve Chief Alan Greenspan about major problems — and are promptly...
Paulson & Co Opening New Fund to Re-Capitalize Banks
There is no small amount of irony in this: "John Paulson, the money manager whose wagers against the U.S. housing market helped him...
Wall Street Got Drunk!
I’m not sure this really explains what happened. Any night I’ve been out in the city — last night was Porter House, and...
Video: Nouriel Roubini (3 Parts)
Good set of interviews with NYU Professor Nouriel Roubini Bear Market Only Half Over, But It’s Not Armageddon More Than $1 Trillion...
Even More Writedowns Coming
Yes, we’ve turned the corner, out of the woods, always darkest before the dawn. What — whats that you say? More writedowns?...
A Nation of Whiners? No, Just Wall Street Beggars
Pathetic, but all too true: "Phil Gramm, the senator-banker who until recently advised John McCain’s campaign, did get it...