30SEP08:
31DEC08 INDICES:
FTSE100:3550
DOW30:7550
# HEDGE FUNDS:4425 30JUN08: Oil to be USD200 by 30OCT08 USA Inflation to be 7.5% by 30OCT08
...oops 23APR08:
Next Rights Issue:
HBOS...yes
All & Lec ...
...1 Nil. 17APR08: Oil to be USD127 by 30SEP08
...16MAY08 losing my touch 27FEB08:
2 Banks go bust by 30JUN08
BS down, Lehman (a bit late I know) 20NOV07: Northern Crock to be sold for 15p
Nationalized 01NOV07: Oil to be USD103 EOM
...peaked too soon 08OCT07:
SEC to fine Goldman for pricing issues
...still waiting 15JUN07: ML to buy-out BS
JPM got there first 06JUN07: The Big Crash: 17OCT07
...well it's here
So we sent you some warning shots, predicted with accuracy the demise and followed up with told you so's. But it is time to move on. Moaning about a bonus that did not meet expectations, or the Polish builders who don't speak English or adding another house to your property portfolio is yesterday's news although there are still many in denial that the world is sinking into a pre Victorian age of debauchery and vice.
So what next? Well, the fallout of the debt fest party will cause societal changes that are deep and painful. Of all the evils that can engulf man kind, hunger is by far the worst and let us not kid ourselves but some people are going to go hungry in the West next year. Survival, a need for needs and not a want for wants, is the new black. So today I shall forgo my lunch and 1993 Sancerre and give the money to the beggars who can now be found on Curzon Street.
Vicky Tucks, head of Cheltenham Ladies College, was quoted yesterday saying it was difficult to teach and lead school girls within a framework of botox and bingeing. We can blame liberalism and political correctness and "the loser is just as worthy as a winner" culture, but blame doesn't help the leaders of the future. These new leaders need to rebuild a framework of trust and abandon the notions that shallow dumbness makes for a civilised and pleasant society.
Society is truly becoming sick and needs some serious medicine. Thinking of the hundreds of thousands of people being laid off is truly sobering. Apart from the envy and hate that follows (Germany 1930s, Zimbabwe 2008) the other knock on effects (and shorting opportunities) are wide and far reaching. Here are some to contemplate for your next trading strategy:
1. Sales of Pret will fall 2. Chances of a rush hour seat on the Northern Line increase 3. Office air conditioning use will fall - good news for Polar Bears 4. Pubs, bars and cafes die 5. Bloomberg, Reuters and subs only financial websites go into decline 6. Flights across the Atlantic will be empty and airmiles will be redeemable for the first time in years 7. Kitchens, basement dig outs, conservatories and making cups of tea for eastern europeans slump 8. Botched shelving, hand sewn shirts and knitted jumpers boom 9. Insurance claims rocket. Mysterious fires and car theft epidemics rise 10. Sales of Das Kapital, 101 ways to kill and eat a pigeon and Confessions of an Investment Banking CEO will be in the best sellers charts 11. Muslims, Quakers and Catholics become the new world leaders 12. Scientology goes bankrupt 13. Private schools empty out and University's fill up with mature students 14. The black economy will become the main economy 15. Real estate agents, car dealers, brokers of all types will lose out 16. And so on.
But enough of this rambling brainstorm. Today I feel something positive is going to happen. But I am not sure what this is. In yesterday's news, it was more of the same really, so I expect today it will not be the same. If you see what I mean.
HEDGE FUNDS HAVE WORST TWO MONTHS IN AT LEAST 8 YEARS
Hedge funds capped their worst two months in at least eight years in October, as global declines in stocks and commodity prices curbed returns and investor withdrawals cut assets, according to Eurekahedge Pte.
The Eurekahedge Hedge Fund Index, tracking more than 2,000 funds that invest globally, dropped 4.5 percent last month after falling 5 percent in September, the Singapore-based data provider said. October's drop, based on 71 percent of constituent funds reporting as of today, pushed the index down 12 percent on the year, the worst since Eurekahedge began publishing data in 2000.
Fintag says Hedge funds not hedging, investors redeeming irrespective of performance, models confused by the uncertainty and volatility in the markets ...what would you expect? Of course there are a small minority who are doing fantastically well but the media never report them. This is a positive cleansing exercise, just like when Hollywood started to mature and the small and useless studios died away.
So this is not bad news at all. Already there is a jump in my step - until I nearly tripped over the mail on my doormat - hey, it's my first Christmas Card, sent to me by those great friends of mine - Royal Mail:
BANK MODEL ISN'T BROKEN, IT JUST NEEDS TO BE USED BETTER
The Bank of England Monetary Policy Committee's Inflation Report forecast shocked the markets. Having promised a broadly flat outlook in August, it now thinks that the UK is in recession and that there is a real danger of deflation next year.
The MPC's apparent inability to forecast the next three months, let alone the next two years it has always said it needs to assess policy properly, has led to calls for the entire monetary policy system put in place in 1997 to be repealed or at least reviewed. In response to the new forecasts, Damian Reece, Head of Business at The Daily Telegraph, wrote: "If all our woes are to be blamed on external factors then we need a new method of setting interest rates that reflects that. If, however, our fate is at least partially in our own hands then the current arrangements are failing and you can see the evidence for that all around you.
"Given the scale of this financial crisis, it is untenable that the remit and methodologies of the Bank's Monetary Policy Committee are not, at least, subject to review."
Fintag says Inflation falls a few basis points and everyone is talking deflation ... I don't get it? Deflation is an extraordinary event and occurs when demand dries up and prices fall to get people to buy. Alternatively there is over supply and prices fall. Or both. Given GBP is falling and imports are becoming more expensive, where does deflation come into this?
Private equity newcomer Vanterra Capital has completed the first close for its debut fund of funds, even as private equity firms continue struggling to raise money this year amid the deepening economic slowdown.
Vanterra raised $152m (€120m) for this closing, short of its $300m target, which it said in a statement should be reached by early next year.
Fintag says As much as I dislike the Private Equity model, this is really positive news; A small plant poking its new stalk through a desert of pain and anguish.
Goodbye, bonus. Hello, malus. With typical Swiss thoroughness, UBS has come up with an elaborate new pay model, designed to prevent the sort of reckless risk-taking that brought the bank to its knees.
The central idea is simple. If you perform well, you get a bonus. But most of this will be held in a special account. And if UBS makes a loss the following year, a deduction will be made from the bonus. UBS describes this a “malus”, from the Latin for bad, which is brief and to the point. If the model is ever adopted in America it will presumably be called a “performance-related compensation adjustment component”.
Fintag says Goodbye UBS surely? UBS are surely the survivors of this credit crunch and despite my loathing for the Useless Bank of Switzerland, I am starting to fall in love with it fighting spirit. UBS is the Bruce Willis of the banking world.
GOVERNMENT IS SEEKING FOREIGN CASH INJECTIONS FOR IRISH BANKS
The Government is seeking foreign cash injections for Irish banks as Anglo Irish Bank joined Bank of Ireland in closing below €1 per share on Tuesday, while the overall Dublin market fell to a 12-year low.
Anglo Irish Bank closed down 25% on Tuesday at 83 cent while Bank of Ireland closed below €1 for a second day, at 93 cent. Shares in AIB dropped 18% to €2.18. The ISEQ index fell almost 5% to 2,450 - its lowest level since July 1996.
London-based Henrietta Baldock of Merrill Lynch is advising the Government on options for recapitalisation of the Irish banks and discussions are reported to be ongoing with foreign private equity firms, including multi-billion dollar US company JC Flowers, who could be attracted by a deal that would involve Sate participation.
In March 2008, a Merrill Lynch survey found that two Irish banks were among those with the most aggressive lending standards in the UK's commercial property market.
The Merrill Lynch survey of Britain's biggest commercial property valuation firms, named AIB and Anglo Irish Bank - as well as HBOS and Royal Bank - as the most aggressive -- both RBOS and HBOS got capital injections from the UK government last month.
Fintag says So despite the Irish Government being Europe's first to guarantee all deposits, its two largest banks are now penny stocks. The rise and fall of Ireland is a truly fascinating story. It went up on subsidies from the EU and it is getting bailouts from the EU on its way down.
Technology companies have issued gobs of convertible debt to raise financing in recent years. These securities, loans that convert to equity, are starting to come due, putting the companies in a bind. Investors who own them probably won't want to convert them into shares, so the companies will probably have to pay the debt off or refinance it. But the former would drain precious cash, while the latter is absurdly expensive.
Fintag says Junk through and through. Interesting to note that some of the fixed income hedge funds are starting to do really well. If you were a graduate looking for a job, forget equities; fixed income is the future for the next 10 years.
Wood Creek Index has launched the Alternative Alternatives Investment Index, designed to capture the performance of investment managers active in 'alt-alt' - investments outside traditional securities and debt markets.
The index is expected to guide institutional investors to the performance and risk characteristics of investment managers who actively intermediate the purchase and sale of non-securitised or otherwise illiquid or complex assets.
Fintag says Uh? What's the point?
DAVID PROSSER: DEFLATION IS SCARY. SO TOO IS A POLICYMAKER IN A BLIND PANIC
Outlook Here's a thought about the terrifying spectre of deflation now looming large if the much bigger than expected fall in inflation seen last month is a taste of things to come. It may not be so terrifying.
Economic textbooks tell us that deflation is bad news because consumers stop buying stuff in the expectation that prices will fall further. That sends the economy into a tailspin, wages fall and the real value of debt increases. Yikes.
But here's the thing. A headline inflation figure that is negative does not mean the price of all goods and services in the economy is falling - just as the high headline numbers we are currently seeing do not imply that the cost of everything is rising so quickly.
The rise - and now the fall - of inflation is a story of a bubble on the world's commodity markets. By quite some margin, the biggest contributors to yesterday's sharp falls in inflation came from the transport and groceries sectors. Fuel costs fell sharply because the oil price has fallen dramatically since the summer, while similar, though not quite so marked, falls on various soft commodity markets brought down the cost of many staple foods.
Fintag says Sorry to see 25% of the Independent hacks losing their jobs. Despite its left leaning bias, some of the journalism is of the highest order and it is a sad day. I am sure there are plenty of jobs at the Socialist Workers newspaper.
As I said early, just because prices are not going up as quickly doesn't mean we have deflation.
If the UK enters a deflationary stage I will run naked along Regents Street handing out 10 dollar bills and singing the National Anthem backwards.
“Most quant funds will start with a mathematical formula and work their way into a trade,” he said. “We start with a logical idea that we think will work in any market and we use numbers and modeling to back up that idea. That logic has really held up well even in these markets.”
So far, the fund's logic has held water in an increasingly tough market for hedge funds. Headline is up 22% this year through October. “Our best performing trades have been our equities trades and we've made money on both sides this year,” said Bernath. “Our equities strategies are built around earnings, so during earnings season we heavily invest on the equities side and when we roll out of earnings season we roll our book into the currency trade a little more.”
Fintag says 1 Happy Quant + I Happy Model = 1 Happy Hedge Fund Manager.
CITIGROUP LIQUIDATES FUND THAT FELL 53% IN A MONTH
Citigroup is liquidating its Corporate Special Opportunities hedge fund after it lost 53 per cent of its value last month, marking the ninth time in recent months that the bank has had to close or rescue a fund in its alternative investment unit.
The collapse represents the latest setback for Citi's chief executive, Vikram Pandit, a former head of the alternative investment unit, who revealed plans on Monday to cut the bank's headcount by 52,000. Citi shares fell 6 per cent on Tuesday to $8.36, giving it a market value of $45.5bn.
Fintag says Pandit, the 600 million dollar man must be laughing all the way to his bionic leg. The man is a crook of the highest order.
HEDGE FUND IS CITI'S NINTH VICTIM OF CREDIT CRISIS
Citigroup is liquidating its Corporate Special Opportunities hedge fund after it lost 53 per cent of its value last month, marking the ninth time in recent months that the bank has had to close or rescue a fund in its alternative investment unit.
The collapse represents the latest setback for Citi's chief executive, Vikram Pandit, a former head of the alternative investment unit, who revealed plans on Monday to cut the bank's headcount by 52,000. Citi shares fell 6 per cent on Tuesday to $8.36, giving it a market value of $45.5bn.
Fintag says This man should be sharing a cell with Rich Marin and Dick Fuld. I get to share a cell with Erin Callan ...
London - Neil Ellerbeck, the Global CIO, Liquidity, over at HSBC Asset Management, has now been charged with murdering his wife.
Paramedics are said to have been called to the banker's house early afternoon Friday, after reports that a person was taken unwell. Katie Ellerbeck, a housewife described by neighbours as 'slim', 'pretty', but 'loud', was pronounced dead at the scene . According to Sky TV, a post mortem revealed that she died of asphyxiation and manual compression of the neck.
Fintag says The stresses of having only one skill set. Awful.
Today, Henry Paulson served up his latest round of reassurances that things were looking up. According to the Associated Press, in a report entitled "Paulson, Bernanke Defend $700 Billion Bailout," the Treasury Secretary said that
the U.S. has "turned a corner" in averting a financial collapse.
With that in mind, Iit seemed like a great time to go back and see whether Mr. Paulson's remarks should be taken at face value. Below is a sampling of his past prognostications (in chronological order):
"Bush, Paulson: Economic Upturn Will Take Time," MSNBC, Oct. 15, 2008:
“I believe [the financial rescue plan] is a major step in restoring confidence in our capital system, and that is key — it's the most important thing we can do for our economy,” Paulson said.
"Paulson 'Very Optimistic' on Freddie, Fannie Rescue," Bloomberg, July 20, 2008:
The banking system is "sound" and regulators are being "vigilant," though some banks are starting to struggle, he said...
Fintag says The twitcher is a kid in a candy store. However, I must agree with his defence yesterday that the bail out fund was not a stimulus package but a financial stability fund. Of course it is neither of the two but good tax payers money being thrown after bad. I am thinking AIG of course ... and if socialist Obama throws cash at GM then God help us all.
International Trade is great when we are all trading happily. Protectionism happens when we turn into ourselves. [Editor: What has that got to do with Paulson?]
There's more bad news for Kenneth C. Griffin's Citadel Investment Group: The counterparty credit ratings for two of its hedge funds were cut Tuesday by Standard & Poor's because of market losses.
S.&P. said the outlook for $500 million in debt of the Citadel Kensington Global Strategy Fund and the Citadel Wellington fund was negative and it warned that the ratings could be further downgraded if their actions and “market conditions fail to result in lower volatility and performance stabilization.” S.&P. also said it was watching the pace of redemptions.
Fintag says Why are we interested in what these Credit Rating Agencies are up to?
Home prices fell in four out of every five U.S. cities in the third quarter, a record spurred by distressed foreclosure sales across the country.
The median price of a U.S. home declined 9 percent from a year earlier and sales of properties with mortgages in default accounted for at least a third of all transactions, the Chicago- based National Association of Realtors said today. Prices fell in 120 U.S. metropolitan areas, rose in 28 and were unchanged in four, the biggest share of declines in data going back to 1979.
Fintag says Now that is what I call deflation ...
PAULSON ADDS TO $987M PROFITS AS BARCLAYS SHARES SLIDE
John Paulson, one of five prominent US hedge fund managers grilled by Congress last week, made a £6.3m (€7.5m) paper profit on his short stake in Barclays in just two hours this morning as the bank's share price fell 4% by 10:30 GMT.
Paulson revealed hedge funds at his company were short 1.18% of Barclays' shares on September 19 under disclosure requirements introduced that day by the UK's Financial Services Authority.
Fintag says The man is a God. Shame he is called Paulson as it gets a bit confusing.
Investment consultants have questioned the relevance of the recent activity around the regulation of the asset management industry as organizations react to the credit crisis.
Last week, the CFA Institute Center for Financial Market Integrity added a risk management requirement to its professional code for asset managers. The organization said it had always intended to add this dimension, but recent turbulence had accelerated the update to drive up standards within the industry.
Fintag says I guess the consultants haven't got much work on at the moment, but a positive conclusion.
Need office space in midtown Manhattan or London? There's a growing amount in those cities' ritziest business districts — thanks to the continued tumbles of the hedge fund industry.
Crain's New York Business said that the shutterings of a slew of hedge funds have created a rising number of vacancies in the glass-and-steel canyons of Manhattan. At least 300,000 square feet is available, as firms like Ramius Capital, Citigroup's Old Lane Partners and Carlyle Group's Blue Wave cut employees or fold up shop.
And Bloomberg News said the story is similar in London, where troubles have rocked funds like Peloton Partners' ABS Fund and MKM Longboat Capital Advisors' Multi-Strategy Fund.
Fintag says I quite fancy living in Greenwich. Anyone fancy a swap with my Curzon Street office plus a green card?
BARCLAYS BOWS TO INVESTOR FURY OVER CAPITAL RAISING
The top four executives at Barclays agreed to waive their bonuses for 2008 yesterday after the latest tweak to the terms of the bank's much-maligned refinancing plan failed to stem investor criticism of the package.
The bank's chief executive John Varley bowed to pressure yesterday when Barclays agreed to open up to existing shareholders some of the preferential terms initially granted only to Middle East investors for its £7.3bn fundraising. In another attempt to appease investors, the company announced that the board will stand for re-election in April.
Fintag says What a mess!
51 comments
anonymous said ...
I see from Fin's cartoon that MsR has made a comeback
19 Nov 08 - 08:03 gmt
Shane Warne said ...
Fin, in terms of wine you are truly all cash and no class. A 1993 Sancerre? I bet they see you coming with that one "here comes that rich hedgie, get him that 1993 Sancerre again, he thinks it is expensive because it is old but in fact it cost us £3.50 in 1994 and should have been drunk by 1996."
19 Nov 08 - 08:31 gmt
Jaa said ...
The Japanese story is the benchmark for what is about to unfold in the UK..Multi generation mortgages, 125% mortgages, a complete mania as apparently they were short of space and properties, prices can only go up blah, blah...Tokyo land prices are roughly 50% below the peak in early 90's .. however the Japs had plenty of savings.. and the Brits? Ooops..
19 Nov 08 - 08:41 gmt
Finbar said ...
@Shane - it is good to have a winer on board. I put that in to test you were still reading.
You are right of course - next time I will make sure you are truly impressed with my wine knowledge ..
19 Nov 08 - 08:59 gmt
First time buyer said ...
Fin we are going to experience significant deflation across the world because of the deleveraging of the economy. At first assets deflation such as equities and houses which is already underway. Then goods deflation whether they are importted or produced locally driven by commodities deflation and pressure on margins and wages to shift stocks. Even taxes are going to come down, which I am sure no one will be too upset with:).
19 Nov 08 - 09:01 gmt
Moron said ...
Vikram pandit is a genius took citi for everything they r worth
19 Nov 08 - 09:02 gmt
Top Cat said ...
I think most journos mistake an inflation rate that is going down with deflation, the latter of which is obviously negative inflation. Actual deflation is extremely rare. I seriously hope we do not get to a deflationary stage, if only because inflicting a naked Fin on Regent Street shoppers is completely unfair and will hurt retail sales for decades
19 Nov 08 - 09:14 gmt
anonymous said ...
April 2006: Old Lane launches July 2007: Citi buys Old Lane for $800mn (Pandit makes $165m) with their AUM at the time at $4.5bn; given multiples of quoted HF companies at the time Citi overpaid by 3-6 times. Sept 2007: Old Lane AUM falls to $4bn Dec 2007: Old Lane AUM falls to 4bn April 2008: Old Lane AUM falls under $1bn June 2008: Citi shuts down Old Lane
Old Lane made 2% in 2007, 6.5% in 2006 -- huge underperformance
19 Nov 08 - 09:19 gmt
Panta said ...
I ll have a walk tomorrow in Bond street trying to cheer me up with fake snow, fake Xmas lights, fakes shops, fake food, fake people and a fake 1993 Sancerre glass..in my hand..No Fin for the wine I'll go for the good old home made Vin Brule'...Will be a plesure to offer a glass to the curzon st guys...
Long Vin Brule short useless bottles of Crystal
19 Nov 08 - 09:34 gmt
Panta said ...
By the way..shall we now hope to have deflation...? Lets have it by xmas then..would be really funny watching naked Fin running down regent street with Just a santa Claus hat...and a 10$ bill...It will repay us all for coming years of recessions/depression/obsession/
@Top Cat I am sure Regent st shoppers would love it.... and for retail sales I ll wait for jan figures
19 Nov 08 - 09:49 gmt
anonymous said ...
@anon: Up first to tell us how much you're missing Ms R. If you knew anything about her you'd know she's rather lovely with very nice legs too. You complained about the comments not being on topic and this is the best you can do. At least she was funny and good natured. Get a life mate.
19 Nov 08 - 10:04 gmt
anonymous said ...
Fin - how can you have missed the most important story of the day? The Sun confirms that Hitler definitely did have only one ball
19 Nov 08 - 10:46 gmt
Moron said ...
msR obsessed anon....paddington mate......on the double:))))
19 Nov 08 - 11:26 gmt
EGGDODDS said ...
Haggling
that is the new black. We will haggle for everything, and perhaps eventually our trolley load of food at the supermarket will warrant "I'll give u 20% less for this" opening gambit....
19 Nov 08 - 11:29 gmt
Moron said ...
by the way....i really do think anon 10:04 is msR in disguise....the comment ...she's rather lovely with very nice legs too ....kind of gives the game away.......i really thought ur svetlana identity was better tho:))))
19 Nov 08 - 11:56 gmt
anonymous said ...
Piracy is the new black. And speedboats. Moron, you have boats...
19 Nov 08 - 12:02 gmt
Tradebot said ...
deflation...ha ha ha, that will be the day! There is no limit to the total incompetence of UK media...
19 Nov 08 - 12:15 gmt
Tradebot said ...
BoE and UK media mistaking deleveraging and forced liquidation as end of commodity cycle. Correct me if i am wrong, but aren't most of the hedgies sitting on 70-80% cash for withdrawals? Where does Merv the Swerve and Comrade Brown think they got that cash from?
19 Nov 08 - 12:18 gmt
anon said ...
Moron is a pirate!
19 Nov 08 - 12:21 gmt
anonymous said ...
"Moron is a pirate!"... i think you will find that the "i" and "e" are superfluous
19 Nov 08 - 12:34 gmt
Moron said ...
Finally some creativity from twisted anons beautiful mind
19 Nov 08 - 13:08 gmt
fitzcaraldo said ...
agree...found London quite depressing this year around...anybody fancy a pre-Christmas hedgie party here in Barcelona with me...the sun is still shining...global financial turmoil will arrive in Spain, too, mega-yachts at this year's boat show didn't sell however hard Russian hostesses tried...fast food looks like a good business here, Fin, lots of Brits on cheap flights with no cash...merry x-mas everybody...
19 Nov 08 - 13:20 gmt
BENnies said ...
Malus. That is hilarious. All that happens is that everyone cashes out and rotates jobs every January...
Long recruiters.
Deflation? that's hilarious. How about inflation is taking a break.
19 Nov 08 - 13:29 gmt
Super Mario said ...
Long plumbers in red overalls and nice moustaches!!
19 Nov 08 - 14:06 gmt
Panta said ...
I am begging one ticket...please just one...give me just one ticket to survive the day...help me, Benny Hanky, bail out me...ahahaha...Oh my God here is just anotherone going crazy...problem is that It s me this time...
19 Nov 08 - 14:07 gmt
Nolan Bushnell said ...
With big wrenches.
19 Nov 08 - 14:45 gmt
Alpha60 said ...
Just got back from a w/e in Stockholm, Ldn is turning into a toilet. I'm looking for swedish Fixed Y HF jobs.
19 Nov 08 - 14:47 gmt
GalwayBoy said ...
Massive redundancies at Morgan Stanley this afternoon.
19 Nov 08 - 15:49 gmt
Moron said ...
here comes the crash....yaaaawn:))) u have to love this market!!
19 Nov 08 - 16:12 gmt
morganS said ...
Prime Brokerage at MS - 50 to say goodbye ...
19 Nov 08 - 16:14 gmt
Moron said ...
dribbly doo....dribbly dum~;))
19 Nov 08 - 16:16 gmt
anonymous said ...
But they only have circa 120 in the whole dept...................Nice
19 Nov 08 - 16:16 gmt
anonymous said ...
MS redundancies in London?
19 Nov 08 - 16:22 gmt
GalwayBoy said ...
Yes. Deep cuts across equities, prime brokerage, emerging markets, converts, risk arb, trading, cash equity sales etc etc
19 Nov 08 - 16:40 gmt
anonymous said ...
Damn - I really like the MS PB guys. They're really good, one of the few shops who actually know what they are doing.
19 Nov 08 - 16:45 gmt
Tradebot said ...
Skynews: 900 to go at Deutsche...in London/NY
19 Nov 08 - 16:54 gmt
Moron said ...
we are truly living in the greatest crisis for many generations.....this is aramageddon......judgement day!!!
19 Nov 08 - 16:58 gmt
anonymous said ...
BNP List: Does a fascist live near you - h t t p ://www.localgibson.com/bnp/
19 Nov 08 - 17:17 gmt
anonymous said ...
anyone would think banks had never sacked people before...context people please.
19 Nov 08 - 17:19 gmt
anonymous said ...
MS basically lost 75% of their PB biz in Sept so these numbers are reasonable
19 Nov 08 - 17:20 gmt
Moron said ...
this is really bad guys........the last downturns were nothing by comparison........and its gonna get a lot worse.....the gates of hades have been opened......say hi to the grim reaper:))))))
19 Nov 08 - 17:22 gmt
anonymous said ...
funny because i remember in 01 that Merrills cut 12-15k, Amex 14k, Citi 12k, JPM 5k....it's the market.
19 Nov 08 - 17:57 gmt
Moron said ...
dribble dribble dribble
19 Nov 08 - 18:32 gmt
Moron said ...
down down down we go......this is rather amusing:))
19 Nov 08 - 21:15 gmt
Finbar said ...
Dipping below 8000 ...down to the 7550 bottom as predicted ...
19 Nov 08 - 21:22 gmt
Moron said ...
will go a lot lower than 7550 on the dow ....can see the s and p sub 500 easy:)))
19 Nov 08 - 21:54 gmt
Free Willy said ...
GE and Citi look like they going to die soon. Many traders believe we hit the 6's in the S&P and Dow before the New Year!!
19 Nov 08 - 23:03 gmt
Moron said ...
dribbley doo...dribbley dum:))
19 Nov 08 - 23:31 gmt
Moron said ...
didnt realize that rhymes....s and p 500...sub 500....i shud be a poet:)))))
20 Nov 08 - 00:11 gmt
Z said ...
hey Fin,
what type of effect do you think a transition from net borrowers to net savers by US consumers will have on GDP growth over the next few quarters? I would like to see if GDP corrects itself back to a level that should have been sustainable while consumers were saving and building wealth.
20 Nov 08 - 05:20 gmt
anonymous said ...
I am watching CNBC and they Never mention the problems at GE Capital. Some folks think GE may be headed to $10.
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Hedge funds capped their worst two months in at least eight years in October, as global declines in stocks and commodity prices curbed returns and investor withdrawals cut assets, according to Eurekahedge Pte.
The Eurekahedge Hedge Fund Index, tracking more than 2,000 funds that invest globally, dropped 4.5 percent last month after falling 5 percent in September, the Singapore-based data provider said. October's drop, based on 71 percent of constituent funds reporting as of today, pushed the index down 12 percent on the year, the worst since Eurekahedge began publishing data in 2000.