THE FINTAG NEWSLETTER
@ Wed 11 February 2009 : GMT

FINTAG COMMENT

2 trillion dollars.

I am starting to get worried. When Paulson tried to push thru his M-LEC and his TARP, we were all shocked at the numbers. But they were only hundreds of billions. Peanuts really. So how did Guiltytax (sorry I have trouble with the man's name) come up with such a round number for his new FSP? I will tell you how.

The man has a mac and recently bought a time machine. Storage used to be counted in the megabytes. Along came gigabytes and now terrabytes. Well terra sounds like trillion and I reckon he bought a couple of 1 terrabyte TM's and was sitting in his car and thought hey 2 trillion sounds a lot, surely that should do the trick. I mean that is a lot of dollars.

Of course it won't. It is like feeding a ...I am struggling here, you need to help out ...an animal that always eats and never gets fat ...anyway, it is all so out of the ordinary that if it doesn't work what happens next? 4 trillion? All debt cancelled? Nationalization of everything? This isn't funny. In years to come we will look back and realize that it was the most stupid thing that was done. If you have to spend money, spend it on investment that we can all benefit from like bridges and nightclubs.

The upshot of all this candy shop exuberance will be inflation. Printing money always brings about inflation and then rates will go up and the dollar will fall and so on and so forth and the USA will become the next Zimbabwe.

In times of economic stress, social unrest is not what the doctor order. It is becoming clear that tolerance and liberalism is being replaced by selfishness and narcissism (or is that the other way round?). Having fallen over the day before, yesterday I was dissed by an old risk manager who was my boss when I was a nipper. Perhaps it was because he was wrapped up in a dirty dog's blanket and I only gave him 50p for his appalling rendition of Valerie.

Talking of vagrants, everyday a band of fintaggers comment freely about the world around them and recently they have taken a turn to the dark side. The fear and loathing is seeping through the cracks of the internet and it isn't very nice. But then what do you expect when everyday one's livelihood is threatened and relaxation and chilling are so 2007?

US THROWS TRILLIONS AT CRISIS, BUT DEVIL IS IN DETAILS

earthtimesFintag says
That's his name Geithner. It is German for "tax evader" I believe. Whatever. What concerns me is the man looks like a young Marlon Brando. When I mean young, I mean about 12 years old.

So Freddie and Fannie have absorbed USD200billion so far? Nice.

big barry says " About Bailout Nation . . . "

bloomberg says " Geithner Says Bank-Rescue Plans May Reach $2 Trillion "

HBOS WHISTLE-BLOWER: I WARNED FSA ABOUT BANK RISKS

telegraphFintag says
Let us get one thing straight. HBOS and RBS were NOT real banks. They wanted to be Investment Banks and had no idea how to do it. The fact they were run by the Scottish Mafia is neither here or there, well it is, but they obviously hadn't a clue.

It is a bit like someone who discovers a brothel and is told to wear a condom. Repeatedly they ignore this risk protecting device and end up with some nasty itch. Risk managers are a pain but sometimes you should listen to what they say otherwise why bother employing them?

Still, as this debacle goes to the top of the FSA and the UK government, it is clear these greedy people were complicit and make incompetent bankers look less incompetent.

I trust the media will hound these incompetents until they are strung up with the rest of the people who should be strung up [Editor: And who are they?]

independent says " PM's adviser blamed for collapse of HBOS "

CONSISTENT PRICING METHODOLOGY NEEDED SAYS REPORT

hedge funds reviewFintag says
Guess what. Pricing anomolies is what helps some make money and others lose money (UBS usually).

This utopia has been argued for years. With companies like SuperDerivatives trying to do something similar, this is old but new news.

INVESTORS AND ECONOMISTS RAIL AGAINST OBAMA BAILOUT PLAN

independentFintag says
I don't recall Bernanke or Paulson being that much into detail so why should Marlon be the same? Don't forget New York is bankrupt? Actually, I think TFG looks more like Forrest Gump?

Given he was behind shafting Lehman and causing this current mess, I am starting to have doubts that TFG will be able to save Boring Obama. [Editor: What is all this code speak?]

option armeggedon says " Geithner pisses off markets "

UK UNEMPLOYED MAY TOP TWO MILLION

bbcFintag says
Statistics. I am in Starbucks writing this and I am the only person who has a job. How do I know this? I am in my dressing gown and everyone else is dressed up ready for job interviews.

HEDGE FUND FRAUDSTER'S GIRLFRIEND PLEADS GUILTY TO HELPING HIM RUN

finalternativesFintag says
So much for this cartoon then:

GOLDMAN TRIES TO BE FRUGAL, BUT...

portfolioFintag says
Where have all the fruit baskets gone?

Here is a picture of some Goldman loo paper. No wonder most Goldmaners walk funny:



Sorry, here is the right picture:

AMARANTH, PERELLA WERE VICTIMS OF DREIER'S FRAUD, U.S. SAYS

bloombergFintag says
Imagine that. Amaranth a victim of a fraudster ....

ACKMAN APOLOGIZES FOR 'DREADFUL' LOSSES IN TARGET FUND

finalternativesFintag says
Oops. He got MBIA right and everything else wrong.