28JAN09:
Q1-09 DOW: 8900
Q2-09 DOW: 7250
Q3-09 DOW: 5810
Q4-09 DOW: 3960
CITI NATIONALIZED
OBAMA GETS SICK 27AUG09:
Mini Crash 21SEP09 Predicted correctly:
Bailout=Bonuses
Demise of Bear Stearns
Demise of Lehman Bros.
Demise of AIG
Subprime would cause problems
Date of 2007 crash
CRAs were to blame
G20 riots were a party
Northern Rock run
Northern Rock Nationalization
HBOS and RBS demise
UBS really was Useless
We have a lot of oof news today. News that makes you sit up and go oof. My current location is an airport that I cannot remember and in my pocket is a boarding pass to somewhere I cannot remember. The lounge is unknown and I have almost forgotten where I am. And then I look into my pocket and pull out my British passport and don't know whether to laugh or cry.
A bit like today's news.
[Editor: Oof that that was lame]
U.S. POSTED RECORD YEAR-TO-DATE BUDGET GAP IN JULY
The U.S. budget deficit reached a record for the first 10 months of the fiscal year and broke a monthly high for July as the recession curbed revenue and the government ramped up spending to rejuvenate the economy.
The shortfall so far for the fiscal year that ends Sept. 30 totaled $1.27 trillion compared with a $389 billion year-to-date gap in 2008, the Treasury said today in Washington. The excess of spending over revenue for July climbed to $180.7 billion compared with a $102.8 billion gap in July 2008 as the government spent more than in any month in U.S. history.
Fintag says Oof. So do we blame Bush or Obama? Or doesn't it matter?
wall street journal says " Economists Call for Bernanke to Stay, Say Recession Is Over "
The business, centered in the San Fernando Valley, is being undercut by a growing abundance of free content on the Internet.
There are plenty of other signs of the porn industry's pain. Attendance at the Adult Entertainment Expo, an annual trade show in Las Vegas that's open some days to the public, was down 20% this year. Pay-per-view programming, a key revenue source for the industry, has fallen about 50% from its peak three or four years ago, according to a person familiar with the cable and satellite TV business.
Fintag says Oof. The cat is out of the bag. [Editor: Steady]
dealbreaker says " Hedge Funds Take Accidental Turn Into Porn"
REPORT: QUANT STRATS ACCOUNT FOR 9% OF U.S. EQUITY AUM
Actively managed quantitative strategies currently account for 9% of all U.S. equity assets under management, according to a new report by independent research firm TABB Group. Quantitative assets represent nearly 33% of total US equity AuM, up from 14% in 2000.
According to the authors of the report, Adam Sussman, director of research, and E. Paul Rowady, senior contributing analyst, the pervasiveness of quantitative methods throughout all global asset management strategies is undeniable and permanent.
“For many strategies and markets, automation is now a competitive necessity. Full or partial strategy automation will pervade the methods of global asset management in both alternative and, perhaps more notably, traditional strategies.”
Fintag says Oof. Computers are taking over the world.
WATCHDOG 'GIVES GREEN LIGHT' FOR HUGE CITY BONUSES
The City watchdog was accused of giving banks a green light to continue paying multimillion-pound bonuses yesterday when it backed away from introducing tough rules to curb excess pay.
The Financial Services Authority's proposals on City pay embarrassed Gordon Brown, who had promised to sweep aside the bonus culture in the financial sector. Opposition politicians branded the FSA's new proposals a capitulation. The Treasury also indicated that they did not go far enough.
Some of the most onerous provisions in the FSA's original proposals from March have been softened. Under the new guidelines the banks must link risk and reward. But they will have more freedom to structure bonus packages than was previously suggested and many bank executives and some smaller City firms are excluded from the plan altogether.
Fintag says Oof. The UK's treasury will be delighted and so am I. Firstly with taxes at 60%, most of this goes to the UK government and much of the rest will go into hedge funds.
AUSTRALIAN HEDGE FUNDS RETURN 3.6% IN JULY; FIFTH MONTHLY GAIN
Australian hedge funds returned an average 3.6 percent in July, the fifth straight monthly advance, buoyed by an equities rally and signals that the worst of the global recession may be over.
The Australian Fund Monitors Index, which tracks more than 200 hedge funds managed from within the country, added to its longest stretch of gains in almost two years, according to a report based on 30 percent of funds reporting.
The stock market rally “provided a welcome boost,” said Chris Gosselin, chief executive officer of the Sydney-based industry researcher. “Equity-based funds are just shy of recouping all their losses of the past 12 months.”
Fintag says Oof. Is Australia the new South Africa?
UNIVERSITY OF PENNSYLVANIA ENDOWMENT BEATS HARVARD WITH STOCKS
The University of Pennsylvania, the Ivy League school founded by Benjamin Franklin, beat Harvard University's endowment by choosing the right stock pickers, investing in credit strategies and boosting its Treasury bonds.
The Philadelphia university's stocks outperformed market indexes, said Kristin Gilbertson, chief investment officer of the fund. Penn's endowment fell 16 percent in the year ended June 30 to $5.2 billion, better than Harvard's estimated 30 percent decline and the 26 percent loss for the Standard & Poor's 500 Index, including dividends.
GLG Partners, an FSA-authorised and regulated investment manager, has appointed Nick Judge as an asset manager in the UK team.
Working in the UK equities division headed by John White and Jason Mackay, Judge will be part of the five-strong team responsible for the management of GLG's range of UK funds. These include the GLG Alpha Select Fund, under whose strategy GLG manages USD1bn, and the recently launched GLG UK Select Fund, a UK-domiciled version of its Irish Ucits long-only GLG UK Select Equity Fund.
Fintag says Oof. I have never heard of him. More interesting learning about the world's best restaurants ...
In a letter sent on Wednesday to Amaranth's remaining clients, which was obtained by DealBook, Nick Maounis, Amaranth's founder, said that the $7.5 million fine would settle the complaints from both the C.F.T.C. and the F.E.R.C. (Read the letter below.)
He wrote that the settlement avoided an expensive legal battle with F.E.R.C., which could have cost the fund millions in litigation fees and left it liable for penalties approaching $300 million.
Fintag says Oof. Lawyers win again. It seems like only yesterday that Amaranth was THE biggest story ever and now its nothing compared to what followed. Three cheers to Dick Fuld.
Barbara Stcherbatcheff landed her first job in the City in 2004, after attending Colgate University, and then the Tuck Bridge Program at Dartmouth.
The Londonpaper's 'Citygirl', Barbara is also a regular Here Is The City columnist. Her first book, Confessions of A Citygirl, has just been published by Virgin Books, and is a cracker. Every City male will recognise themselves in these pages, and every City female with empathize with this very real story.
Fintag says Oof. My book is not coming out fast enough. Onto other biz opportunities, thanks for those who expressed an interest in my new Resume rating idea. I am hooking up with 1 eager person and a business will be born. Next biz opp is for someone to write me a cartoon called Finbar in the style of Family guy.
city am says " The cut-throat world of New York's super-rich "
HARRY Markopolos -- the whistleblower on Bernie Madoff who proved to be much smarter than the SEC -- says there are evildoers out there who will make the Ponzi scum "look like small-time." Markopolos gave a speech to 400 of the faithful at the Greek Orthodox Church in Southampton and predicted major scandals will soon be revealed about the unregulated, $600 trillion, credit-default swap market. "To put it in simple terms, it is like buying fire insurance policies from five different insurance companies on your neighbor's house and then burning down the house," he said. After his lecture, Hampton Sheet publisher Joan Jedell reports Markopolos was feted at a dinner at Nello Summertimes hosted by John Catsimatidis and his wife, Margo, who were joined by Al D'Amato and Greek shipping magnates Nicholas Zoullas and Spiros Milonas.
Fintag says Oof. There are ponzi schemes bigger than Madoff? Surely it is not a reference to Goldman Sachs?
JPMORGAN, HEDGE FUNDS MAY LOSE AS DERIVATIVES PROPOSAL ADVANCES
President Barack Obama sent Congress his plan to rein in the $592 trillion over-the-counter derivatives industry, a measure that would cut into a profitable market for banks led by Goldman Sachs Group Inc. and JPMorgan Chase & Co.
The proposal issued yesterday would pressure derivatives users such as banks and hedge funds to move away from opaque customized contracts by imposing higher capital and margin requirements on the instruments. Standardized derivatives would be moved to regulated exchanges or trading platforms and sent through official clearinghouses, according to the draft measure.
Fintag says Oof. We know the CDS market is a ponzi scheme. The New York post has told us. Imagine Obama regulating a ponzi scheme. Double oof.
The Bank of New York Mellon is to acquire Insight Investment Management from Lloyds Banking Group in a deal worth £235 million.
With this acquisition BNY Mellon will have over $1 trillion in assets under management (AUM). The acquisition is expected to close in the fourth quarter of 2009.
Based in London, Insight Investment specialises in liability driven investment solutions, active fixed income and alternatives. Its clients include some of the UK's largest pension schemes, corporates, insurance companies and local authorities as well as a growing number of non-UK financial services and intermediary companies.
Fintag says Oof. Bargain of the day. GBP80bn of assets for a couple of hundred million. A message to one of the founders who I know well - that yacht is finally yours; not sure where you can park it in Wimbledon though.
The US government and Swiss bank UBS have reached a deal to resolve a dispute over the disclosure of the names of American clients who are suspected of evading tax by holding offshore accounts.
The agreement will "take a little time to be signed in final form," Stuart Gibson, a tax lawyer at the US department of justice told judge Alan Gold on Wednesday.
The US government will drop its case against UBS when a settlement is finalised, Gibson said.
UBS was not immediately available for comment.
Fintag says Oof. There will be a lot of US citizens in big doo doo. I cannot believe it; UBS gave in. If I were a customer I would sue the pants off them.
JOHN PAULSON INVESTS $2.2BN IN BANK OF AMERICA, FUELLING RECOVERY HOPES
John Paulson - the American hedge fund manager who famously made $3.7bn (£2.24bn) from betting on the collapse of the US sub-prime mortgage market - has taken a $2.2bn punt on a recovery at beleaguered Bank of America (BoA).
Mr Paulson's second largest wager on any one investment is one of clearest signs yet that the banking sector could be poised for recovery after two years in the doldrums.
His Paulson & Co fund bought 168m BoA shares during the second quarter, shares which were worth $2.22bn on June 30.
Fintag says Oof. Going long financials - not a difficult play. We have been doing this all year. What is significant is it gives him a strong hold of a bank. Nice move.
Paulson is the new Buffet. [Editor: Eh?]
'IT'S WORSE THAN WE THOUGHT': FEEBLE ECONOMIC RECOVERY WILL DOOM MORE FIRMS, SAYS MERVYN KING
The Bank of England delivered a grim warning about the state of the economy yesterday casting a shadow over Government claims that Britain is ready to bounce back.
Governor Mervyn King warned that the recession is 'deeper' than officials feared and the 'mayhem' caused by bank meltdown will do far-reaching damage to the economy.
Fintag says Oof. A great CYA exercise. Make it sound bad so when it isn't he can say he helped it be not as bad. But he is right. It is bad but we are all so fed up of bad news we don't want to listen. Unless you are hungry and unemployed of course when bad news is soothing. I think. Oof, that was insensitive.
33 comments
anonymous said ...
If you have a British Passport you have won the lottery of life! First!?!
13 Aug 09 - 07:07 gmt
Top Cat said ...
That Insight deal is an absolute steal. It used to be something like 4-8% of AUM paid for an asset manager, now it's less than 1%. Surely they'll make their £235m back in a year or two?
13 Aug 09 - 07:14 gmt
anonymous said ...
now where is moron, in his place i will put in a tentative call on the short side. & well done to the chaps at the FSA cracking work.
13 Aug 09 - 07:29 gmt
damiendamein said ...
I like stories involving Boney M.
13 Aug 09 - 09:15 gmt
anonymous said ...
Didn't make me go OOF at all.
13 Aug 09 - 11:59 gmt
Moron said ...
ooooooooooooooooooooooofffffffffffffffffffffffffffffffffff:)) .......i have come to the conclusion that women are all whores.....all of them...no exceptions!!!!!!
What about your mum? And do you have a sister? Daughter?
13 Aug 09 - 13:42 gmt
Moron said ...
i have nobody mate
13 Aug 09 - 14:13 gmt
anonymous said ...
Are you surprised with that attitude! Why don't you decide to bat for the other side, and go after "author of a [crap] blog"? He's desperate for attention like you it seems.
13 Aug 09 - 14:35 gmt
Moron said ...
i think author of a blog rocks....and aoab's blog rocks too!!! I HAVE SPOKEN!!!!
13 Aug 09 - 14:46 gmt
author of a blog said ...
cheers Moron your sound as a pound mate...hope ppl are getting into long JPY and USD trades today...those auto sales have really spooked the markets
13 Aug 09 - 15:09 gmt
author of a blog said ...
Hey moron are u really a HF manager? Or trading on a HF desk?
13 Aug 09 - 15:13 gmt
anonymous said ...
great call aoab!
13 Aug 09 - 15:22 gmt
author of a blog said ...
anon 15.22 no need to be cry...long JPY is a real money spinner today particularly against GBP, CAD AND NZD
btw anon do u work BO...hence the massive chip on your shoulder?
13 Aug 09 - 15:38 gmt
author of a blog said ...
btw for those of you interested in making quick cash I will be posting my daily trading ideas on my blog...up to you if you follow them or not
13 Aug 09 - 15:40 gmt
Moron said ...
aoab rocks.....vote of confidence.....till he trips up...and then i will chew him up and spit him out......:)))
13 Aug 09 - 15:44 gmt
author of a blog said ...
Moron do you trade any FICC at your shop...or a pure equity play? Got some good calls on the US 10yr and Bund futures be happy to share
13 Aug 09 - 15:51 gmt
Mystery said ...
Moron your a gimp
13 Aug 09 - 15:52 gmt
anonymous said ...
author of a blog - your grammar is absolutely appalling. You're boring. Boring as hell. Humourless idiot. Moron is a tool, but at least he is a tool with a character, albeit an irritating one.
13 Aug 09 - 15:59 gmt
anonymous said ...
aoab, you are wasting your time. Moron sits on his sofa and punts £1 a point on ig index.
13 Aug 09 - 16:00 gmt
author of a blog said ...
anon 15.59 couldn't give a sh*t if my grammar is poor. I'm not looking to become a literary sensation after having written my magnum opus...I do care about making money though...If they are any "REAL" hedgies on here, not BO gnomes or internet trolls, I do have some great calls...You might already be aware of them but no harm in checking them out
13 Aug 09 - 16:23 gmt
anonymous said ...
Stop trying to advertise your stunningly content-free piece of sh1t blog on here PLEASE. You're a turkey, a bozo, a clown, a chump
13 Aug 09 - 16:51 gmt
Moron said ...
there is only one great call...short everything...rangebound markets for next 3 years...and this is the top of that range......other than that.....life sucks...women are whores....london is crap...and trust nobody...not even ur parents:)))))....I HAVE SPOKEN AGAIN!!!
13 Aug 09 - 17:03 gmt
author of a blog said ...
anon 16.51 a.k.a sh*tface not trying to advertise my blog you degenarate pr*ck. I am trying to create a forum where traders / day traders can share views and opinions about the markets...especially since I don't have access to BBG IM v hard to share info on a quick basis. If you don't like it would be happy to meet you any time at gymbox in bank to settle the dispute...see whether you still have the minerals then!!!
13 Aug 09 - 17:09 gmt
Tradebot said ...
OOF. no access to BBG... ha ha ha.
13 Aug 09 - 17:17 gmt
Tradebot said ...
Heh. Good timing from FSA. According to the Times , RBS hired some "bond trader" for guaranteed £7mio for 1st year. Never heard of of him though. There is certainly a competition between Worst Bank in the World between RBS and Lloyds HBOS.
13 Aug 09 - 17:23 gmt
Moron said ...
oink oink...to the anon who thinks i am a tool with character.....i am humongously flattered.....thank u oh so much....nobody has ever accused me of that character thingie before....sounds so posh...character:)))
13 Aug 09 - 17:27 gmt
anonymous said ...
no BBG access what a loser aoab is....tres embarrase!
13 Aug 09 - 19:39 gmt
fixedoddspunting said ...
Tradebot - the guy is sales and last sold something 4 years ago. As a taxpayer, this is one of the worst trades RBS could make. All RBS will now be even more peeved (if possible) for paying £7m to some useless egotistical maniac.
13 Aug 09 - 20:48 gmt
Moron said ...
women all deserve to be raped and beaten.....with sticks...hard...spoilt little princesses!!!!!!!!.....just gave her an audi r8 and she doesn't like the colour.......bl**dy whores.....buy them red flowers ... and they moan that they wud rather have white!!!!!!!!!
13 Aug 09 - 23:23 gmt
High Priestess II said ...
Rose (general)(Red) - Love ; I love you Rose( White) - Eternal Love ; innocence; heavenly; secrecy and silence
pioneerthinking.com/flowerlanguagel-z.html
14 Aug 09 - 01:15 gmt
howie said ...
@ all --sick losers at the top of their game. With the exception of Fin of course.
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