Posts Tagged ‘Dodd’s bill’

Goldman’s Hit List: Bear, Moody’s, NatCity, PMI, WaMu And Capital One

Goodfellas’ Hit Scene 

 

Goldman’s Hit List: Bear, Moody’s, NatCity, PMI, WaMu And Capital One

Courtesy of Tyler Durden

As Bruce Krasting disclosed yesterday, Goldman’s Josh Birnbaum "slipped" when disclosing the firm’s prop equity positions, in listing the companies his firm was actively shorting. We hope none of these were naked shorts as that would not reinforce the case of prudent risk management by Goldman’s discount window-accessible hedge fund (in other words, the entire firm). Today, via the full exhibit list, we learn that in addition to Bear Stearns, in July 2007 the firm, via Josh, was also actively shorting a variety of other mortgage-related firms at the Structured Products Group via puts, which in addition to Bear, included Moody’s, National City, PMI, WaMu, and Capital One. The firm only had a micro S&P long offset. As the list demonstrates, the firm had a big delta short in fins offset with no financial longs, thus refuting Josh’s testimony that this was a "hedge" when in reality this was nothing than a directional short bet on fins. What is more troubling is that Josh was planning on expanding the list to a whole slew of other firms, and specifically competitors, most of which eventually going under: including Lehman, Merrill, and Morgan Stanley.

We are confident that sooner or later AIG made the list, if not so much on the equity short side, as long CDS. If anyone wants to make the conspiratorial case that Goldman may have had the upper hand on these firms by knowing their liquidity situation and profited from it by shorting them as each bank in turn experienced a bank run, this could be a good place to start. It also begs the question if Dodd’s worthless bill has anything to see about predatory practices by Wall Street firms which actively short each other, potentially leading to a destabilization of the system.


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Reform We Can Believe In

Reform We Can Believe In

Courtesy of John Mauldin at Thoughts from the Frontline 

New York Mets Opening Day at Citi Field in New York

It’s Time for Reform We Can Believe In 
The Fed Must Be Independent 
Credit Default Swaps Threaten the System 
Too Big To Fail Must Go 
And This Thing About Leverage 
What Happens If We Do Nothing? 
New York, Media, and La Jolla

Casey Stengel, manager of the hapless 1962 New York Mets, once famously asked, after an especially dismal outing, "Can’t anybody here play this game?" This week I ask, after months of worse than no progress, "Can’t anybody here even spell financial reform, let alone get it done?" We are in danger of experiencing another credit crisis, but one that could be even worse, as the tools to fight it may be lacking when we need them. With attacks on the independence of the Fed, no regulation of derivatives, and allowing banks to be too big to fail, we risk a repeat of the credit crisis. The bank lobbyists are winning and it’s time for those of us in the cheap seats to get outraged. (And while this letter focuses on the US and financial reform, the principles are the same in Europe and elsewhere, as I will note at the end. We are risking way too much in the name of allowing large private profits.) And with no "but first," let’s jump right in.

Last Monday I had lunch with Richard Fisher, president of the Federal Reserve Bank of Dallas. Mr. Fisher is a remarkably nice guy and is very clear about where he stands on the issues. My pressing question was whether the Fed would actually accommodate the federal government if it continued to run massive deficits and turn on the printing press. Fisher was clear that such a move would be a mistake, and he thought there would be little sentiment among the various branch presidents to become the enabler of a dysfunctional Congress.

federal reserveBut that brought up a topic that he was quite passionate about, and that is what he sees as an attack on the independence of the Fed. There are bills in Congress that would take away or threaten the current independence of the Fed.

I recognize that the Fed is not completely independent. Even Greenspan said so this past week: "There’s a presumption that …
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Kimble Charting Solutions

Is the Nasdaq About To Fall 25 Percent?

Courtesy of Chris Kimble

Technology is the lifeblood of our current economy and dictates future innovation. The sector has also taken a primary leadership role in the 11-year bull market.

But, as most of you are aware, that doesn’t mean that tech stocks are always smooth sailing. In fact, the Nasdaq and tech stocks can be a bumpy ride! Just check out today’s chart!

Displayed here is a “monthly” chart of the Nasdaq Composite (IXIC) which highlights some a handful of large bearish reversal patterns.

The month of...



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Zero Hedge

At Least 2 Killed In 2nd French Terror Attack This Month; Victim Reportedly Decapitated

Courtesy of ZeroHedge View original post here.

In what appears to be the second major French terror attack in two weeks, at least two have been killed and one critically injured in a brutal knife attack that occurred during the morning service of a local Catholic church - Notre Dame basilica - in Nice.

In an echo of the brutal attack on a schoolteacher that recently galvanized the French government to launch a major anti-terror crackdown, reports claimed that at least one of ...



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Phil's Favorites

Achieving COVID-19 herd immunity through infection is dangerous, deadly and might not even work

 

Achieving COVID-19 herd immunity through infection is dangerous, deadly and might not even work

Under relaxed public health restrictions, deaths will spike far before herd immunity is achieved. AP Photo/Mark Lennihan

Courtesy of Steven Albert, University of Pittsburgh

White House advisers have made the case recently for a “natural” approach to herd immunity as a way to reduce the need for ...



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Biotech/COVID-19

Achieving COVID-19 herd immunity through infection is dangerous, deadly and might not even work

 

Achieving COVID-19 herd immunity through infection is dangerous, deadly and might not even work

Under relaxed public health restrictions, deaths will spike far before herd immunity is achieved. AP Photo/Mark Lennihan

Courtesy of Steven Albert, University of Pittsburgh

White House advisers have made the case recently for a “natural” approach to herd immunity as a way to reduce the need for ...



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ValueWalk

Graham & Doddsville Fall 2020 Newsletter: Interview With Oakmark's Bill Nygren

By Jacob Wolinsky. Originally published at ValueWalk.

Excerpt from Graham & Doddsville newsletter for the month of October 2020, featuring an interview with Oakmark’s Bill Nygren, who shares his approach to value investing.

Read all about it – the fall 2020 issue of Graham & Doddsville, published by the Columbia Student Investment Management Association (CSIMA) in partnership with the Heilbrunn Center for Graham & Dodd Investing at Columbia Business School.

Q3 2020 hedge fund letters, conferences and more

In this issue’s in-depth interviews, you can read about:

  • Bill Nygren, CFA, Portfolio Manager of the Oakmar Funds at Harri...


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Chart School

RTT browsing latest..

Courtesy of Read the Ticker

Please review a collection of WWW browsing results. The information here is delayed by a few months, members get the most recent content.



Date Found: Monday, 18 May 2020, 03:35:21 AM

Click for popup. Clear your browser cache if image is not showing.


Comment: Ooh so pretty, so pretty, ooh so!



Date Found: Thursday, 21 May 2020, 01:03:17 AM

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Comment: Charlie Lee: All Things Litecoin (#MimbleWimble, ...



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Politics

How to track your mail-in ballot

 

How to track your mail-in ballot

Make sure you know when your ballot is arriving, and whether it’s been accepted for counting back at your election office. erhui1979/DigitalVision Vectors via Getty Images

Courtesy of Steven Mulroy, University of Memphis

Many voters who want to participate in the election by mail are concerned about when they’ll receive their ballot – and whether it will get back in time to be counted.

The pandemic has caused interest in ...



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Digital Currencies

Bitcoin: the UK and US are clamping down on crypto trading - here's why it's not yet a big deal

 

Bitcoin: the UK and US are clamping down on crypto trading – here's why it's not yet a big deal

Where there’s a bit there’s a writ. Novikov Aleksey

Courtesy of Gavin Brown, University of Liverpool

The sale and promotion of derivatives of bitcoin and other cryptocurrencies to amateur investors is being banned in the UK by the financial regulator, the Financial Conduct Authority (FCA). It is a...



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Mapping The Market

COVID-19 Forces More Than Half of Asset Management Firms to Accelerate Adoption of Digital Marketing Technology

By Jacob Wolinsky. Originally published at ValueWalk.

There is no doubt that the use of technology to support client engagement initiatives brings both opportunities and threats but this has been brought into sharp focus this year with the COVID-19 pandemic.

The crisis has brought to the fore the need for firms to enable flexibility in client engagement – the expectation that providers will communicate to clients on their terms, at their speed and frequency and on their preferred channels, is now a given. This is even more critical when clients are experiencing unparalleled anxiety from both market conditions and their own personal circumstances.

...

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The Technical Traders

Adaptive Fibonacci Price Modeling System Suggests Market Peak May Be Near

Courtesy of Technical Traders

Our Adaptive Fibonacci Price Modeling system is suggesting a moderate price peak may be already setting up in the NASDAQ while the Dow Jones, S&P500, and Transportation Index continue to rally beyond the projected Fibonacci Price Expansion Levels.  This indicates that capital may be shifting away from the already lofty Technology sector and into Basic Materials, Financials, Energy, Consumer Staples, Utilities, as well as other sectors.

This type of a structural market shift indicates a move away from speculation and towards Blue Chip returns. It suggests traders and investors are expecting the US consumer to come back strong (or at least hold up the market at...



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Lee's Free Thinking

Texas, Florida, Arizona, Georgia - The Branch COVIDIANS Are Still Burning Down the House

 

Texas, Florida, Arizona, Georgia – The Branch COVIDIANS Are Still Burning Down the House

Courtesy of Lee Adler, WallStreetExaminer 

The numbers of new cases in some of the hardest hit COVID19 states have started to plateau, or even decline, over the past few days. A few pundits have noted it and concluded that it was a hopeful sign. 

Is it real or is something else going on? Like a restriction in the numbers of tests, or simply the inability to test enough, or are some people simply giving up on getting tested? Because as we all know from our dear leader, the less testing, the less...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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Promotions

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Feb. 26, 1pm EST

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Phil will discuss positions, COVID-19, market volatility -- the selloff -- and more! 

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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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