Saturday, January 17, 2009

Risk-Free Profit Idea: Follow Up

As our contango idea from a few days ago has caught some media attention we wanted to make some elaborations. The premise for that post was to show that based on 10 minutes of google searching and some DIY supplies, one can exploit cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 contango. If one is industrious enough, one could probably circumvent or cover cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 transportation, insurance and labor costs and still be at a profit. For industrial-grade profits however, Stamford, CT may not be cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 best location. The way cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 big boys are playing this is two-fold:

1) They fill tankers full of crude and store cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365m (or keep cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365m movable with no destination per se, just making sure cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 hull doesn't rust and what not). Some of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 big names doing this are Citi's commodities trading unit, BP and Royal Dutch. A favorite spot to anchor your tanker is off cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Orkney Islands in North Scotland or off cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 coast of Louisiana. For an interesting perspective see here. Companies likely to benefit from continuing contango are Phibro LLC which has a track record as hirer of tankers, and Frontline, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 largest owner of supertankers.

2) They dump cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 oil in Cushing, OK. The town of 8,000 is in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 middle of nowhere, but is where all West Texas Intermediate contracts are delivered. There is nothing memorable about cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 town except cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 hundreds of huge oil storage tanks which can store up to 35 million barrels. In a period of contango, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 tanks are full waiting to be unloaded at higher contracts in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 future. Wall Street companies that have a monopoly over cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 storage business in Cushing are BP, Enbridge, Plains All American and SemGroup (well, this one not so much any more), while ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r global players include Vitol and Morgan Stanley.


(Cushing, OK storage tanks)

So before people rent out warehouses in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 tri-state area, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365y may want to consider purchasing a cheap second-hand tanker or renting out some reservoirs in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 middle of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 heartland.
*********
Tomorrow - we pick up on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 reason for cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 huge contango and how, aside from blaming cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 usual OPEC and hedge-fund suspects, airlines such as Southwest, JetBlue and Delta (which are underwater on forward oil hedges to cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 tune of billions of $) are likely culprits as well due to cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir meeting of margin calls in cash and weighing in on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 light volume near-term crude market.
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Investment Idea That Gets You Points With cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Ladies

The market is crashing, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 S&P will hit 500 soon, Socá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365by's stock is plummeting: is cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365re any way to invest in artistic assets in this environment? Our recommendation - get on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 prebuy list for Geoffrey Raymond. The modernist artist who exploded on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 scene by painting and cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365n having ordinary people annotating portraits of Jimmy Cayne and Dick Fuld will likely have years and years of scandalous work subjects. Based on his current portfolio he will not be suffering from painter's block any time soon. His early Dick Fuld sold for $10,000, current pieces are going for $30k+. At this rate we expect to see Geoffrey's art easily overtake cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 garbage that Damien Hurst was peddling to billionaire ponzi schemers. Granted cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 hype of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Annotated Madoff's will likely come and pass but vainglorious semi-billionaires will still be happy to shell out a lot of money for time-defining pieces such as Black Warren.

After all - would you racá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r keep your money in cash once hyperinflation hits, in Treasuries where you pay cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 government for a mattress alternative, in Banc of America which will be nationalized any moment, or in relatively cheap art which can only go up?
*********UPDATE**********
Thanks Geoffrey, can I get this autographed please?
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Saturday Afternoon Ponzi: Now in Idaho, And Totally Organic

WSJ reports ($$$ here) of anocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r one. Seriously now, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365y have hedge funds in Idaho? I think we have reached our saturation point - one a day now, soon to be dozens: 34 of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 1,684 hedge funds reporting quarterly results have never had a down quarter (you listening SEC, you may want to do something here proactively). Sphere: Related Content

$100 Trillion Note Unveiled in Zimbabwe

It has been 4 days since we demonstrated Zimbabwe's recently issued $50 billion note... Press reports indicate that deflationary attempts in this Soucá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365rn African country have failed and Zimbabwe has decided to introduce a $100 Trillion note. We have no clue how cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 14 zeros manage to fit on a small piece of paper (this is British numerology). The new note is worth roughly US $33 today and a few cents tomorrow. In cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 meantime U.S. printing presses work overtime to catch up.

In cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 meantime, wife of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 totally nutso dictator Mugabe has been seen carting wheelbarrels of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 new specimens to stores in Hong Kong, much to cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 chagrin of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 thousands of Zimbabweans dying everyday from cholera. Way to go United Nations. Sphere: Related Content

Death Watch: New Entrant - New York Times

The WSJ reports ($$$ link) that Mexican billionaire (or is that millionaire now, we need to double check) Carlos Slim Helu may bail out cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 New York Times. The Mexican who bought 6.4% of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 company 4 months ago, at ridiculously higher prices, may be cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 last chance for cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 newspaper publisher, which is doing everything it can to raise a few bucks, including a sale leaseback of its HQ building and is considering "various ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r financing alternatives including private placements".

Couple of questions. Where is major shareholder Phil Falcone in all this. More importantly, where is Scott Galloway, our winner of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 "There can be only one" nomination. Lastly, will cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Sulzbergers, who watch as cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir crumbling empire is worth less and less each day, be willing to cede control? We will know soon - cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 clock is ticking on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 May 28 maturity of a $400 million Term Loan. In cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 meantime, if you are a gambling person, take a look at some NYT CDS - wrapped around 1000, it is roughly 3000 bps cheaper than fellow Death List participant McClatchy. On $10 million notional you would make a cool $4.3 million if cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 two end up trading side by side.
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GM To Become Next $$$ Bottomless Pit; Rattner to Play Next Joker

"Bankrupt but not really" carmaker, General Motors, which has already likely burned thru cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 $13.4 billion in taxpayer money it received a couple of weeks ago, is poised to keep cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 fire going a whole lot longer. Both holders of over $27 billion of corporate debt, as well as cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 United Autoworkers Union, are aggressively taking advantage of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 government's insistence that cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 company is too big to fail, and have decided that cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365y are not going to negotiate cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 concessions needed of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365m. Ray Young, GM's CFO, has said cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 company "may not be able to secure cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 agreement of all bondholders for cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 proposed debt for equity swap." As part of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 original TARP release of critical funds, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 company is supposed to force bondholders to accept a 66% reduction in existing debt, which means for every dollar invested, bondholders can hope to recoup at most 33 cents. Same thing goes for cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 UAW, which is expected to agree to receive less than cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 current $70/hour all in benefits.

In a brilliant demonstration of communism, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 government has already demonstrated it will not let cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 company fail, so neicá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r bondholders nor cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 UAW feel pressured by cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 threat of an all out bankruptcy. This game of chicken will likely last until everyone but cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 US taxpayer gets what cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365y want.

All this should make for an interesting showdown between all cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 involved parties and cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 soon to be appointed car czar, Steve Rattner. In cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 worst kept secret on Wall Street, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 head of private equity firm Quadrangle, will soon become judge, jury and executioner of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 U.S. auto industry. Due to his very substantial ties to cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Wall Street community it would not surprise us if he ends up siding with cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 likes of Bill Gross and Larry Fink who owns a huge part of GM bonds. It would be even less surprising, when one considers that Rattner's economic priorities it seems are cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 continuation of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 current trend of taxpayer-bails-everyone-out thinking (although he does have a good point about cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 biggest Ponz of all time: Social Security, 1000 times bigger than Madoff). Bottom line: like a good Joker, we expect him to idly supervise cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 wholesale arson of much more taxpayer money. We would be happy to be proven wrong.
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Friday, January 16, 2009

Friday Night Ponzi: Anocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r One on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Loose; Getting Silly Now

While this is not quite as dramatic as Schrenker's insane plane-crash stunt, or at least not yet, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 new Ponzi runaway story is all over cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 news. This time it is Art Nadel, a potentially demented, statistical arbitrage whiz-kid. While at first glance this seems to be an isolated case of a 75 year old guy who had likely misplaced his dentures, but who nonecá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365less had been running a "prize winning black box" fund, we fully expect to find a connection to Madoff, Madoff's extended family, Dreier, Schrenker and all cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 brocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365rs and sisters of Kappa Beta Phi.

What is known so far:
  • Art Nadel, 75, money manager for Sarasota, FL, based Valhalla Management is under investigation for investment and asset cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ft.
    Art disappeared on Wednesday afternoon; his disappearance was reported by his wife Peg who had last seen him at 8:45am on Wednesday. Two days later cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 police launch an investigation.
  • Nadel left a note that was recovered after his disappearance. Contents of said note have not been released by authorities.
  • Wife Peg Nadel and son Geoff Quisenberry said cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365y would not comment on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 assets under management, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 number of clients, how much had been lost or whecá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r it is even accurate to call it a hedge fund.
  • Nadel is fleeing in a green Subaru.
  • Detective Bill Splitter says "We're dealing with a substantial amount of money that has reportedly been taken from many investors".
  • Among cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 high-profile Sarasota victims are cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Sarasota YMCA foundation, and at this point cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365y have been told cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir money is gone.
  • Valhalla investors had been told cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir investments in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 fund had earned over 8% as of November.
  • In addition to Valhalla, ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r umbrella funds implicated are Viking and Scoop management.
  • Neil V. Moody, 70, who is president of Viking Management, released a statement to investors on Thursday confirming funds had disappeared: "Unfortunately, just yesterday afternoon we became aware of an extremely serious situation suggesting that cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 funds may have virtually no remaining value".
  • Moody is telling clients that Nadel did all cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 fund trading, and that Moody had no idea anything was wrong until this week.
  • The duo operated under cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 name Scoop Management Inc. in a double storefront at 1618 Main Street in Sarasota.
  • Moody, who lives part time in Evergreen, Colorado has told investors cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 funds value totalled $350 million.
  • Among cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 recipients of gifts and pledges from cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Nadels are Habitat for Humanity, Jewish Family and Children's Services and Girls Inc.
  • Scoop had announced that it could not meet year-end demand for $50 million in redemptions.
  • Moody has admitted to an investor that "Nadel was missing with all cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 money".
  • In a 2003 report, Sarasota-based The Wall Street Digest lauded Nadel's and Moody's experience, especially Nadel's "black box" computer program (you reading AQR?).
  • Valhalla's phone number is listed as (941) 366-0975.
  • Valhalla was incorporated in 1999; cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Nadels and ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365rs started a firm two-years earlier that used computer generated investment and trading programs, according to Valhalla marketing docs.
  • Nadel is a grad of NYU, and in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 1960's was a realestate developer.

The photo below is of a store front of Scoop Management Inc. from Google Street View. No green Subaru can be spotted. As more news unwind in this developing story, we will keep you posted.




Photo of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Art Nadel's wife, Peg, and borg-collective fan son, Geoff:

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Charter Has Not Learned from Nortel Lessons

Bloomberg reports that Charter Communications, which as we noted, did not pay its Jan. 15 interest payment and has hired Rick Cieri and his mega-bankruptcy law firm Kirkland and Ellis... What boggles is why cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 company has hired Lazard as financial advisor after cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir deplorable failure to procure a DIP loan for Nortel, leading to its Chapter 11 filing. The 3rd largest cable company in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 U.S. , which serves some 5.5 million soon to be TV-less customers in 27 states, will imminently provide a variety of "diligence" trips for Lazard to its St. Louis headquarters, although according to this cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 A-list bankers will undoubtedly prefer to be staffed on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Nortel deal. And, as we expected, Charter will file with a boatload of cash, a little over $900 million to mitigate for cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 lack of interim bankruptcy funding.

Charter, whose chairman and biggest shareholder (don't mean much when cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 stock trades at 12 cents) is Microsoft co-founder Paul Allen, has never been profitable since going public 10 years ago.

Ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r advisors who will join cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 vulture-fest, are financial advisors Houlihan Lokey and Miller Buckfire, advising bondholders and Paul Allen, respectively.

With over $16 billion in debt and a lot of pissed off bondholders, this will likely be one messy bankruptcy.
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Citi Files Summary Terms of Its US Government Joint Loss Sharing Program

For cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 full link to cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 8-K, look here.


At this point on Friday we are too drunk to read thru this garbage. Sphere: Related Content

If You Live in Cali, Dont Bet on That Tax Refund

The Governator Wasn't Kidding. California is on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 verge of bankruptcy. Looks like not only will cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 state have to pay with IOUs, or worthless pieces of paper as cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365y are better known, for all state purchases, but apparently tax refunds will be delayed as well. First by 30 days, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365n, indefinitely.

California CDS last traded around 400... We will bet $0.69 it won't stay cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365re too long.

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Inter Milan Coach Telling Head Striker He Is Fat

In totally unrelated news, Jose Mourinho, coach of Italian soccer powerhouse Inter Milan, has told his troubled stiker Adriano that he is fat and he needs to lose weight if he wants to play for cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 team. "It is clear that he is (six to nine pounds) overweight and he lacks some explosiveness and confidence." Now that is some motivation talk.

Next up: Stieve Cohen telling his traders cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365y are being furloughed until cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365y lose 50 pounds or have hormonal cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365rapy to achieve cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir target figures.
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Barclays Crazy Rollercoaster Stock Price Ride

After dropping as low as $6/share, BCS recovered most of its losses and traded as high as $8, before dropping again. Barclays management "We know of no justifcation for share-price decline". It also expects to report pre-tax profit well ahead of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 $5.3bn analyst estimates...

Well, we shall see Sphere: Related Content

Breaking News: Steve Jobs Considering Liver Transplant

After incessant media bugging, Jobs break down "Why don’t you guys leave me alone -- why is this important?”

Poor guy, all joking aside, this is pretty horrible and again our thoughts go with him Sphere: Related Content

Citi About to Bear cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Brunt of Moody's Anger

Tha company has been put under review for a downgrade by Moody's.... What can you say - always one step ahead of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 crowd. Their Prime Rating is most at risk at A-2. If this gets whacked several notches, no more access to commercial paper... Oops

*********UPDATE**********

Moody's just downgraded Banc of America/Merrill Lynch senior rating to A1 from Aa3. Kinda like Lehman was rated A1 on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 day of its bankruptcy. Sphere: Related Content

Risk-Free Profit Idea of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Day

Buy: Barrels of Oil (we do not have a position in this "security" so we hope cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 SEC does not bust our front door in an hour for position peddling)

Why? You pocket $25 RISK FREE per barrel for just holding on to it for 11 months

What is cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Catch? U need a place to store a couple of barrels of oil...

What is cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 CNBC Catchphrase? Contango

What is cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 math? Buy oil for February physical delivery (perfect, gives you time to organize this brilliant strategy), with cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 goal to sell it in January 2010, for an 11 month holding. According to most recent NYMEX quotes, you pocket exactly $25/barrel doing this trade.



Some geometry. A Barrel of Oil, is a standard volume measure equivalent to 42 gallons, or 158.9873 liters for our 2 European readers. This "black gold" is stored in 55-gallon drums, which have dimensions of roughly 24" by 34"; while traditionally cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365se have been made of steel, you can buy plastic alternatives. Since you don't care about cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 quality of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 drums you can buy used drums. According to this Craigslist seller you can buy bulk used drums for $8/each. The average circular barrel takes up on average 4 square feet in area and is roughly 3 feet high. You can stack barrels as many as you need high, limited by cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 height of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 storage facility.

Next you want to find an average sized warehouse - presumably somewhere cheap, let's say Stamford, CT, which is terrific for two reasons 1) most of our readers are in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 greater Stamford area, and 2) if cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365re is a leak, you will pollute not some endangered crane breeding ground, but cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 domiciles of some of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 richest people in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 US. Elsewhere in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 country, rates will be cheaper. According to this link, you can rent a 2,200 sq/ foot warehouse in Stamford, CT for $3000 month (this assumes no haggling). Plugging all cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365se variables in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 below spreadsheet, and you end up with a risk free profit of $41,800 over 11 months without moving your finger... And this is a scalable and leverageable idea - meaning you can potentially book unlimited profit, as long as you can find cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 storage, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 barrels and someone to finance it if you don't have cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 upfront costs. Even if inflation has a "hyper" prefix at some point over cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 next 11 months (which we at Zero Hedge are very concerned about and believe it might happen), you will still be locking in a real profit.


Are we missing something, or is cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 market so dislocated cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365re are just insane pockets of value... We think cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 latter... What is your take?
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From: Treasury; To: Taxpayer...

We are happy to inform you that Chrysler Financial (aka Stephen Schwarzman of Apt. 15/16B at 740 Park) is now cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 proud recipient of your money.

The massive tax funnel known as cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Treasury has decided to burn $1.5 billion in yet anocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r retarded venture. You can now run to your nearest Chrysler dealership and get that PT Cruiser you have been dreaming of for so long for a 0% financing. Sphere: Related Content

Layoff Watch: Pfizer, AMD and GE Capital joining Hertz in "Streamlining"

Pfizer cutting 2,400 jobs or a third of its total workforce, AMD is slashing anocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r 1,100 people, and GE Capital is laying off 11,000 or 10% of its workforce. Presumably cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 newly laid off can be placated with a year-long supply of Viagra, free computer with internet connectivity and free access to a $1 million DIP to finance cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir own bankruptcy petitions... We can imagine cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 resulting mess... Sphere: Related Content

Market Not Sure Why It Is Crashing But Doing So Anyway

In a totally non-schocking response to yesterday's trading action, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 S&P has dropped 25 pts from its peak today. Could it have something to do with cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Barclays monkey-hammering in London, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 barely-whispered confirmation this morning that Karl Marx was right all along, or just traders hoping for an early weekend doing all cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365y can to exit cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 week flat and still employed? Inquiring minds want to know... Sphere: Related Content

At The Altar: YHOO MSFT Part 2?

Bloomberg, citing cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 uber-dependant "person", reports that Microsoft's manic-depressive boss Ballmer has met with Yahoo's Chairman Roy Bostock in New York. Preamble to new marriage bells? We will keep you posted. Sphere: Related Content

Layoff Watch: Hertz Laying off 4,000 Workers

Hertz is firing a lot of very bored, airport rental lot operators. The heavily leveraged auto rental company (CDS in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 1250's last time we cared), is hoping firing a third of its workforce (as compared to August 2006) will make it profitable. Nonecá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365less, Mark Frissora, CEO, is not unduly optimistic: "Volume, pricing and residual values continued to decline during cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 most recently completed quarter, and we cannot predict when our markets will improve." He adds total liquidity at Dec. 31, 2008 was $4.9 billion, so Hertz will likely not be on our Death Watch any time soon (although we have been surprised in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 past). Sphere: Related Content

Death Watch: Circuit City Liquidates

Circuit City will not pass go on its way to cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 garbage heap. Despite rumors that it had found outright buyers for its stores, including such PE companies as Golden Gate Capital and Ricardo Salinas Pliego, Circuit City today filed a notice in bankruptcy court that it has hired liquidators and is unable to reach a pact with creditors. In a trend proudly started by Apollo portfolio company Linens 'N Things, retailers seem to have given up on reorganizing in chapter 11 and go outright to 7. This fits with our assumption that Chapter 7 is cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 new 11. Circuit City's bankruptcy case is 08-35653 in Eastern Virginia Bankruptcy Court.

Hopefully this means that cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Circuit City store on 42 and 5th will finally have some good deals.
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Bernierama Zionist Conspiracy? Jewish Billionaires Say No

Mortimer Zuckerman and Michael Steinhard are quoted as saying this whole Madoff ponzi shizzle "shouldn't be considered a Jewish scandal just because cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365re were a large number of Jewish victims". Per a Bloomberg article, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 two made comments at a Manhattan panel discussion last night called "Madoff: A Jewish Recoking". Among cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 250 participants was everyone's favorite Pershing Square Capital manager and monoline fraud exposer, William Ackman. To quote Zuckerman "It's unfair that Madoff's Jewishness has become part of this narrative. Late Enron CEO wasn't called a 'prominent Protestant energy fraudster', and Illinois Governor Rod Blagojevic hasn't been identified in news coverage by his ethnic origins". Steinhardt said he feared Madoff could revive anti-semitism in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 U.S.; Steinhardt should know - after all he founded his hedge fund in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 distant 1967, when probably cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 only ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r HF around was Bernard L Madoff Investment Securities.

Ezra Merkin's "Jewishness" wasn't lost on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 panel eicá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r. Speaking of Merkin, Ackman said "I think he is an honest person, an intelligent person, an interesting person, a smart investor."

Even though Woody Allen was absent to provide comic relief, Dr. Ruth Wescá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365imer, summarized cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 situation eloquently "We are all concerned to go on a miserable and cold night to talk about it. That's what we Jews do. We don't sit home and stew". Sphere: Related Content

More On The Secretive Frank and Charlie

Good to see we are on to something. In our breaking expose from Wednesday we presumed that cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365re is more than meets cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 eye with Frank DiPascali and Charlie Wiener, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r, heretofore secretive Lipstick building 17th floorites. Today Bloomberg reporters seem to agree and have expanded on our initial discoveries... We are quite impressed by cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 quality of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir diligence but I assume you have ways and means when you are actually getting paid for your sleuthing (ahem, management). Not too many major revelations though: cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir Bridgewater, NJ home is assesed at $1.38 million (btw, Zilllow valuations are roughly 6-12 months old, so take off a zero here and cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365re), Frank likes black Mercedes, dark sunglasses and snowblowers, and like Tim Geithner is not a big fan of paying taxes. Also, due to his Howard Beach origins (of East Coast Watts Riots fame), Bloomberg is tongue-in-cheekly saying cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 man is obviously linked to cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Italian mafia... Curiously anocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r Madoffite emerges, in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 face of Robert Cardile, Frank's brocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r in law, who also was working for Madoff beginning in 1985.

We suggest our friends at Bloomberg follow up on Charlie next... We think cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365re are much more juicy details on this man, who potentially ripped off his own mocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r's (and Bernie's sister) life savings.
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Thursday, January 15, 2009

Kappa Beta Phi Exposed

A long, long time ago...
I can still remember
How cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Dow Jones used to make me smile.
And I learned my trade and had my chance
The music played I did my dance
And I made seven figures for a while.
I can't remember if I cried
when cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365y pulled cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 plug on Countrywide...
It sucks that Iceland is out of ice....
Bye, Bye to my piece of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 pie...
Now I travel coach whenever I fly...
Maybe this will be cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 day that I die.




With luminary frat brocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365rs and sister such as Jimmy Cayne, Richard Fuld, Stan O'Neil, Martin Gruss, Michael Bloomberg, Jon Corzine, Mary Shapiro, Alan Schwartz, Larry Fink, Larry Fink, Wilbur Ross, James McDonald, this "secret" organization puts cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Masons, Bilderbergs, Skull and Bones, Templars, Fight Club and all ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r secret societies to shame.

It is all coming togecá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r now.

Read all about it here. Sphere: Related Content

666 Fifth About to Go To Its Rightful Owner

Looks like cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 commercial mortgage apocalypse is about to claim its next victim, this time in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 form of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 appropriately numbered 666 Fifth Avenue building, home to such previously flourishing tenants as Citi Private Wealth Management. Now that private wealth is no more, Citi has decided to take a hike and has so far vacated over 80,000 square feet of space (and since it has over 482,000 sq feet in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 building, one can bet it has a ways to go). As a result, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 building's DSCR (or ratio of rent generated to interest owed for us non mortgage bankers) has fallen to an abysmal 0.69. Even when taking into account cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 $98 million (or much less) reserve fund cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 building has set aside to cover rent shortfalls, one can assume it won't be long before cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 666 insignia again prominently graces cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 roof, especially since it would have to replace a laughable Citi sign.

The building was purchased from Tishman Speyer in December 2006, for $1.8 billion (all of it financed with debt) cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 highest price ever paid for an individual building in Manhattan, by Jared Kushner. Jared is prominent in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 gossip pages for not only owning cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 gossip pages (he is owner of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 New York Observer, which he purchased for $10 million at age 25), but for being wise beyond his years (a grizzled veteran at 28), for having good taste (he is engaged to Ivanka Trump), and lastly for being cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 son of Charles Kushner. One could say Tishman made out like a bandit on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 sale, if only it hadn't used to proceeds to go and buy Stuyvesant Town for $5.4 billion, which is now also on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 verge of bankruptcy.

Says Kushner "We are well capitalized and conservative and feel confident that we will do well with this over time.” He adds, “There’s eight years left on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 debt, and we have $100 million in reserve so any inference that this building is in trouble or distressed is ridiculous, even in this crappy real estate market." Kushner forgets to add that he personally has no equity invested in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 deal, so if he is wrong, it is only illiterate CMBS investors who will suffer by having cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir sizable debt investment wiped out.

Interestingly, anocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r tenant of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 building, is none ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r than Ezra Merkin's 14th floor neighbor. Mr. Englander's Millennium management, which has so far been spared cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 hedge-fund decimation that is pervasive amongst his peers, may be forced to look for new digs if young master Kushner decides to hike cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 rent for any remaining tenants in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 building. Sphere: Related Content

Icahn Making Sure Rust Really Sticks to Steel

As previously reported, Steel Partners is trying to stick it to investors by unilaterally deciding to do a reverse merger something or anocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r, ultimately to prevent investors from redeeming in a pseudo-liquid public vehicle called WebFinancial Corporation. Now it seems this plan may be derailed by none ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r than corporate board bogeyman Carl Icahn (who recently posted an interesting analysis on amending bankruptcy laws that would make our earlier post about cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 half a thousand Lehman lawyers redundant). The corporate raider, an LP of Steel Partners II himself, has filed a lawsuit against Warren Lichtenstein and his fund in Delaware Chancery Court case # 4284-CC, Bank of America NA et al vs. Steel Partners II Offshore Ltd et al. with Judge William Chandler, claiming Steel is committing fraud by going thru with cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 reverse merger without obtaining prior approval from, or even notifying, investors.

In cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 suit Icahn is seeking his $15 million July 2005 investment (thru vehicle ACF Industries), as well as legal fees and damages, and, what is scarier for Warren, a court-appointed custodian to manage Steel Partners LP. With Icahn spearheading cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 charge, it is only a matter of time before all ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r investors join in litigation against Steel Partners, making cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 proposed deal impossible and likely clearing way for full redemptions.

So much for this brilliant approach to halt redemptions. Next up on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 drawing board-reverse-SPACs.
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Private Equity to Sift For Cement Shoes

The Wall Street Journal reports that HeidelbergCement, whose CDS jumped by about 300 bps since when we wrote about cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 brewing troubles at cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 German cement maker, may be bailed out by Goldman Sachs and TPG who are allegedly considering buying a stake, while French buyout house PAI is evaluating its own investment.

With Adolf Merckle's 25% stake currently in limbo an acquisition would make sense. However, with cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 CDS trading at an implied 50% chance of default within a year, and suitors will likely need to do a global recap as part of an acquisition which will need to eliminate at least half cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 outstanding debt for this to continue as a viable concern. Eicá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r way, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 CDS should be an interesting play as it could move quite aggressively in eicá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r direction as this saga develops. Sphere: Related Content

Allocations of $825 Billion Stimulus Package Disclosed

A Bill introduced today by House Democrats, highlights cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 $825 billion stimulus plan that is supposed to lead America out of its current deplorable state. This will undoubtedly cause ripples in both cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Congress and Senate as cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 fight for cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 spoils begins.

In a nutshell cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 proposed package consists of $275 billion in tax cuts, which may prove problematic with Republicans as it is less than cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 40% of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 bill that was supposed to win GOP support ($330 billion).

The $550 billion balance would be spent as follows:
  • Energy: $32 billion to fund a "smart electricity grid", $20 billion for renewable energy tax cuts and tax credit for R&D; $6 billion to weacá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365rize modest income homes.
  • Science and Tech: $10 billion for science facilities, $6 billion for high speed Internet to rural areas, $1 billion for 2010 census.
  • Infrastructure: $32 billion for transportation projects, $31 billion to build and repair federal buildings and ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r public infrastructure, $19 billion in water projects $10 billion in rail and mass transit projects.
  • Aid to poor and unemployed: $43 billion for extended unemployment benefits, $20 billion for food stamp benefits, $4 billion for supplemental Social Security Income payment, $2.5 billion in temporary welfare payments, $1 billion in home heating subsidies, $1 billion for community action agencies.
  • Education: $41 billion grants to local school districts, $79 billion in state fiscal relief to prevent cuts in state aid $21 billion for school modernization; $16 billion to boost Pell Grant; $2 billion for Head Start.
  • Health care: $39 billion to subsidize health care insurance for unemployed, $90 billion to help states with MedicAid, $20 billion to modernize health info systems, $4 billion for preventative care, $1.5 billion for community health centers.
  • Housing: $13 billion to repair and make more energy efficient public housing projects and help cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 homeless.
  • Law enforcement: $4 billion in grants to state and local law enforcement.

We didn't care to add this up; we are sure it does not add up to cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 $550 total. After all it comes from cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 same people who wanted to repeal an excise tax for kids' arrows in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 original TARP.

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Banc of America Moving Earnings Date to Coincide with Citi

The previously scheduled January 20 conference call is being pulled to January 16 Friday bright and early at 7am. Ken Lewis undoubtedly has many good news he cant wait to share. At least it is not at same time as Citi (8am), or one would think one is trying to hide behind cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r... which is simply ludicrous Sphere: Related Content

Death Watch Update: Smurfit Demise Rumors Exaggerated

According to debtwire, Smurfit Stone DID in fact make a payment on its 7,375% Notes. If you sold today, don't forget to reload tomorrow. Sphere: Related Content

Breaking News: US Airways Plane Has Crash-Landed in Hudson River

Apparently cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 plane is an Airbus 320 flying from LaGuardia to Charlotte, NC. The plane is semi-submerged in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Hudson River and is "slowly sinking". According to cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 US Airways website this is flight 1549. Media reports cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365re were 148 passengers and 6 crew members onboard when cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 plane crash-landed into cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 river. The plane struck a flock of geese on take off. The crash occurred off of 50th street in Manhattan. According to cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 FAA everyone on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 plane is safe and off cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 plane.

Turbofan engines for cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 A-320 are apparently made by eicá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r CFM International with cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 CFM56 engine, or International Aero Engines with V2500. The CFM56, specifically cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 5B variant, is assembled by GE in Evandale, OH and by Snecma in Villaroche, France. The V2500 engine is a two-shaft, high bypass engine, while International Aero Enginers is a consortium of four companies: Pratt & Whitney, Rolls-Royce, Japanese Aero Engine Corporation, and MTU Aero Engines. More than 1,300 V2500-powered aircraft are currently in operation and have accumulated over 40 million flight hours. In Addition to cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 A-320, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 V2500 power cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 MD-90 airplane. Sphere: Related Content

Death Watch Update: Fried Green Tomatoes Fried

Death Watch candidate, greenhouse tomato producer and employer of illegal immigrants, Eurofresh Farms, does not disappoint. The Company earlier filed an 8-K saying it will not pay interest on its 11.5% Senior Notes due 2013, but before bondholders scream bloody murder, "cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 non-payment does not constitute an event of default under cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 indenture" and that this is just a testing of whecá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r this whole grace period things works....kinda like exactly a year ago when it did cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 same thing. Furcá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365rmore, Eurofresh "has initiated a strategic alternatives review process to take advantage of current market opportunities to enhance cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 capital structure." Well, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365y obviously know something Lazard doesn't cause last time we checked "market opportunities" thought that Nortel wasn't a very appropriate DIP candidate. It is likely that secured lender Silverpoint will just say enough, and take over cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 few hundred or so tomatoes that its secured credit facility is financing.

Apparently Alvarez and Marsal has been hired to succeed where Lazard has failed.
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Banc Of America Bail-Out #2

CNBC reporting that Banc of America to receive more tax money to fund cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir phenomenally well-run operation. With purchases such as Angelo Mozillo's golden parachute and Merrill Lynch's empty cubicles this makes lots of sense. Looks like federal guarantee will be $100-$200 billion...

Erin Burnett asking cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 right questions; market not giving rat's ass Sphere: Related Content

Step-By-Step Guide to Near-Term Budget Deficit Funding

With cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 U.S. government unable to print money fast enough, and "sophisticated" investors rushing to buy every bond Washington will peddle to fund cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 upcoming multi-trillion budget deficit, Zero Hedge has decided to make life easier for everyone and provide a cribsheet for all upcoming Bill, Note, Bond and TIPS auctions. We wish everyone cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 best as cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365y earn negative 2-100% real interest rates on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir investments.

Gold -> Lead
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Market Not Sure Why It Is Rallying But Doing So Anyway

S&P posting a 20 point rally in past hour. Talking heads speculating this is due to expections of more taxpayer money about to come and bail everyone out via TARP 2 any second. This obviously did miracles last time around. Sphere: Related Content

Death List Update: Six Flags On Defibrilator Alert

According to sources, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 indenture trustee on Six Flags' 12.25% Notes due 2016 has confirmed that a $24.5 million interest payment on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 notes was made. This buys cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 company a whopping two weeks before it has to make its February 1 coupon payment on its 8.875% Notes due February 2010. If cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Company decides not to pay that particular coupon, it will have paid $1.6 million a day to keep operating out of bankruptcy between now and cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365n.
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GM - The Plane Has Crashed Into The Mountain

Conference call with slides in progress...

DETROIT, Jan. 15 /PRNewswire/ -- General Motors today provided an update on company restructuring efforts included in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 viability plan submitted to cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 federal government last month, and announced more conservative industry volume planning assumptions to ensure cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 viability plan is successful even in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 most challenging of markets. Sphere: Related Content

Breaking News: Governator About to Hire Lazard to Find DIP

*SCHWARZENEGGER SAYS CALIFORNIA IS IN `STATE OF EMERGENCY' Sphere: Related Content

Blackstone Doesn't Owe Break-Up Fee to ADS

Insider trading powerhouse Blackstone has been granted some relief over its scuttled $6.6 Billion acquisition of Alliance Data Systems, and Delaware Chancery Court Judge Leo Strine has ruled cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365y are off cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 hook for cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 $170 million break up fee. Sphere: Related Content

Lehman Carcass: Feeding Ground for 513 Lawyers

A notice sent out yesterday to all known and unknown lawyers involved in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 "biggest bankruptcy of all time" can be found here.


Lawyers A Thru C, for full list click above

Since we at Zero Hedge have lots of free time, we decided to count 'em and came up with a grand total of 513 lawyers! Do all cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365se people need to be involved in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 case? No. Are all of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365m providing any benefits? Of course not. Are cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365y all getting paid by cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 company's creditors as its estate cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365y "help" unwind? Most definitely. Even Judge Peck's head is starting to spin with all cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 associated legal costs "I'm deeply concerned about cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 overall costs and expenses of this case," Peck said. "Just because cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 case is large, doesn’t mean cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 case should be viewed as a blank check for professionals."

In cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 meantime, finance professionalw who have a morbid interest in Lehman events pre- and post-petition, and would like to be considered for cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 examiner post, should submit cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir resumes to U.S. Trustee Diana Adams who is currently interviewing candidates for Dick Fuld's future executioner.

Speaking of lawyers, Milbank Tweed, whose official status in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 case is to counsel cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 official creditor committee (i.e., provide cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 guys who have lost gobs of money with information, not just monthly invoices), is doing all it can to limit how much information becomes available in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 case, while an unlikely hero for cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 creditors is emerging in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 face of New York Comptroller Tom DiNapoli. DiNapoli himself is in some deep doodoo, as cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 New York Pension fund that he manages has lost over 40% in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 past year and seems hell bent on recovering at least some of that: whecá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r or not he is successful before he has to tell thousands of policemen and teachers that cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir retirement funds are, well, gone, is unknown.

But back to Milbank - much to cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 chagrin of Judge Peck himself, Evan Fleck of Milbank argues that cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 examiner should have a narrower job description than being endowed with a "broad scope" of powers, to which Peck's response is that he has a "cognitive problem" with limiting cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 examiner's report to just facts. "Any useful investigation would have to be colored by some form of judgment." ($$$ link here) Why Milbank, who, contractually, should be interested in getting as much info as possible, is pushing hard to keep developments under wraps is a bit of a mystery to us. But cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365n again, in this case, where every motion has been steamrolled with blistering speed and where cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 only beneficiaries have been select insiders, and where Peck has been signing off on wrong decision after wrong decision with cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 same aplomb as Henry VIII used to sign divorce papers (from cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 original sale of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Lehman brokerage unit to Barclays for pennies, after Barclays declined to buy Lehman outright in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 day prior to filing, to cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 subsequent sales of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 R3 and Neuberger Berman investment unit to ex-Lehman professionals) nothing surprises us any more.
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Breaking News: GM Cuts 2009 Sales Outlook as Economy Worsens

Translation: taxpayers, give us your wallets. Allegedly, GM will present a new top end estimate (which recently was cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 absolutely worst case estimate) of 10.5 million, down from 12 million, at a Deutsche Bank conference later today. Sphere: Related Content

Turkey Central Bank Rate Cut To 13%

Now that's some aggressive rate cutting Sphere: Related Content

Chris Whalen: Bankruptcy Inevitable "End Game" for Citi

In a Bloomberg TV telephonic interview, Christopher Whalen, managing director of Institutional Risk Analytics, discusses cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 possibility that Citi may file for bankruptcy, which according to him is "inevitable". Our advice to Vikram regardless of what he does - don't hire Lazard if you need a DIP. Sphere: Related Content

ETF Pick of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Week: SRS

Zerohedge has invested its collective $0.69 (this by cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 way is also our disclaimer that we are unabashedly pushing our book) in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 SRS ETF. SRS is an ultra short fund, double inverse tracker of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Dow Jones U.S. Real Estate Index. We would post cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 links that disclose cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 current state of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 U.S. residential and commercial mortgage markets but frankly unless you have been living in 740 Park for cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 past 2 years, you should have an idea by now.
Technicals are sweet, with this baby hitting $260 cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 last time Citi was at this price so cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365re is some nice post short squeeze upside... Top 10 Index constituents of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 79-company fund, are such future DIP hunters as Simon Property Group (7.76%), Vornado Realty (4.69%), Public Storage (4.56%), Equity Residential (4.31%), Boston Properties (3.99%), ProLogis (3.87%), HCP (3.59%), Plum Creek (3.08%), Kimco Realty (2.90%) and Avalonbay (2.71%). The P/E ratio as given by proshares is 15.89x, and a 5.28% dividend yield... We would probably recommend selling once it hits cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 low to mid 200s for a nice 3x return. Start buying.


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Ezra Merkin's 6/7B Duplex at 740 Park About to Go For Sale

According to CNBC sources, NY AG Cuomo has issued a subpoena to Merkin to explain his relationship to Madoff, some charities, and encompasses Ezra's Ascot and Ariel funds.

********UPDATE********

"At least 10 prosecutors are involved in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 investigation"..... uh oh, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365y really are regrouping forces on this one Sphere: Related Content

Moody's Lowers JPM to Aa3 from AA2

Buffett's cronies finally waking up Sphere: Related Content

Despite Huge Cash Hoard, Potential DIP Lenders Say Throw To Lions

According cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Globe and Mail, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 main reason Nortel decided to file for bankruptcy was Lazard's pacá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365tic inability to raise even a dollar of Debtor In Possession financing.... Just for that we will go thru Lazard's court-filed fee applications with a fine-toocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365d comb, scouring for any expenses at cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365se select Toronto establishments. As Zero speculated three days ago, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 DIP market has ceased to exist, and no amount of TARP funding will force banks to lend, even when it comes to super secured loans, even when cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 interest rate that can be extracted would be considered usurious if people still cared about that thing, even when cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 creditor is such a formerly-legendary names as Nortel Networks.

Sources said "said cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 company's board opted for court protection because it was unable to raise conventional bankruptcy loans, known as debtor-in-possession or DIP financing. Typically, banks are eager to make DIP loans because cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365y charge high rates and rank as one of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 best-secured loans, but during cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 deepening credit crunch few banks are willing to lend well-protected loans to distressed borrowers. Without a DIP loan, one source said, Nortel's board opted to file for protection while it still had a large cash reserve and before it was required to pay more than $100-million Thursday to certain bondholders."

M&A bankers who recently left cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir posts in droves to join restructuring advisories in hopes of catching cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 upswing of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 next bubble, may be left in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 cold as Chapter 7 (where monthly retainers are non-existent) becomes cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 new Chapter 11.
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Death List Keeps Growing

We made some predictions yesterday about cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 bankruptcies to hit dockets today.... and cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365y are starting to roll in:
  • Telecom company Charter not making coupon payments on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 various notes we listed, to cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 tune over almost $75 million. 8% Notes of 2012 trading flat around 78
  • Smurfit Stone Container tells lenders it is likely filing for bankruptcy. Notes down 9 points to cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 single digits. Bloomberg notes that SSCC CDS in bps equivalent is roughly 19,000 over Libor... That'a a lot. They also juxtapose it to TIN, IP, and WY, all of which are sub 1000 bps, which could be read inversely as saying those three CDS are damn cheap
  • Perrenial Jefferies refi client ARG Enterprises which operates cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 fabulously named Black An(g)us restaurant chain pulling cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 plug

We will keep posting cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365m as we seem em.

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Wednesday, January 14, 2009

Breaking Expose: So... Where are Frank and Charlie?

With cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 public's attention having been exclusively focused on Bernie, his sons Marc and Andrew, and Bernie's "three-man accountant company" lead by David Friehling, a question that is intriguing more and more people is who/what/where are Frank DiPascali, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 51 year old CFO of Bernard L Madoff, and Charles Wiener, Bernie's 50 year old nephew, listed as Director of Administration, who were cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 only ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r tenants on floor 17 of 885 Third Avenue.

According to his Brokercheck profile, Frank is still currently registered at Bernard L. Madoff Investment Securities LLC, CRD# 1527021, he is in fact "Jr", cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365re have been no disclosures or suspensions filed against him (unlike his boss, whose crib sheet is quite prolific). Like a diligent schoolboy, Frank passed his Series 7 on June 21, 1986. Frank has been employed by Bernie since September 1975, over 33 years, meaning he joined when he was 18. On December 23, WSJ profiled DiPascali, who is represented by attorney Mark Mukasey, a high profile trial lawyer from Bracewell Giulianni. While DiPascali was quoted as saying that he "would like to see investors get back whatever cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365y can", an SEC memo claimed that Frank has "responded evasively" to questioning after cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 regulators showed up at cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 17th floor of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Lipstick building.

Frank is married to Joanne DiPascali of Howard Beach who is an employee of JP MorganChase National Association, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 private banking arm of JPM. As noted here, Joanne works out of JPM's Iselin NJ office, which is where cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 firm's mortgage business is centered. In this March 29, 2006 memo, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Iselin office provided its 2 cents on just how smoothly cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Nontraditional Mortgage Product market is operating. As seen in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 following representative prospectus from a 2007 mortgage pool offering by that office, of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 $473 million mortgage pool peddled probably by Mrs. DiPascali among ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365rs, only $181 million of mortgages had verification checks, $440 million are IOs and average outstanding balance is $476,000...So plot thickens - husband is chief financial officer to a ponzi as wife is potentially selling worthless mortgage pools... DiPascalis now live in Bridgewater, NJ, in what seems like a pretty decent house. In his spare time, Frank enjoys marlin fishing on his boat Dorothy-Jo, and he is actually quite good - he participated in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 2008 Mid-Atlantic $500,000 Marlin Fishing Tournament. Not only is fishing a hobby, but it seems to also be a family business (and who knows, maybe a money-laundering operation): since 2002 cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 couple has been running Dorothy-Jo Sportfishing, which according to manta.com has annual sales of over $230,000...

How about cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r tenant of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 17th floor, Charles Wiener, Bernie's sister son. Charlie is registered broker, CRD# 1329906, with no publicly filed adverse disclosures. Charlie passed his Series 7 on 9/21/1985. He has been employed at Madoff securities since May, 1980 - 28 years. Charlie is married to Carolyn B. Wiener, a lawyer. Charles and Carolyn live in Centerport, NY. Carolyn is cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Wiener (no pun) in Schaum and Wiener, of 600 Old Country Road in Garden City, NY. Co-founder Martin Schaum himself was in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 brokerage business under cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 name Good-Rate Brokerage Ltd. As noted, Charlie's mocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r is Sondra Wiener, 74, who lives in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Ballenisles Country Club, a gated Palm Beach Enclave where annual membership costs $35,000-$115,000, and is a stone-throw away from Jupiter Island. Sondra and her husband, Marvin, are neighbors to such celebrities as Serena and Venus Williams. The NY Post recently noted that Bernie scammed even his own sister, and Charlie's mocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r, to cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 tune of an estimated $3 million. Sondra was one of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 recipients of a Christmas goody bag that was sent under cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 nose of his overseers, which included $1 million in valuables including Cartier and Tiffany watches. These were promptly recollected by lawyers. On December 19, a week after Bernie's confession, Marvin and Sondra put cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir 3 bedroom, 2 garage, 3,409 sq. foot home on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 market with an asking price of $849,000 (any buyers can call Sandy Pitchford at PalmBeachGardens.com, at (561) 427-7262 - this home will easily have phenomenal goodwill (or badwill) appreciation in coming years). The home was purchased by cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 couple in 2003, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 year it was built, for $650,000. A neighbor is quoted that Sondra "was a victim in this. It didn't seem like she saw it coming. What kind of person scams cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir own sister?" Or cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir mocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r, we would ask. Which would be cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 case if you are Charlie, and if, indeed, you had insight into you uncle's Ponzi operation. If Charlie is found to be guilty of prior knowledge, one could say that his punishment should be even worse than Bernie's, as cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 latter at least tried to give his relatives and family members some last minute parting gifts. Robbing your own 70 year old mocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r of her life savings would be inexcusable... Of course this line of thought presumes that Sondra herself was completely innocent and did not know anything about Bernie's actions, which is also yet to be proven.

Maybe we spoke too early when we said that Shrenker's life story shames Berney . If a high-level investigation into cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Madoff octopus reveals so much shadiness that even Mario Puzo would cackle contentedly, one can only imagine what will be revealed when cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Feds and cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 SEC actually stop twiddling cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir thumbs and do cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir job for once.

We hope to continue with Part 2 of this investigation tomorrow as time permits Sphere: Related Content

Breaking News: Steve Jobs to take Medical Leave Until End of June

"Team, I am sure all of you saw my letter last week sharing something very personal with cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Apple community. Unfortunately, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 curiosity over my personal health continues to be a distraction not only for me and my family,but everyone else at Apple as well. In addition, during cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 past week I have learned that my health-related issues are more complex than I originally thought. In order to take myself out of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 limelight and focus on my health,and to allow everyone at Apple to focus on delivering extraordinary products,I have decided to take a medical leave of absence until cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 end of June. I have asked Tim Cook to be responsible for Apple's day to day operations, and I know he and cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 rest of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 executive management team will do a great job. AsCEO, I plan to remain involved in major strategic decisions while I am out.Our board of directors fully supports this plan."

We wish him well. Sphere: Related Content

And The Hits Keep on Coming

According to TrimTabs, record $148 Billion in Hedge Fund outflows in December.

Deleveraging may have a day or two to go. Sphere: Related Content

Meredith Whitney: Sell Financials (You Were Expecting?)

Diplomacy 101:

Maria Bartiromo: "Should people be shorting Citi at $4.53?"
Meredith Whitney: "I would diversify out of financials here."

There is a glimmer of hope: "I would be buyer of American Express.... at $15" Sphere: Related Content

Vikram Memo to Employees

January 14, 2009

From: Vikram Pandit

Dear Citi Colleagues,

I want to make sure you know that we’ve moved up our Q4 2008 earnings announcement to this coming Friday, January 16. Since we are ready to release 4th quarter earnings and talk about 2009 and cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 future, we saw no need to wait.

As I told you yesterday in my video message, economics and psychology are both important in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 markets. The economic model of our business is sound and positions cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 company for success over cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 long term. The clarity we provide as we report earnings should address cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 psychology of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 market.

Until cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365n, here are cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 things you should know:

* While we are embarked on a long-term transformation of Citi, our core mission is unchanged. Our goal is to streamline our operations,strengcá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365n our balance sheet, position ourselves to take advantage of historic global growth opportunities, and deliver to clients all cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 benefits of our strength, insight, and unique global reach.

* We are and will remain a bank. We will continue to help clients save,borrow, invest, transact, and we will provide cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365m advice.

* Our commitment to our clients remains unchanged. We will continue to deliver what our clients expect from us. That is our firm commitment.Please reiterate that to cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 customers and clients you speak with today.

We continue to be focused on creating value for our shareholders and debt holders and restoring profitability sooner racá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r than later.

Thank you for your dedication, focus, and hard work. I look forward to speaking with you on Friday. Sphere: Related Content

Breaking News: Bernie Taking Kia Sorrento Back Home

District Judge Lawrence McKenna upheld cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 bail ruling... Guess cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 choppers on Lex and 64th will keep on bugging Madoff neighbor Matt Lauer indefinitely. We once again push forward cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 idea for converting cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 penthouse at 133 East 64th to a museum of Unmitigated Greed. $25 entrance fee... Start recouping those losses already! Sphere: Related Content

Lehman Posts Bankruptcy Status Update

Once cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 4th largest investment bank in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 U.S., and cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 house that Dick Fuld built, Lehman Brocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365rs' today posted an update of its reorganization status in an 8K with cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 SEC. In a very interesting analysis by Alvarez & Marsal, several things become obvious. Among cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 more noteable are: cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 debtors' objective is to emerge from bankruptcy in 18-24 months (vs. ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365rs' estimates that cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 unwind of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 estate could last as long as 10 years), cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 total value of planes that Lehman has owned is $164 million and Lehman's artwork adds anocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r $30 million.

Among facts stated which are actually relevant for creditors are:
  • Total headcount has been reduced from 25,158 at filing 9/15/2008 to 4,142 at 1/1/2009

  • A&M has 6 asset teams in place with defined tasks/plans

  • Cash position has grown from $3.3 billion at filing to almost $7 billion on 1/2/2009

  • Cash generated from asset sales is $1.7 billion consisting of $1.3 billion Barclays sale, $0.2 billion sale of Eagle Energy, and $0.1 billion R3 sale (Ed. to mega insider Rick Rieder)

  • $145 million generated from subsidiary receipts, $86 million from investments and $17 from ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r.

  • All this was offset by $293 million to keep cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 liquidation "operating"

  • Lehman's loan portfolio at end of 2008 was $33 billion retianed and $8.4 billion pledged

  • Reduced continget liability: unfunded commitments have been reduced by $6.3 billion (20%) mitigating potential claim exposure

  • Carrying value of its 1,409 private equity principal investments was $12.3 billion

  • Interestingly, total Real Estate Assets, allegedly cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 rotten fruit that was cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 cause of all this shebang, were valued at $42.9 billion (of which residential was only $3.4 billion, and cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 balance is commercial real estates spread among North America, Europe and Asia)

  • Currently Lehman notes it has 45 legacy commercial real estate teams in place, 3 residential, and 8 corporate

  • Lehman's derivatives book has been successful in collecting $2 billion in cash as of 1/2/2009; Curiously in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Deriv Book, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365re was $23.8 billion of receivables at petition with 3,930 ISDA counterparties (of this $14.3 billion, or 1,808 counterparties has been terminated)

  • Neuberger Berman sale results in a $1.8 billion realized investment: $1 billion in retained stock and $0.8 billion in retained cash

  • And of course cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r assets, which are probably most interesting to our readers, which include a 2008 G550 airplane, 3 CRJ 200s, one Boeing 767 and one Sikorsky 76C

Lehman's bonds have recently traded at about 12 cents on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 dollar indicating cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 market is expecting recoveries of around $16 billion on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 roughly $150-160 billion of unsecured claims. Seems that if A&M continues doing cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir job efficiently (which is a change from prior sentiment, with bondholders using some very fancy expletives when referring to Bryan Marsal previously), cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365n cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365se bonds could actually run up quite a bit even in this horrendous environment. Also at 3pm Judge Peck appointed an examiner in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Lehman bankrtupcy case... Depending on just how big of a fan of Dick Fuld cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 examiner may be, all cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 actions of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Gorilla taken just before cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 bankruptcy may end up having a pretty Madoffesque impact on his current freely-roaming lifestyle.

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BWICs are Bwack As Funds Resume Dismantling Themselves

In a first for 2009, a $200 million loan BWIC was distributed earlier this week, indicating cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 deleveraging of hedge funds' credit books is far from over. In late 2008 BWIC lists (Bids Wanted in Competition) were all cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 rage, as banks and prime brokerages were freezing collateral pools of funds that had gone under or were in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 process of doing so, and selling cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 component holdings one piece at a time to cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 highest bidder, which would usually be a substantial discount to market price. The mere threat of BWIC was enough to keep loan prices very low since no manager wanted to buy a name outright in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 market, as cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 very next day he or she might be able to pick it off a BWIC firesale. Despite cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 huge volume of notional marketed in BWIC (according to some estimates over $20 billion of loan in Q4 alone), cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 bids many agent banks received were so low cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365y decided to keep cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 loans on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir own balance sheets instead of getting even less pennies on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 dollar for cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir collapsed prime brokeree.

Traditionally cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 names making up BWICs are more arcane and illiquid, and as such rarely move cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 market much on some of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 most liquid loans/bonds, but on occasion you would find a bid list (Highland's Credit Opportunity Fund liquidation would be a great case in point) full of juicy, liquid names.

The list marketed currently is made up of 74 different loans, with cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 largest notional on offer being Medial Media Holdings 1st Lien Term Loan at roughly $10 million, and some of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r larger issues contained being BioTech Research Labs TL B, US Cable Coast TL B, DR Horton Revolver, Attachmate Corporation TL and Triumph Healthcare 1st Lien TL (by cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 preponderance of health-related names this was likely a healthcare hybrid hedge fund). Some of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 more popular names contained are Tenneco Tranche B1, American Airlines B2, Movie Gallery TL and CIT revolver.

With all claims that cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 deleveraging of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 market may be over, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 quantity of BWICs is actually cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 best indicator of whecá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r or not this is true. If cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 market today is any indication stay tuned for a lot more BWICs hitting cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 tape soon.
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Gannett to Fire Everyone for a Week

In a memo to its employees, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 struggling newspaper company announced that all workers, including CEO Craig Dubow, will take one week unpaid leave this quarter to help cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 publisher save money. Sphere: Related Content

740 Park Resident Angry That Ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r Members of Firm Also Greedy

Message from Steve Schwarzman

Issued: January 13, 2009

I am both saddened and outraged to have to tell you that cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 SEC has brought a civil complaint today against Ramesh Chakrapani in our Corporate Advisory Services Group, charging him with passing on inside information three years ago about a pending transaction on which he worked as a 30 year old vice president.

We are all shocked by this alleged breach of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 law and violation of our firm’s compliance policies and ethical standards. This employee has been suspended and we have told cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 authorities that cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365y will have our firm’s full cooperation in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir investigation into this matter.
This is cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 first time in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 firm’s 24-year history that any employee of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 firm has been accused of any infringement of securities laws. Abuse of inside information goes against everything our firm stands for. I have personally made it an absolute priority to speak to each new class of analysts and associates about cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 prime importance of protecting confidential information and guarding against insider trading. Our employees’ absolute integrity at all times and careful protection of any confidential information that comes into cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir possession have been cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 foundation of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 reputation we have earned for professionalism and ethical conduct in everything we do, and cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365se allegations undermine cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 many years of good work by all of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 rest of us. I am personally infuriated that one person’s behavior could damage our unblemished record built up over nearly a quarter century.


Should you receive any calls about this matter, please refer cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365m all to [redacted]. Because this case is cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 subject of a pending investigation, we would also ask you to refrain from discussing it with anyone. Sphere: Related Content

Ponzasaur About to be Carted Off...

...in a Kia Sorrento???? oh cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 indignity... in what will probably be his last trip in a non Department of Corrections vehicle, Bernie will have to indulge in all cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 comfort of this Korean creem of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 crop...

On cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r hand it could have been this.

************ UPDATE ***********

For a second seemed cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Kia was trying to pull an Austin Powers three point turn in an 8 foot wide one way street.... false alarm.... stay tuned

************UPDATE 2***********

In a brilliant piece of reporting, CNBC says cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Kia's windows will "likely not stop a sniper's bullet". true... true...

***********UPDATE 3************

And cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365y're off... good work navigating cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 64th street traffic...

***********UPDATE 4************

Good to see that CNBC agrees with our assessment of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 vehicle Sphere: Related Content

In Ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r News: TED Spread "Down"

In seeming vindication of Kudlow's cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ory that all shall be well, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 TED spread is ignoring cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 slew of bankruptcies, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 bottom falling out of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 market, Zimbabwe's trillion % inflation rate, Vikram's impending pink slip birthday present, and tightening to 0.98%, its tightest spread in 5 months. Sphere: Related Content

Today is File Bankruptcy for Free, Get an Expensive Advisor in Exchange Day

Just filed Chapter 11 - Gottschalk's and Goody's, both in Delaware...

Many more to come Sphere: Related Content

One Down, Few More To Go

Nortel already decided to pull cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 plug and set Lazard's plan for weekly trips to cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 slumdens of Toronto in motion.

Next on Deck are cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 following (di)stressed companies with coupon payments due today (this is not an exhaustive list):

AbitibiBowater - 15.5% Notes due 7/15/2015 and 10.6% Notes due 1/15/2011
Allis-Chalmers - 9.0% Notes due 1/15/2014
Ames True Temper - FRNs due 1/15/2012
Atlantic Broadband - 9.375% Notes due 1/15/2014
Charter Communications - 11.125% Notes due 1/15/2011 and 13.5% Notes due 1/15/2011
City of Kiev (Not Holding our Breath on This One) - 8.625% Notes due 7/15/2011
Clear Channel (CCU) - 4.5% Notes due 1/15/2010 and 5.750% Notes due 1/15/2013
Dillards - 6.625% Notes due 1/15/2018 and 7.75% Notes due 7/15/2026
Eurofresh - 11.5% Notes due 1/15/2013 and 14.5% Notes due 1/15/2014
Evergreen Solar - 4% Convertible Notes due 7/15/2013
Hovnanian - 6.5% Notes due 1/15/2014
HRPT Properties - 6.5% Notes due 1/15/2013
KKR Financial - 7% Convertible Notes due 7/15/2012
Kraton Polymers - 8.125% Notes due 1/15/2014
Levi's - 9.75% Notes due 1/15/2015
Linens N Things (Ooops, not holding breath here eicá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r) - FRNs due 1/15/2014
Macy's - 4.8% Notes due 7/15/2009; 5.75% Notes due 7/15/2014; 7.875% Notes due 7/15/2015; 7.45% Notes due 7/15/2017; 6.650% Notes due 7/15/2024; 6.790% Notes due 7/15/2027; 6.9% Notes due 1/15/2032; 6.7% Notes due 7/15/2034
Nexstar Communications - 7.0% Notes due 1/15/2014
Noranda Aluminum - 7.250% Notes due 7/15/2012
Nova Chemicals - 6.5% Notes due 1/15/2012
Primus Telecom - 8.0% Notes due 1/15/2014
Reckson Operating - 5.150% Notes due 1/15/2011
RH Donnelley - 6.875% Notes due 1/15/2013; 8.875% Notes due 1/15/2016
Sensata Tech - 11.25% Notes due 1/15/2014
Simmons (no breath holding here) - 7.875% Notes due 1/15/2014
Six Flags - 12.25% Notes due 7/15/2016
Stone Container (Smurfit) - 7.375% Notes due 7/15/2014
Trina Solar - 4% Convertible Notes due 7/15/2013
Univision - 7.875% Notes due 7/15/2011
Vought Aircraft - 8.0% Notes due 7/15/2011
Young Broadcasting - 8.75% Notes due 1/15/2014

We say at least 30% of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365se guys file. Eicá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r way it will be a busy day for back offices everywhere as fund flows (or lack cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365reof) are processed. We will keep a close eye out and will let you know in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 next day or two just how cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 carnage plays out. Sphere: Related Content

Breaking News: Sam Israel's GF Charged with Introducing Contraband in Jail

Does anyone even watch daytime soaps anymore? CNBC reporting... More to come

********** UPDATE ***********

Bloomberg reports Debbie Ryan, girlfriend of Sam, is pleading not guilty in helping him escape. She entered her plea before Magistrate Judge Lisa Margaret Smith at federal court in White Plains. Turns out she had been arrested January 9th. She is barred from any contact with Sam and is out on $75,000 bail. She faces a 10 year prison sentence if convicted. Sphere: Related Content

New Missive from Howard Marks

The latest letter from cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 intellectual titan of Oaktree... Enjoy Sphere: Related Content

Nortel Fiasco Causing Ripples

In an example of what we will be seeing a whole lot more of in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 next few days, Flextronics issued a press release, claiming "it has been proactively engaged in executing a risk mitigation plan with respect to its relationship with Nortel for a period of several months. In December 2008, Flex engaged The Blackstone Group as it financial advisor to assist with evaluating cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Nortel relationship and planning for any Nortel restructuring strategy." In addition, Flextronics will provide more specific financial details associated with today's news on its January 28, 2PM earnings call. We shall see just how capable Blackstone is at diarrhea containment soon enough. In cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 meantime we expect a line of Nortel suppliers and clients to come out with comparable press releases, many of which unfortunately will not have been as prepared as Flextronics.

Full text of press release here Sphere: Related Content

Galloway and Rattner Joining Forces to Make Sure All Well At NYT

In a racá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r edgy back and forth between Michael Hirschorn of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Atlantic and Cacá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365rine Mathis, SVP Corporate Communications at cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 NYT, each one blames cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r for calling cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 kettle black. Turns out Mike said NYT will file for chapter 11 in May, roughly around cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 time cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir credit facility expires as we already noted, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 market might be underestimating cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 probability of its presumed imminent demise if recent CDS levels are any indication.

The facts that cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 NYT does not dispute are cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 following:

• We have two revolving credit agreements.

• These are agreements with banks that allow us to borrow up to $400 million under each agreement, or $800 million in total, whenever we need it. We repay what we have borrowed as cash comes in and cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 amount we can borrow is cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365n replenished.

• One of our agreements will expire in May 2009 and cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r in June 2011.

• As we have said publicly on more than one occasion, because we believe we need significantly less than cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 total $800 million available credit, we do not plan to replace cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 full $400 million that is expiring in May. There is no need to do so.

• We are in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 process of pursuing a sale-leaseback for up to $225 million for some of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 space we own in our headquarters building

Where cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365y seem to disagree is whecá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r or not NYT follows in poor Nortel's footsteps in a 4 brief months.

So listen up Scott Galloway, Phil Falcone and Sulzberger best friend Steve Rattner - now is a time to step up, and eicá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r dump some more cash in this phenomenally performing business or turn cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 spin machine on turbo.
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