DrStool Posted July 3, 2008 Report Share Posted July 3, 2008 I'll be in and out this weekend. Mostly out! Have a great holiday to all my fellow Merkans. To the rest of you, hold down the fart! Link to comment Share on other sites More sharing options...
Bungster Posted July 3, 2008 Report Share Posted July 3, 2008 I'll be in and out this weekend. Mostly out! Have a great holiday to all my fellow Merkans. To the rest of you, hold down the fart! 671112[/snapback] Kein furzen hier! Link to comment Share on other sites More sharing options...
mdporter Posted July 3, 2008 Report Share Posted July 3, 2008 Another good day on SRS Link to comment Share on other sites More sharing options...
Bungster Posted July 3, 2008 Report Share Posted July 3, 2008 Another good day on SRS 671120[/snapback] A lot of weakness in small cap land also... Link to comment Share on other sites More sharing options...
quanta Posted July 3, 2008 Report Share Posted July 3, 2008 I'll be in and out this weekend. Mostly out! Have a great holiday to all my fellow Merkans. To the rest of you, hold down the fart! 671112[/snapback] Trying to keep on topic. Link to comment Share on other sites More sharing options...
Bungster Posted July 3, 2008 Report Share Posted July 3, 2008 Nict farting hier.... Link to comment Share on other sites More sharing options...
Drano Posted July 3, 2008 Report Share Posted July 3, 2008 Always read the instructions. Link to comment Share on other sites More sharing options...
quanta Posted July 3, 2008 Report Share Posted July 3, 2008 Always read the instructions. 671124[/snapback] And don't try this. Link to comment Share on other sites More sharing options...
MrHanky Posted July 3, 2008 Report Share Posted July 3, 2008 Holy cr@p! MGM down another 9%.....to 28.60 Down from 100 bucks last year.Any of you chart guys see a bottom to this thing? Maybe $20? The air is comin out of all these high flyers,4 years of bubble gains gone on this and all the casino stocks. Link to comment Share on other sites More sharing options...
Sudaca Posted July 3, 2008 Report Share Posted July 3, 2008 Well, Doc started it... Link to comment Share on other sites More sharing options...
quanta Posted July 3, 2008 Report Share Posted July 3, 2008 From the Cornered Rats Eating Each Other Dept.: UBS asked Paramax Capital International to sell it protection on $1.3bn of the most highly rated slices of a CDO made up of subprime residential mortgages that the UBS investment bank underwrote. In general, by hedging the risk fully through the credit derivatives market, banks can remove such exposures from their balance sheets and do not have to set aside capital. The dispute is one of a growing number of such legal spats as the meltdown in the value of such securities is triggering an avalanche of litigation between parties in the $63,000 billion gross market for credit default swaps. Paramax claims that, from the beginning, the UBS hedge was cosmetic. In May 2007, when the original agreement was signed, the terms were a fraction of the market rate. Also, Paramax had only $200m under management and its agreements with its own investors limited it to commit no more than $40m to any single deal. Thus, it could never compensate UBS fully for any meaningful loss in value of the $1.3bn UBS was trying to insure, it claims. Feeding Frenzy Link to comment Share on other sites More sharing options...
Bungster Posted July 3, 2008 Report Share Posted July 3, 2008 Holy cr@p!MGM down another 9%.....to 28.60 Down from 100 bucks last year.Any of you chart guys see a bottom to this thing? Maybe $20? The air is comin out of all these high flyers,4 years of bubble gains gone on this and all the casino stocks. 671126[/snapback] $20 looks to offer some support...If that fails then somewhere around $15... Link to comment Share on other sites More sharing options...
hokahay Posted July 3, 2008 Report Share Posted July 3, 2008 Always read the instructions. 671124[/snapback] I am going to bet that anyplace there are those instructions, I would opt to do it the wrong way just to be safe. Link to comment Share on other sites More sharing options...
mdporter Posted July 3, 2008 Report Share Posted July 3, 2008 Oil closed at $145 and change today. Another all-time, lifetime high. clearly the dow close was a showprop for the weak-end. Second half recovery is nowhere in sight, in fact, problems are getting worse. Up in San Mateo where I work large office buildings are becoming available. One has a banner on the highway 92 side saying so. there are signs saying "For Lease" on commercial buildings everywhere. Even my company is going to clear out some floors on our second building and attempt to lease them. Link to comment Share on other sites More sharing options...
DrStool Posted July 3, 2008 Author Report Share Posted July 3, 2008 Before I comment on this, I'd like to get the take of some of you financial statement wizards The Board's H.4.1 statistical release, "Factors Affecting Reserve Balancesof Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to include information related to Maiden Lane LLC, a limited liability company formed to facilitate the arrangements associated with JPMorgan Chase & Co.'s acquisition of Bear Stearns Companies, Inc. On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of the credit extended and to minimize disruption to financial markets. Payments by Maiden Lane LLC from the proceeds of the net portfolio holdings will be made in the following order: operating expenses of the LLC, principal due to the FRBNY, interest due to the FRBNY, principal due to JPMorgan Chase & Co., and interest due to JPMorgan Chase & Co. Any remaining funds will be paid to the FRBNY. Consistent with generally accepted accounting principles, the assets and liabilities of Maiden Lane LLC have been consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition shown on the release because the FRBNY is the primary beneficiary of Maiden Lane LLC. The consequences of this consolidation appear on the release in the following ways. The extension of credit from the FRBNY to Maiden Lane LLC is eliminated as is the accrued interest on this loan. The net portfolio holdings of Maiden Lane LLC appear as an asset on the statement of condition of the FRBNY (table 5), the consolidated statement of condition of all Federal Reserve Banks (table 4), and factors affecting reserve balances of depository institutions (table 1). The liabilities of Maiden Lane LLC to entities other than the FRBNY are included in "other liabilities and capital" in table 1 and in "other liabilities and accrued dividends" in table 4 and table 5. Information on the LLC is presented separately in the newly created table 2, "Information on Principal Accounts of Maiden Lane LLC." This table presents the fair value of the net portfolio holdings of the LLC along with the book value of the outstanding principal of the loan extended by the FRBNY, the book value of accrued interest payable to the FRBNY, and the book value of outstanding principal and accrued interest on the loan payable to JPMorgan Chase & Co. Information pertaining to fair values will be updated quarterly. 2. Information on Principal Accounts of Maiden Lane LLC Millions of dollars Wednesday Account name Jul 2, 2008 Net portfolio holdings of Maiden Lane LLC (1) 28,893 Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 28,820 Accrued interest payable to the Federal Reserve Bank of New York (2) 12 Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3) 1,151 1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Revalued quarterly. This table reflects valuations as of June 26, 2008. 2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 5. 3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 4 and table 5. Note: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of the credit extended and to minimize disruption to financial markets. Payments by Maiden Lane LLC from the proceeds of the net portfolio holdings will be made in the following order: operating expenses of the LLC, principal due to the FRBNY, interest due to the FRBNY, principal due to JPMorgan Chase & Co., and interest due to JPMorgan Chase & Co. Any remaining funds will be paid to the FRBNY. Link to comment Share on other sites More sharing options...
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