Wednesday, October 29, 2008
But, of course, it's not all sunshine and light - logging in is a multi-step, daily process so I can't skip from node to node as I walk past the quintet.
Someone needs to write an app that automates the login process ASAP.
Tuesday, October 21, 2008
"The contingency planning to become a commercial bank had been under way since March, after the collapse of Bear Stearns Cos. sent shivers through Wall Street. That's when Federal Reserve inspectors set up camp at the firm's 85 Broad St. headquarters, a sign of things to come."
Tuesday, October 14, 2008
Friday, October 10, 2008
Tuesday, October 7, 2008
Monday, October 6, 2008
Consider his weakening of the investment banks (leading them to take on riskier strategies to maintain earnings), targeting of AIG (leading to the ouster of its CEO – the one man who could keep Financial Products in line), and failure to limit mortgage lending fraud and abuses (items more appropriately with a state AG’s mandate).
And then the consequences: Lehman’s bankruptcy, Bear’s bailout, Merrill’s merger, AIG’s nationalization, and today’s frozen credit markets.
Friday, October 3, 2008
Thursday, October 2, 2008
I would have thought that, for the most part, repayment of debt to LBIE would effectively release securities held as collateral in margin accounts and NOT cash (because cash would be credited dollar for dollar and so is a wash - no incentive to repay).
If this thought is correct, that means that GLG and its brethren have contingent liabilities equal to (x) the excess of securities held as collateral over (y) borrowings from LBIE. Assuming they were leveraged to the hilt and a meaningful portion of assets were at LBIE and they are a general unsecured creditor of LBIE...
From the NYT website:
"The preferred shares will have an interest equivalent to 79.9 percent of the votes of A.I.G. and be entitled to receive 79.9 percent of any dividends paid by A.I.G. on A.I.G.’s common stock."
Does this mean that dividends are paid roughly 50/50 (44/56) until the preferred is converted?