Scuttledbutts?
Barry Ritholtz posted some commuter-train chatter from a couple of Merrill Lynch employees. A quick contribution: I know a senior exec at Merrill who's worked there for a long time. His area is totally unrelated to the mortgage debacle, and his desk is a money-maker. I saw that he just created a listing on LinkedIn, a career networking site for professionals.
If there's one person I wouldn't expect to contemplate a job change or especially to use a site like LinkedIn, it would be him.
If there's one person I wouldn't expect to contemplate a job change or especially to use a site like LinkedIn, it would be him.
posted by The Cunning Realist at Tuesday, July 29, 2008
14 Comments:
The post you linked makes it pretty clear that there was some insider information involved. Will any law enforcement organ enforce the frickin' laws under Bush? Appalling.
Anon:
The simple answer is no. Not that involves friends or cronies of his.
What? Insider trading? But that's illegal! I can't imagine that our noble men of industry would stoop to such naked self dealing. Clearly they are men of honesty and integrity or they never would have been able to rise to such wealth and prominence. And if you are suggesting that these people would withhold information from the public while enriching themselves, then you just don't understand American capitalism!
I loved reading the comments. At least there are a few people working in the financial sector who aren't complete bubbleheads.
So where's David with his obligatory post about how all men are "free and worthy of trust (until they gain state power)" and how "universal robbery of each interest group by each other interest group" is totally the fault of the State? Hello? Anyone? Bueller, Bueller...
well, he said he wouldn't be returning to the thread... too bad, it would amuse me greatly to hear his explanation of why the coercive power of the State forced Merril Lynch's Mr. Thain to falsify his disclosure report. Jackbooted riot police parachuted into Thain's office from their black helicopter and held his hand to the paper and forced him to sign it, perhaps...
David, if you're out there, read Fiasco by Frank Portnoy.
Maybe we don't actually need David's presence if Ms. Ayn Rand herself will continue to grace us with her dead-on commentary. They wind up saying roughly the same thing...
One of the scary bits in that MER deal is that the CDOs they just unloaded for 5 cents on the dollar are from 2005 and before.
So, the really bad stuff from 2006 and 2007 is yet to come, I must believe.
- Whammer
Merrill's press release is a bit unclear, but it looks like their remaining exposure--not the stuff they "sold"--is the 2006/7 "vintage."
Oops. I meant they sold 2006/7. What remains with Merrill is 2005.
Well, if they sold 2006/7, that is a little piece of good news out of all this.... Relatively speaking of course ;-)
Whammer
This says "2005 and older", so much for optimism.......
am4, are you looking at something different from this? THis appears to be the MER release.
http://biz.yahoo.com/bw/080728/20080728006329.html
- Whammer
Actually, am4, on further reading I understand the ambiguity you mention. Sorry to be a comment hog ;-)
- Whammer
More mainstream comment on that announcement.
And the big news is that this was for supersenior tranches, or slices, of these CDOs, the highest-rated and presumably safest debts of all. That, in all likelihood, makes a mockery of the value of hundreds of billions' worth of other CDOs and tranches.
nil
Learned a lot from reading your comments ;) Thanks
Ayn Rand said...
What? Insider trading? But that's illegal! I can't imagine that our noble men of industry would stoop to such naked self dealing. Clearly they are men of honesty and integrity...
ROFLMAO! Parody at its finest!
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