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| User Info | Firecracker Fourth - Dead Bodies DO Stink! in forum [Ticker] | |||
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Genesis Posts: 66462 Incept: 2007-06-26 
Royal Flush! 
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http://market-ticker.denninger.net/archi....
---------- I used to play flute; I wonder if I can play a fife? I incite prosecutors to create "Bubba Sausage Parking Lot" projects Darrell Issa has a middle finger and knows how to use it - Me 2008-07-03 09:17:41
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Cynic Posts: 672 Incept: 2007-07-03 
Rainy old England Online
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Good stuff Gen. Thanks. Minor typo: "vulchers" should be "vultures" 2008-07-03 10:03:20
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Wthef Posts: 601 Incept: 2008-02-25
philadelphia
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karl, you deserve every penny you make in this market..i have been following you for maybe 6-8 months..first thought you were extreme in your opinions ..now i think your a genius
---------- "I had to look at her today and sat there staring at her bronze naked body laying in the sun, a flaming red candle in her hand she took me in. Her figure consumed me 36-32-34 and said "take me" I stumbled forward as I engaged her stare and she pulled me down towards her. I ripped off my shirt and dropped my pants, we f 2008-07-03 11:20:14
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Chekmypulse Posts: 153 Incept: 2008-03-28
B-F-E
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KD, doesn't take draining the swamp to expose the dead... eventually the decomp will bring 'em to the surface. And there's enuf decomp in financials so you could tip-toe cross the water (but in this case I'd be afraid I'd fall right through 'em. and  on your comment at the forum top on the data taps and choppers...---------- I love USA. Land of Free. Ooops I am not a bank. ****. - Mliu 2008-07-03 14:28:01
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Rutben Posts: 725 Incept: 2007-07-27
Phoenix, AZ
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KD....I will do my best to take this up with as many congressmen as possible next week. I have been told my questions have been distributed to members of HFSC and will be asked by at least one congressman so far. In my request for appointments I said the purpose of the meeting would be to discuss my questions in greater detail, but more importantly discuss why CDS are holding the financial system hostage in a permanent near meltdown state. I have asked for help on this from others but so far no responses. Maybe you can help me on the accounting for CDS, eg. what are credit/debit entries for each side of a contract? Does each side "model" an optimistic outcome? Do they mark to market only when it benefits them? When there are multiple contracts on same risk, and there is an "event", have all purchasers already taken an accounting "gain"?, etc. Even though knowledge in congress is pretty limited, I would feel a lot more comfortable discussing CDS if I knew a little more about the accounting. Any help, however minimal, you could provide along these lines would be greatly appreciated. maybe a call sometime before I leave on Tuesday if possible. Thanks again for your ability to cut to the chase.
2008-07-03 14:59:47
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Pika-steph Posts: 37242 Incept: 2007-09-11 
^Why I keep^ fighting; so he is not fighting for nothing. Online
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Ben - You are aware that the BSC 'asset portfolio' is going to be showing up in the H.4 release this afternoon, yes?
---------- Stop the Looting; Start Prosecuting - http://www.FedUpUSA.org  "America is at that awkward stage. It's too late to work within the system, but too early to shoot the bastards." 2008-07-03 15:02:17
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Rutben Posts: 725 Incept: 2007-07-27
Phoenix, AZ
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Yep....been in touch with key staffer. Also just got follow up appointment with head Rep counsel for the whole committee....definitely a key guy. Here's my response to staffer yesterday "First of all.....why does congress have to "guess" when they have the legal authority over the Fed? and the right to know exactly what's in there and how they went about valuing it when it went in there. Any "measurable" decline in value will expose the "bailout" for the farce that it is and implicate the principals for being professional dissemblers. This is covered in depth in my questions.....testimony of Bernanke, Geithner and Simon. Don't forget....these were supposed to be the good "high grade" assets. Maybe they'll surprise us by being totally transparent and show that there has been no decline in value and tell us how they arrived at that value. The only index I know (Markit) that values debt shows AAA from .70 - .90 on the dollar and BBB as low as .05. They have a lot to prove if they intend to keep their promise that "transparency is necessary for confidence in financial markets". Don't overlook Goldman....was up 6 today while all other IB's are cratering. Coincidental that all the principals have prior relationship to Goldman? Meanwhile their Level 3 assets are three times equity and they earlier told the financial community, they didn't have balance sheet problems of others because the bought credit default swaps on their own clients.....now there's some quality control.
2008-07-03 15:16:07
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Genesis Posts: 66462 Incept: 2007-06-26
Royal Flush!
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Ben, the accounting for all this is VERY opaque. The smoking gun, however, is in that article - UBS allegedly never really bought protection - they LIED about it being a true hedge, yet that allowed them to take the risk off their books and not have to reserve against it! In other words, its a scam and the entire regulatory system is complicit not only in allow it to happen but allowing it to continue! ---------- I used to play flute; I wonder if I can play a fife? I incite prosecutors to create "Bubba Sausage Parking Lot" projects Darrell Issa has a middle finger and knows how to use it - Me 2008-07-03 15:19:32
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Themortgagedude Posts: 3343 Incept: 2007-12-17
saint louis
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I see it as being smart not to pay for the hedge. Why the hell pay for something that wouldn't have been any good anyway. Truly I don't know - but is anybody paying on credit default swaps and hedges these days anyway? Gotta love the times we live in. And the answer to the multiple choice question is 3 - Both firms were aware of and intentionally participated in the scheme. ---------- Since September it's just gotten colder and colder. There's less daylight now, I've noticed too. This can only mean one thing - the sun is going out. In a few more months the Earth will be a dark and lifeless ball of ice. Last modified:
2008-07-03 15:37:32 by themortgagedude
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Rutben Posts: 725 Incept: 2007-07-27
Phoenix, AZ
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Got it....that's why I thanked you for your unique ability to ferret out what really matters. I have the Financial Times article printed out....with your "analysis" in bold print underneath. The Chief Rep counsel, who I think is a stand up guy, will definitely be seeing this. He is the reputed "expert" who members of HFSC rely upon. I will probably get an hour with him. It will be my most important meeting and I need to do a good job in organizing the info I have and presenting it effectively. I am encouraged that he must think our meeting in April was worthwhile enough to grant me a second appointment.
2008-07-03 15:40:24
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Bluntfacts Posts: 693 Incept: 2007-10-09 Las Vegas, Nevada
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It just keeps getting better and better. From the article... "Now UBS is taking Paramax to court, seeking to compel it to pay up as the securities drop in value, alleging breach of contract. Paramax in turn is charging UBS with negligent misrepresentation." Sounds like a messy divorce to me. Or even a john and a hooker story. Excellent Ticker for 7/3. ---------- "Will someone come on TV and tell the truth about how bad it is". Jim Cramer August 2007. "We can change the focus to a soft blur; or sharpen it to crystal clarity" The Outer Limits 1964. 2008-07-03 17:28:03
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Rutben Posts: 725 Incept: 2007-07-27
Phoenix, AZ
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KD....thought I might give them something to think about over weekend....so attached article and your conclusion as part of an e-mail to schedule appointment. Note he found the article "helpful". Here's reply to my e-mail.....Bill: Absolutely-glad to meet with you. How about we meet at 10 am on July 9 and - I will try to round up as many folks that are available. Thanks for the article-very helpful as we begin our hearings.
2008-07-03 18:22:31
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Pika-steph Posts: 37242 Incept: 2007-09-11
^Why I keep^ fighting; so he is not fighting for nothing. Online
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http://www.federalreserve.gov/releases/h.... Ben - make sure you have this too. ---------- Stop the Looting; Start Prosecuting - http://www.FedUpUSA.org "America is at that awkward stage. It's too late to work within the system, but too early to shoot the bastards." 2008-07-03 18:41:03
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Rutben Posts: 725 Incept: 2007-07-27
Phoenix, AZ
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Got it....posted something on the other thread about it.
2008-07-03 19:30:05
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Ponzi_unit Posts: 4152 Incept: 2007-09-05
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2008-07-03 20:17:54
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