trading at airline levels
Ha Ha will be a penny stock soon like LEH.
Well, I just got slapped (darn near literally) by an MS trader who told me: a) MS is just fine b) MS will never merge with another bank c) MS will never merge with a commercial bank d) MS is a victim of rumour-mongering a$$holes like, uh, me apparently.
who cares what an MS trader thinks. There were people interviewing at LEH within the last couple of weeks and they were deniying everything (I have proof). The last place to get your info is from someone inside, dude. their lens are always rosy-colored, you know that. Best leads come from people who do business with the bank in question. That is how Big BSC leaked then detonated. always find the leak; the guy inside will always try to put band aids on gunshot wounds.
daj224 Wrote: ------------------------------------------------------- > who cares what an MS trader thinks. Try taking a round-house French-cut red fuming slap from one.
whats the spread? i don’t have bbg at home
I’ll handle this one gents. TSX, I think the CDS on MS widdened to 700 basis points [I heard it went as high as 1000] but our Bloomberg terminal is down the hall so really I don’t know. Quite frankly, who really cares at this point. The point is, whenever the CDS rate widdens more than a porn star at an orgy, it becomes dam near impossible for the bank in question to acquire cash. I think people are missing the point…spreads widdened NOT because banks DO NOT want to lend to other banks because they don’t know whats on the other bank’s balance sheet [counterparty risk] but for the simple fact that they WANT TO KEEP CASH FOR THEIR OWN BALANCE SHEETS. Willy
That was a really productive post, except the part about the porn star.
Well yeah I know that JDV. Willy
ms cds were trading with points upfront at the wides of the day. With brokers blowing up and scrambling to be sold, its no wonder why investors are driving up spreads. The real money has buying protection by the boatload and unwinding any trades w/ the brokers for a while now. If even AIG has to beg the government for cash, then what the hell are the brokers going to do.
trading upfront $15 +500 which is ~1000bps i think the odd part is if MS goes down then how can I trust the dealer (who sold me the MS CDS) is viable? wouldn’t they widen as well? ahh contagion^2
WillyR Wrote: ------------------------------------------------------- > point is, whenever the CDS rate > widdens more than a porn star at an orgy, it > becomes dam near impossible for the bank in > question to acquire cash. are you trying to eclipse my “busier than a prostitute in new orleans” comment from the other night? i think you may have beat me.
Willy, thanks for your post. Insightful, and amusing. On your berg, hit GCDS if you’d like to see some neat charts. I’m in Asia, so some of the names out here are crazy. Macquarie, anyone? Morgan at 930. Nice.
Morgan just crushed estimates, you guys are all in panic mode
tsx11 Wrote: ------------------------------------------------------- > Willy, thanks for your post. Insightful, and > amusing. > > > On your berg, hit GCDS if you’d like to see some > neat charts. I’m in Asia, so some of the names out > here are crazy. Macquarie, anyone? > > Morgan at 930. > > Nice. Macquarie is looking eerie. The $20B liquidity claim reminds me of Allan Schwartz a week before his demise. I think MQG will come out of this though. They spun off a lot of shit in to sattelites early in the game.
Come on Morgan old buddy, hang in there.