Archive - Mar 3, 2009 - Story

It's like clockwork: after every major selloff, the BWICs emerge, as yet another small credit fund implodes and its collateral is seized by prime brokers. The latest is a $118 million loan BWIC by a seller whose "identity is to remain anonymous" (identity probably wasn't so anonymous when the fund was making nice levered returns in 2006 when every fool was greater and a chimp with a TRS line would be living in the TimeWarner penthouse) and a March 4 deadline for bids.

After the tapping of its revolver which we discussed, and the credit draws in turn by its boss Kirk, MGM Mirage, which even drew the ire of slow bus kid on the block Moody's, now the Las Vegas sun is picking up on the theme of the casino operator's upcoming cash crunch.

• Former LTCM trader Matt Zames generates most of $5 billion JPM profit via derivative trading (Bloomberg)
• As Hank Greenberg sues AIG, questions emerge if he created the financial singularity (Reuters)
• Daimler has uphill battle as it faces $9 billion of debt maturities in 2009 (Bloomberg)
• Ken Lewis
  

• The upcoming double-dip recession (Reuters)
• KKR's Masonite latest LBO bankruptcy casualty (WSJ)
• Populist anger shifts to small bank heads: next up on the guillotine Bruce Wasserstein (Huffington)
• More tinkering by Obama: Bad Bank plan next up on the drawing board (

Courtesy of Goldman.