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Frontrunning: April 29
- Must read: Lombard Street believes that the major if not only buyers of the current rally are investment banks themselves, perpetuating biggest "pulling oneself out by the bootstraps" con game in history (FT)
- As Basis Yield Alpha Fund seeks compensation over its Timberwolf losses, Goldman pressed for CDO settlemetn (FT)
- FTW: European confidence improves to two year high (Bloomberg) on what? Expectations of EMU unraveling
- Greenwich Street Capital refused to be "first" ACA, saw Paulson deal as too risky (WSJ)
- Already holding junk, Germany hesitates (NYT)
- Baidu says sales to beat estimates on Google China "semi exit" (Bloomberg)
- Simon Johnson: To save the Eurozone: $1 trillion, ECB reform, and a new head for the IMF (Baseline Scenario)
- Fed can't delay market storm (MarketWatch)
- So as expected it was all just a ploy to get more porn download bandwidth: SEC Schapiro touts Goldman suit while seeking funds (Bloomberg)
- The left's favorite bank (American Spectator)
- Junking Greece may be the beginning of the end for the euro (Bloomberg)
- Goldman execs' pathological behavior dooms them in the court of public opinion (Forbes)
- Beward of Greeks bearing debts (National Post)
- Could a Greek tragedy morph into a Lehman meltdown (SirChartsAlot)
- Super-TARP (IBD)
»
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Can someone, anyone, please tell me why GS stock is not $50 per share with all the negative publicity and pending lawsuits?
Because the lawsuit is a politically driven joke. Not that there isn't merits to the case but the people enforcing and the politicians up in arms are keeping this in the spotlight only to pass financial reform. The same financial reform that Goldman Sachs is backing because it promotes perpetual bailouts and a continuation of too big to fail...i.e. an oligopoly. Goldman can make bank in those conditions.
Someone? Anyone? Well how about not just anyone but financial genius and beard trimmer extraordinaire Dick Bove:
http://www.cnbc.com/id/36820878
Basically Jim Cramer without the props.
Difference is Cramer's a meth addict while Bove is a solid stoned pot head.
Yes, I can tell you.
If you can borrow at zero, you have zero transaction costs (they only pay exchange fees, almost nothing) and you are too big to fail, would you ever let your stock go down? Actually yes, but only when there are some juicy stops to run.
I'm not some great market guru. I saw all of this many moons ago, when the crooks were trading pork bellies.
Yeah, I-Banks are now C-Banks too, thanks to the 2008 Crash.
So the I-Banks get liquidity directly from the FED and put it all on "red". How can they lose?
It must be nice to be TBTF...
As the futures indicate this morning, and as I said two days ago, the entire EU situation is largely forgotten as the US focuses on earnings and economic data. Now that the Fed has promised to stay on the sidelines and money is flowing in to rescue the PIIGS, there is nothing to stand in the way of new highs by tomorrow.
Before responding to the virtually ubiquitous ZH poster "HarryWanger", please be aware of just whom and what you are dealing with in this person:
http://www.minyanville.com/businessmarkets/articles/AAPL-apple-gm-psycho...
His real name is James Kostohryz, and he is here posing as a troll in dishonesty and in disregard for the fundamental purposes of this forum. He is NOT posting here in good faith, but is purposely antagonizing those with independent, anti-establishment views and opinions for his own selfish and cynical purposes, as part of a study on "the psychology of permabears".
He believes that anyone who opposes the current widespread fraud, corruption and rampant lies within our societies and governments are "utopian" and unrealistic, "pollyannish dreamers".
And for those ZeroHedgers who are advocates of sound money backed by gold, this bankster shill is already out there with one of the most disingenuous, dishonest, historically ignorant pieces of pro-establishment propaganda on the topic, expounding on how such monetary and financial integrity is "impossible", and merely "the rants of an ideological fringe":
http://finance.yahoo.com/news/The-Gold-Standard-Solid-as-minyanville-285...
Please do NOT respond to this reprehensible troll, here or anywhere else on ZeroHedge. He is NOT here in good faith, and should be shunned!
FT..not much of a comment.
Excuse my naivety but I still don’t get it. Political grandstanding aside, why would anyone trust this firm? Isn’t it clear that that the deck is stacked against you if you trade with GS? Seems to me that the firm’s reputation is mud and doesn’t reputation mean everything in the trading business?
Used to be if you picked up the direct line to the broker and said "mine" or "yours" that was it - deal done. Reputation was all you had.
Where else do you go? The firm that was closest to Goldman in terms of doing what they do was Lehman. They're gone now. Goldman isn't just a broker. For many things, they are the only game in town. If all you have is the devil, plenty of people will play ball. They'll secretly pray that Goldman hasn't picked them to fuck over today but they will still come calling.
Those who are willing to tolerate injustice and evil, usually end up the victims of that injustice and evil.
well if all the clients are also theiving banks then ,
then maybe this is just part of the business
and maybe there is some sort of honour amongst all the TPTF
like honour amongst other thieves
Thanks for the education and insight.
More confident than two years ago when an asteroid was threateningto wipe out the earth or some such other unimportant thing.
AP: "Jobless claims fall to lowest level in 4 weeks". Wow, a whole 4 weeks.
Census jobs?
hopefully Iceland will come of the rescue of this BS
http://scienceray.com/earth-sciences/icelands-katla-volcano-new-seismic-...
I think this sheds useful light on the GS saga
http://www.thenewamerican.com/index.php/usnews/politics/3422-secrets-exp...
I pointed that out here twice yesterday:
http://hraun.vedur.is/ja/Katla2009/stodvaplott.html
Well - GS does'nt typically deal with mom&pop counterparties. It might be best to refer to all external parties that GS deals with as "counterparties" ( rather than "clients") to avoid confusion. It is not clear to me from the bullying and grandstanding of Sen. levin that any serious Counterparties have learnt some new or shocking information.
Counterparties deal with GS because they can do big size , complex deals globally and are professional and trustworthy.
Big counterparties ( unlike Levin) dont hold it against a market maker if the side of the deal they take goes bad. Only rank amateurs ( and Levin) would complain that they bought a quadruple leveraged inverse ETF and it went down in price( for example)!! Then the amateurs ( and Levin) would use the "S" word in a formal senate hearing to express their disgust that their bet did'nt pay off. It is of course always completely obvious what is crap and what is shinola is'nt it. How would you classify the US 10 Year Treasury Bond . I say, Crap. But if Iam wrong I wont hold it against my broker. I would be particularly upset if my broker would'nt let me buy something because HE considered it crap!
Wow, markets up strongly. Must be some powerful good news out there.
Its fucking insane. The Asian markets seem to be factoring in a whole differently eality than the US markets.
How long before MW's only daily market comment is how many billions the Fed pumped in.
Hmm counterparties. Sounds like a way to try and avoid responsibility. Redfine the relationship between GS and its 'clients'. Good luck with that.
If the lemonade shopsold my wife arsenic and called it lemonade and took life insurance out on her. Well I would just tell her family, she should have been more careful as a counterparty. How crazy was she to believe they were really selling her lemonade?
Wow Lemonade, cars , life insurance - all these analogies. There is a big difference between lemonade or a car and a Financial Instrument:
With Lemonade or a Car a qualified expert could through testing determine if the product is good or not.
With a financial instrument no expert can do any testing beforehand to determine if it will succeed /make money - or not. Because most financial instruments are bets on some future state of the world - unlike a car or lemonade which is a physical entity. Of course there are strict laws that require purveyors of financial instruments to disclose exactly what it is - we dont need new regulation for this.
Hey Harry - explain how these earnings we are seeing are anything more than inventory driven? Explain how retail sales are going to continue to rise in the face of shrinking credit, increased/static unemployment, and continued wage pressure? You can be bullish all you want but stop with the damn earnings BS --this is all liquidity and complacency and you know it. Happy trading, and your ass better have those stops you keep talking about.