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The Scamming Of Investors Continues, Courtesy Of The Rumormill Formerly Known As The Equity Market
1) Somebody (wink wink) spreads a rumor that shorting government-owned companies will be banned. Citi is one of these companies.
2) Rumor spreads, causing AIG, C, FNM and FRE to skyrocket.
3) Citi announces it is placing $2 billion in TruPS, benefiting from the stock-buying orgy.
4) Cramer, and a bunch of fourth-rate analysts come out of the woodwork, and join the bandwagon, saying how Citi is massively undervalued and how the stock is merely an indication of the market realization that Citi's -100% Tier 1 capital when Marked-to-Market is a much more palatable 349,594,388% when Marked-To-Bullshit.
5) SEC (wink wink) comes out with a one sentence refutation of the rumor late at night, when nobody will notice: "There is no truth to the rumor that we are considering restricting the
short-selling of stocks in which the government has a stake," John
Nester, Securities and Exchange Commission.
And that's how the market works nowadays. Better luck next time.
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Speaking of rumors...
Takeover speculation is running rampant in biotech land....
This one is up another $16 (60%) from today's close.
Hope nobody was short...
Whoa! I was hoping for a cute girl. :(
Looks like American banksters/government devouring American citizens.
Total clusterfuck.
Distribution masked by squeeze action - its the new black.
Distribution masked by squeeze action
Excellent! I'm going to have to plagiarize this one going forward.
O/T DH--we need a new thread on Eric Massa--I am in his region and am disgusted at the MSM and political Rahm machine against him. I know the man, have spent hours with him and know that he quit for many reasons but the first one being that the system is broken and he couldn't be a part of it.
We Need to get this conversation started. It is a critical part of what ZH stands for. Attention Marla: think about it and open up a thread. A sane man quits the system because it is broken. Rahm, Healthcare, and a war hero that wouldn't give up his principles and gave up. We cannot fix the system and Eric Massa was a man that could not be coerced. And the smears began and he decided to leave with a bang. This is something worth discussing here!
it seems that the Dem leadership simply didn't like him because he wouldn't always toe their line.....I have NO doubt about that the story of that little prick Rahm approaching him in the showers.....
the system is broken as we know......i don't think it is fixable until an absolute crises hits, then the pols will try to get it stabilized, and then lie, spin, propagandize that all is okay. rinse, repeat.
i've always been an optimist Howard, but I just don't see much hope left for the USA....it has become a steaming pile of shit.
I had the pleasure of watching Michael Moore's (gasp on ZH) Capitalism. The last two lines of his narrative were perfect:
I hate what this country has become. And I'm not leaving.
We have been robbed and noone on ZH disagrees with that. Why they hate anything from the left confuses me since he put yellow crime scene tape in front of every bank and AIG in NYC. The gang here needs to realize that there are many ways of thinking from all perspectives that are relevant. And partisanship is irrevelavant and has nothing to do with surviving the crisis.
As for Rahm, you are my hero in your disdain for this man. And Massa has made it clear that he was a problem from the start. Since I know Eric and his internal strength, and watched him on Larry King and saw the man I knew, the smear is outrageous. It's insane. And I wish the Massa family only the best. He was a man that thought he could make a difference. I think Obama thought he could too. It's a sad state of affairs.
howard i just watched him on LK. i can tell your just mortified. not from the east but feel your angst with the bs. your the first person to quote anything MM. i respect him and his courage. i have no idea why everyone disses him. he was just on a video on the mother jones website was just remarkable comments about how he felt last nov. 08 and today he is almost a goner so disappointed in obama. michael has balls i wish i could have, figuratively. the courage to put yellow police crime tape all around GS and than demand for OUR money back, priceless.
For some insane reason, ZH'ers don't love the following (who I totally respect):
Jon Stewart
Steven Colbert
Bill Maher
Michael Moore
Keith Olbermann
Fuck em. I love these guys.
I can only speak for myself, but irony and sarcasm belie the gravity of the moment. Enough of these post-post-modernist entertainers.
Give it to me straight, hard and with Murrow's furled brow.
Your comment tells me that you don't watch these people. They do give it to you straight. Stewart is the best. Maher is brilliant. Keith goes way over the top but he still moves me in the ways of Murrow. He speaks his mind in his special comments that are very powerful.
Moore is an easy target but all of us at ZH should be grateful that he exists. He is getting to the masses the same message that ZH stands for- a coup d'etat of the taxpayers by Goldman and other banksters. Wanna fight with that message?
Colbert is just for fun but often he nails the hypocrisy of our system. And when he does--it is brilliant.
Do not make a comment without actually watching these men on a regular basis and seeing the truth they seek to bring to the public. Stewart's nailing of Cramer was a pinnacle of great journalism. Perhaps that is why my 28 year old son understands what a shithead Cramer is--and moreso, that he is blowhard that exists to corrupt the minds of investors and a devious moron. I would rather that he get his news from deep investigations by Stewart and his crew than Fox news or any other MSM. Of course, I also send him links to ZH very often. But as a 28 year old, he is well informed by the gang I stated.
Maher is brilliant? Fuck you. George Carlin was brilliant as was Bill Hicks. Maher is a hack questioning the US story on 911 is a whack job. One day you'll find that he was on the zionist payroll. You should also watch John Stewarts interview with Lynne Cheney. That guy looked like a fucking wimp! The bottom line is that if you are on tv you are nothing more than a sock puppet.
You are a moron. He was raised a Catholic. I guess you just decided because he has a big nose he was Jewish. And of course you hate them too.
I'm with you to a certain extent. Stewart is a good conductor. Colbert plays that character as well as anyone. I never miss Maher if I can get a station he's on or download a podcast, and I am looking forward to the day he and his buddy Ariana lose their religion in Obama, because they will be relentless. Moore...eh. Olbermann is a little too fixated on Fox, but I'm also waiting for him to turn on Obama with the same venom he (still) directs at Bush.
We need some high profile Obama-phile to have a "there's no Santa Claus?" moment, and just like a wounded child speak of how disappointed they are in everything his High and Mighty-ness turned out not to be.
Not to sound like MadHedgeFundTrader or anything, but I communicate with a number of Administration insiders, and I have not found one who has not been turned 180 degrees on Obama in the last year. Everything from Empty Suit to Chicago Son of a Bitch to Wall Street Lap Dog have been mentioned. I suspect the next few months will see wholescale defections from lots of his team, as his approval rating outside seems to be better than on the inside, save for the Rahm's and Axelrods. A true comet Kahoutek he turned out to be.
Painfully true.
Though i watch the Daily Show occasionally for entertainment purposes only, i cant stand how much of hippy liberal gay-fan Stewart is. His bias detracts from any serious reporting, and even though his show is meant as a satire, interestingly enough when he wants to get one of his ultra-left messages across to the 'teenage and pot-head' crowd, he has no problem doing so. A man with an agenda, who hinds behind a satire.
Classic.
And of course no financiers would like him, so no surprise there about your comment.
your wrong. jon stewart was on bill moyers journal last year. bill moyers is one of the most respected elders of the investigative journalist alive. he totally respects stewart's delivery of the message to the medium. for my global news i watch amy goodman, Democracy Now!
bill maher real time is slowing turning his boat too. arianna uhmmm maybe but she is to embedded with D.C.
Massa had the chance on GB today to be a man. He wasn't.
He was a man on Larry King. He was told certain things on Glenn Beck he had never heard and it threw him for a complete loop. The accusations came from a long trusted friend--a man that lived with his family. I can only think he feels he is in the Twilight Zone and I will talk with him soon to check in with him. I am concerned about his health.
Massa is a good man that was not welcome in Washington. He truly believed he could make a difference and didn't play the game.
To make such a big deal about a 1st term congressman from upstate NY should sound the alarms. Yes, he decided to go out with a bang and his anger is understandable. He thought he was entering a democracy in Congress. As we all know, our system does not support those ideals--lobbyists and their corporate interests do.
The media and the WH press machine via Gibbs have been loud and clear. Eric Massa is insane. Problem is, he isn't. He was/is disgusted by the system, disillusioned by his beliefs that 2008 meant something, and to sum it up --a man with a broken heart about the state of our country. He also wasn't for sale. He is a tough military guy that didn't give two shits about re-election--he just wanted to make a difference and represent his constituants.
Chesapeake wasn't lobbying him for the Marsallus Shale since it is just out of their targeted raping region. He had Corning Glassworks as his major industry--the rest of his congressional territory is farmland and right wing fundamentalists.
Not for sale, true to his platform, and idealistic to a fault in the current environment. We need a few hundred more like him. Representing the people. How naive.
Great comments Howard..... the system is probably beyond repair until it is absolutely forced to be by the confluence of serious events, most of which can be seen on the horizon once when chooses to look past the hyperdrive propaganda of the moment.
Massa sounds like a great guy and though I don't know him, I understand the type and that type of person is not at all welcome in D.C. or the halls of the Fortune 500. Sorry to say but the USA has turned into fecal matter and the future will mimic the 1930s, possibly worse due to the potential of much more intense geopolitical events.
I totally agree...
HEALTHCARE "MASSA"BATION (rated Beck): http://williambanzai7.blogspot.com/2010/03/healthcare-massabation.html
Healthcare will be the NEW STEALTHCARE - the backdoor entry tool to our asses to pay for all those bailouts!! And you know that even the Repubs will not get in the way of this grand scheme. Massa (a Dem) got in the way and was shown the door forcibly !!
Eric Massa told me in a room full of people at a town hall meeting last summer that the US was beyond bankrupt, kiting, disgustingly corrupt, headed for ultimate financial collapse and politics in this country is all based on bribes. Yes, he used the word bribe, not "contribution."
Eric is telling the country that business is DC is broken beyond repair and all the MSM can do is titter like Beavis and Butthead.
Hehe...he said gay..hehe..gay men in the shower...hehehehe
I am beyond disgusted.
First you need to get you head around the fact that the system isn't broken.
Is a Cobra Hemi-engine that blows up broken or is it an opportunity for the mechanic that fixes or replaces it a chance for him to make some serious money?
The system works exactly and precisely like an Atomic Clock
for the Goldman Sucks' of this world.
If it wasn't for hope, the market would break!
Last Friday looked like an opportunity. It would have been except for the fact that there was 20+ days of liquidity left to kill shorts with.
Does anyone really believe 3/9/09 was the low for this cycle move? Come on, 17 months to resolve the worst crisis since the depression? Yes, I read dshort.com but it's true. We will end in a shitstorm and the fundamental trader/investor who defies this crap we're seeing today should be well prepared to benefit nicely and then set-up an ideal investment thesis when this is all over. I think we rebuild our markets beginning with DJIA:4100, S&P500:450.00,Gold:$2500.00.
Silver Bitchezzzzz $50 soon!!
Sounds about right. At 65:1, Gold should trade around $3250. Maybe Iw as wrong about $2500.00
I don't understand a damn thing on ZH, but boy is it fun! XD
Your username just rocks, you know that? Say, you don't happen to own a single engine private plane, do you?
Thx. My military call-sign. No, really.
No.
Aig is $32.35 in after market, still up over 10% on the day. A rumor denied is a rumor saved.
OK, why AIG is anything, much less $32.77, +$3.67 (+12.61%) is be-f*ckin-yond me.
Might as well sell my PMs and buy up Braniff, Pets.com, WorldCom, and whatever change I have left I'll convert to Zimbabwe-bucks.
"WTF?" doesn't even begin to cover it.
My Dow 10,000 hat is nearby and not dusty at all. Putting it on my noggin and taking it off is wearing out what's left of the carpet, though.
The downside rumors will come around by weeks end.
when Marked-To-Bullshit.
It all be bullshit.
http://www.theonion.com/content/video/breaking_news_some_bullshit?utm_so...
the government is running the rube goldberg machine to perfection
they will get their $ back by any means necessary
This appears to be all opex games, before opex week no less, but a strong push to new highs may just propel us to the 200 week MA. Or we collapse right after opex just like in January.
There is no reason to forecast anything anymore. We will go up until we don't. Tomorrow and Thursday will be telling if they sacrifice long bonds for just a few more ticks on the SnP.
Frankly I think we may skip to the final phase of the crisis very shortly, and there will be no in between. Perhaps a shot to the 200 week MA and then a 10,000 point collapse in one month. It seems that everything is accelerated these days, why should this be any different.
"There is no reason to forecast anything anymore. We will go up until we don't. "
May I have this for my epitaph?
Frankly,I give up.
My own gravestone will read:
"I'm now below my 30,000 day moving average"
Last year I had a vision while mulling over this exact scenario: The Cheshire Cat from Alice in Wonderland. Poof, gone, nothing left but his grin. Everyone's mad here.
I thought it was cute the way JPM stopped loaning shares for short sales 'just in case' the rumours were true.
LOL
I'm sure they didn't purchase a few c and aig a day or two ago. naah......
Frankly TD, this is one of the best pieces I've seen on ZH....short, simple, and highly accurate. The whole combination of Ponzi, lies, distortion, fraudulent accounting (legitimized by politicians), hyperventilative propaganda, greed, corruption is wrapped up very nicely.
What a complete piece of shit the United States has become.
See my comment above....it connects with your comment.
"Cramer, and a bunch of fourth-rate analysts"
Fourth-rate? LOL, Getting a little soft?
quote from the creditsights people who seem to have been involved in the citi exuberance taken from b'berg:
Screaming Bargain’
“People are looking at Citi more as a stable to hopefully gradually growing entity,” Hendler said. The stock is a “screaming bargain,” CreditSights analysts wrote in a March 8 report.
Isn't "screaming bargain" and "screaming buy" so dot com-ish? (except for homebuilders in late 07, natch)
These guys generally have a good track record, but no one is perfect. I think they are wrong on Citi.
http://in.reuters.com/article/governmentFilingsNews/idINN2737692120080327
http://www.accessmylibrary.com/article-1G1-157645368/creditsights-no-cri...
thanks ghost.
i see the nice call on wamu and cre but as you said, no one is perfect. I've got a problem with anyone making bank calls who do not specifically address the FASB 157 issues as well as 166/167. i've yet to see any of the players do this, with the exception of whalen, whitney, maybe mayo (but i don't get his stuff or see him around anywhere). reggie middleton does a very nice job talking about this item and it is central to the banking clusterfuck.
i also have a major problem visualizing success for any business that has a customer base that universally hates them....think about it.
Back to banking, Huff Po (again, ghast to the right Zh'ers that need to open up), did a poll on the least trusted banks in terms of the customer, i.e. those that acted in the interest of their customers and not their shareholders. #1 offender was HSBC, the following 9 were all our favorite names.
Well HSBC just did a deal with the FDIC to take over Internet Banker UFB/Waterfield Bank. I had a small account there that I closed a week ago and waited for the check. It came on Saturday and I had medical MRI's, etc, yesterday. When I received my letter from the FDIC today that my bank was gone-even though I had the check--fear struck in on major proportions. I called the FDIC and got straight through to a human in charge of Waterfield accounts. He assured me the check was good and I deposited it into my other bank.
THIS IS FEAR. The credit union ratings cannot be trusted. The bank ratings by Weiss can. And I am in the midst of 2 moves--either to Oregon to be near my son or to Canada to be with my fiance. Stuck in inertia I have hopefully the smarts to get the funds to a "safe" bank. And no, GG, I have enough gold and am not putting it there.
It's a precarious place to be for one that has preached to be in safe places and have my health deter me from making the moves at the right time. I should be fine considering the FDIC said the check would clear. But listen up, Zh'ers, get your money into safe (using Weiss ratings and no one else) banks. The FDIC will not be there forever. I got lucky, I hope.
not sure why all you rich folk worry where to stash your over-FDIC insured cash... you really think CHASE is going away??? stick all you excess into them and spread out the smaller stuff to whichever small bank makes ya feel good
Horseshit...there was no FDIC in the depression and to believe that your deposits are safe now is preposterous. The FDIC is in trouble..not to mention every other government program. Danger lurks. Bank with caution and I am not rich. I am disabled and have been a savvy investor for 15 years, as well as a seasoned Wall Street options trader before my health took me down. I would never put my money into JPM other than long term puts. And it was not OVER FDIC coverage. It was small--still stressful when you live on next to nothing.
Howard...in case you ever have the need or desire, my email is zhdeadhead at gmail dot com
you're a good man for sure!
Thanks so much...it is in my book.
ummm Micro$oft??? just off the cuff... hmm At&T ??
Sell OTM calls.
The only thing thats TRULY marked to market right now is the economy and jobs market - TRULY terrifying. Take a peek at dailyjobcuts.com posted by somebody here the other day.
I think he was being generous in elevating Cramer to "fourth-rate" status. I hope. Kinda like CNBC being credible.
Cramer will be wearing buh buh buh Barney's underpants when they are both in orange suits. Citi's (worthless) seconds will be a nice read for our grandchildren as they look back at the depth of the bezel... All in the convenience perhaps of a smooth ride in a 300 mph plus mag lev train running on one of 26 forms of electricity other than Maxwellian 60 hz 1890's vintage petrol shat. Think of it Tyler, all of this (re)information will be on one nano chip for generations to read!
Spew away T -->
Just like American Rubber Balloon Company coupon bonds from the 1920s, so will be some of today's names in the coming decades.
is that all they got?
yes , yes, that is all they have.....
its money for nothing and the chicks are free....
What does a market that runs on fundamentals look like?
Does it have a fancy hat and monocle?
I think I am confusing a rational market with the monopoly guy.
Honestly, Tyler, you're a freakin must read.
So crocks are cannibals? Cramer is a total moron. People call this guy on the air. How embarassing this guy is still doing infomercials for big banks.
C has a long way to fall good thing they did a reverse split last yr. usually used by penny stocks. Oh yeah they were a penny stock. What a phenomenal turnaround.
"With recoveries like this, who needs a recession?"
Art Cashin
Coordinate.
I'm beginning to wonder just who they are trying to convince anymore, since it's apparent that everyone knows the market is totally controlled and is nothing but bullshit. Is this simply a puppet show for teevee viewers?
I will not go near this market anymore with a 20 foot pole!
Up is down, down is up, and black is white. The government enabled fraud, corruption and manipulation is all that is left. Losses are papered over, accounting rules are changed on a weekly basis, nothing has been fixed, and no one on Wall Street has been prosecuted because WALL STREET HAS BOUGHT OFF OUR ENTIRE GOVERNMENT!!
Join me, won't you, in throwing each and every incumbent OUT ON THEIR A$$es the second we are able!
If only that would make a damn bit of difference. Whoever comes in after the incumbents will also have been purchased by the special interests.
The only hope is to get the "lobbying" (bribes) out of politics, but I don't see how that's going to happen, since it costs millions to run a campaign for congressional office.
fuck me, man. right on
I don't blame the rumor-mongers at all. In fact, IMHO, the greedy and idiot "traders" trading this "market" - which is clearly a Ponzi Scheme as any sane observer with an iota of brain will attest - DESERVE to get reamed. As long as they are playing in the government's rigged casino instead of burning it down, they deserve what they are getting. The people invested in and trading this "market" is what provides legitimacy and life to it.
Walk away, buy gold and NEVER look back. Let this rigged market die.
clearly a Ponzi Scheme
the truth always deserve repetition. well said GG.
So, the Obama plan is to get those stock options in the money at any price?
Pick up the phone, get CNN / NBC to start churning out rumors.
Pick up another phone, get JP Morgan to sell and CALPERS to buy?
End with a public declaration that stock markets are dangerous to the average joe; advise treasuries and social security annuities for retirement.
In addition:
3*) AIG announces pricing of $452 million in
secondary public offering of its shares in Transatlantic Holdings (TRH)
Cramer and a bunch of other fourth-rate analysts come out of the woodwork...
CNBC was a bailout recipient via GE... They are screwing us and lying to our face and laughing about it.
Time to adjust your tax withholding. Get a new W-4 from your friendly HR lady. Add 2 to the current number of allowances. Done. Starve the beast.
Now, go adjust your budget. Use the extra $50, $100, etc every week to buy a little silver or gold. I'm serious. Starve the beast.
Is there some money in checking that is not committed to bills? Withdraw it and put it somewhere safe, outside of the system. Starve the beast.
Change is coming.
BEHAVIORAL FINANCE TOON INSPIRED BY THIS POST: http://williambanzai7.blogspot.com/2010/03/behavioral-finance-scam-revis...
Lordy, did some of you huff glue and snort meth tonight? I mean, you're twitching all over the friggin' place. I can't even tell if you're being snarky or not...
But if the majority of the participants in the market are fraudsters aren't they basically scamming themselves? Is this not called DELUSION?
"Jon Stewart
Steven Colbert
Bill Maher
Michael Moore
Keith Olbermann"
All Jews, part of the same cabal that put us in the shit were in.
Colbert is Irish, Maher is half-Catholic, Moore seems like a typical fat middle-America WASP. Unfortunately I fear that those who sympathize with Anonymous' views are growing. This feels like early 1920's Germany with the Fascist response to the Socialist movement.
I am a WASP and am not fat or from Middle American but apologize to those who are fat and in Middle America.
your sick
maher roman catholic jewish mother.
michael moore roman catholic stills attends church.
steven colbert roman catholic.
STFU with your lies your the reason we are in this shit.
and all secret members of the Society of Jesus! Well there you have it: it's the Jesuits behnd the whole mess.
They are decidedly NOT all Jews, not even the majority of them.
Take this bullshit over to Stormfront, asshole.
No not all of them: geithner,orszag,bernanke,summers,
paulson, greenspan,rubin,friedman,fuld,frank,thain,
dodd,mozillo,o'neal,fink,gensler,cassano,blankfein.
Certainly not the top three: Summers, Greenspan, and Rubin. No. They're Amish, right?
C - TRuPS out - cost of capital almost 9% - they will have to start a lot more rumors to earn a good ROA on that
The irony of being paid to deliver any sort of message is that you want to get paid to deliver any sort of message.
It appears that the croc is eating her own tail. Or is that a member of her family?
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