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Stuy Town, Which Is On Verge Of Default, Costs Florida's Pension Fund Entire $250 Million Investment

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Tue, 09/01/2009 - 13:14 | 55164 Fear of the Dark
Fear of the Dark's picture

Looks like his investments are faring about as well as his old firm.

Tue, 09/01/2009 - 13:17 | 55166 TPC
TPC's picture



You hear these rumors about a large bank failure?  Put action in Wells is HEAVY:  http://pragcap.com/unfounded-rumor-of-the-day-large-bank-failure

Tue, 09/01/2009 - 13:32 | 55179 Project Mayhem
Project Mayhem's picture

interesting.  though I doubt they'd let one of their insider fat cats fail.  my money would be on a eurobank... plurhaps something related to club med...

Tue, 09/01/2009 - 13:43 | 55192 TPC
TPC's picture

oh, ZERO % chance they'd let Wells fail.  Less than zero % chance. 

Tue, 09/01/2009 - 13:49 | 55195 Hephasteus
Hephasteus's picture

Joined at the hip so that when they go down they all go down together. Not that it won't preceeded by knee buckling, puking, arms falling off. etc etc.

Tue, 09/01/2009 - 13:51 | 55201 TPC
TPC's picture

But don't worry.  If Wells is actually in trouble they will just merge it with some other large and troubled institution.  You know, solve too big to fail with too bigger to fail.  Fight fire with fire....In other words, epic fail. 

Tue, 09/01/2009 - 14:13 | 55228 Hephasteus
Hephasteus's picture

Waiting for the FED to sing it's favorite song.


Tue, 09/01/2009 - 14:25 | 55242 Anonymous
Anonymous's picture

Seriously doubt Wells. That put action could easily be neutral.

Something among the Euro creditor nations makes a lot of sense, especially something with exposure to PIGS and/or Baltic.

CORS, but that's not news. My bet would be something like FDIC can't find a buyer for CORS and now has to go back to the well.

Also hearing something specifically about Cerberus. Good riddance.

None of this is tradeable, in my opinion.

Tue, 09/01/2009 - 21:07 | 55610 paydirt (not verified)
paydirt's picture

Wow my system were re working again. lol Flashing trade were bann today. Maybe it's why!!

good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions

Tue, 09/01/2009 - 13:28 | 55178 JohnKing
JohnKing's picture

Cops losing their pensions.. look out crips there is a new gang in town.

Tue, 09/01/2009 - 14:09 | 55223 ptoemmes
ptoemmes's picture

Teacher's too?! As in my wife?!

The wannabe crips are already in the classroom and younger than you might think.


Tue, 09/01/2009 - 14:52 | 55273 JohnKing
JohnKing's picture

Yes agree, but mere wannabes when the cops go rogue. Yes, I know the baby gangsters are out there but when the law goes lawless they will be the first to go.

Tue, 09/01/2009 - 13:38 | 55186 NumisEX
NumisEX's picture

I'd like to put a 300k bid on a 2-bedroom. What are the chances my bid will be hit?

Tue, 09/01/2009 - 14:21 | 55240 zarrmax
zarrmax's picture

Where'd you learn how to bid son...I know, you ran the CDOsq desk at Lehman during the '03-'06 run....j/k

Have some balls... I'm a $25k perma bid....cause

I'm a rocket man....

sorry Shatner commercial was just on.....

I'll be on the bridge...

... But Captain, we don't have a bridge



Tue, 09/01/2009 - 14:26 | 55244 gmrpeabody
gmrpeabody's picture

I don't know, but the chances of you , personally , getting hit are rising by the minute.

Tue, 09/01/2009 - 14:45 | 55263 zarrmax
zarrmax's picture

lol....all joking aside... why would you want to step in front of anything right now (especially the housing market)?

Prices are not going up and won't for quite a while. Time is on your side.

Never deploy capital during a credit crunch. Only after the previous cycles debt has been purged from the system and the new rules of the emerging cycle have been established should you step into the market with any conviction.

- hint we are neither at the end or in the middle of this credit crunch.

Tue, 09/01/2009 - 13:41 | 55190 TraderVix
TraderVix's picture

That the SBA is carrying their investment at zero and Blackrock (as well as others, I'm sure) is carrying it at a higher value is a serious issue. How does that get reconciled?

Wed, 09/02/2009 - 01:56 | 55882 Anal_yst
Anal_yst's picture

FAS 157 and FAS 157 E.  IF L3 asset (or poss L2) - classified, so long as there isn't a transaction, Blackrock (or whomever valuing > $0) isn't in "violation" with FASB guidelines.  Actually, and I'd suggest checking with people like Francine @ re:theauditors, but my understanding of FASB guidelines is that even if there were a transaction, "distressed" or otherwise, other parties holding same/similar securities don't necessarily have to adjust their carrying value. 

Welcome to The Matrix; just remember, there is no spoon.

Tue, 09/01/2009 - 13:44 | 55193 Anonymous
Anonymous's picture

Watched CNBC this morning for the first time in quite awhile.
It's all about personalities, who says what. They barely cover market action. Finally I turned the sound off and watched the tape - which is mostly comprised of derivative stocks and bank shares.

Tue, 09/01/2009 - 13:51 | 55199 Obnoxio
Obnoxio's picture

I guess the public pensions at least give accurate information since the taxpayers will make good on any losses to their defined benefit schemes. The bizzaro "Enron" accounting used by the banks hopefully will get phased out at some point.

Tue, 09/01/2009 - 13:52 | 55204 D.O.D.
D.O.D.'s picture

DRV anyone?

Tue, 09/01/2009 - 13:56 | 55209 Gilgamesh
Gilgamesh's picture

That was the flare signal early this morning.  IYR was way, way down ahead of the market (along with the CRE exposed regionals).  DRV is due for some covering.

Tue, 09/01/2009 - 14:16 | 55233 E Thomas St.
E Thomas St.'s picture

RMZ doesn't have anything tishman speyer related in it. The only blow would be to other REITs that have to drop trou in response to this sinking ship pulling them down.

Tue, 09/01/2009 - 14:00 | 55213 Anonymous
Anonymous's picture

it's banco santander in spain

Tue, 09/01/2009 - 14:13 | 55227 Ich bin ein whatever
Ich bin ein whatever's picture

They'd just as well merge Wells and Citi then.

That union has "epic fail" written all over it.

This is in response to TPC, post #55201

Tue, 09/01/2009 - 14:35 | 55252 Anonymous
Anonymous's picture

bank? whispers re: SSgA and SEC Wells notice

Tue, 09/01/2009 - 15:02 | 55291 zarrmax
zarrmax's picture

didn't they receive a wells back in june?

Tue, 09/01/2009 - 14:58 | 55287 Anonymous
Anonymous's picture

the desperation at 1000 is palpable, wow...it's like watching someone hanging by their fingernails 100 stories up. Will they turn into Spiderman at 3:30?

Tue, 09/01/2009 - 21:07 | 55607 paydirt (not verified)
Wed, 09/02/2009 - 08:09 | 55944 blindfaith
blindfaith's picture

That explains why my property taxes just JUMPED 30%.  All these "smart" managers should loose their jobs along with the money.  Now if they had 'invested' in Florida instead of New York, maybe FL would not be such a basket case right now.  This " conservative" state government spent for the last few years like drunk sailors. Civil servants are DEMANDING a buyout, like fat cat bankers, or salary increases right now.  Wake up Florida your suffocating the last 10 people in the state with a dollar in their pocket to make up the for losses and shortfalls, and greed from your own stupid behavior.  250 million would have bought a nice university campus, or industrial campus...or GOD forbit working class HOUSING , but those are liberal ideas.  No boubt someone got a nice vacation thank you gift, for the investment in Stuy Town.

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