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Tyler Is Good In Uncovering BS, But I Will Not Be Outdone In Busting BS Bank Reporting - I Simply Refuse, Right BNP?
Tyler Durden over at ZeroHedge (obviously not speaking
about yours truly) is pretty sharp. He busted Morgan Stanley with the
old hide the sausage game. See Exposing The Latest Eurodebt Exposure Scam Courtesy Of Morgan Stanley: Gratuitous Level 1 To Level 2 Position Transfers:
For the latest gimmick to mask PIIGS
sovereign debt exposure (where we already know that the traditional
fallback of "gross being irrelevant and only net being important"
crashed and burned today after Jefferies offloaded precisely half of its gross exposure, while raising net, thereby confirming that gross exposure is indeed a risk),
we turn yet again to Morgan Stanley. As a reminder, despite our note
that the company's gross exposure (which is now a major risk factor,
thank you Rich Handler for proving our "bilateral netting is flawed" thesis) to French banks alone is $39 billion,
Morgan Stanley downplayed this by saying that only $2.1 billion is the
actual net funded exposure to Peripherals Eurozone countries. We'll see
if Jack Gorman will have to revisit his defense after today's Jefferies
action. Well as it turns out, we now have gimmick number two, one which
will surely delight the bearish investors out there looking to find a
bank doing all it can to mask not only its gross but net exposure (and
wondering why it has to resort to such shenanigans). Presenting the Level 1 to Level 2 switcheroo, courtesy of, who else, Morgan Stanley.
From the just released 10-Q:
"Financial instruments owned—Other sovereign government obligations. During the quarter ended September 30, 2011, the
Company reclassified approximately $1.8 billion of other sovereign
government obligations assets and approximately $2.1 billion of other
sovereign government obligations liabilities from Level 1 to Level 2. These reclassifications primarily related to European peripheral government bonds as transactions in these securities did not occur with sufficient frequency and volume to constitute an active."
Uhm, are you serious? Transactions in all PIIGS securities were sufficiently active in
both frequency and volume. We are delighted to present Morgan Stanley
with a CUSIP list of all PIIGS bonds together with price and volume data
if they so desire to confirm to them that their excuse is about to get
tested substantially by the market as one not of prudent accounting (we
jest: Level 2 assets are merely a legal way to get par marks for a
security that is realistically trading at 35 cents on the dollar in the
case of Greece and 87 in the case of Italy), but one of yet another
attempt at blatant obfuscation.
I must admit, that this type investigative reporting takes
very sharp minds, very witty reporting and a thirst for finding the
truth. It probably can only be accomplished by tall handsome brothers with that sharp sense of humor... Know what I mean??? From the Bank Run Liquidity Candidate Forensic Opinion (A full forensic note for professional and institutional subscribers) released in August:
Click to enlarge...
thumb_BNP_Paribus_First_Thoughts_4_Page_09
You see, this game is getting rampant, and it not just french banks
and Morgan Stanley, is it Mr. Goldman of Sachs, aka the SQUIDDD!!!
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Rather than "DISS" tyler, hop aboard!...Or is reggie a bought and paid for "brotha"??...
When I tune in, it's "ZH"...Tyler seems to dig deeper than most!...
FOR reggie, it's only about HIS dolla!
Tell me again, 'cause I forgot. How much are you paying?
So far, I have picked up some valuable info from virtually every one of Reggie's posts. Plus, he backs up what he has to say with real facts and real numbers and real sources......and he gives it to us here for free. So, what's not to like?
for the "dolla" seems to me to be what it's all about and makes the world go around
it's the not-for-profit organisations (banks, Govt, charities etc) that appear to be the problem and root of the rot
you gotta problem with turning a profit on the back of good work/research?
The Regomatic. He slices. He dices. He even Juliane's. Look at those blades. Not only are they an economic miracle of the first degree but they serve as a testament to his prodigious fractal making prowess.
ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ..............
No need to feel competitive with Tyler mate - there is plenty of corruption and malfeasance to go around. Just keep turning over rocks - it's appreciated.
reggie dont care about finances, he just wants the chicks
the chicks come later in the articles, after the facts
that looks very well-ordered to me... what's your point smarmy pants?
Reggie - Goldman is a multi-tentacled perp involved in world-class financial crises, including Greece and EU crises. It seems that no one, including State and Federal prosecutors, have the balls to take on Goldman in a serious way. If you can, more power to you.
Clash of the Busters.
I gotta ask - what's your diet? I only eat donuts all day. ;)
Like Reggie is a genius. Thus he can dress like he wants and brag a little, too. Quite an excellent fellow he is!
LOL. Wonder if he really that buff?
The Ponzi game is getting crazier and crazier. When this whole system comes down, it will be sudden count on it.
Why is this guy showing off his abs? Only guys read this site, right?
I appreciate the scenery after about 10,000 avatars with busty blondes.
See, this is why I don't understand why people beat up on RoboTrader. The bikini photos were always so nice...
it wasn't the bikini photos that were the problem ...if RT were just bikini photos that wudda been just fine
Big difference is the Durdens' never blow their own trumpet .... let alone every chance they get!
Yeah, or post workout pictures of themselves.
it's good to see Reggie keeping fit ...nice contrast with the wining and dining meet-ups adorned with totti ...very well balanced lifestyle IMO
p.s. - kill the squid!
If only the banks weren't hiding the sausage in the ass of every taxpayer...
o
Big difference is the Durdens' never blow their own trumpet .... let alone every chance they get!
Headline along the lines of "BNP BS Reporting continues unabaited" would have been just as effective.
Self agrandisement only works on the memetic sheeple ...... personally I see it for the outward manifestation of insecurity that it is.
It takes much away from your otherwise good work.
It ain't braggin' if you can do it.
Advoc8 - actually it's the people that moan about others blowing their own trumpet that bothers me. The British have the disease and it's a form of group fuck the achiever (socialism)
...mainly from people who have nothing to blow through their own trumpet ...under-achiever are you?
You might want to check on that.
Reggie is the man. Check ou the bulge in his skirt. He can blow his own sausage if he wants.
LOL no shit.
Ok reg. You're losing put a shirt on. :))
Very good Reg, as usual. I particularly impressed with your modesty this time around. Bravo sire, bravo.
Another case where reforms increase risk.
Ponzi on!
"Another case where reforms increase risk.
Ponzi on!"
Like OWS calling on the Government to increase regulatory power over the TBTF banks. They have no understanding of the most pernicious corrupting PONZI of all.
END THE FED.
See:
Money Power And The Central Bank: Life Is But A MEME
END THE FED: THE FIRST STEP IN RESTORING OUR CONSTITUTIONAL REPUBLIC
The Fed's oversight committee logs another negative article.
- Inflection Point
2 Party system feast on it
New beefcake picture required Reggie - this one is stale. Like fish. After 3 days, it stinks, so you throw it out.
Reggie -- this was one of your lighter posts. Where's the beef? I was all excited about your BNP takedown, But all we got was a repost of ZH, a single page from your report (which had nothing to do with BNP), and the old "squid hunting" photo.
Ok, you "simply won't be outdone" by Tyler... But so far the score in this particular contest is still Durden: 1, Middleton: 0
You're going to have to do better, Reggie. Less hype, more substance please.
Maybe you didn't read that "single page" from my report thoroughly enough, hence the source of your disappointment? More reading, less complaining about free research offered to you.