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Jefferies -20%, Halted, Unhalted, Halted, Unhalted As Market Seems To Have Found The Next MF
UPDATE 4: Resumed Trading again
UPDATE 3: JEF halted again
UPDATE 2: JEF resumes trading, dead cat bounce
UPDATE: -20% now, halted
Presented without comment suffice to say that while everyone is focusing on Europe, the US may be about to have its second failed Primary Dealer in a week (and to note the cockroach reference from yesterday):
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Good night.
Who's next?
who isn't next? They are all likely massively leveraged up on client's money.
Carry trades finally blowing up. Dominos anyone?
I. M. Cumming. Heh heh.
http://www.marketwatch.com/investing/stock/JEF/insiders?pid=42087003
LOL. Perhaps it's time to change that last name to something like Freefallin.
Would you like to play a game of tic-tac-toe?
No, I want to play Global Thermonuclear War.
How many players?
not bad. only took you about 50 posts to get a +1 out of a stingy bastard like me.
well played sir.
(+1)
the 3rd bank to collapse from the euro debt crisis. how many more until lending freezes up.
it wasn't lehman, bear sterns, aig, or northern rock that began the 2008 collapse, but the combination and psychological effect of knowledge that a number of 'healthy' banks were failing.
the only question is how many more before the tipping point is crossed...
they are a broker dealer..can you say holy moly
I'm ignorant of banking. But could they borrow more from repo to leverage up, by using client money, then depositing the money back into client's account @ midnight, when the sweeps occur? Could they do this to leverage up more than they otherwise could? I don't how know anyone can trust bankers, if this is standard operating procedure in modern finance.
#occupywallstreet
Good night and good bye.
Any thread that excludes 'Greece' or 'Greek' can't be all bad... I give up... save me from more bs Euro headlines... pleeeze.
At last a respite.
Isn't that Robo's darling stock?
all stocks are robos darlings
au contraire, kind sir. They are Robo's darlings the day AFTER they go up 10%.
Robo is a Bernanke shill
what stock isn't dude?
screw that lil self appointed defender of the stutus quo AKA king douche chills
LOL. Your Icon. I see what you did there... :D
That's going to leave a mark.
Where there's Smoke....There's MerKozy
EUROPIA UNITE!!
.
Here is comes....more bailouts, more theft from the taxpayers. The too big to fail will fuck the too small to save, again.
someday this war's going to end http://www.youtube.com/watch?v=s-e5PwVba80
Charlie don't Surf!
But But Jefferies says they are no MF Global!
Halted?
Is it time to panic yet?
Contagion.
Who's next?
My bet is on France.
Oh boy. the domino's...they are a tipping
You don't want Egan-Jones talking shit about your company, very bad sign.
Freddie Mac reports loss, seeks $6.0 bln
http://www.reuters.com/article/2011/11/0...
"Despite an income of $4.6 billion, the company registered a net worth deficit of $6.0 billion, which was partly attributed to the $1.6 billion quarterly dividend payment owed to the Treasury."
At least Timmay Geethner knows how to get his money back.
Jeff plan is to make it up on volumn...
Yet these bastards are paying out 12 million in bonuses to the CEO's. This country is out of control and Obama must get the hell out of our lifes.
FIFY
I get so fucking sick of this petty partisan bullshit, when it's so clear that both sides are taking us down in concert. I changed my registration to republican a few days ago (from 'undeclared" or something), so I can vote for Ron Paul in the primaries. Yesterday I get an urgent mailing from the repubs, all covered in red stamps and shit, they're desperate for my opinion on a few vital issues. Like "do you support Obama's decimation of military spending", or words to that effect. Into the trash it went. Yeah, I'd support it, IF it was fucking true. None of those assholes will ever consider cutting military spending, but they try to paint eachother as weak on "defence". They all make me fucking sick, and so do the morons who still think in their terms of one being good and the other bad. This truly is Nero, fiddling while the republic burns down around their ears.
...weak on "defence".
Defence? WTF - Obama wants to cut money to the RAF and Her Majesty's Navy? Blimey.
Yes... this country is out of control, but Obama has nothing to do with it. He's a symbol provided to give some hope and others someone to blame. He's neither and really no different from the narcissists who came before him.
will we have cascading failure?
Halted
Another Commoditiy market maker bites the dust. I wonder what just hit the fan, and what will be the domino effect.
did they buy Greece 1 year bond yielding 150% too and only watched yield going to 200%?
hint: yeild is higher, price is lower .. :)
alx
Nice. Now if only the squiddy chart would follow suit. My puts would be sitting pretty.
Market selling off hard. Need more RUMORS! Said in the style of SuddenDebt's avatar.
http://www.youtube.com/watch?v=AVtTAp39NIE&feature=related
dow and spx showing H & S
but ... but ... but ... they promised there woudn't be any contagion ...
This is likely the result of some nefarious "fringe bloggers"
Segregated my ass.
FED MUST CUT RATES TO CALM DOWN THE MARKET.. WAIT ... its ZERO already?
alx
their is only one option, they pay you to borrow money.
That would fix the governments debt problems fast. Roll all debt to negative interest. Get paid to be the big debtor. We could lose the IRS and lots of other taxes. The more we borrow, the richer we become!!!!!
Wouldn't look too good on the Feds balance sheet..... Oh well it's all just pretend zeros anyway, I wonder why nobody has thought to implement such a plan......
We could let the bankers keep making their juice, just make it off the lender, not the borrower.
I know I would borrow and spend like crazy if they paid me to do it..
What is wrong with this picture?
/lame sarc
Rewards cards.
More OPM down the rat hole. The rats are getting fatter by the minute. Too many stupid assholes.
As soon as we get rid of all the stupid assholes everything will be fine.
Game Over
"Insert Coin"
A gold coin?
"Insert Gold Coin" Fixed :)
Damn it! Too slow again. Bah.
That will take quite a while. there are more every day.
only when the squid is destroyed can we rejoice
-AND- JPMorgangsta
In the words of John Cougar Mellencam......"The walls come tumblin down...
http://youtu.be/_uCm1N-vSHI
Where's Hanky Panky Paulson when you need him ??!!?? :A
They will all keep dying until only the guys with unlimited Fed backstops are left. Which is pathetic, because those guys are actually the worst off.
Stock halted? Made me think of that time I drove by a large barn on fire. People were trying to get out, but there was only a small door so they couldn't all get out quickly enough. I decided to close the door, locking the people inside, so they could contemplate if they wanted to get out at all. When an hour later I opened the door, not a single person came out! They all had reconsidered!
NEW YORK and LONDON, November 1, 2011 - Jefferies confirmed today, in response to questions from investors and analysts, that it currently has no meaningful exposure to the sovereign debt of the nations of Portugal, Italy, Ireland, Greece, and Spain. To the extent Jefferies from time to time takes positions in such debt, they are short term in nature, are recorded in the trading book of Jefferies' regulated UK broker-dealer, are marked to market daily, and fluctuate depending upon customer demand, auction activity, and opportunities in the market place. Jefferies does not have any repo-to-maturity activity or related off-balance-sheet derivative activity. Jefferies Group, Inc. (NYSE: JEF) is the global investment banking firm focused on serving clients for nearly 50 years. The firm is a leader in providing insight, expertise and execution to investors, companies and governments, and provides a full range of investment banking, sales, trading, research and strategy across the spectrum of equities, fixed income and commodities, in the U.S., Europe and Asia. For further information, please contact: Peregrine C. Broadbent Chief Financial Officer Jefferies Group, Inc. (212) 284-2338
No "meaningful" exposure... until it becomes meaningful? LOL.
Deny, deny, deny. Then when presented with undisputable proof, keep denying.
Then file for bankruptcy, get your golden parachutes and keep denying.
It the same like in Belarus. When Chief Lukashenka files for Belarus bankruptcy, all the gold will be already gone from the country, stored in a safe place in one of the Switzerland or Cayman Island bank vaults!
Soooo, they're exposed to France. Wheeew ... no potential problems at all, then.
Fat finger? Flash crash? It came back considerably within seconds.
"only" -11% now
The Fed is intervening and propping up the stock price until they figure this thing out.
Check the volume at 10:06.
Well, at least the money in the customer accounts will be safe....haaaaaaaaaaaaa
They weren't short GLD were they? Silliness knows no bounds.
Ring fence made in China?
"you lost another submarine?"
I shall raise rabbits and travel the states in a RV.
Good plan. Nothing more attractive than an RV full of rabbit shit.
"No papers ...state to state."
Natural Selection at its finest.... 20-something Primary Dealers is apparently too many, eh?
High frequency updates!!
Silver and Gold both got hammered quickly...there must be other news they are trying to suppress.
Yeah, i'm sad I missed the shorting oppurtunity this morning. Tyler, you need to let us know asap when you hear about the next one! you the men!
There will be more ops. Still lots of PDs to get the treatment...
its back and rising. i got 10k shares tradong in the restroom.
Yeah man, popcorn season and this is just another kernel in the bag as the microwave evaporates any and all available cash.
You should stick to your grape coloured kool aid "are you drunk" I hope so
That's what you get, when your run your organization as UBS v1.5
This whole market looks like it's teetering on a cliff
Yep, seems like just need a small puff to push it over.
Damn. Who the hell is safe as a clearing broker these days???
For fuck's sake this is crap is ruining so many small IB's.
Job creation???
Ann Barnhardt lays it out pretty well, read this and get an idea of how bad it really is for the IB's
http://www.tfmetalsreport.com/blog/2840/mfing-global
DaddyO
It's a bitch all right. I nearly got run in when Merrill basically went tits up. It's been like a nightmare for 5 years now. I simply REFUSE to do business with Goldman (hate those bastards), never did like Bank of Countrywide.....just who's next?
I'm ready to just give it away at this point, I'm 62 and need to retire. No vacation in well over 15 years. One of the litttle Edward Jones guys? I just don't know what wlse to do.
Constant heartburn kills.
One by one the cards will fall....
Nice dead cat if you had the nerves to hold through the second halt.
Rather than telling us of the rumours on a timely basis, and then telling us of the counter-rumour just as quickly....can you just buy into the sell-off for us and sell into the subsequent short-covering rip for us, and merely inform us by text message? It really would make a lot easier. I mean, seriously...I could've sold MS at 17.50 at the opening, then bought a ton at 15.95, then sold it again at 16.65.... come on!
That would be great! I always wanted to feel myself like one of those 1% who do nothing and rip all the profits of other's hard work.
Interestingly Bloomberg Radio has not mentioned this. I wonder why.
We can only look at Europe or the US, not both at the same time - impossible.
Oh they now have - my bad
But Jeffries - no meaningful exposure to Europe .... mmmm
That's bullshit. Something like $2.5B. Maybe they bought CDS?
Oh, wait... Can you say "voluntary haircut?"
"Our leverage is comparable to our peers" Was MF considered a peer??? "Our exposure to PIIGS is in the 10's of millions" Do those 10's of millions include customer funds???
rumor has it bernanke parked a lot of M2 in EURO MM acccounts to shore them up, when you say OUR, you really mean it
Egan-Jones has to hit GS to make my day.
I'm sure this was just a Waddel & Reed fat finger fuck up.
Probably just a transpo error on the trade ticket.
Tyler, can you give us a list of who will be next out of these dealers?
its funny how all the criminals, in whatever industry, always seems to do the same scam !!!
Somewhat OT but keep watch for trolls who suddenly drop off the comments board. The MF Global trolls just lost their paychecks, followed soon the Jefferies trolls, and on until we are left with only the Goldman, JPM and Gov psy-ops trolls. It will be nice to sort them out and put them in their categories. A well categorized conspiracy theory is a happy conspiracy theory.
Net doesn't mean shit. Even PIMCO knows it's GROSS baby
Bernanke can go negative interest rates. That would be interesting.
nom nom nom. Trade!!
Deja vu.
In '08 it was "No meaningful exposure to subprime."
Same scenario now. EU is the new subprime.
It was 6 months between Bear Stearns and Lehman.
Two days between MF Global and Jeffries.
... and no TARP / TALF / LSAP / QE this time around?
This could get ugly.
Where there is one Wall Street roach there are many more. The last several months the Wall Street roaches had inserted a positive feeling into a degrading debt situation in Euroland. Now all a sudden the Market Makers seem surprised? Enjoyed the Euro dog and pony show while it lasted. Guess there were too many lies to keep track of. Now it's falling apart.
The market has gone full retard.
Greed is fueling it, foolishness and stupidity are throwing gas on the fire.
This won't end well... well, unless you happen to be on the right side of the collapse.
everyone is hedged to everyone else who is also hedged to everyone else, all of whom cannot pay their hedges and therefore cannot collect their hedges.
I'd say everyone may be hedging on the truth a little bit.
MF and now Jeffries, but it doesn't seem to matter because the market is up like nothing is wrong. The HFT algobots are tenacious to say the least.
I guess Uncle Gorilla will have to economize a bit on next seasons planet of the apes production.
Jefferies was underwriter for he MF Global bond sale just before their collaspe . The lawsuit should be an the way. Bond purchasers and shareholders.
Not sure why everyone is so worried. Just look at the market!