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Morgan Stanley's Exposure To French Banks Is 60% Greater Than Its Market Cap... And More Than Half Its Book Value

Tyler Durden's picture


With French banks now a daily highlight in the market's search for the next source of contagion, and big, multi-syllable words such as conservatorship and nationalization being thrown about with increasingly reckless abandon, perhaps it is time to consider the downstream effects of a French bank blow up. And we are not talking French sovereign troubles, which are about to get far worse with the country's CDS once again at record highs means the country's AAA rating is as good as gone. No: banks, as in those entities that are completely locked out from the dollar funding market, and which will be toppled following a few major redemption requests in native USD currency. Which in turn brings us to...Morgan Stanley, the little bank that everyone continues to ignore for assumptions of a pristine balance sheet and no mortgage exposure. Well, hopefully we can debunk one of these assumptions by presenting the bank's Cross-Border Outstandings, which "include cash, receivables, securities purchased under agreements to resell, securities borrowed and cash trading instruments but exclude derivative instruments and commitments. Securities purchased under agreements to resell and Securities borrowed are presented based on the domicile of the counterparty, without reduction for related securities collateral held." We'll leave it up to readers to find the relevant number.

The one thing we will highlight is that $39 billion is about 60% more than the bank's market cap and a whopping 65% (as in more than half) of its entire book (less non-controlling interests) equity value.

So if you are looking for a French bank implosion derivative play, look no more.

And naturally, it goes without saying, that adding across MS' entire European bank exposure is 3 times its market cap, and well over its entire book equity value.


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Thu, 09/22/2011 - 11:08 | 1697023 King_of_simpletons
King_of_simpletons's picture


Thu, 09/22/2011 - 11:12 | 1697055 MillionDollarBonus_
MillionDollarBonus_'s picture

Haha I know. That teaches them for being unpatriotic and not buying AMERICAN banks.

Thu, 09/22/2011 - 11:33 | 1697158 He_Who Carried ...
He_Who Carried The Sun's picture

How come these balance cheats are all so sound and solid?

They're all from Harvard, right?  Bright guys, really! Congrats!

Thu, 09/22/2011 - 11:42 | 1697226 falak pema
falak pema's picture

You are not taught how to count at Harvard. You are taught to make Power point presentations using buzz words you don't really understand which put your audience in comfy mode and then to sell prepackaged ideas, that are compiled by others from techy backgrounds, to HF managers who are from the same alma mater or similar fraternaties. That's called business acumen. Its supposed to work in an economy where the sun never sets. Not in an economy which is in gridlock. In gridlock there is only one way out; ask RM, its called sleight of hand book keeping.

Thu, 09/22/2011 - 11:46 | 1697253 spiral_eyes
spiral_eyes's picture

Harvard bullshit has brought us another market crash. What will stop the Harvard bullshitters? According to them, the only answer is more harvard bullshit.

The central-bank-liquidity-dependent markets are heading toward turmoil without further printing, so I have no doubt Bernanke will respond to global freefall with a co-ordinated global interest-free pumping operation, causing assets to levitate, and gold to spike over $2,000. Any promises made to the Chinese central bank to stabilise the value of the dollar would go out of the window, as Bernanke’s true money-printing, aggregate-demand-boosting impulses come to the fore.

Meanwhile, gold might even turn upward before further printing. The main downward pressure is liquidation, as investors seek to gold cash to stave off losses and margin calls that accompany the downward spiral. But gold’s long-term purchasing-power stability will keep a steady stream of money flowing in. There is upward inflationary pressure (driven by food and fuel fundamentals) even without further money printing. Funds and investors will still be keen to safeguard their purchasing power. 


Thu, 09/22/2011 - 11:51 | 1697300 Harlequin001
Harlequin001's picture

Harvard? Do me a favour.

I went to a Grammar school where we spent our time doing maths and anagrams.

Bet you didn't know that the phrase "I'm a Keynesian economist' is simply an anagram of 'thieving twats'?

Thu, 09/22/2011 - 12:32 | 1697525 iDealMeat
iDealMeat's picture

Bet you didn't know that the phrase "I'm a Keynesian economist' is simply an anagram of 'thieving twats'?


I didn't..  Because it doesn't..  FAIL..  at least add the /sarc..


Thu, 09/22/2011 - 12:38 | 1697561 redpill
redpill's picture

Keynesian does anagram to Insane Key, which is oddly appropriate.

Thu, 09/22/2011 - 12:58 | 1697648 Oh regional Indian
Oh regional Indian's picture

And appropriately enough, Troy Davis anagrams to:

Sad Ivy Rot



Troy Davis and the 33rd

Fri, 09/23/2011 - 09:18 | 1700705 Fish Gone Bad
Fish Gone Bad's picture

If you spell Troy Davis sideways it makes: Fuck Morgan Stanly.

Thu, 09/22/2011 - 13:06 | 1697695 Harlequin001
Harlequin001's picture

If you need to be told when a statement like that needs a sarc annotation then you really are fuckin stupid.

or should I put an /sarc, before it, just so you understand it...

Thu, 09/22/2011 - 14:31 | 1698074 philipdybel
philipdybel's picture

And make sure you preface each of The Bernank's statements with "/spin", and Obozo's with "/tool".

Thu, 09/22/2011 - 12:26 | 1697449 pelican
pelican's picture

Withdrawn for being stupid.

Thu, 09/22/2011 - 13:34 | 1697838 Going Loco
Going Loco's picture

Great comment pelican. Would that there were more comments like yours on ZH.

Thu, 09/22/2011 - 13:09 | 1697708 jdelano
jdelano's picture

+1.  Now we're talking, Falek.  Solid insight delivered in succinct, articulate, and digestible prose.  It's like Picasso--before he went all experimental he had to prove he'd mastered the fundamentals.  

Thu, 09/22/2011 - 15:05 | 1698265 falak pema
falak pema's picture

lol, you lose your monocle like a prussian general in the great debacle. Welcome abroad...the ship of fools...who think they know how to reason and rationalise "rite from rong"....but what the heck, we are but humans, ours is not to wonder why but to do or die, in blogospheric reality. Lay on Macduff..and damned be he...

Thu, 09/22/2011 - 14:22 | 1698028 philipdybel
philipdybel's picture

I think I saw one of those presentations back at Dunder Mifflin. Michael Scott forcefully pointed at the audience and shouted, "Power POINT! Power POINT!" Finally someone told him, "That's not how you do Power point."

Guess he never went to Harvard Business...

Thu, 09/22/2011 - 22:52 | 1699780 Dingleberry
Dingleberry's picture

Harvard, like ALL "prestigious" schools, only major in one thing: networking with present and future "elites".  Access is EVERYTHING, and the social network that these clowns belong to is what gets them ahead. NOT talent or ability.

Mon, 10/03/2011 - 20:10 | 1735216 ceilidh_trail
ceilidh_trail's picture

nailed it

Thu, 09/22/2011 - 11:37 | 1697178 Surly Bear
Thu, 09/22/2011 - 12:46 | 1697593 SheepDog-One
SheepDog-One's picture

MillionDollarBonus....there ARE NO 'american' banks theyre all Crown banks.

Thu, 09/22/2011 - 13:55 | 1697901 mfoste1
mfoste1's picture

fuck you

Thu, 09/22/2011 - 21:38 | 1699597 combatsnoopy
combatsnoopy's picture

This is the same France that thinks that Palestine should be a state.  

 He called for the Palestinians to become "an observer state," similar to the status the Vatican holds at the U.N. 

When they said "Vatican", they meant THIS Vatican...,9171,951806,00.html 

Europe is so much fun.   

Thu, 09/22/2011 - 11:35 | 1697170 BrocilyBeef
BrocilyBeef's picture

looks like MS has their LOL'r'skates on! PEAK PANIC!

Thu, 09/22/2011 - 13:05 | 1697690 jdelano
jdelano's picture

Why on earth is the MSM so terrified to say the word "recession"?  Seriously--it's like the "Voldemort" of financial media.  Lately I watch these guys on tv and I can't stop chuckling and snickering as they squirm and blush..."I don't think we'll fall know...that which must not be named."

WTF?  I love these clowns.  When the market is going up it's like they really believe they are brilliant for turning a buck by piling into whatever trumped up piece of crap their buds on the street are hawking.  All pomp and smuggery.  Then when it goes down they look like little boys who've dropped their ice cream cones.  Completely baffled and on the verge of tears.  "What's going on?!  Why didn't the FED print?  Why doesn't Ben like us anymore?!  But...but...earnings are....and emerging markets....stocks so cheap...growth...."


I just don't feel bad for them at all anymore.  No system should reward stupid, lazy, and arrogant.  Glad that that era looks to be ending. 

Thu, 09/22/2011 - 11:08 | 1697027 EscapeKey
EscapeKey's picture

Pledge it all as collateral with the ECB - problem solved.

Thu, 09/22/2011 - 11:17 | 1697092 falak pema
falak pema's picture

How about netting it all out in a friendly swap?

Thu, 09/22/2011 - 11:58 | 1697334 Harlequin001
Harlequin001's picture

I was thinking of using my car as collateral with the ECB...

I reckon it's got to be good for at least 2 billion euros...

Thu, 09/22/2011 - 13:01 | 1697670 falak pema
falak pema's picture

unless you have all the mythical cars that every one wants to buy; like JBond's AM-DB5  , Steve Mcq's Mustng and gold plated Rolls R belonging to every sheikh who can't rattle n roll any more.

Thu, 09/22/2011 - 13:10 | 1697710 Harlequin001
Harlequin001's picture

I was thinking that any old piece of shite might fit in there just nicely. It would certainly fit the tone of all the rest of the crap at the ECB, no sweat...


Thu, 09/22/2011 - 12:34 | 1697537 CClarity
CClarity's picture

Gotta believe they have most of it hedged.  Their not Stoopid at MS.  That would be a huge (and stupid) bet on French banks if they don't have a major hedge.  That said, hedges don't work so well in whoosh market conditions.

Thu, 09/22/2011 - 12:44 | 1697590 EscapeKey
EscapeKey's picture

Hedged - with whom? And whose hedges are on the books of Societe Generale/BN Paribas/...?

Thu, 09/22/2011 - 13:15 | 1697727 Harlequin001
Harlequin001's picture

Why, with Morgan stanley of course...

and should we be surprised to discover that Soc Gen and BNP are also hedged with, well, Soc Gen and BNP?

Thu, 09/22/2011 - 11:08 | 1697028 shazbotz
shazbotz's picture


Thu, 09/22/2011 - 11:15 | 1697070 fdisk
fdisk's picture

Yeah, KAbooom, Silver down 10% and BAC down 4% :)))

Thu, 09/22/2011 - 11:45 | 1697245 JohnG
JohnG's picture

Ohhhhhh Noooooooeeeesssss!  Silver only up over 100% in two years!  Only a double!!!!



You haven't been at this very long have you.

Thu, 09/22/2011 - 11:49 | 1697276 gmrpeabody
gmrpeabody's picture

If your money is where your mouth is, then we may not be seeing you around here for very long.

Thu, 09/22/2011 - 11:51 | 1697290 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

YoY silver up 100% BAC down 60%

Thu, 09/22/2011 - 11:58 | 1697338 donsluck
donsluck's picture

Jeez, once again, BTFD!

Thu, 09/22/2011 - 12:36 | 1697552 WonderDawg
WonderDawg's picture

So easy to say, but knowing where the bottom of the "D" is is the trick, eh?

Thu, 09/22/2011 - 12:44 | 1697589 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

$33.  It's the old bottom.  Might as well use it.

Thu, 09/22/2011 - 15:35 | 1698407 WonderDawg
WonderDawg's picture

You go ahead. I'll wait a while longer.

Thu, 09/22/2011 - 12:08 | 1697387 d00daa
d00daa's picture

still picking the cactus thorns out of your rectum??  "big up day today" eh???   "buy stockz bitchez"????  great, great calls.  you, iq45 and momofader should get a room.


Thu, 09/22/2011 - 12:48 | 1697609 SheepDog-One
SheepDog-One's picture

fdisk real nice call on the FOMC yesterday lol

Thu, 09/22/2011 - 11:53 | 1697305 LongSoupLine
LongSoupLine's picture

Le Boom!! White flag sales are throught the roof in France...yet again.

Thu, 09/22/2011 - 12:25 | 1697481 prains
prains's picture

White flag sales are through the roof in France...yet again.


they should be hanging from their windows any day now. 

Thu, 09/22/2011 - 11:08 | 1697029 Gubbmint Cheese
Gubbmint Cheese's picture

I just sharted

Thu, 09/22/2011 - 11:13 | 1697058 boom goes the d...
boom goes the dynamite's picture

you must be and cheese will do that.

Thu, 09/22/2011 - 11:26 | 1697133 scatterbrains
scatterbrains's picture

I was gonna wait to cover  some shorts until I can see the whites of their eyes or shart stains on their pants.. but  I think I'll wait a little longer.

Thu, 09/22/2011 - 12:51 | 1697619 DCFusor
DCFusor's picture

Good move.  I closed a bunch yesterday afternoon before the final drop, now I feel like an idiot -- they were green, but cheesh, not like they'd be now.

Mon, 10/03/2011 - 20:30 | 1735275 ceilidh_trail
ceilidh_trail's picture

Yup- closed my tza at 56 and watched it go to 62 < 4 hours later. Ouch...

Thu, 09/22/2011 - 11:09 | 1697031 GeneMarchbanks
GeneMarchbanks's picture

Now finally some good news!

Thu, 09/22/2011 - 11:09 | 1697033 d00daa
d00daa's picture


Thu, 09/22/2011 - 11:23 | 1697120 falak pema
falak pema's picture

only very intelligent people can go long and stay long is long...sounds like a pornucopial dream.

Thu, 09/22/2011 - 11:34 | 1697168 gojam
gojam's picture


oo la la!

Thu, 09/22/2011 - 11:10 | 1697035 hedgeless_horseman
hedgeless_horseman's picture

S&P500 at 1134...upside down spells hEll.

That was scary in elementary school...and again today?


Thu, 09/22/2011 - 11:17 | 1697091 Tyler Durden
Tyler Durden's picture


Thu, 09/22/2011 - 11:23 | 1697119 GeneMarchbanks
GeneMarchbanks's picture

Admit it. You bitchez just don't care like you used to.

Thu, 09/22/2011 - 11:53 | 1697307 Rose_Colored_Glasses
Rose_Colored_Glasses's picture

1169 X 3 upside down is "LOSE"

Thu, 09/22/2011 - 11:10 | 1697036 achmachat
achmachat's picture

if this continues, we'll have super massive black friday (SMBF) tomorrow!

Thu, 09/22/2011 - 11:28 | 1697145 Smiddywesson
Smiddywesson's picture

I'd bet one of my eagles friday is a super up day and monday is black monday.

Thu, 09/22/2011 - 11:54 | 1697310 gmrpeabody
gmrpeabody's picture

That's the way I'm playing it..., but I not pushing a lot of chips out there.

Thu, 09/22/2011 - 12:54 | 1697631 DCFusor
DCFusor's picture

You guys really think there's enough dumb "bargain hunters" with money left to make it bounce, really?  It HAS been the pattern, but they might have all been wiped out, or just gone away for awhile.  I'll just watch and wait myself.  The middle of a move can be good enough -- and is usually better than getting killed by a gap if you call it wrong.

Thu, 09/22/2011 - 11:10 | 1697038 youngman
youngman's picture

But we were all told it was "only" 80 billion.......its in print.....all the USA banks exposure.....I know...I know....but and silver down....they must be dumping to buy banks stocks....such a bargin right now

Thu, 09/22/2011 - 11:31 | 1697152 Smiddywesson
Smiddywesson's picture

These kinds of scratch your head moments are good training for when physical and paper decouple. 

Get ready for it, you know you love it, sitting on a pile of physical and watching jackasses CNBC crow that you are wiped out, until, everyone realizes you aren't. 

Thu, 09/22/2011 - 12:34 | 1697532 prains
prains's picture



sorry dude, everytime i see your avatar pic it's a what the fork moment. don't mean to dwell, we've gone over this before but man

that pic is not even photoshop'd. it's like halloween eveyday for whoever that dude is. hat's it.  one of the best

avatars going.  

Thu, 09/22/2011 - 11:10 | 1697041 RemiG2010
Thu, 09/22/2011 - 11:49 | 1697047 monopoly
monopoly's picture

And they think I should sell my gold. And, buy the dollar. I don't think so.

Thu, 09/22/2011 - 11:11 | 1697048 Irish66
Irish66's picture

Hail mary

Thu, 09/22/2011 - 11:12 | 1697050 Cookie
Cookie's picture

Fukushima, meet wall street

Thu, 09/22/2011 - 11:12 | 1697053 Cone of Uncertainty
Cone of Uncertainty's picture

What the fuck is up with the VELA penny stock ad on the right hand column.

Are you shitting me?

That piece of shit is around $.10 per share....LMFAO!!!

Best telco idea of 2011 bitches!!

Thu, 09/22/2011 - 11:15 | 1697076 Cone of Uncertainty
Cone of Uncertainty's picture

Someone down voted me, they must own this piece of shit!!!  LMFAO!!!

Thu, 09/22/2011 - 11:18 | 1697093 fuu
fuu's picture

Or they think bitching about ads served by your surfing habbits is stupid.

Thu, 09/22/2011 - 11:33 | 1697162 Smiddywesson
Smiddywesson's picture

Don't the ads change according to what you habitually surf?  Have you been looking at financial porn CoU?

Thu, 09/22/2011 - 11:12 | 1697056 Central Wanker
Central Wanker's picture

The French kiss of death...

Thu, 09/22/2011 - 11:16 | 1697081 falak pema
falak pema's picture

no, the french 69! Very sophisticated and mutually hum-bugging. So stop the hum-buggery. 

Thu, 09/22/2011 - 11:38 | 1697187 Central Wanker
Central Wanker's picture

Whatever... Some passion is certainly involved.

Thu, 09/22/2011 - 11:19 | 1697102 RemiG2010
RemiG2010's picture


Thu, 09/22/2011 - 11:34 | 1697167 Smiddywesson
Smiddywesson's picture

The poor dears, send them some freedom fries.

Thu, 09/22/2011 - 11:13 | 1697061 Hedgetard55
Hedgetard55's picture

Maybe that is 39 million, or 39 thousand. I didn't see a key anywhere.

Thu, 09/22/2011 - 11:57 | 1697336 gmrpeabody
gmrpeabody's picture

Read more carefully, Grasshopper.

Thu, 09/22/2011 - 11:13 | 1697063 MFL8240
MFL8240's picture

Good, hope they eat shit!!

Thu, 09/22/2011 - 11:14 | 1697065 GovernmentMule
GovernmentMule's picture

And the band plays on...

Thu, 09/22/2011 - 11:15 | 1697073 madbomber
madbomber's picture


Thu, 09/22/2011 - 11:14 | 1697066 Edward Fiatski
Edward Fiatski's picture

You don't say, Tyler. :J DAX -5%.

Thu, 09/22/2011 - 11:14 | 1697067 Everybodys All ...
Everybodys All American's picture

Morgan Stanley will have to raise capital. I hope they are on the phone today because things are looking rather dicey from a stock perspective right now.

Thu, 09/22/2011 - 11:20 | 1697107 youngman
youngman's picture

Watch the FT..Financial Times.....they seem to come out with all the good rumors..

Thu, 09/22/2011 - 11:14 | 1697068 madbomber
Thu, 09/22/2011 - 11:15 | 1697069 stoverny
stoverny's picture

I live in NYC and I can tell you that the typical banker is a C-student who managed to skate through a City University and get a degree that entitles them to make big money on Wall Street. 

These are not the best and brightest.  They have no insight or ability to see a big picture.  Look at Jim Cramer - he cries when the market goes down as if people are just too stupid to realize that if they would just keep buying we'd all be rich.

They are like dumb polar bears meandering around lower Manhattan in suits.  Like Cramer they can make lots of money during a bubble when everything goes up.  But they also make idiotic decisions like betting the farm on the US housing market and French banks.

Thu, 09/22/2011 - 11:17 | 1697089 madbomber
madbomber's picture


why would I look at Jim Cramer?  I don't care about another man displaying himself.

Next life time when I'm a homosexual I'll look into Jim Cramer and other bearded men.

Thu, 09/22/2011 - 11:19 | 1697101 madbomber
madbomber's picture


thanks but im not interested in this jim cramer male.   I like homo sapien females who are healthy mentally and physically.


Thu, 09/22/2011 - 11:42 | 1697227 Socratic Dog
Socratic Dog's picture

Then I guess you don't get laid too often.  "Healthy mentally and physically".... not on this planet.

Jeez, am I sounding bitter again?

Thu, 09/22/2011 - 11:58 | 1697344 lolmao500
lolmao500's picture

I'm into sheeps, I'm getting a lot of tail.... fluffy tail.

Thu, 09/22/2011 - 13:23 | 1697781 Harlequin001
Harlequin001's picture

and you can really run around after them, completely shags you out, or so legend has it...

Thu, 09/22/2011 - 12:10 | 1697395 gmrpeabody
gmrpeabody's picture

Too funny....

Relax, it gets better.

Thu, 09/22/2011 - 11:42 | 1697232 Moneyswirth
Moneyswirth's picture

Agree.  Somewhat

I haven't lived in NYC for a while, but I do know that the typical banker doesn't necessarily got to City college, but will come from an Ivy League school, get into the "best" I-Banks and STILL manage to fuck things up royally.

They are all idiots, irregardless of where their diplomas are printed.

Thu, 09/22/2011 - 12:25 | 1697476 Mister Ponzi
Mister Ponzi's picture

Genius is a rising market... Has been like that most of the time.

Thu, 09/22/2011 - 20:08 | 1699378 ZeroPower
ZeroPower's picture

Oh look, an anecdote! Any in my experience, the average person living in NYC who calls out people in the FinServ industry for being 'c-students' is really a liberal college arts degree fuckup who now lives off state benefits and complains the country's going to shit while not bothering to lift a finger in any way themselves. The jealousy is strong in you.

Thu, 09/22/2011 - 11:15 | 1697071 Outlaw Of The W...
Outlaw Of The Wasteland's picture

Big Mack Attack, Bitches.  All your cds is ours

Thu, 09/22/2011 - 11:15 | 1697074 Quintus
Quintus's picture

Anyone who thinks that Wall St will survive a major crash in the European banking system is crazy.

It's all one big rat's nest of cross-holdings, guarantees and OTC derivatives.  One goes down, all go down.

This, presumably, is why Timmy G honoured the EZ leaders with his presence at their weekend get together in Poland.

Similarly, the idea that the USD will emerge triumphant as the undisputed permanent reserve currency of the world after a Euro breakup is also nuts.  Unless you think the USD can somehow survive without a functional banking system underlying it.

Thu, 09/22/2011 - 11:28 | 1697142 schadenfreude
schadenfreude's picture

Military Power is enough to back the USD

Thu, 09/22/2011 - 11:33 | 1697160 falak pema
falak pema's picture

not unless you use it and current track record is pathetic. You can't eat ICBMs. And nobody wants to buy US military junk when you can bring down a first world country with plastic knives. SOmething wrong in the business export model of MIC USA. Its negative return on tax payer's  investment by a triple home run. 

Thu, 09/22/2011 - 12:37 | 1697558 prains
prains's picture

Military Power is enough to back the USD


the only thing coming out of the silos is confetti......phfttttttt.

Thu, 09/22/2011 - 11:29 | 1697144 topcallingtroll
topcallingtroll's picture

Yes we can. Emerge triumphant with usa dollar intact after europe crashes. I dont think the EMU will disolve however.

It is far easier for the world reserve currency to engage in bank recapitalization as long as psychology is intact.

We will make the rest of the world pay to recapitalize us. They will do it gladly! It isnt taking advantage of people if they want to be taken advantage of.

It will be hellish though, just slightly last hellish for the only nation with a supersenior currency still kicking.

Thu, 09/22/2011 - 11:40 | 1697190 hedgeless_horseman
hedgeless_horseman's picture

Turbo Tax Timmy says, "Stop that fear mongering and put on a big finger for the parade, bitchezzz!"


Thu, 09/22/2011 - 11:49 | 1697278 GeneMarchbanks
GeneMarchbanks's picture

+ (-355.220)

Thu, 09/22/2011 - 12:11 | 1697401 Wannabee
Wannabee's picture

+1 on the small print

Thu, 09/22/2011 - 11:50 | 1697256 topcallingtroll
topcallingtroll's picture


Thu, 09/22/2011 - 11:17 | 1697088 richard in norway
richard in norway's picture

is this what reggie was talking about, he keeps saying that a us bank has massive exspoure to euro troubles but the mean git wont tell us which one unless we give him money


what a tease


ps im just kidding i love reggie

Thu, 09/22/2011 - 11:19 | 1697098 buzzsaw99
buzzsaw99's picture

the bernank will buy them

Thu, 09/22/2011 - 11:20 | 1697105 Peter K
Peter K's picture

Damn. If those Europeans could just get the wording right in just one of their communiques, this whole Euroland solvency issue can be put to bed. Once and for all:)

Thu, 09/22/2011 - 11:20 | 1697106 stormsailor
stormsailor's picture

if the /es sits below 1120.75, the maws of hell open.

Thu, 09/22/2011 - 11:20 | 1697110 Moneyswirth
Moneyswirth's picture


Thu, 09/22/2011 - 11:21 | 1697111 Moneyswirth
Moneyswirth's picture

Cue up the algos, and BTFD bitchez....

Thu, 09/22/2011 - 11:31 | 1697151 topcallingtroll
topcallingtroll's picture

I just did!

Bought EWZ at 53.71.

Thu, 09/22/2011 - 11:22 | 1697117 topcallingtroll
topcallingtroll's picture

1 minus 80 divided by 53 is .375on the nose right?

That is a perfect retracement?

I cant help it. I just bought EWZ. I guess I like playing naive retail investor.

Thu, 09/22/2011 - 11:42 | 1697236 madbomber
madbomber's picture


Thu, 09/22/2011 - 12:04 | 1697367 d00daa
d00daa's picture

yea you're an idiot who deserves to have his money taken from him.

ewz just breaks support... today.... and you're a BUYER??  i'm hoping, for your sake, that you're just looking for a short-term retest of 56 at which point you will sell.  this makes you less of an idiot, but still an idiot trying to catch falling knives.  if you are actually starting to average into long-term positions here, well, all i can say is you can never have too many bagholders.

Thu, 09/22/2011 - 11:24 | 1697127 Josh Randall
Josh Randall's picture

Oh boy is this great!

Thu, 09/22/2011 - 11:36 | 1697172 robertocarlos
robertocarlos's picture

LOL Is that a line from Animal House?

Thu, 09/22/2011 - 11:40 | 1697208 Josh Randall
Josh Randall's picture

Yes - big fan of Kent Dorfman

Thu, 09/22/2011 - 13:10 | 1697716 Liquid Courage
Liquid Courage's picture

Yeah ... fat, drunk and stupid ... but a legacy, a helluva guy and kind to horses, too!

Thu, 09/22/2011 - 11:42 | 1697228 madbomber
madbomber's picture




Thu, 09/22/2011 - 11:24 | 1697128 youngman
youngman's picture

So you are some "hedge fund" or banker.....or mutual fund...or pension fund.....and you are hopefully watching the banks fail again....are you really only looking at buying US treasuries as a hedge.....why are they NOT looking at gold and silver...boggles my little mind and my big nose

Thu, 09/22/2011 - 11:29 | 1697136 Outlaw Of The W...
Outlaw Of The Wasteland's picture

Have to sell winners to cover losers.

Thu, 09/22/2011 - 11:30 | 1697146 madbomber
madbomber's picture

what is your problem.

YOU FUCKING WON.   who cares what another man bought for his gay partner.

this is the biggest homosexual draw dawn in history.





Thu, 09/22/2011 - 11:30 | 1697149 pain_and_soros
pain_and_soros's picture

Sacre-bleu!!!  Time to clean out the wine seller's cellar.

Thu, 09/22/2011 - 11:32 | 1697156 Coldfire
Coldfire's picture

Ah, Moron Stanley, we hardly knew ye.

Thu, 09/22/2011 - 11:33 | 1697161 Edward Fiatski
Edward Fiatski's picture

*SELL SELL SELL, Europe closes.* Prelim: DAX, FTSE -5.35%, -4.65% respectively.

Thu, 09/22/2011 - 11:36 | 1697173 thunderkwb
thunderkwb's picture

Make sure this is not hedged before everyone crowns this as brillance.

Thu, 09/22/2011 - 11:36 | 1697176 Bob the Horse
Bob the Horse's picture

unless they changed their exposure at some point in the last 9 months.  The balance sheet data is YE2010

Thu, 09/22/2011 - 11:38 | 1697182 SwingForce
SwingForce's picture

JPM is at the same price as April 6, 2009

Thu, 09/22/2011 - 11:41 | 1697223 vast-dom
vast-dom's picture

And the other 35% is grade A


//sarc off/

Thu, 09/22/2011 - 11:44 | 1697243 Chippewa Partners
Chippewa Partners's picture

It wasn't Cramers stock-picking prowess, it was the big commish he and the Trading Goddess paid the Street for hot IPO's in the hey day.

"Jim Cramer is a charlatan. He turns the serious issue of personal financial security into a complete joke. There is nothing that comes out of James Cramer's mouth that allows people to make intelligent investment decisions."

A quote from David Swenson in the December/January 2009 issue of Worth magazine. Mr. Swenson is the chief investment officer of Yale University.



Thu, 09/22/2011 - 11:45 | 1697246 The Proletariat
The Proletariat's picture

France is screwed....they went against Israel's wishes regarding a palestinian state.

Thu, 09/22/2011 - 11:50 | 1697285 PicassoInActions
PicassoInActions's picture

time to bring Napoleon.

Thu, 09/22/2011 - 14:57 | 1698217 falak pema
falak pema's picture

good for France and Palestine, but its more subtle than that...provisional membership of UN as sate in the making, is one step in but not quite full statehood. It's O'bammy's veto which is the disgrace in this case. He has turned his coat since last year and more so since speech in Cairo. His is the true dead cat bounce on this issue. Shame on US diplomacy and honest, sincere leadership. White man's 'coffee' father speak with "forked tongue" once again!

Thu, 09/22/2011 - 11:46 | 1697254 bob_dabolina
bob_dabolina's picture

Where's tmosely at? 

Blow me

Thu, 09/22/2011 - 12:19 | 1697438 d00daa
d00daa's picture

nice short on aapl

Thu, 09/22/2011 - 12:27 | 1697471 bob_dabolina
bob_dabolina's picture

Thank you, would have been better off just shorting /nq but I'm not complaining

Thu, 09/22/2011 - 11:47 | 1697263 RSloane
RSloane's picture

I'm usually an optimistic person, but I do believe we are witnessing the drop down of the first domino.

Thu, 09/22/2011 - 11:52 | 1697294 bob_dabolina
bob_dabolina's picture

Oh so you've missed the last 5 years

Welcome to the party.

Thu, 09/22/2011 - 11:49 | 1697277 Moneyswirth
Moneyswirth's picture

Cramer is working on his post-market-close, back-up-the-truck-because-French-exposure-is-oversold SUPER EXTRA SPECIAL REPORT WITH JIM CRAMER tonight on CNBC


Thu, 09/22/2011 - 11:51 | 1697298 CharlieSDT
CharlieSDT's picture


Thu, 09/22/2011 - 11:54 | 1697309 PulauHantu29
PulauHantu29's picture

Record high Bonuses again this year?

This act of genius leveraging deserves some celebration, verdad?

Thu, 09/22/2011 - 11:59 | 1697322 MFL8240
MFL8240's picture

Question and answer.


Q. Where did all the money go that MS got from Tarp and the charde of buying traesuries while borrowon from the window making a 3 point spread on taxpayers?


A.  Bonues


How do you feel listening to their tale of woo?

Thu, 09/22/2011 - 12:08 | 1697358 Village Smithy
Village Smithy's picture

MS is getting awfully close to pullng this thing over.


Update: PPT on scene, situation under control.

Update 2: send all available units, conflagration emerging.

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