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While Banks Are Being Shorted With Impunity On Euro Sovereign Debt Panic, Did Someone Forget About BlackRock?
Why? Primarily because of this innocent statement by former R3 scion and former Lehmanite Rick Rieder, currently employed by the firm that ostensibly has more clout than even Goldman Sachs: BlackRock. From October 21 "BlackRock Inc. Chief Investment Officer Rick Rieder said the world’s biggest money manager remains a buyer of Italian government debt as European policy makers gather to address the region’s sovereign debt crisis. "Italy is attractive,” Rieder said during an interview on “InBusiness With Margaret Brennan” on Bloomberg Television. “As long as we are moving toward solutions, we think Italy is very reasonable at these levels. BlackRock, which manages about $3.66 trillion in assets, has also been buying debt issued by financial firms and high- yield bonds, Rieder said. As with the Italian bonds BlackRock has bought, the financial debt will benefit “as soon as you see stability,” Rieder said." Uh, Rick, you are marking to market right? Because Your P&L would be a 100% correlation to the following chart, which shows BTP prices since October 21.
Of course, BlackRock will find Italian bonds even more reasonable at the current levels...
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Geez dude, not a lot of people would of picked that out. Seems like you are able in take in a lot of information daily AND remember it. Thank you.
I see there are blog posts labeled "Guest Post" every few days and wanted to know what it took to be able to have a guest post published here. I also see a section for contributors who seem to have their very own internal blogs on the site and am interested in getting one of those started for myself as well.
To avoid confusion, you have to start by changing your screen name. Look for something more original, like ..... Tyler0Durden from that movie.
Is the name why I'm getting the negative votes or is it that the answer to my question is just obvious? I browsed around for a bit and couldn't figure it out. Let's say I go ahead and change my name to " BoyScout" or something like that. What then?
Let's have your resume, dude.
I suggest "Dumphrey Blowfart" for your new user name.
Seems like your avatar is making a Wilfahrt.
Go with "Canteen Boy"
You could start by contributing relevant or witty comments to the articles posted. Let people see that you are worth their attention. Then down the road, very far down the road, you could include a link to your blog at the bottom of your posts. If people will show up then you know you're doing something right. If people don't then either take a step back to work on your craft or select a new career path. I will say that you've dug yourself a pretty big hole by using your first comment to ask how you can ride this website's coattails to make money which was only compounded by choosing to take a username that you clearly know little about.
My advice would be to read the articles and more importantly the comments for awhile before jumping in the deep end.
Generous of you, Mr. Huf.
First you must study the mystery of Tyler Durden, "The Ghost Who Walks"
Heh, heh, heh,heh....
Until they hit a black rock
Could happen this wednesday...
Everyone knows this is the fate of the Black Rock:
http://www.youtube.com/watch?v=6SR0dI7PXX8
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What exactly is "Mark to market"?
Wahlberg in underwear.
It's expressing the fiat value in today's market fiat valuing. It is a common brainwash concept for saying "hey that contract has value! see how much people agree to pay for it today"
Not to mention that those people agreeing to pay for something that has not any intristic value are completely retarded assholes.
"As with the Italian bonds BlackRock has bought, the financial debt will benefit “as soon as you see stability,” Rieder said".
I am already feeling pretty stabby.
So I should cough up another couple grand to short Blackrock?
um, OK.
You can't. And nobody dares selling puts on them of fear of reprisals.
um, isn't it obvious they are just pumping to get rid of the ones they have??
+1 That's exactly what he's doing. It's insane to believe for a moment that they would be talking up the price of something they're buying.
blackrock inc. is more poweful than the squid -
takes ~ 2years to get the facts via 'foia' -
ask sanders, and paul
http://www.ny.frb.org/aboutthefed/BlackRock_Agency_MBS.pdf
http://www.ronpaul.com/congress/legislation/111th-congress-200910/audit-...
Rick Reider just announced:
"Jeepers! Italy bonds are now even *more* attractive than when I first bought them last month!"
Buy the dip.
Italy can't be allowed to go under. While Greece can kill a couple of unstready banks, Italy would turn the entire Eurozone into a glassed wasteland for the forseable future.
Literally TBTF. i.e. minds will be concentrated.
"Italy can't be allowed to go under"
But who is going to stop it? And with what money?
ECB. Why else would they put Draghi in? They'll devalue the Euro.
....and the Germans? Are you suggesting they will stump up money for the bailouts and then have the spectre of inflation as a 'reward'?
If you think they're going to put up with that - then you don't know Germans.
Unless you're currently paying the mortgages of all the peeps in your street who are out of luck - then you're living in la la land.
Germany and Italy could get together. like old times, and take Greece's gold.
That would give the can a kick.
Gee, I trust Black Rock. Maybe I'll buy some EZ debt.
Yeah debt is rising in value! Boooyaaaah! /sarcasm
Blackrock is a long term investor....clearly
That's what I say too when I miss the top.
BlackRock the HenchMan
There Is More Than Money On The Table, IMO
No sense to be a long term investor if the chances of seing your investment fail are that high. It's like having called people buying dotcom companies months before they were about to fail "long term investors" just because they didn't mind the risk involved. Italy is no Greece or Lehman and 2011 is no 2008!
Between a blackrock and a hard place?
They think they can move the market. Who knows, in this market they could be right. On the other hand, they could be the next Barings.
April -2012 155 Puts are at an almost 12% premium. All this and the VIX is at 30 and down for the day....
LMFAO
“as soon as you see stability,”
OK When will we see that?
Italy is not attractive. Margaret Brennan is though.
Viva Italia!
If the Italian bonds are attractive, why not bet the farm on Greek 1 Year?
Yield is 236.9. Blackrock should back up the truck on those. You don't get returns like that every day :)
It will be fine when the "stability" arrives... soon... It will be soon, wont it? Wont it?
Geesh, if Blackrock blows up, it will make the blow up of Citi when it implodes look like childs play.
"Uh, Rick, you are marking to market right?"
I'm certain Rick's response would be, "Show me anyone else that marks to market, or any regulator that requires it, and I'll consider it."
Marking to market... that's a good one. We saw what happened the last time the had to be honest about the value of what's on their books.
Grants is bullish though a few weeks ago.
So, why would we take anything a hedge fund says publicly as anything other than a tactical move to benefit their trade?
I read this as a way to unload some bad trades on dupes. The only way Italian debt will be stabilized is if the ECB really starts printing...I think we are still far from that decision.
Mark to market? What's that? Oh yeah...some archaic accounting tool...used back in the "dark" ages...a time before our more inspired and creative accounting methods came on the scene. Can't believe people used to actually do that.
Blackrock = strong hand ?
why do I have the lyric in my head........(sorry kid rock)
"MY NAME IS BLAAAAAAAAAAAAACK ROCK!"
i was thinking more OAR
http://www.youtube.com/watch?v=qzMW1eSd7IU
A banker talking his book on TV? Who woulda thunk it?
Would you loan to Italy at 6.7%?
Would you loan to Italy at 6.7% on 100 to 1 leverage and knowing you're big enough to be bailed out if it went sour?
Answers: No and Yes. Same investment. Same yield. Different side of bailout equation.
Now we know who JEF's first (and maybe only) call was...
"Italy is attractive... as long as we are moving toward solutions."
Um, Rick, I think I found the problem...
$3.66 trillion in assets and their reasoning still has the vagueness of a daily horoscope. Debt-on-sale fever I think it's called.
Solution - OPM (pronounced opium) = Other People's Money to bail your asses out. Again. And Again. And yet Again. and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and and again.
BlackRock's off
He also said buy shiny stuff.
Averaging down is the new killing it.
Don't be sore....buy some more (until the K-Y kicks in)
mark2market?
blackrock, if found to be doing god's work, will get the theological exemption
Black Rock was a ship that was blown up on the tv series Lost. Live imitating art.
http://lostpedia.wikia.com/wiki/Black_Rock
Good thing they are not systemically important.
Balance sheet fraud needs to expand.
Make it a growth industry.
the financial debt will benefit “as soon as you see" STAB-ILL-EEEEETEEEEEE