Cesarnc's market talk, gossips, rumours & fun

Last year of the neo-cons

Next year the liberals (higher taxes)

Long Live Forex Trading

Last Hour before IR.. (drums rolling..)

Elsewhere, in his first comment on the Eliot Spitzer scandal, Vice President Dick Cheney said he has never hired a prostitute because “I’ve been screwing the country the last seven years.”


LOL - an honest politician - I thought they were like rocking-horse manure!

Lehman Says It Liquidated Three Investment Funds (Update2)
By Ambereen Choudhury and Joyce Moullakis
http://www.bloomberg.com/apps/data?p...d=iLjQ_8wSZFGw
http://images.bloomberg.com/r06/news...ge_details.gif

April 10 (Bloomberg) -- Lehman Brothers Holdings Inc., the fourth-largest U.S. securities firm, said it liquidated three investment funds because of ``market disruptions.''
The funds' assets, valued at $1 billion on Feb. 29, were taken onto Lehman's balance sheet, the New York-based firm said in a Securities and Exchange Commission filing yesterday. The bank also bought ``deteriorated assets'' with a value of $800 million from other unidentified funds, Lehman said.
The world's biggest banks, including Citigroup Inc. and UBS AG, have recorded $232 billion in asset writedowns and credit losses since the beginning of 2007. Lehman raised $4 billion from a stock sale this month, seeking to quell speculation the firm is short of capital.
``While liquidity seems okay, we continue to expect more writedowns to equity and tougher revenues this year'' at Lehman, Deutsche Bank AG analysts led by Mike Mayo wrote in a research note yesterday. Lehman may write down $2 billion in the second quarter, said the analysts, who rate the firm ``buy.''
Lehman fell 2 percent to $39.71 by 1:37 p.m. in Frankfurt trading, after closing at $40.54 in New York yesterday. The stock has dropped 38 percent this year, compared with a 23 percent tumble in the Standard and Poor's 500 Investment Banking & Brokerage Index.
More Writedowns
Some of the funds' investments were either downgraded by ratings companies or declined in ``fair value,'' Lehman said in the filing. The firm agreed to waive or limit fees charged to certain funds, though it retains the right to recoup them ``at a later point in time.''
The liquidations related to two money-market funds and an enhanced-cash fund, the Wall Street Journal reported earlier today, citing an unidentified Lehman executive.
Falling U.S. house prices and rising delinquencies may lead to $565 billion in residential mortgage-market losses worldwide, the International Monetary Fund said in its annual Global Financial Stability report on April 8. Total losses, including those tied to commercial real estate, may reach $945 billion, the IMF said.
JPMorgan Chase & Co. agreed to buy Bear Stearns Cos. for a fraction of its market value last month, when the New York-based securities firm faced bankruptcy following a run by clients and creditors. Bear Stearns' woes began last year after two of its hedge funds collapsed amid the crisis in credit markets.
Declining Revenue
Revenue at Lehman will decline to about the level of 2005, when it totaled $14.6 billion, Deutsche Bank's Mayo wrote. The 2007 net revenue was $19.3 billion. Lehman plans to reduce risk by selling 20 percent of its $75 billion in mortgage assets and cut leverage by the same amount, according to Deutsche Bank.
``Is Lehman going to have a couple of bad quarters? The answer is yes,'' said Magnus Mathewson, a London-based analyst at Hichens, Harrison & Co. ``But are they a bankruptcy case? I don't think so.''
The cost of protecting bonds sold by Lehman from default rose 15 basis points to 210, according to broker Phoenix Partners Group. A basis point on a credit-default swap contract protecting $10 million of debt from default for five years is equivalent to $1,000 a year.
Credit-default swaps, contracts conceived to protect bondholders against default, pay the buyer face value in exchange for the underlying securities or the cash equivalent should a company fail to adhere to its debt agreements.
Money Funds
Money managers including Denver-based Janus Capital Group Inc., Chicago-based Northern Trust Corp. and Legg Mason Inc. have bailed out money funds that purchased debt sold by structured investment vehicles, which use short-term borrowing to buy higher-yielding assets.
Managers of money market funds have spent more than $4 billion to prop up money funds that were suppose to have investments that were the safest outside of bank deposits and government debt.
BNP Paribas SA, France's biggest bank, halted withdrawals from three investment funds last year because it couldn't ``fairly'' value their holdings after U.S. subprime mortgage losses roiled credit markets. The funds later reopened.
To contact the reporter on this story: Ambereen Choudhury in London [email protected]; Joyce Moullakis in London at [email protected]
Last Updated: April 10, 2008 08:00 EDT

BOE cuts, GU sneezes only

Guess we know who rules the market now.....Trichet ba-by!!!!

Shake this sh-t up!!!!

HOLLA

Yup, but euro is having a hard time at the 1.59. A failure puts a triple top in the daily, which means a)- down we go (key point 1.55) or b) retracement and push to 1.6X, never looking back (key point - there is no such thing as quadriple top).

In other words, I'm still pretty much clueless so far

I think we retrace to 1.55 or some such number.

DING...DING...DING......

Party time..........

HOLLA

I hear ya, but do we really know, could there be?

Makes you wonder.....

HOLLA

I think we will retrace and go upwards in a mostly sideways bullshit type fashion with a few possible fake out spikes with absolutely no structure or predictable behavior other than chaotic randomness. God I love trading

My prediction is the ball will land on black.


Or it could be red. But it seems that the ball has left the table and the roulette is still spinning.

So when is that first meeting in Vegas??????

Let me know!!!!!

HOLLA

If your looking at any chart right now your in Vegas already. But without the coked up hookers and free booze

Wall Street gonna sing "DOWN WITH A LITTLE HELP FROM MY FRIENDS"

Treasury Secretary Paulson Says US Economy Has "Turned Down Sharply"

Then turn around and sing "I get high with a little help from my friends"
And then down, and then high and then down and then high.

SOMEONE SEND THIS FREAKING MARKET TO REHAB!!!

Best part off

You're right... That's why the down side is so crazy these days.

http://sketch.smugmug.com/photos/150519486-M.jpg

Post dramatic Britney syndrome with a Paris crossover virus.
But they don't want to go to rehab they said no, no no.

Everyone is doing their best to keep the house of cards together, so this "range" is going to continue. Ahh well.