Wall Street Folly

Archive for the ‘CDS’ Category

Greenspan jumping on the banking regulation band wagon; Merrill Lynch had spilled the beans to regulators over Lehman’s controversial accounting; JP Morgan also used ‘Repo 105s’ accounting gimmick, but made disclosures; SEC finds Lehman examiner’s report ‘helpful’; Hedge fund speculators accused of raising Greece’s borrowing costs; Trichet wants tougher CDS regs; Palm death spiral?

Posted by WSF On March - 19 - 2010
  • Greenspan Concedes That the Fed Failed to Gauge the Bubble
  • Rival warned regulators over Lehman
  • JPMorgan also used accounting gimmick
  • SEC welcomes Lehman report as ‘helpful’
  • Lehman estate fight with Barclays escalates
  • Speculators seen increasing Greek borrowing costs
  • CFTC Gensler: Determined To Reform OTC Market
  • Trichet backs tougher CDS regulation
  • Palm Narrows Loss, but Phone Sales Drop Read the rest of this entry »
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Bankruptcy, CDS, Fed, JPM, JPM Chase, SEC

Moody’s warning on AAA ratings for U.S., UK, France, Germany; Goldman and JP Morgan forcing hedge funds to put up more collateral on CDS trades; Dodd’s financial overhaul plan due out today; AIG said to have cut bonuses by $21M; UBS sees 2010 turnaround

Posted by WSF On March - 15 - 2010
  • Moody’s Warning Weighs on Futures
  • Goldman Sachs Demands Derivatives Collateral It Won’t Dish Out
  • Sen. Dodd to introduce plan to overhaul financial regulatory system
  • AIG Said to Cut Bonuses by $21 Million to Meet Feinberg Mandate
  • UBS Sees Turnaround in 2010
  • Tests fail to duplicate acceleration problem in Prius Read the rest of this entry »
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AIG, Bonuses, CDS, Goldman Sachs, Hedge funds, JPM, JPM Chase

Goldman Sachs’ Corrigan defends the Greek swaps, but acknowledges that there should have been more transparency; NY Comptroller: Wall Street bonuses increased 17% in 2009; TCW investors pulling $1.3B from Gundlach’s former funds

Posted by WSF On February - 23 - 2010
  • Goldman Sachs Says Greek Swaps Not ‘Inappropriate’
  • Wall Street Bonuses Rise 17%
  • TCW Investors to Pull $1.3 Billion From Credit Funds
  • UBS hires fifth former Merrill executive Read the rest of this entry »
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Bonuses, CDS, Goldman Sachs, Hedge funds, Revolving Door

The spotlight is on Paul Volcker; Will banks find ways around the “Volcker Rule”?; CDS on Euro banks rising; UK’s Madoff Securities won’t face criminal charges; Madoff lieutenant giving up his home; Free checking at Citi through 2010; NY Senator Chuck Schumer’s poll numbers sinking

Posted by WSF On February - 2 - 2010
  • Bankers in Davos Seek a United Message on Volcker Rule
  • Banks Gear Up for a Battle
  • Volcker Looms Larger as Support for Bernanke Strengthens Ties
  • Volcker sees markets more fragile without reforms
  • Bank Debt Swaps Exceed Corporate Insurance by Most Since Lehman
  • Madoff Securities Won’t Face Charges in London Criminal Probe
  • Madoff Aide DiPascali Agrees To Forfeit Home, Personal Property
  • Citibank to Keep Free Checking Accounts Through 2010 Read the rest of this entry »
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Barclays, Bernie Madoff, CDS

Bernanke wins, but Fed weakened?; Top bankers huddle at Davos; More on Greek debt concerns; AIG draws $2.4B more, most employees may accept smaller bonuses; Bank tax poses conundrum for NY Senators; Barclays claims Lehman owes them $3B

Posted by WSF On January - 29 - 2010

  • Bernanke May Have Harder Fight Defending Fed After Confirmation
  • Top Bankers Huddle on Regulation Talks
  • DAVOS: Bank Of America Is Not Too Big, Says CEO
  • Euro Falls to Six-Month Low Versus Dollar on Greek Debt Concern
  • Greek Debt Swap Counterparty Risk May ‘Spook’ Market
  • AIG Gets Strong Response on Bonus Cuts
  • AIG Draws $2.4 Billion From Fed Credit Line, Most Since October
  • Bank Tax Is Knotty Issue for New York’s Senators
  • Barclays Says Lehman Owes It $3 Billion on Brokerage Deal

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AIG, Bank of America, Barack Obama, Barclays, Ben Bernanke, Bonuses, CDS, Fed

Jeremy Grantham is bearish again; George Soros says Obama’s bank taxes and curbs are “premature”; Carlyle’s Rubenstein sees emerging markets as the best investment area, with U.S. “pretty attractive”; Rate of buying CDS on sovereign debt accelerating; Rules on Wall Street clawbacks are getting tougher

Posted by WSF On January - 27 - 2010
  • A Bear Reawakens After a Bullish Run
  • Soros Calls Obama Bank Plan ‘Premature’
  • Carlyle’s Rubenstein Says Emerging Markets Best Place to Invest
  • Swaps Trading Surges as National Deficits Rise: Credit Markets
  • Wall Street Toughens Rules on Clawbacks Read the rest of this entry »
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Bonuses, CDS, Carlyle, Compensation, George Soros, Hedge funds

Bernanke gains more Senate ground; Neil Barofsky is probing NY Fed over AIG disclosures; SEC wants Rajaratnam wiretaps; Barclays’ Varley says Obama trading curbs won’t have big impact on firm; Wilbur Ross may go after Stuyvesant Town; CDS at 5 week high

Posted by WSF On January - 26 - 2010
  • Bernanke rallies more Senate votes for confirmation
  • Probe into NY Fed over AIG disclosure
  • SEC Wants Rajaratnam to Turn Over Wiretaps in Civil Case
  • Barclays CEO Varley Tells Staff Obama Plan Impact To Be Small
  • Wilbur Ross Prepared to ‘Go All the Way,’ Buy Stuyvesant Town
  • Credit-Default Swaps Rising to Five-Week High: Credit Markets Read the rest of this entry »
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AIG, Barack Obama, Barclays, Ben Bernanke, CDS, Fed, Hedge funds, Insider Trading, SEC

CNBC’s ratings nose dive; NYSE delistings rise; CDS looking to its best month since April 2008; Unpaid property taxes hitting taking a toll

Posted by WSF On July - 31 - 2009

  • CNBC Viewership Down 28%
  • Big jump in NYSE delistings this year
  • Bank Credit Swaps Head for Best Month Since April ’08
  • Unpaid property taxes hit localities Read the rest of this entry »
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CDS, CNBC, WSF

Where are the green shoots? Roubini, Shiller, Whitney see more economic pain; Will they never learn?:JP Morgan banker says some banks are back to their old tricks using “irresponsible” pricing to lure business; Credit default swaps falling in favor?

Posted by WSF On June - 16 - 2009

  • Roubini, Shiller [and Meredith Whitney] see more pain for economy
  • Banker claims ‘irresponsible’ pricing is back
  • Credit default swaps losing favor to corp bonds Read the rest of this entry »
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Banks, CDS, JPM Chase, Meredith Whitney, WSF

GM CDS settlement auction will happen in around a month; Ex-Deutsche Bank trader who lost over $1B last year said to be starting up hedge fund with $160M; The dangers of niche ETFs

Posted by WSF On June - 1 - 2009
  • GM CDS settlemt time!
  • Boaz Weinstein is back
  • Are nich ETFs dangerous?

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CDS, ETFs, GM, Hedge funds, WSF

Tim Geithner’s prepared remarks for his appearance today before the House Financial Services Committee

Posted by WSF On March - 26 - 2009

Here's the link to the pdf

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Banks, CDS, Economy, Hedge funds, Politics, Tim Geithner, U.S. Treasury

Goldman cuts their 2009 S&P 500 forecast; Gensler on Swaps regulation; Wall Street exodus leads to record office space availability; Apollo may rescue Realogy

Posted by WSF On February - 26 - 2009
  • Goldman Sachs Cuts 2009 S&P 500 Forecast, Sees ‘Near Term’ Drop
  • Swaps Need Regulation After Bank Losses, Gensler Says
  • Wall Street Banks Vacate Towers Pushing Empty Space to Record
  • Apollo May Invest $150 Million in Realogy After Loss

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CDS, Politics

Ouch: Possible $200M loss for Harbinger on Navistar CDS bet?

Posted by WSF On November - 19 - 2008

Another headache for Phil Falcone's Harbinger Capital.  According to Bloomberg, the hedge fund faces a possible $200 million loss on Navistar Credit Default Swaps, which Falcone described as one of the fund's "largest performance detractors" in October:

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13F Charts, CDS, Charts, Hedge funds

3 weeks later, 60 Minutes visits Credit Default Swaps again

Posted by WSF On October - 26 - 2008

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CDS, Credit Crunch, Videos

Lehman Brothers cds auction is over; the bonds were priced at 8.625

Posted by WSF On October - 10 - 2008

Earlier in the day, the preliminary estimate for the bonds was 9.75, but the final price came in a little lower, at 8.625.  That means that sellers of cds will have to pony up 91.375 cents on the dollar, slightly more than originally expected.

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Bankruptcy, CDS

Will today’s Lehman CDS auction help the market move forward?

Posted by WSF On October - 10 - 2008

The much anticipated Lehman CDS auction has been overhanging the market, and final pricing is due by 2pm.  On a preliminary basis, the pricing of the bonds is said to be around 9.75 cents on the dollar.  So that means that those that bought credit default swaps on Lehman debt will net 90.25 cents on the dollar from the sellers.  The issue is, it’s unknown who the many of the Lehman cds sellers were, and whether or not they’ll be able to cough up the bucks to make good.  It’ll be interesting to see who, if anyone, isn’t going to be able to deliver and what shock waves might ensue once it’s known who those players are.  Stay tuned. If there are limited fails in this major test of the cds market, it’ll be a huge plus for the market in general. If there are major fails, look out below.
Lehman Bonds Given Initial Value of 9.75 Percent in CDS Auction – Bloomberg

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Bankruptcy, CDS

60 Minutes focuses on the credit default swap market

Posted by WSF On October - 6 - 2008

Watch CBS Videos Online

"Wall Street’s Shadow Market"

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CDS, Credit Crunch, Videos

More Lehman headlines: S. Korean strategic investor to the rescue?; Greenlight’s David Einhorn is a thorn in Lehman’s side; WSJ HOTS column — Decision time for Lehman: sell stock or sell out?; Lehman puts and CDS signal more stock weakness

Posted by WSF On June - 4 - 2008
  • Lehman Is Seeking Overseas Capital
  • Lehman Battles an Insurgent Investor
  • Decision Time for Lehman
  • Lehman Puts, Default Swaps Show Investors Bet on Further Drop

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CDS, Credit Crunch, Short selling

Let the buyer and seller beware: There are many ways to get screwed by CDS

Posted by WSF On May - 20 - 2008

All of those Bear Stearns CDS buyers must have thought they were really sitting pretty as Bear Stearns plummeted into the almost certain financial abyss.  Then The Fed and JP Morgan stepped in, and in one fell swoop saved the CDS sellers from impending doom and fucked the buyers.  That’s one way to get screwed.  Then there’s the risk that your counterparty fails.  There have been several articles in the last few months (especially after the Bear Stearns unraveling) on the perils of credit default swap market.  Bloomberg has another excellent one…..

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CDS, Credit Crunch

Recent returns highlight risks of “Concentrated” hedge funds; CDS as weopons of mass speculation; Sentiment changing regarding SPACs?; Hedge funds warming up to stuck bank debt

Posted by WSF On May - 12 - 2008
  • Lampert, Wood Show Risk of `Concentrated’ Hedge Funds
  • Credit Default Swaps: Weopons of Mass Speculation
  • Shell game
  • Hedge funds start to buy bank debt

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CDS, Hedge funds, Sowood Capital

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