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Showing posts from November, 2011

Europe's Bailout Fund -- Seriously, WTF Is This Thing?

I tried to figure out the EFSF again (the European Financial Stability Facility) and, once again, my brain exploded.

I can't figure out if this Rube Goldbergian mother of all securitization schemes is:

(a) a way to secretly print a whole bunch of euros behind door #24 while everyone is distracted by the elephant and monkey show in Exhibition Room C.

(b) a clever new way of shunting tail-risk into a vehicle that, when it fails, will send fireworks high into the night sky as the eurozone spectacularly implodes.

(c) a way of handing out 1,000 gold-plated pigs when there are only 10 gold-plated pigs in the warehouse, vague promises of 990 more gold-plated pigs, and a whole lot of securitization in between.

(d) a full-employment act for structured finance professionals on the continent.

(e) some combination of the above.

Or add your own speculation below. Because, in this Brave New World of Structured Finance, we're obviously beyond the point where an entity (say the IMF) simply extends a…

Kristen Stewart: Dining out in London!

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Kristen Stewart on Food, Drink, and places in London!
Places Question: Do you like Traditional pubs or Modern Gastropubs? Kristen Stewart Answer:  Oh, traditional pubs, definitely.
Question: What’s your favorite London hangout? Kristen Stewart:  I’ve had some really good roast dinners … the “Swan & Edgar” (name of restaurant) in Marylebone.
Food and Drink Question: Do you prefer a Sausage sandwich or bacon butty? Kristen Stewart:  Bacon butty. 
Question: How do you feel about beans on toast? Kristen Stewart:  I love beans on toast.
Question: What do you like for dinner? Kristen Stewart:  Chicken or lamb.
Question: What’s your pub drink? Kristen Stewart:  It’s a pound
Question: How do you take your tea? Kristen Stewart:  With milk and a little bit of honey
British and American Expressions
A hangout =  a place to relax, talk, eat, drink, to get together with people informally (British/American Expression)
A bacon butty = bacon on a bun (British Expression)
Modern Gastropubs = restaurant in a pub (Brit…

Fed Funnels Money to Banks on the Sly

Excellent Bloomberg story showing what was largely an open secret (even if the details weren't known), well before the Fed was forced to cough up the paperwork on its bailout of the U.S. financial system:

Secret Fed Loans Gave Banks Undisclosed $13 Billion

This should be required reading for every American.

The hard-hitting article also reinforces the image of Geithner as a complete tool.

The ground left uncovered: that, for this enormous bailout, we the taxpayer got very little. Our financial regulators, our political leaders, failed to effectively reform a banking system that has metastasized out of control.

joe jonas [new haircut = the bomb]

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i used to hate him cause i thought he looks soooooooo dang ugly in his old hair ( and his voice too, like a squeaking rat) . now he wants to be treated seriously and to be considered as "already grown up".


adam levine

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