Stock Market HOUSE-OF-PAIN
MBWorld Fanatic!
Joined: Jul 2006
Posts: 1,414
Likes: 0
From: Los Angeles, CA
2005 E55
MBWorld Fanatic!
Joined: Feb 2004
Posts: 2,566
Likes: 7
'14 ML BT
Anyone investing in the market should be calling their congresscreeps and senators to complain about this bailout.
You and I and our children will be paying for this experiment in socialism ... probably forever. It's gonna' be trillions, not billions.
It needs to be stopped before it destroys the financial backbone of this country.
And the guys who took multi million dollar bonuses by breaking the laws on exceeding the leverage and falsifying assets and liabilities, STILL have those bonuses and will walk away unscathed.
And the SEC that didn't do their job in preventing this .... no problem, they're government employees for life.
Bend over taxpayers.
You and I and our children will be paying for this experiment in socialism ... probably forever. It's gonna' be trillions, not billions.
It needs to be stopped before it destroys the financial backbone of this country.
And the guys who took multi million dollar bonuses by breaking the laws on exceeding the leverage and falsifying assets and liabilities, STILL have those bonuses and will walk away unscathed.
And the SEC that didn't do their job in preventing this .... no problem, they're government employees for life.
Bend over taxpayers.
MBWorld Fanatic!
Joined: Aug 2004
Posts: 3,764
Likes: 9
From: Blasting off!
CLS63 Designo Edition, Hyundai Genesis 3.8 , Veloster Turbo, CLS500(Sold), E320 (SMOKED) R500 (Sold)
Anyone investing in the market should be calling their congresscreeps and senators to complain about this bailout.
You and I and our children will be paying for this experiment in socialism ... probably forever. It's gonna' be trillions, not billions.
It needs to be stopped before it destroys the financial backbone of this country.
And the guys who took multi million dollar bonuses by breaking the laws on exceeding the leverage and falsifying assets and liabilities, STILL have those bonuses and will walk away unscathed.
And the SEC that didn't do their job in preventing this .... no problem, they're government employees for life.
Bend over taxpayers.
You and I and our children will be paying for this experiment in socialism ... probably forever. It's gonna' be trillions, not billions.
It needs to be stopped before it destroys the financial backbone of this country.
And the guys who took multi million dollar bonuses by breaking the laws on exceeding the leverage and falsifying assets and liabilities, STILL have those bonuses and will walk away unscathed.
And the SEC that didn't do their job in preventing this .... no problem, they're government employees for life.
Bend over taxpayers.
I have questions:
Who is in charge of this?
Where does accountability start?
Who is in charge of the SEC?
Accountability is the new curse word for a while now...
MBWorld Fanatic!
Joined: Feb 2004
Posts: 2,566
Likes: 7
'14 ML BT
Bernanke, Paulson, ***, Fuld,Thane, Willumstad.
It's government, there is no accountability.
Christopher ***
It's government, there is no accountability.
Christopher ***
MBWorld Fanatic!
Joined: Aug 2004
Posts: 3,764
Likes: 9
From: Blasting off!
CLS63 Designo Edition, Hyundai Genesis 3.8 , Veloster Turbo, CLS500(Sold), E320 (SMOKED) R500 (Sold)
It's government, there is no accountability.
The rest well, are we assuming they suck at their jobs?
MBWorld Fanatic!
Joined: Feb 2004
Posts: 2,566
Likes: 7
'14 ML BT
IMO, we each have a personal responsibility (accountability) to notify our representatives that we are tired of being screwed and they should NOT count on our support if they don't fight for the taxpayer.
I think Vader55 was right on target, don't belong at the wrong time in this market.
I think Vader55 was right on target, don't belong at the wrong time in this market.
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MBWorld Fanatic!
Joined: Feb 2005
Posts: 1,728
Likes: 3
From: Atlanta
CTSV/6sp Grocery Getter
I want to know when S&P and Moody's are going to get sued.
How can Lehman debt that has a high probability of repayment be downgraded from AA to junk levels over a weekend unless someone was asleep at the wheel?
How can Lehman debt that has a high probability of repayment be downgraded from AA to junk levels over a weekend unless someone was asleep at the wheel?
MBWorld Fanatic!
Joined: Nov 2007
Posts: 1,517
Likes: 9
From: Daytona, Florida
SL600
The expectation was that Fuld would bring in some extra capital, either through an offering or a direct sale to a big investor, and this expectation had a lot to do with why they weren't downgraded earlier. But instead he acted like an arrogant azzhole and walked out of the Korean Development Bank negotiations because the price they wanted to pay for a 10% stake was "too low". GOOD POSTURING there Richard, now the shareholders get $0. Idiot.
Anyway, once that happened, the stock took a nosedive which cut off their other possible source of capital, and then it was just a waiting game...they would eventually go into negative equity and fail. It hasn't come out in public, but I suspect that a boatload of their counterparties shut them off after the KDB negotiations failed, and I bet a lot of their clients started pulling their accounts. The ratings agencies then jumped on the bandwagon and went into CYA mode by downgrading them, essentially 6 months after the fact.
Ratings are a F*ing joke and have been for the last 5 or 8 years. Enron carried investment grade ratings until a week or two before its bankruptcy, and we all know what a complete house of cards that was. AIG, meanwhile, never should have been downgraded. No matter what happened, they weren't going to default on their debt. I dunno. I don't trust ratings, and can't believe anyone else does either. I too think they should get sued off the face of the planet.
