Wednesday, February 25, 2009

The Looting

First, I guess Obama doesn't like $10 words. The Blabberg reporter-ette is practically gushing about his use of simple, monosyllabic words. Maybe he knows his audience.

Back to the looting ...

This story about the Merrill Lynch bonuses gets sleazier and sleazier.

WSJ: "Monday's court filing alleges that the board set the bonus pool on estimates that were off by $7 billion. Once Merrill had a better indication of the firm's fourth-quarter performance, Mr. Thain didn't go back to the board to give them the chance to reduce the bonus payout "even though results are suppose to be a key component in setting bonus pools," Mr. Cuomo claimed in the filing."

Hogs at the trough ... vikings looting the monastery ...

Smash that window and grab the loot before the cops arrive.

So how well run was Merrill Lynch ? Here's a clue:

FT: "Ineffective internal controls at Merrill Lynch caused the firm to understate its 2008 losses by more than $500m, the investment bank said on Tuesday in its annual report. Merrill, which was acquired by Bank of America on January 1, shocked investors last month with the disclosure of a $15.3bn loss for the fourth quarter of 2008 and full-year losses of $27.1bn. But in its revised figures, Merrill disclosed that its losses for 2008 were $27.6bn."

"The additional $500m in losses appear to have come from the discovery that Merrill used a flawed model for measuring the value of derivatives that were used in its hedging strategy."

"Auditor Deloitte & Touche concluded that Merrill had “not maintained effective internal control over financial reporting” as of the end of 2008."

"According to the annual report, the discrepancy in valuation involved internal swaps used between Merrill and its affiliates. In 2008, the report said, Merrill “began using a different set of yield curves to value certain intercompany swaps”.

"In its opinion, Deloitte said “several mitigating internal controls were not operating effectively and therefore failed to identify the intercompany difference that resulted” from reliance on the two different yield curves. In addition, Deloitte said Merrill management did not apply proper accounting guidelines to one hedge entered into during the fourth quarter, involving long-term borrowings."

In simple terms, one arm of the firm valued the SAME swap to be $500 million more than another part. Obviously that entire "swap valuation" cesspool is a complete shambles.

Does anyone else smell a fraud ?

Word of the Day

"Dichotomy" - noun [$10] from the card file
Dichotomy means a division or the process of dividing into two especially mutually exclusive or contradictory groups.
Sentence: Washington's ruling class has yet to realize that a dichotomy exists between a successful bank and one run according to government rules, viz. that a private bank must make a PROFIT. Profits are the key to resolving the financial crisis.

Le Mot du Jour

"Souhaiter" - verb; regular -er conjugation
Souhaiter means 1. to wish for; 2. (+ que) to hope that
La Phrase: En buvant mon café ce matin, je souhaitais que M. Geitner lise toujours ce blog.
Sentence: While drinking my coffee this morning, I was hoping that Mr. Geitner always reads this blog.

54 comments:

Bud said...

'vikings looting the monastery'


loooooooooooooooooooooooool

Bud said...

of course i did not (and will never) watch a speech from the marxist-lenenist president


and why ?? cuz all he talks about is raising taxes, increasing spending and making a very powerful and intrusive federal government


obama will destroy this country

Bud said...

$10 word ?? most of the president's voters have about $10 in their pockets


well .....they about to get richer.........$1000 welfare ......uhhh tax rebate.....checks in the mail .....courtesy of john q taxpayer


socialism lives !!!

Spin-em said...

"Health Care within the year"

trader tax RUN FOR THE HILLS!!!

Spin-em said...

Aol headline

Employees are safe here
CSCO CL
V VZ
AAPL AMGN
APOL COCO
GOOG

RUN FOR THE HILLS!!!!!!

Bunkerman said...

Co discloses it has identified a condition that may exist in certain PPK and PPK/S pistols manufactured by us. This condition may permit a round to be discharged without the trigger being pulled. Because any unintended discharge of a firearm has the potential for causing injury, co is instituting a recall of all Walther PPK and PPK/S pistols manufactured from March 21, 2002 until February 3, 2009


Hmmm ... Mine were made before that time period. :)

mern said...

its a mystery wrapped in an engima.

how can the spear chucker destroy what whitey smashed into smitherines the last 8 years?

u missed it last nite, bud. obama gave hildog a big sloppy kiss, there may been some tongue.

what wud mccain have done? after waking from his mid afternoon nap, he checked the ticker, yesterday, and thinx the economy is now fundamentally sound. palin wud be starting book fires at public school. burning books such as catcher in the rye, zen and the art of motorcycle maitenance, and the song of solomon.

the library, gone. bricked up brick by brick. u wud lose that one bedroom hilton and be put down with the sadamites. u wud be doing the toughest time there is. u will feel like u have been fucked by a train. u catch my drift? or am i being obtuse?

u did pay attention to bush right? as he took a budget surpluss and turned it into the biggest decifit ever, even with barely a recession playing out. never vetoed a single spending bill until stem cell research.

im not thrilled with the dark meat, but the alternative was much much worse. thats y when i saw palin i went from not voting to taking the dark meat.

it was the lesser of 2 evils!

Spin-em said...

Mr. Mel Karmazin SIRI .13

I Am American business

I Am CNBC

Spin-em said...

"i went from not voting to taking the dark meat."

at least you admit it "this week"

mfl59 said...

"$10 word ?? most of the president's voters have about $10 in their pockets"

lmaooooooooooooooooo


"jim" shedding a tear like a proud papa....little Bud is finally growing up....

Spin-em said...

"jim" shedding a tear like a proud papa....little Bud is finally growing up....

loooooooooooooool Skip with the flyin Superman

mern said...

spin if u can show me a post where i didnt say that i wud love to see it.

yes i bet on obama 2/08. bet 100 to win 340. that was not becuase i like him, i just thought he was gonna take down the clintons and then whatever the right chucked up.

it was time for the darkmeat. that was the bet.

then palin got involved, and she has to be stopped!

shes is like pelosi but on all the juice aroid was taking in 07. and she is hot enuff that 20 million men, for no other reason than she is hot will vote for her in 12.

Bunkerman said...

Oh mern, Palin has as much chance to be elected President at Krypto.

Stop believing those MoveOn.org fundraising letters.

Bud said...

Bman lmaooooooooooooooooo


moveon.org propoganda workin on mern.........and millions and millions of others no doubt

Spin-em said...

I know..I know..it was all about the bet..(rolling eyes icon)your mouth said one thing..but between the lines...your eyes said "Barry..I luv you"........not that there's anything wrong with that

Spin-em said...

anybody see Gov Jindal??...If he's not Kenneth on 30Rock...'lemme tellya story..when I was a lil boy..greatgrandpapppy Jindal would say....loool

Bunkerman said...

I must need pain - bought some more CCJ, GE, GOOG for Fido Fund.

Frosty said...

uh Bunky...did Mrs B approve those purchases...she's the best.

mern said...

this is a well written song from 1982, right bman?

Picture a bright blue ball, just spinning, spinnin free,
Dizzy with eternity.
Paint it with a skin of sky,
Brush in some clouds and sea,
Call it home for you and me.
A peaceful place or so it looks from space,
A closer look reveals the human race.
Full of hope, full of grace
Is the human face,
But afraid we may lay our home to waste.

There's a fear down here we can't forget.
Hasn't got a name just yet.
Always awake, always around,
Singing ashes, ashes, all fall down.
Ashes, ashes, all fall down.


Now watch as the ball revolves
And the nighttime falls.
Again the hunt begins,
Again the bloodwind calls.
By and by, the morning sun will rise,
But the darkness never goes
From some men's eyes.
It strolls the sidewalks and it rolls the streets,
Staking turf, dividing up meat.
Nightmare spook, piece of heat,
It's you and me.
You and me.


Click flash blade in ghetto night,
Rudies looking for a fight.
Rat cat alley, roll them bones.
Need that cash to feed that jones.
And the politicians throwin' stones,
Singing ashes, ashes, all fall down.
Ashes, ashes, all fall down.


[Bridge:]
Commissars and pin-stripe bosses
Roll the dice.
Any way they fall,
Guess who gets to pay the price.
Money green or proletarian gray,
Selling guns 'stead of food today.


So the kids they dance
And shake their bones,
And the politicians throwin' stones,
Singing ashes, ashes, all fall down.
Ashes, ashes, all fall down.


Heartless powers try to tell us
What to think.
If the spirit's sleeping,
Then the flesh is ink
History's page will thus be carved in stone.
And we are here, and we are on our own
On our own.
On our own.
On our own.


[Instrumental]

If the game is lost,
Then we're all the same.
No one left to place or take the blame.
We can leave this place and empty stone
Or that shinin' ball we used to call our home.


So the kids they dance
And shake their bones,
And the politicians throwin' stones,
Singing ashes, ashes, all fall down.
Ashes, ashes, all fall down.


[Bridge two:] Shipping powders back and forth
Singing black goes south and white comes north.
In a whole world full of petty wars
Singing I got mine and you got yours.
And the current fashion sets the pace,
Lose your step, fall out of grace.
And the radical, he rant and rage,
Singing someone's got to turn the page.
And the rich man in his summer home,
Singing just leave well enough alone.
But his pants are down, his cover's blown...


And the politicians throwin' stones,
So the kids they dance
And shake their bones,
And it's all too clear we're on our own.
Singing ashes, ashes, all fall down.
Ashes, ashes, all fall down.


Picture a bright blue ball,
Just spinnin', spinnin, free.
Dizzy with the possibilities.
Ashes, ashes, all fall down.
Ashes, ashes, all fall down.
Ashes, ashes, all fall down.
Ashes, ashes, all fall down.
Ashes, ashes, all fall down.

Frosty said...

uh mern...just post a link.

Frosty said...

I know Bud's panties get a knot, long post, pinchs his mangina indeed.

mern said...

http://www.youtube.com/watch?v=mSC6m4LPW1Y

a 9 minute song?

how was this band ever successful?

Bud said...

that's right frosty.............enuff with these long f'ng posts


'if we're interested.....we'll read it'


PS.......'nailed it'.......gimme a break !!..........the only thing bob ever nailed was larry craig

Spin-em said...

mern MVP for longest post ever..lol

mern said...

Joe Brusuelas, director of market economics for Moody's Economy.com, gives Obama high marks for such "Reagan-esque" moments. More surprisingly for an economist who publicly supported John McCain, Brusuelas also applauded Obama for showing "leadership" on the vexing issue of how to resolve the banking crisis.

bud u against the 1st amendment?

Bunkerman said...

no, that fund is purely mine ... so you should probably short them.

Bunkerman said...

uh ... mern .... I don't listen to any song written after Dec. 31, 1947, unless Julie Andrews or Judy Garland is singing.

Principal exceptions are some musicals like the Music Man.

mfl59 said...

mern don't forget to get ashes today sir.....

maverick said...

on chapter 7 of mern's post....see you guys at the close

Spin-em said...

Just spinnin', spinnin, free.........

Frosty said...

mommy frost a 47' grad, she would dig the bunkerman...what say you, can I call you daddybunk....3 buckets of skim allowance, sweet.

Bunkerman said...

She would probably love my Frank Sinatra CDs with the Tommy Dorsey band.

The Best.

Bunkerman said...

Harry James, Artie Shaw.

Bunkerman said...

and Vaughn Monroe - "the" voice.

Spin-em said...

yes there's rumor bunk in the video game,poker joker and pool table bniz....loool

Bud said...

vaughn moore.......the green door


just d'loaded from itunes.......pretty good



looooooooooooooooooooooool

Frosty said...

Well, you can tell by the way I use my walk,
I'm a woman's man, no time to talk.

Bunk a pimp

I think so

mern said...

bman how can u judge "a well written song" if u havent read the lyrics?

throwing stones becomes more relevant by the year, no?

Bunkerman said...

song = music + lyrics + voice + band.

Needs all four, if applicable.

Re "well-written" - > I listen to it.

Bunkerman said...

I did do a translation of Edith Piaf's "La Vie en Rose", a truly great song sung by a great singer.
Written, of course before 1948 in 1946.

Spin-em said...

By the light (not the dark but the light)
Of the silvery moon (not the sun but the moon)
I wanna spoon (not croon, but spoon)
To my honey I'll croon love's tune
Honey moon, honey moon, honey moon
Keep a-shinin' in June
Your silv'ry beams will bring love's dreams
We'll be cuddlin' soon
By the silvery moon
The silv'ry moon...

mfl59 said...

A modern day warrior
Mean, mean stride
Today's Tom Sawyer
Mean, mean pride

Though his mind is not for rent
Don't put him down as arrogant
His reserve, a quiet defense
Riding out the day's events
The river

What you say about his company
Is what you say about society
Catch the mist, catch the myth
Catch the mystery, catch the drift

The world is, the world is
Love and life are deep
Maybe as his skies are wide

Today's Tom Sawyer
He gets high on you
And the space he invades
He gets by on you

mfl59 said...

Dale a tu cuerpo alegria Macarena
Que tu cuerpo es pa' darle alegria y cosa buena
Dale a tu cuerpo alegria, Macarena
Heeeeey Macarena
AAAhAA!

mfl59 said...

You are my fire
The one desire
Believe when I say
I want it that way

But we are two worlds apart
Can't reach to your heart
When you say
That I want it that way

[Chorus:]
Tell me why
Ain't nothin' but a heartache
Tell me why
Ain't nothin' but a mistake
Tell me why
I never wanna hear you say
I want it that way

Spin-em said...

Uh, Breaker One-Nine, this here's the Rubber Duck
You got a copy on me Pig-Pen? C'mon

Uh, yeah 10-4 Pig Pen, fer sure, fer sure
By golly it's clean clear to Flag-Town, C'mon

Uh, yeah, that's a big 10-4 Pig-Pen,
Yeah, we definitely got us the front door good buddy,
Mercy sakes alive, looks like we got us a convoy

Was the dark of the moon, on the sixth of June
In a Kenworth, pullin' logs
Cabover Pete with a reefer on
And a Jimmy haulin' hogs
We 'as headin' fer bear on I-One-Oh
'Bout a mile outta Shaky-Town
I sez Pig-Pen, this here's the Rubber Duck
An' I'm about to put the hammer on down

Cause we gotta little ol' convoy, rockin' through the night
Yeah we gotta little ol' convoy, ain't she a beautiful sight?
Come on an' join our convoy, ain't nothin' gonna git in our way
We're gonna roll this truckin' convoy, cross the USA
Convoy... Convoy...

Uh, breaker Pig-Pen, this here's The Duck
Uh, you wanna back off them hogs
10-4, 'bout five mile or so, 10-roger
Them hogs is gittin' in-tense up here

By the time we got into Tulsa-Town
We had eighty-five trucks in all
But they's a road block up on the clover leaf
An' them bears 'as wall to wall
Yeah them smokies 'as thick as bugs on a bumper
They even had a bear-in-the-air
I sez callin' all trucks, this here's The Duck
We about to go a huntin' bear

Cause we gotta great big convoy, rockin' through the night
Yeah we gotta great big convoy, ain't she a beautiful sight?
Come on an' join our convoy, ain't nothin' gonna git in our way
We're gonna roll this truckin' convoy, cross the USA
Convoy... Convoy...

Uh, you wanna give me a 10-9 on that Pig-Pen?
Uh, negatory Pig-Pen, yer still too close
Yeah, them hogs is startin' close up my sinuses
Mercy sakes, you better back off another ten

Well we rolled up interstate fourty-four
Like a rocket sled on rails
We tore up all a our swindle sheets
An' left 'em settin' on the scales
By the time we hit that Chi-Town
Them bears was a gittin' smart
They'd brought up some reinforcements
From the Illinois National Guard
There 'as armored cars, and tanks, and Jeeps
An' rigs of every size
Yeah them chicken coops 'as full a bears
An' choppers filled the skies
Well we shot the line, an' we went for broke
With a thousand screamin' trucks
And eleven long-haired friends of Jesus
In a chartreusse microbus

Hey Sod Buster, listen
You wanna put that microbus in behind the suicide jockey?
Yeah, he's haulin dynamite
He needs all the help he can git

Well we laid a strip fer the Jersey Shore
An' prepared to cross the line
I could see the bridge 'as lined with bears
But I didn't have a doggone dime
I sez Pig-Pen, this here's the Rubber Duck
We just ain't a gonna pay no toll
So we crashed the gate doin' ninety-eight
I sez, let them truckers roll, 10-4

Cause we gotta mighty convoy, rockin' through the night
Yeah we gotta mighty convoy, ain't she a beautiful sight?
Come on an' join our convoy, ain't nothin' gonna git in our way
We're gonna roll this truckin' convoy, cross the USA
Convoy... Convoy...

Uh, 10-4 Pig-Pen, what's yer 20?
Omaha?!
Well they oughta know what to do with them hogs out there fer sure
Well mercy sakes alive good buddy
We gonna back on outta here
So keep the bugs off yer glass
An' the bears off yer... tail
We gonna catch ya on the flip-flop
This here's the Rubber Duck on the side
We gone
Bye, Bye...

Bunkerman said...

par Édith Piaf

Des yeux qui font baisser les miens,
Un rire qui se perd sur sa bouche,
Voilà le portrait, sans retouche,
De l'homme auquel j'appartiens.

Quand il me prend dans ses bras
Il me parle tout bas,
Je vois la vie en rose.

Il me dit des mots d'amour
Des mots de tous les jours
Et ça m'fait quelque chose.

Il est entré dans mon cœur
Une part de bonheur
Dont je connais la cause.

C'est lui pour moi, moi pour lui
Dans la vie.
Il me l'a dit l'a juré pour la vie.

Et dès que je l'aperçois
Alors je sens en moi
Mon cœur qui bat.

Des nuits d'amour à ne plus en finir
Un grand bonheur qui prend sa place
Des ennuis, Des chagrins s'effacent.
Heureux, heureux à en mourir

Quand il me prend dans ses bras
Il me parle tout bas,
Je vois la vie en rose.

Il me dit des mots d'amour
Des mots de tous les jours
Et ça m'fait quelque chose.

Il est entré dans mon cœur
Une part de bonheur
Dont je connais la cause.

C'est toi pour moi, moi pour toi
Dans la vie.
Il me l'a dit l'a juré pour la vie.

Et dès que je l'aperçois
Alors je sens en moi
Mon cœur qui bat.

mern said...

i can just see judy garland trying to belt out throwing stones.

makes the hair on the back of my neck rise (NOT!). lol

http://www.thedenverchannel.com/news/18793588/detail.html#

i guess this animal gave bob the heisman. bob didnt take it very well.

:-)

Spin-em said...

(Reporter):
Hello, everyone, this is your action news reporter with all the news
that is news across the nation, on the scene at the supermarket. There
seems to have been some disturbance here. Pardon me, sir, did you see
what happened?

(Witness):
Yeah, I did. I's standin' overe there by the tomaters, and here he
come, running through the pole beans, through the fruits and vegetables,
nekkid as a jay bird. And I hollered over t' Ethel, I said, "Don't
look, Ethel!" But it's too late, she'd already been incensed.

(Chorus)
Here he comes, look at that, look at that
There he goes, look at that, look at that
And he ain't wearin' no clothes

Oh, yes, they call him the Streak
Look at that, look at that
Fastest thing on two feet
Look at that, look at that
He's just as proud as he can be
Of his anatomy
He goin' give us a peek

Oh, yes, they call him the Streak
Look at that, look at that
He likes to show off his physique
Look at that, look at that
If there's an audience to be found
He'll be streakin' around
Invitin' public critique

(Reporter):
This is your action news reporter once again, and we're here at the gas
station. Pardon me, sir, did you see what happened?

(Witness):
Yeah, I did. I's just in here gettin my car checked, he just appeared
out of the traffic. Come streakin' around the grease rack there, didn't
have nothin' on but a smile. I looked in there, and Ethel was gettin'
her a cold drink. I hollered, "Don't look, Ethel!" But it was too
late. She'd already been mooned. Flashed her right there in front of
the shock absorbers.

(Chorus)
He ain't crude, look at that, look at that
He ain't lewd, look at that, look at that
He's just in the mood to run in the nude

Oh, yes, they call him the Streak
Look at that, look at that
He likes to turn the other cheek
Look at that, look at that
He's always makin' the news
Wearin' just his tennis shoes
Guess you could call him unique

(Reporter):
Once again, your action news reporter in the booth at the gym, covering
the disturbance at the basketball playoff. Pardon me, sir, did you see
what happened?

(Witness):
Yeah, I did. Half time, I's just goin' down thar to get Ethel a snow
cone. And here he come, right out of the cheap seats, dribbling, right
down the middle of the court. Didn't have on nothing but his PF's.
Made a hook shot and got out through the concessions stand. I hollered up
at Ethel, I said, "Don't look, Ethel!" But it was too late. She'd
already got a free shot. Grandstandin', right there in front of the
home team.

(Chorus) (Witness):
Oh, yes, they call him the Streak Here he comes again.
Look at that, look at that Who's that with him?
The fastest thing on two feet Ethel? Is that you, Ethel?
Look at that, look at that What do you think you're
He's just as proud as he can be doin'? You git your
Of his anatomy clothes on!
He's gonna give us a peek

Oh, yes, they call him the Streak Ethel! Where you goin'?
Look at that, look at that Ethel, you shameless
He likes to show off his physique hussy! Say it isn't so,
Look at that, look at that Ethel! Ethelllllll!!!
If there's an audience to be found
He'll be streakin' around
Invitin' public critique

Spin-em said...

You might not ever get rich but let me tell ya it's better than digging a ditch
There ain't no telling who you might meet, a movie star or maybe even an Indian chief
Workin' at the car wash
Workin' at the car wash, yeah (Car wash girl)
Come on and sing it with me, car wash
Sing it with the feelin' ya'all, car wash, yeah (Car wash girl)

Come some of the work gets kinda hard
This ain't no place to be if you planned on bein' a star
Let me tell you it's always cool and the boss don't mind sometimes if you act the fool
At the car wash
Talking about the car wash, yeah (Car wash girl)
Come on, ya'all and sing it for me, car wash
Car wash, yeah (Car wash girl)

(Work and work) Well, those cars never seem to stop coming
(Work and work) Keep those rags and machines humming
(Work and work) My fingers to the bone
(Work) People can't wait till it's time to go home

(Hey, get your car washed today)
Fill up and you don't have to pay
Come on and give us a play
(Do the wash, right away)
(The car wash) Talkin' 'bout the car wash, car wash, yeah (Car wash girl)
Come on, ya'all, let's sing it with me, car wash
Sing it with feelin' ya'all, car wash, yeah (Car wash girl)

mern said...

can i get a witness?

Bunkerman said...

Here's an exception to the "great song" rule - by Julie Andrews.

http://www.youtube.com/watch?v=3JvQI9PvZWk

Bunkerman said...

Here's Edith Piaf from 1946:

http://www.youtube.com/watch?v=rKgcKYTStMc

Frosty said...

all aboard...that's what I'm talkenbout

http://www.youtube.com/watch?v=3MLp7YNTznE

Bud said...

'nailed it'

'helluva a call bob'


gimme a f'ng break !!!!!



PS..........still wanna be friends ???