Here is a "To Do" list for Big Obama and little Timmy.
1. Put AIG into bankruptcy and break all its financial contracts.
2. Eliminate credit default swaps.
3. Eliminate all derivatives except traded futures and options.
4. Reinstate the uptick rule in a strong form including all derivatives.
5. Require all executive bonuses be paid on five year performance in restricted stock.
6. Provide shareholders with real power to approve bonuses.
7. Require all shareholders votes to be secret ballot.
8. Eliminate all restrictions on intra-shareholder communications and coordination.
9. Compensation committee members and nomination committee to be nominated by shareholders directly.
10. Eliminate mark-to-market accounting for all except public actively traded securities.
Maybe I'll think of more later.
WSJ says hedge funds may get bailout cash. You can imagine how angry that makes me. Molotova's clients cashing in on the fires they started. Buy fire insurance on some buildings ... start a fire ... collect. What a scam!
Financial Vikings buy insurance on defaults via CDS, then drive companies to BK, then collect. What a wonderful system ! Isn't pure libertarianism great for financial markets ! It's a return to the 9th century of Vikings raiding the monasteries - burnings, looting, on and on.
Gosh, too bad Obama's surname isn't Shariff. Then Barack Shariff would be "BS".
I suppose his new nickmane should be BO (Plenty), after the L'il Abner cartoon character, for his smelly, rotten policies.
Word of the Day
"Abysm" - noun [$100 and $1000]; a Mencken word
Abysm means ($100) a superlative of abyss; ($1000) 1. The great deep, the bottomless gulf, believed in the old cosmogony to lie beneath the earth, and supposed to be, specifically, (a) an imaginary subterranean reservoir of waters; or (b) hell or the 'bottomless pit', the 'infernal regions'.
Sentence: Without the vision and perseverance of Battleship Ben, the world financial system and economy would likely now be in the abysm of a strictly cash society. It's good he reads this blog and knows what to do. [joke]
Le Mot du Jour
"Nourri, e" - adjective; past participle of nourrir.
Nourri means heavy, hearty, prolonged, lively, rich.
La Phrase: J'espère que le prochain marché haussier est très nourri.
Sentence: I hope the next bull market is very hearty.