tag:blogger.com,1999:blog-30643134.post8226871362534863044..comments2023-12-26T01:10:26.319-05:00Comments on Accrued Interest: Money Markets: And I thought they smelled bad... On the outside!Accrued Interesthttp://www.blogger.com/profile/05096191765979971184noreply@blogger.comBlogger16125tag:blogger.com,1999:blog-30643134.post-33576711274902064092008-01-05T03:29:00.000-05:002008-01-05T03:29:00.000-05:00This comment has been removed by a blog administrator.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-30643134.post-13382425592220868742007-12-05T21:43:00.000-05:002007-12-05T21:43:00.000-05:00I thought the entire last correction we saw WAS a ...I thought the entire last correction we saw WAS a fire sale at Citi.<BR/><BR/>http://dealbook.blogs.nytimes.com/2<BR/>007/12/05/citigroup-sells-2-buildings-to-sl-green-for-158-<BR/>billion/F-Traderhttps://www.blogger.com/profile/09652687845022318907noreply@blogger.comtag:blogger.com,1999:blog-30643134.post-44223885465917953242007-12-05T13:54:00.000-05:002007-12-05T13:54:00.000-05:00I thought I was being smart when I moved my 401k o...I thought I was being smart when I moved my 401k out of stocks and into money markets and treasuries 16 months ago. I'm beginning to think I should have put it all into my Mattress Fund.<BR/><BR/>I work as a property searcher in the title business. You'd think I'd know better...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-30643134.post-15857841672376245382007-12-05T05:33:00.000-05:002007-12-05T05:33:00.000-05:00Conspiracy is one thing. The fact that what the B...Conspiracy is one thing. The fact that what the Bush's touch turns to [rhymes with sit] seems easier to prove.<BR/><BR/>http://edition.cnn.com/2002/US/01/29/jeb.bush.daughter.drugs/Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-30643134.post-63373120535720256012007-12-04T22:20:00.000-05:002007-12-04T22:20:00.000-05:00You know, I read the post by Anonymous-6:02, sighe...You know, I read the post by Anonymous-6:02, sighed, and considered myself fortunate not to live in such an outrageously politicized and polarized country.<BR/><BR/>And then I read this <A HREF="http://www.bloomberg.com/apps/news?pid=20601010&sid=aKKN2gA3AS9Y&refer=news" REL="nofollow">amusing tid-bit</A>:<BR/><BR/><I>Coleman Stipanovich, the head of an agency managing a troubled $14 billion Florida investment pool for local governments, quit as officials approved a plan by BlackRock Inc. to salvage the fund.</I><BR/><BR/><I>Stipanovich, whose brother J.M. ``Mac'' Stipanovich is a Tallahassee lobbyist and Republican strategist who ran former Governor Jeb Bush's campaign for governor in 1994, was appointed executive director of the state board in 2002.</I><BR/><BR/><I>In the late 1990s, Coleman Stipanovich worked as a lobbyist for PaineWebber Inc. in Florida and was paid $7,500 per month to help the firm win municipal bond business.</I><BR/><BR/><I>Stipanovich, a Vietnam veteran, has a master of science degree in criminal justice administration from Michigan State University and a bachelors of science in criminology from Florida State University.</I><BR/><BR/>Impressive credentials for running a $184-billion asset management firm, eh? I really, really hope that Bloomberg forgot to mention quite a few other accomplishments.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-30643134.post-27858988413217152162007-12-04T18:02:00.000-05:002007-12-04T18:02:00.000-05:00So the conspiracy theorists are already blogging t...So the conspiracy theorists are already blogging that Jeb Bush was apparently "on" the SBA committee in Florida until last January, and therefor he is singularly responsible for all the troubles that FL now faces. And of course, this means Doubya is directly responsible.<BR/><BR/>I certainly don't want to argue that Doubya doesnt have a laundry list of faults; I would even question if some of his behavior would be considered legal if judged by a court he didnt appoint. But lets be honest here: the guy isn't competent enough to have screwed up everything he gets blamed for.<BR/><BR/>More importantly, we as voters need to think about the long term effects of our witch hunts.<BR/><BR/>Anyone who is a candidate for one of these boards is going to be human, and have made errors at some point in their lives (except maybe the news media-- they seem to have led perfect lives). Forget about having a shred of privacy: everything from your finances to your wife's underwear selection suddenly becomes part of the public's "right to know".<BR/><BR/>Guess what? Honorable decent people don't want to be assumed guilty until proven guilty. A honest person could make his/her best effort, and still make a mistake -- it really could be a mistake, and not part of some grand crime.<BR/><BR/>When we subject our "leadership" to these unreasonable tests, is it any wonder we end up with losers like Bush, Kerry, Guliani and Clinton? Who is going to want to run the Federal government, much less the state money funds?<BR/><BR/>Answer: people who don't mind being treated like the incompetent / crooks they are. People who think the best way to enhance their own image is to fling mud at their opponent's image.<BR/><BR/><BR/>When sports figures spend their whole time trash talking, we call them bad sports (or worse). Sports leagues that encourage 100% trash talking, and 0% talent generally have TV ratings in the toilet.<BR/><BR/>But for some reason, we not only accept this from politicians-- we insist on it.<BR/><BR/>And then we wonder how public finances could get as messed up as they areAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-30643134.post-84411901327772784872007-12-04T14:13:00.000-05:002007-12-04T14:13:00.000-05:00I tried to find your contact information but it is...I tried to find your contact information but it is nowhere to be found on your blog. Please send me an email at Vitaliy AT usa.net my blog is ContrarianEdge.com (I'll keep your identity private).<BR/><BR/>Best,<BR/><BR/>VitaliyAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-30643134.post-22479638976120410102007-12-04T05:53:00.000-05:002007-12-04T05:53:00.000-05:00Excellent blog--one of the best on the web, and i ...Excellent blog--one of the best on the web, and i have read a lot.<BR/><BR/>I am a 20 year professional, and spent several sleepless nights in August going through my clients' money fund holdings. I didn't recognize half the names, and promptly pulled out of it back then.<BR/><BR/>Since then, I have been telling anyone who asks that money funds WILL BE the big catalyst for a real bear market. Though I don't think any major firms will break the buck [SEI has also put money in btw], the loss of confidence will lead to serious problems.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-30643134.post-72187511207142798612007-12-04T05:27:00.000-05:002007-12-04T05:27:00.000-05:00The more things change. . .I remember this happene...The more things change. . .I remember this happened in Texas in the early '90s. The state sponsored fund had solid investments but made the classic mistake of extending its maturities. Rates went up, values went down, and redemptions broke the fund.<BR/><BR/>I don't know if this problem can be fixed. The local governments are often constrained by resources and political favoritism. All too often their only gauge is price and performance--promise a better yield at a lower price and you get the business. Talk about matching maturities with expected spending requirements and you are out of contention.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-30643134.post-42157727325964792872007-12-03T23:11:00.000-05:002007-12-03T23:11:00.000-05:00I have learned a TON from your blog. Who knew the...I have learned a TON from your blog. Who knew the fixed income markets were so interesting; they have been this year no doubt! If you get a chance I would like to read your views on the CDO market for student loans and credit cards. I am long FMD; they did a large securitization in September but were unable to sell a BBB trance; CCRT has had some problems but the market is pricing massive losses in their credit card portfolio.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-30643134.post-38428516076674250302007-12-03T22:57:00.000-05:002007-12-03T22:57:00.000-05:00Another question/comment.The villains of the piece...Another question/comment.<BR/><BR/>The villains of the piece?<BR/><BR/>Well, as one would have expected if one had thought about it, the show trials will belong to the rating agencies.<BR/><BR/>After all, Chuck Prince didn't do anything he wasn't allowed to do, did he? Yeah, he will be driving the Beemer for a few more years than he planned, but the guy's not going to jail.<BR/><BR/>But those rural municipalities who are going to have to give up their football teams over this, are going to say, "This stuff was AAA. Who screwed up, and where do they live?" Right?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-30643134.post-26032207116331979892007-12-03T22:53:00.000-05:002007-12-03T22:53:00.000-05:00What an incredible post!This post makes the MSM (M...What an incredible post!<BR/><BR/>This post makes the MSM (Mainstream Media) look positively sick. Sick.<BR/><BR/>What a post!<BR/><BR/>Question:<BR/><BR/>Will <I>all</I> banks bailout their money market funds. Specifically, will Citi be able to bailout its funds?<BR/><BR/>I suppose the answer is yes. But recourse will have to be twisted into a pretzel, right?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-30643134.post-21834624233167826262007-12-03T20:58:00.000-05:002007-12-03T20:58:00.000-05:00Hello Accrued,Good site.. Could you provide some o...Hello Accrued,<BR/>Good site.. <BR/>Could you provide some of your insights for HRB. Looks fishy... and can be a good short candidate with their Dec11 earnings call ( I am hoping it will go like.. "Earnings what Earnings !?!" )<BR/><BR/>Any commets from your research.<BR/><BR/>Also abt PNC.. looks like it is still around its 52 week high.. but it acquired a CA based mortgage company early this year... still no impact on the stock ! wonder why!<BR/><BR/>Thanks for the website. First timer. Will be back time and again. <BR/><BR/>Best Regards,Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-30643134.post-85801523942710883272007-12-03T19:51:00.000-05:002007-12-03T19:51:00.000-05:00Not many have been hit so far, but I think it may ...Not many have been hit so far, but I think it may be coming.<BR/><BR/>Moisture farmer... don't worry about it. Its a running gag.Accrued Interesthttps://www.blogger.com/profile/05096191765979971184noreply@blogger.comtag:blogger.com,1999:blog-30643134.post-89615430663099139192007-12-03T19:37:00.000-05:002007-12-03T19:37:00.000-05:00Anyone interested in the money market fund problem...Anyone interested in the money market fund problems should also check out the problems with the ABCP (asset-backed commerical paper) market in Canada.<BR/><BR/>When it's all said and done, it is quite possible those investing in low-risk ABCP or some sort of money market fund may end up taking a worse beating than those who went into CDOs and subprime debt. Anyone dabbling in subprime-related stuff probably knows the risk in some sense. Even if the rating agencies gave a high rating, subprime basically implies high risk. After all, these are people who can't get a loan (prime) at a normal bank.<BR/><BR/>But those investing in money market funds probably can't tolerate any losses. I'm just a small invest with a tiny portfolio but I really feel bad for the money market investors. People like me who invest in stocks know that everything could blow up (i.e. Merril Lynch, MBIA, C, etc--I don't own these but just listing them). But I suspect a lot of those in money market funds are truly shocked. On top of school districts and the like, I wonder how many elderly pensioners and others have been hit...Sivaram Vhttps://www.blogger.com/profile/06361276466660862882noreply@blogger.comtag:blogger.com,1999:blog-30643134.post-41839840704389858432007-12-03T18:15:00.000-05:002007-12-03T18:15:00.000-05:00"Moisture farmer"?I am probably revealing myself a..."Moisture farmer"?<BR/><BR/>I am probably revealing myself as the least cool person on the entire internet, but what is a "moisture farmer"?Anonymousnoreply@blogger.com