That wily Bloomberg again. This time a different hedge fund with a different strategy and a different outlook but the same damn results. The two hedge funds that Ralph Cioffi managed were so hot that some investors had to call a friend at his firm, Bear Stearns Cos., to get his attention. Cioffi's employer and associates, dazzled by 40 consecutive months without a loss for one of the funds, invested at least $35 million of their own money with him.::yawn:: Been there, done that, bought the movie rights.
Cioffi was convinced that the securities firms loaded up on new CDOs in late 2006 and early this year, expecting to sell them later when investor appetite improved. By the spring, after dozens of home lenders failed and the subprime mortgage market imploded, the Wall Street securities firms and other CDO underwriters started dumping collateralized debt, pushing their prices lower.
At the same time, those firms ended derivative bets on defaults of subprime-mortgage bonds used as hedges for the CDO holdings, pushing the values of those contracts also lower. That ruined both sides of Cioffi's trade, at least temporarily. Investors in his funds were upset, and they began asking for their money back.
Ooops.
433 comments:
«Oldest ‹Older 401 – 433 of 433The contract posted on Caseypedia has Casey's signature on it. But this is a contract which came from Casey.
Has Marty even executed it? You'd think that if this contract were executed that Marty would hold the one signed by Casey and Casey would hold the one signed by Marty.
Talk about a pair of jokers.
@ Annie,
I was not going to post because there are too many comments, (have read every word) but I was moved by your advise to G.
***********************************
"If you've not already started, keep a diary or journal. Set some goals - short and long term - and take a small step each day to accomplish each. I know things are hard now, but trust me, six months, one year, two years, three years, you'll find yourself happier than you've been these past 10 months."
***********************************
In this regard, any dated and documented material, Diary, journal and day planner will lay out the sequence of events for the divorce or separation proceedings, and are admissible as evidence (if needed).
I think she will need this for protection, in that all the "written words" on this, as btc called it, "debacle" are in Casey Spin.
She needs to keep the records for the legal depositions etc., because of the, "if it's not in writing, it did not happen", theory.
So, good advise for many reasons, personal healing, and a shield for her attorney to exploit on her behalf.
Disclaimer: I am not an attorney or a party to anything, just:
Been there done that, twice and now I am a happy confirmed bachelorette .
Warmest,
(-:.
FMW
According to Fliptard's blog, he'll be in Portland today; just in time for the huge Vancouver Fireworks Show. Any chance somebody will stick a rocket up his ass and light the fuse?
I bet Casey will feel like a rocket is up his ass tomorrow.
I think Casey will "take off" after Portland.
"because of the, "if it's not in writing, it did not happen", theory."
Hell. In Caseys world, even if it's in writing, it didn't happen.
@ Anonopussy above,
Yep, LOL.
@ Dawg,
I just went over the time stamps and this is truly an "after hours Blog"
Amazing All niter haterzzzzzzzz.
Man you guys are brutal! Lighten up on the little dude. He didn't mean any harm. The debts, etc - who cares. Everyone does that stuff. It's like speeding. Banks are evil anyway and the government prints money like it's toilet paper. It's worthless, just a game and you're mad that Casey is playing it?
The family and wife, did you ever think maybe they're the jerks? Maybe they're so brainwashed into the slave-job mentality that they continually crushed his dreams and harrassed him.
What are all of you going to say when Casey is a multi-millionaire and on TV all the time? Hate all you want but you know it's inevitable. That's why you try so hard to mess him up because you're jealous you don't have the balls to do what he does.
That's the contract that supposedly scared him into putting the blog back up? Gimme a break - the one with his wife was more airtight. Hence his choice to go with the contract which gives him wiggle room. We all know how Caseypedia defines a contract:
A contract is a piece of paper with words on it, accompanied by Casey Serin's signature. The exact meaning of the words is irrelevant.
It is not necessary to consult legal counsel, family members, or common sense before signing. The terms LEGAL and ETHICAL do not apply to contracts as defined by Casey Serin.
The contract can be annulled at any time by means of the phrase "NO DEAL!!". This should be prominently displayed within the heading of a blog post.[1]
Contracts are also considered negotiable (in favor of Serin) even after being agreed upon and signed by all parties. Actions forced by a breach of contract, such as the one in which Serin shuttered IAFF at the beginning of June 2007, were always considered temporary setbacks until he could renegotiate the already sealed agreement.[2]
Anyway, my best to G. I hope she gets out from under this albatross of a human being with as little further damage as possible. My guess is that Casey did indeed touch down in SEA and perhaps is even pursuing some gold nuggets some scam artist sent him. But in all likelihood the phrase "Potential Opportunities" is exactly what it sounds like: A made up bullshit excuse for not being at home in Sac-town FIXING things. Well if there's one thing positive that has come out of this it is that he has solidified G's position that she is not taking him back and she's not going to take it anymore.
Snowflake will remain in denial of this, assuming while his little high continues that there will be something waiting for him when he goes home. That he'll be able to talk his way out of it. That the Foreclosure Code will be a huge hit, a New York Times best seller, because the guy he's hitched to has "Massive" contacts (who the fuck puts that they have a fat Rolodex in a contract? A hack that's who).
Hey Casey: Itsallgood. When you do eventually return home (sure you may squeeze a trip to Eugene or a stop in Redding or Chico, but eventually you are gonna run out of Highway 5 and you're gonna find yourself, finally, justly in the middle of the biggest shitstorm of your life.
PS. Lost mittens, not that I don't want to you win, but I pray the judge doesn't just toss your suit for being completely flimsy. I understand you're counting on a default judgement, but if there's no case here (I'm assuming there's a HELL of a lot more in your arsenal than that which is publicly available) then Casey gets the last laugh. Hope you took that into account before you started this. Don't fuck it up Mark. I mean that. Hope you kill it. Happy 4th everyone!
you're jealous you don't have the balls to do what he does.
I don't have the balls to stick my dick in a light socket.....but I'm not jealous of an idiot who does.
You_are_on_drugs
Dude, LMAO.
The Dude is too funny for morning coffee, I'm laughing through the burn....
The family and wife, did you ever think maybe they're the jerks?
Yes. They were jerks for enabling his shenanigans for as long as they did.
...they continually crushed his dreams and harrassed him.
So it's okay for Casey to crush their dreams, credit and good name?
The poster at IAFF notes that a credit counseling co she used has been shut down by the FTC for fraud and failure of full disclosure.
Casey should be next. He's positioning IAFF as a foreclosure help site. Is there any disclosure that there is not a single lawyer, trained credit counselor, real estate broker even, behind this site? What if someone follows advice that is illegal, like falsely declare BK to forestall foreclosure?
People are posting very traceable details about themselves, opening themselves up to more fraud or ID theft.
IAFF should be shut down!!
He didn't mean any harm. The debts, etc - who cares.
Wow, I thought this guy was being facetious. What an asswipe.
Good morning!
(Looks at quantity of posts. Loyal scroll wheel silently pleads 'No')
Never mind.
Hello Everyone,
I am someone who is close to Casey's inner circle. I have supported Casey even through his more questionable decisions, but the whole Australia trip was the last straw.
Anyway, if anyone has any questions, feel free to ask.
Casey Insider
@ Casey Insider,
He was in Aussie land for weeks, why are you just now appearing, and what is your relationship to Fliptard, family, business or friend?
@ FlyingMonkeyWarrior:
My reasons for appearing now will be fairly evident some time next week. I have deliberated about going semi-public for quite some time. Although many factors have led me to this decision, the sudden trip to Australia was the final straw.
I will not answer questions as to how I know Casey, only that I have been privy to his financial records and some of his private opinions regarding real estate investing (flipping), people he knows and what he really thinks about his blog.
Okay. good. Then what are his "private opinions" about Real Estate and his blog.
Where is the Utah payment and did he put money in an off shore account in Australia?
Is he still 'in bed' with Marty?
Okay, I'll bite. How is Galina and his family holding up? Do you think his mother is planning a serious intervention?
aack!
Greetings Casey Insider!
Whoever you are, you're certainly an "Early Riser"!
S_t_C
What does he really think about his blog?
@ FlyingMonkeyWarrior:
I know that Casey has more money at hand than he lets on. He's taken kickback money on all of his RE deals, including Utah.
I had a falling out with Casey during his trip in Australia somewhat, so he hasn't confided what he did since then.
Casey's still working with Marty as far as I know.
Curious:
Casey's family is not holding up well at all. As for interventions, they've had countless numbers of these.
Casey also hates this blog, quite obviously. And he visits this site a lot more than he lets on.
C.I.,
How much money do you reckon Casey has at his disposal? Why isn't he sharing any of it with his wife?
S_t_C
Yea, Good question Kitty Cat.
Insidey -
Do Caseys crack be any greasier dan de las time I cohabitated wif dat bwah?
He unhygenic!
aack!
If C.I. is to be believed about all the extra money Casey has squirreled away, so much for "keeping it organic"!
Casey, shame on you! You lying little shit!!
thpptt!!!
S_t_C
At 11:46 PM, Me said...
Tony Soprano...
I do not think that is likely, surely Casey is smart enough to realize that if the Fed's were planning to arrest him they would know in advance his flight schedule.
And actually they don't need to know his flight schedule. All they have to do is flag his name / passport in their system, and they'll catch him wherever he tries to clear customs.
BTC,
Just for the record, to invest in a private equity company the rules are that you need $1 mill of net-worth or more than $200,000 in income per year for the last 24 months. $300,000 a year if, like Casey, you are married.
That's the definition of an accredited investor.
So you're right in spirit, but just a tiny bit off in the facts.
Cheers.
P.S. The best hedge funds have traditionally just broken 40% returns a year, not close to the 5% month number Casey was talking about. And the 40% returns aren't sustainable, just google Long Term Capital Management. Most hedges barely break the S&P 500.
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