Monday, July 28, 2008

Merrill-y We Roll Along

Merrill Lynch has just sold $30 billion of face value mortgage products for $6.7b after listing as recently as last month these same products on their books at $11b+. Terrible, terrible news and in conjunction with a 20% stock dilution and subordination for stockholders. But not to worry, all the important people were tipped off as Merrill was lower and losing all day. Trading on insider information? Hoocoodanode?

11 comments:

wagga said...

Criminal bankers (excuse the redundancy) always first to know?

Edgar Alpo said...

In other news, MER announces record executive bonuses and campaign contributions. The senior VP was heard to say: "We are rolling in it, we don't even count our losses, only the gains. What a racket!"

Casey Serin said...

So you're saying that the company whose logo is a "bull" is dealing in "shit"...? ;-)

Lost Cause said...

They are lucky they got that much money for this crap. It is essentially worthless.

Akubi said...

I love this comment in response to George W's record breaking deficit:
Serolf Divad says at 2:34 pm, July 28th, 2008
What you guys are failing to take into account is that when adjusted for the size of the US economy divided by military expenditures, multiplied by the difference between GNP and GDP squared, and factoring inflation, the changing lunar equinox, the price of GM stock options, average corporate fuel efficiency, the price of a gallon of gas, the price of a gallon of milk, the average home mortgage deduction, and the average age at which girls reach puberty these days, Bush’s deficit is not out of line with historical highs.

Lost Cause said...

Let me point out, akubi, that this is not how much they are spending, it is just how much they are planning to overspend. What they actually will spend is really an ungodly amount. But nevertheless, this is money that they do not have, and must borrow.

Bakersfield Bubble said...

Carl Cole had oral sex with a male student:

Cole, now 61, had been convicted of a crime against nature for engaging in oral sex with an 18-year-old man by a Moore County, North Carolina jury In 1988, administrative hearing and criminal court records show.

Cole was the victim’s principal, and the incident took place in his office at Big Oak Christian School, according to hearing records.

Cole was arrested on an additional charge of sexual activity by a custodian, which was dismissed, court records and newspaper archives show.



http://www.bakersfield.com/hourly_news/story/506885.html

Akubi said...

@Lost Cause,
Deficit aside, sometimes it is difficult to come to terms with the trillions in debt that we’re in, but the fact that Google announced they have indexed *only 1 trillion unique Web pages* is an interesting reference point.
I'm sure WALNUTS will keep that "fiscally conservative" Repug BS rolling.

Akubi said...

@BB,
Why is it that "family values”"repugs are generally involved with that sort of thing...?
Maybe all the missing billions might be found in an overworked asshole of a sexy Iraqi boy?

Lost Cause said...

OMG...Kind of blows new life into the term bubble, doesn't it?

Akubi said...

Welcome to Annexia!