Random Thoughts: Does the FASB Change "Matter"?-Minyanville

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Random Thoughts: Does the FASB Change "Matter"?

Todd Harrison Jul 30, 2008 12:15 pm


		Vote will buy time for banks.

Monkey? I’m a gorilla you clown!
The bovine tone from yesterday—the "higher low" vibe we shared—continues, at least for the time being.
"Trend rally in a bear cycle" is also known as a "bear market rally." I've allowed for this in my approach but where you stand is where you sit.
Don't confuse the world we live in with the tape we trade. Two difference conversations.
Isn't it enchanting?
Please note that FASB voted to delay the off-balance sheet rule change. This quiet "push out" will buy time for trillions of dollars in off-balance sheet assets at banks.
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Minyans would be well to remember that the Level III accounting concerns were one of the early warning signals we flagged for the financials in the fall.
Yes, this delay speaks to "qualifying special-purpose entities" (QSPE) but the shift in posture warrants a mention nonetheless. There are no silver bullets, we know, but perhaps there's a silver lining. At least, for a trade.
Flies in today’s upside try? Google (GOOG), the homies, retail and automobiles.
Automobiles?
Mirror image? Just as we expected a downside test yesterday (after the fugly Monday), we saw the same today the other way (following Turnaround Tuesday). Ips probe facto, and as some opening gaps filled, we’ll get a truer tone.
Is that a $700,000,000 ,000 swing in eight years? It would be funny if it weren’t our money.
One of my smarter "tape trading" brothers keeps putting MBIA (MBI) and Ambac (ABK) on my radar for an upside trade. I nibbled on the former—small, and for a pure trade—and while we don’t “do” advice in the ‘Ville, I wanted to toss it on ye radar.
Mr. Practical and I squared off for some midtown bocce last night. Take me at my word that he's a better person than he is a professional and that's saying something. Minyans (present company included) are lucky to have a window into his stream of consciousness.
This morning's news from the Federal Reserve? Same ol', same 'ol...
I can't shake this song from my head and now, through the magic of Minyanville, neither can you!
Asterisk Central! Remember the "crude to par into the election* mandate? It was/is contingent on a status quo situation in Iran. That, it seems, is far from a given.
Talk about a character shift. One month ago, the Iran news would have Texas Tea up a quick finski.
Pork bellies, which are used to make bacon. Which you might find in a bacon, lettuce and tomato sandwich.
In the interest of communication and forthright disclosure, I sold my Wachovia (WB) calls (slapped on yesterday morning). 30% overnight, trough to peak, is tough to sneeze at (not that I caught it all with a full position).
I’ve rotated my risk into some other financials for a tight trade, including Citigroup (C), with a conscious nod that if they’re forced to mark-to-Merrill’s market, we could see another hefty write-down.
My motivation was the FASB shift and I’m yet unsure if I plan to trot home with that risk.
Hoofy and Boo continue to sit on my shoulders and whisper “Stick and move, Winky, even if you're confident. Discipline over conviction.” True dat.
Extreme Home Foreclosure?
Pep stepped to the small screen stage to talk through his tremendously awesome Mr. T Gold Indicator. Shine bright, young buck!
Buck? No, Del!


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Comments (6)

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M Utley

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07-30-2008, 2:13 pm
There has been a budget deficit each year so cumulatively, it's probably closer to $3 trillion deficit. This isn't GAAP based accounting either. There isn't a liability entry for social security receipts. Enron had nothing on the Read More

Lee Stockhamer

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07-30-2008, 2:19 pm
The Fed and Paulson's Dept. of the Usury are cornered rats with your ATM card and your PIN. They have made it clear they are prepared to do anything, legal or extra-legal (that word would be pronounced "illegal" if you or I did it) Read More

Dean Simmons

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07-30-2008, 2:42 pm
Date Held by Public Held by Govt's Total 01/19/2001 Not Available Not Available 5,727,776,738,304.64 Read More

Edith Orenstein

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07-30-2008, 9:13 pm
Todd, when I first saw the title of your post, "Does the FASB Change 'Matter'?" I thought you were going to point out that in some ways, the change in effective date decided today really may not 'matter,' since und Read More

Robert Deny

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07-31-2008, 12:29 am
"Mr. Practical and I squared off for some midtown bocce last night." Is there a trend at work here? I keep running into more and more people who are into kissing the pallino and a lot of them are twenty years away from socia Read More


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Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at todd@minyanville.com.

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