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Randoms: Love for Sale!

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The first move following the FOMC is typically the false move

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The Following Was Posted on the Buzz & Banter shortly after this morning's opening bell:

Remember, the first move following the FOMC decision is typically the false move. If that nonsensical notion plays out, we could see some upside today. I continue to trade with a scalpel not a sword as we carve our way to better days.

The upside window, over the next week, includes quarter-end games and fresh monthly flows. If Hoofy (or Stella) is gonna get a groove on, I would imagine it's gotta start soon.

Minyan Mailbag

Enjoyed Todd's Bank America love triangle column this morning and had comment that you might find interesting.

I was trading a book for Countrywide at the time the deal went down. I sat couple seats down from the repo/finance guys on the desk. On that Monday they asked all traders to cut our inventory to raise cash as much as possible because we had a term repo due that Friday and the lender told us they wouldn't roll it.

Tuesday, we couldn't get scrap together the cash to pay it so the repo guys went to all outside funding desks and countries (the Government of Singapore almost gave us money) but nobody came through with repo. Wednesday night, Angelo's #2 called Bernanke to layout the situation and ask for funding from the Fed window, which was denied.

Our trading floor was on first floor with window facing the driveway up to the building. Thursday morning we saw a long line of limos drive up full of bankers there to examine our books. I am not saying Ben called K. Lewis Wed night and put him on the job but the timing was very interesting.

I can say the sales guys, whose commissions were paid out over 3 years, were jumping up and down praising Ben for basically guaranteeing their comp that over those last three huge years was sitting in deferred money to be lost in bankruptcy.

Minyan Name Withheld

R.P.

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