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bloomberg.com:
July 8 (Bloomberg) -- Morgan Stanley plans to repackage a downgraded collateralized debt obligation backed by leveraged loans into new securities with AAA ratings in the first transaction of its kind, said two people familiar with the sale.
Morgan Stanley: Summary | OpenSecrets
Collateralized debt obligation - Wikipedia, the free encyclopedia
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Hey, that was my idea!
you're still free to do it.
Banking morality ?...check this memo from ABA -American Bankers Association, in 1891, to all banks - to create a depression in 3 years time ! It worked. The 1890's depression in USA was nearly as bad for farmers as the 1930's.
- " On Sept. 1st, 1894, we will not renew our loans under any consideration. On Sept. 1st we will demand our money. We will foreclose and become mortgagees in possession. We can take two-thirds of the farms west of the Mississippi, and thousands of them east of the Mississippi as well, at our own price......Then the farmers will become tenants as in England....."
This memo was verified in Congresss in 1913 when it was quoted in opposition to the proposed Federal Reserve act - which was to allow the big private banking houses to OWN the USA money supply. That's 7 of them , originally. The Act was snuck through in the christmas break via absenteeism, ignorance, coercion and payola. You've been paying for it ever since. The money supply is then manipulated to take absolute control.
The only way out now is to Nationalise the Fed and the money supply and spend directly into projects and industry,or lend at little or no Simple Interest. Also, have Bridging Authorities to freeze defaults until examined and restructured. If people and businesses are evicted, the country and economy are being destroyed. There is now not enough cash flowing in the system, and into productive things.....that is the simple problem.
Of course there's little credibility in the rating now.
But CDOs never were about simply repackaging bad loans and calling it AAA afterwards. That's the story that has made it into many articles and reports, but it's not true.
In the process of repackaging, a lot of junk bonds are created. These must either be sold at a price reflecting their junk status or they must be retained by the originating bank.
The problem never was about ignoring bad loans. It was about finding an appropriate price and about finding the appropriate amount of junk needed to actually make a AAA tranche possible.
And with the removal of mark to market, the obma admin has effectively eliminated that possibility.
Not necessarily. Tranching has risk and pricing properties that exist even before accounting enters the picture.
Also, it was the accounting profession itself (and its highest representatives) who relaxed mark to market. This wasn't a government intervention. But of course bad banks and other programmes are in particular relaxations of mark to market - with a turbo, so to speak.
DID YOU NOT LEARN THE FIRST TIME!
Yes they did, they all got off scotch free and still laughing all the way to the bank...
Ernestine Bass wrote:
“Oooooooh, yeah...J.P. Morgan was a real prince.
Bet you never read THAT in your corporate-produced public school history textbook, eh?”
------------------
1. you do not know for a fact that I attended public or a private schools (or both) so you have no factual basis for that comment on textbooks..
2. it also might help to review the meaning of the word Scarcasm.
http://encarta.msn.com/dictionary_1861701341/sarcasm.html
Sarcasm definition.
If it was sarcasm, it missed me too, and I LOVE sarcasm. I still love your kitty photo.
Ernestine is a champ. Can we still be friends?
My Kitty Sweet Pea and I both say, of course we can still be friends! Meow!
And I learned from this experience, from time to time, I will give a" warning of incoming" when sarcasm is on the horizon.
Nothing's changed in the financial sector that's for sure and to think they got all those taxpayer dollars just so they could turn around and do the same thing all over again. There won't be any consequences this time either. There aren't any consequences for anything anymore as far as big business or big government goes. The bigger the crime, the less anyone does or says about it. Every now and then they'll throw a Bernie Madoff under the bus and the SEC had to be practically dragged, kicking and screaming from their offices to get that done.
"Laughing all the way to the bank"
http://english.aljazeera.net/focus/2009/07/20097972424110179.html
Who the hell rates these insecurities AAA? They were garbage to begin with and are still garbage.
There needs to be a law against this kind of swindle.
I guess you can't teach an old thief new tricks as long as the old tricks still work.
The recovery is a forest. People have let their credit cards go, and don"t have mortgage
payments it looks as if we are spending more and people have disposable incomes again.
Actually, savings are getting drained and there are no new jobs. We are in the calm before
the storm. People are spending what every little cash they have left on eating out and
shopping for smaller ticket items. This will come to an end in 6 months. There are no new
jobs. Can you hear the quiet in America?
good articles : http://www.iamned.com
In 2003 13 of top 20 donors to Bush campaign employees were at
Merrill Lynch & Co.,
UBS
AIG
MBNA Corp
Campaign Finance reform at ist finest-
All you country first folks- thanks
now they cry
Stimulus is a joke of a concept; it doesn't end up with real economic growth in the long
tem. Even the New Deal failed to increase private investment. It wasn't until 1941 that
domestic private investment reached 1929 levels. The fact that the first stimulus has failed
to stop the bleeding yet isn't surprising. Our government deficit for the year which is over
20% of GDP (when the omnibus bill, first stimulus, bailouts, and on-budget deficit are
summed) is unsustainable and something's gotta give, whether it be the lenders or the
interest rates.
hat tip to http://www.iamned.com
TOXIC COMMERCIAL REAL ESTATE- Morgan Stanley Real Estate
No BAILOUT for 'TOXIC REIT' Ponzi scams.
IN 2007,according to a New York Times article citing data from Thomson Financial, there have been $281 billion worth of private equity deals in the U.S. so far this year -- that's triple the amount compared to the same period last year, which ended up breaking all sorts of records.
FORT WORTH, Texas--BUSINESS WIRE--Feb. 13, 1998--Crescent Real Estate Equities Company (NYSE:CEI), one of the country's largest real estate investment trusts, today announced that it has completed the sale of 8 million shares of 6.75% Series A Convertible Cumulative Preferred Shares to Salomon Smith Barney. The offering generated...
April 21, 1998 Crescent Real Estate Equities Announces New Earnings Release Date
Explain this sale on May 22, 2007:Crescent Real Estate Equities Co. (NYSE: CEI)
Morgan Stanley Real Estate has agreed to acquire the Fort Worth, Texas-based REIT for a deal that totals $6.5 billion, including the assumption of debt.
Morgan Stanley Plans to Turn Downgraded Loan CDO into AAA Bonds
July 8 (Bloomberg) -- Morgan Stanley plans to repackage a downgraded collateralized debt obligation backed by leveraged loans into new securities with AAA ratings in the first transaction of its kind, said two people familiar with the sale.
Morgan Stanley is selling $87.1 million of securities that it expects to receive top AAA ratings and $42.9 million of notes graded Baa2, the second-lowest investment grade by Moody"s Investors Service,
In 2003 13 of top 20 donors to Bush campaign employees were at
Merrill Lynch & Co.,
UBS
AIG
MBNA Corp
Campaign Finance reform at it's finest-
just like coburn
Hampton added that Coburn confronted Ensign and urged him to provide millions of dollars in assistance to the Hamptons to pay off their mortgage, in addition to getting Ensign to write a remorseful letter to Cynthia Hampton.
mr anti- earmark
Coburn- throws his gun amendment into national parks via the credit card bill?
I want mr anti earmanrk to tell us where Ensign was getting those millions to bribe his mistress and husband?
watch cobrun the briber speak at health care mark up committee
he needs to resign
yes
al the republicnas screaming 'mark to market' cnbc the ibiggets screamer
this is mark to market
Barney Frank did not want this
Thanks to the Morgan Stanley evidence today this argument is even more relevant:
Their is MASSIVE Evidence the Scheme used by the WSt Bankers was premeditated and therefore HIGH CR!MES were committed!
This was WELL EDUCATED MEN (mostly) making ZERO mistakes except one - They thought they would get away with it! To assume that Masters and PhD level managers simply made some mistakes is naive and irrational.
TWO SIMPLE FELONY FRAUD CHARGES:
1. Premeditated Manufactured Insider Trading
a. Make a lot of Sure Fail Product knowing it will fail
b. Buy Massive A1G Credit Default Swaps which is Betting the SURE FAIL Products will fail!
Make it to fail and then bet it will fail: "Manufactured Insider Trading" 100% sure BET!
2. Misrepresentation of Hugh Risk "FAKE Rated" products as Safe Low Risk "AAA" and sold to victims all over the world!
Both Cr!mes are Felony Fraud and are well documented! They provide evidence for decade or longer terms in Pr!son!
Ask Chef Martha who did next to nothing compared to the $Trillion Scams these Banksters committed yet served years!
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First Posted: 07- 9-09 08:34 AM | Updated: 07- 9-09 08:38 AM