Next Victim, Please !!!
September 26th, 2008 8:55 am | by John Jansen |Wachovia cash bonds have dropped by 20 points today. The CDS is trading with points up front and the last quote I heard is 33/37.
One corporate bond salesperson opined that Golden West Financial,which Wachovia acquired, looks very much like WAMU.
Separately, a commenter on another post at the blog noted that Morgan Stanley CDS is trading points up front. I do not have a quote.
This can not continue. The system is eating its young.
10 Responses to “Next Victim, Please !!!”
By Danny on Sep 26, 2008 | Reply
This is sad!!!
By SS on Sep 26, 2008 | Reply
I’m OK with it as long as a) the fallout hits the investors and not the taxpayer and b) we don’t get a catastrophic meltdown of the credit markets as a result — i.e. the ATMs and credit card terminals continue to function. It’s a long overdue comeuppance for unregulated risk taking and I hope substantial criminal investigations follow. Basically, I’m totally pissed off at the guys that palmed this stuff off on the public to grease their own wheels.
By Tim Bassett on Sep 26, 2008 | Reply
Last I heard MS was 14/16 but onlt half an hour earlier was 850/1000 so could be anywhere
By John Jansen on Sep 26, 2008 | Reply
thanks
By Danny on Sep 26, 2008 | Reply
Expect the un-expected this w/e!!!
Here is an article from today’s FT
Title: “Morgan Stanley suffers cash flight”
Link: http://www.ft.com/cms/s/0/fc0e74be-8b43-11dd-b634-0000779fd18c.html
By tiger on Sep 26, 2008 | Reply
Where can one find a list of nonfinancial CP issuers/issues?
By John Jansen on Sep 26, 2008 | Reply
I might be able to come up with one.
By tiger on Sep 26, 2008 | Reply
Cool. If you could locate one, that would be great.
By John Jansen on Sep 26, 2008 | Reply
i will talk to a friend Monday.
By phillip b on Sep 26, 2008 | Reply
ms was trading 17/20 upfront + 500bps pa in 5yr cds 2 hours ago