The third time’s the charm

So guess who is not drinking the kool aid at the green shoots party?

Yes, you guessed right. Fannie Mae. It seems the venerable institution, who we should remind our readers is as of lately under government conservatorship in order to find a way not suck badly, actually sucks pretty bad.

In an interesting twist on the whole green shoot scenarios, they lost 14,8 bil this quarter. Only slightly better than the 20 bil they lost last quarter. So most def that second derivative is looking good. But until they find a way to correct that first derivative, they are gonna have to hit that TARP bitch for something like 10 bil, in what will be the third Gov ATM withdrawal in the last year, bringing the total to 90 bil. Ouch. Hey at least they are not AIG right? Hit this and this for the details.

A stressful day

I was gonna write a little song and dance on the whole bank-stress-test-oscar-winning-extravaganza show, but then i thought otherwise. You see, why not leave it to the guys who started this thing to tell their own story…

And the winner is…Only 10 banks need to raise capital and only 75bn of it!!!

75bn is a nice number. By now you guys are numb enough from the TARPnaisthisia to not really feel the pain so here’s some comp shots.

75 = 10 more than Madoff made off with

75 = 13 more than AIG lost by itself last quarter (and 35 more than it received in Fed funding in order to have the privilege to report this quarter)

75 = 70 more than AIG lost this quarter (without the 30 option payment to get to today) and last, just to list a non-negative one…

75 is a little over a third of what AIG has gotten in funding so far in order to stay alive and keep losing money, so i think we got some room to grow here

PS you know that the recession is over when the numbers thrown around fail miserably to impress anyone

The Saint

After taking a short break due to prior commitments, i return back to fore a little bit more sentimental than usual, and i give to you my dear readers, an article submitted by one of your brethren (our readers now amount to millions* but we at the balcony are dedicated at reading all your comments and email).

Presented without comment

* calculation based on historical value and not mark to market.

AIG doing its thing

OK. I have to think of something to say, but really there are so many quotable lines over the internet right now coming from Cuomo, Frank, Summers et al that i am thinking i should just pace myself. This is obviously going to kickstart another round of hilarity so i am just going to sit back and enjoy the show.

It's so obvious that by now everything goes, it's just game on all around.

Read here and here or just google your ass.