Streetwise Professor

December 8, 2011

Breaking: Video of Corzine Senate Testimony

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4 Comments »

  1. Hint:

    St*len and/or coll*teral calls on the RTM trades.

    Comment by Sotos — December 8, 2011 @ 2:06 pm

  2. @Sotos–my surmise is stolen to make collateral calls on the repos.

    The ProfessorComment by The Professor — December 8, 2011 @ 2:41 pm

  3. Agreed – everyone has said they haven’t been able to reconcile the accounts yet. What a farce: the way to look at this is to get the SWIFT and FEDWIRE messages for the last two months and reconcile the gross flows. That will tell you where cash went and from where it came. In all honesty it should take 3-5 decent database programers about 5-6 days to build the data tables mirroring the SWIFT and FEDWIRE messages along with the data support tables (account id’s, etc.), and crack the message tapes. Remember we are not talking about a production system here but analytics. Also note that once this is built it doesn’t matter how many messages there are or the time period covered – those can be easily added as needed. Give another week for report building. That will tell you where and why the money went. THEN one backs into client cash movements. That this has not been done yet shows the incompetence or billing hour orientation of whoever is running this show.

    Comment by Sotos — December 8, 2011 @ 7:54 pm

  4. I think you hit the nail when you said “billing hour orientation.” That, and bankruptcy trustees are not necessarily mentally geared to deal with financial firms. But it is a sick joke that almost 6 weeks out they still claim not to know anything.

    The ProfessorComment by The Professor — December 8, 2011 @ 9:32 pm

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