I am off from work today as I am getting ready for my annual snowboarding trip out west with my friends from high school. It is just going to be four of us this year. The husband is not allowed as there is a strictly enforced no wives or civil union partners allowed, just the guys. I tried the line "But he can pee standing up!" but they said nope, those are the rules.
I fly out tomorrow morning, we all arrive within 2 hours of each other. Drive to the mountain, picking up copious amounts of beer, booze and tobacco products on the way, take care of our rentals, dinner and then poker. Last year I was the big winner at poker and it crushed them they lost money to me. Two days of boarding and then back here Monday evening.
I got a lot done actually. I made up my training from yesterday by riding the bike for forty minutes- I think it was around 13 1/2 miles. I renewed the kids licenses and found out our older one will need a rabies booster shot to get it renewed next year. I also renewed my parking permit for Hoboken. I tried to do the husband's also but you have to do it in person. That is not a bad thing as the first person in the residence only pays $25 and the second has to pay $50.
So JPM cut their dividend by 87% but said they did it out of a sense that business may not be so good and were not told by the government to do it. Do tell. Yesterday morning the Fed released a memo saying they have directed all TARP recipients to cut their dividends- so there Mr. Dimon! LIAR!
AIG- the former insurance giant I and you own 80% of has said that their plan for asset sales isn't going so well. To me that means the only option they have is to file. We wasted a shitload of money trying to save it because it posed systemic risk and it is going to end up filing anyways. It also brings into question this little thing a lot of analysts on the Street call liquidation value. If AIG's asset sales did not go as planned that must mean every ones base case assumptions for deciding on liquidation value are probably too high. As Scooby would say: Ruh-roh Shaggy.
I have been having a discussion about that giant hedge fund that also makes light bulbs- you probably know it as GE. I am wondering if GE Capital- which converted into a S&L holding company and tapped the FDIC for beau coup bucks- could be forced to split from the parent by the government and then nationalized. A PM I work with says never, makes no sense. But he can't explain to me why the GE 5 year CDS is blowing out so big. The rub is everyone and their mother owns GE. GE Capital has been the driver for it for twenty odd years. If the growth engine is gone what happens to a company that just makes light bulbs? He said it was worth at least $100 billion but I again have to question what his bas assumptions are and how does he get to that.
The NAvy is trying to sell a top secret ship it had built called the Sea Shadow. No idea what it was built for but it looks really fucking cool. As one article said it is a cross between a stealth bomber and the Batmobile (the one with hot Christian Bale behind the wheel not any of the other actors who have played the Dark Knight).
I did not watch the State of the Union as I have had enough of our President saying we have a plan to make a plan. I did hear though that Nasty Pelosi was in charge of the applause button and cued everyone when to. Vice-President Biden apparently was a smarmy as ever. Speaking of him, his family seems to be caught up in the latest Ponzi scheme run by Stanford. They apparently took money from him to then place into hedge funds. No big deal, not illegal, lotta firms do it. What I found stunning is they admitted they never met the guy, had a call with him or any contact. WTF! Haven't you heard of due diligence? Know your customer? That alone should shut them down.
Had drinks last night with a friend in the biz. I took her to a gay bar where all the beautiful people hang out. She was in love with our waiter as he was pretty damn cute. She said she wanted to abuse her T & E as her boss (who I know) is a miserable, little prick (which he is) so we ordered a bottle of champagne. It was fun but she was bombed by the end of it and asked if I was sure there was no chance for her with any of the guys at he bar.
Tuesday night we had dinner with PF and DR and it was a very good time. The only thing is I was sore from my training I did before. Again I was behind so had to make up. I swam for 20 minutes, hopped on the bike for 24 and then right onto the treadmill for a short 12 minute run. By the time dinner was served my quads were aching. Thank god there was wine.
I still have to do my regularly scheduled training tonight which is a 20 minute run. Will head off to the gym to ogle the hotties whilst I run. Then dinner solo as the husband has a business dinner. Pack up and watch some t.v.
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