Monday, April 20, 2009

The Brits have such a way with words

So this past weekend it was all about the husband sine it was his "birfday" weekend. Friday we stayed in and I made dinner for us- called mom and had her email me a recipe that I always loved growing up but I adapted it and substituted apricots and asparagus for the peaches and broccoli. The husband liked it a lot. We sat there and watched Blazing Saddles on AMC while we ate dinner. That movie is so frackin' funny. I miss Harvey Korman.

Saturday we ran around doing errands. Then I got back into the kitchen and started slaving away as I had invited ST, PJ and TK over for dinner that evening. I also had to make the husband his birthday cake. As PF said it is total white trash to have a yellow cake with chocolate frosting and rainbow sprinkles- and that is what the husband got. ST, PJ and TK got here around 7:15 and I served dinner a hour later. The husband gently chided me for dressing the salad too early and the chicken was a bit dry he commented. Other than that all was good. TK stayed after dinner and we played cards.

Yesterday was a great lazy Sunday. We did nothing- well I did nothing. The husband went and did his long swim and I napped with the kids. Then we watched t.v and had dinner. Earlier we went to TGT and bought Punisher Warzone so we watched that. I have to say of the three Punisher movies- yes this was the third- it was by far the best and closest to the source material. I am surprised it did not do better in the theaters.

I did not train this weekend so I had to make up for it today. This morning I swam 1000 yards and biked ten miles. After work I went to the gym to try and get my long bike in and lift. The place was packed and as usual the hot guys were there in force- they always are on Mondays except during football season. Fordham Drinking Team is one I had not seen before and woof. I did not have time to get my long bike in.

So over the weekend the amateurs we have running the government floated the idea of finally admitting what they have already done- turning their TARP loans to banks into equity stakes, aka nationalization. In the case of Shitigroup and BAC it is fait acompli. The other thing they said was they will not let banks repay TARP early if it is not in the best "national economic interests" of the country. Right...

I love how the Brits when discussing all the government plans out there refer to them as schemes. Let's be honest- that is what they are; schemes to keep the system from utterly falling apart.

Tomorrow morning I will do my long bike and then after work my long run I was supposed to do yesterday.

Thursday, April 16, 2009

I am so glad I am done with that

So I did a short run and lifted this morning. The gym was fairly empty.

I don't understand why any bond holder of GM would willingly exchange their bonds for equity. Bond holders are top dog, king of the hill, the hot shit when it comes to bankruptcy. They have all the rights and power and legal protections. Equity holders are the owners of the business filing for protection. They are the last in line for anything that may be left over. It is a perpetual call. Does GM really think anyone would go from first in line to last in a really long line. All I can think of is the government yet again exercises its mono ply on the use of coercion and force and makes the bond holders do it. It will be couched in this is best for the country but don't believe it.

Tonight we had our last Share-A-Thon to try and sell shares in the beach house. I think we may have actually gotten some interest but we'll see after the weekend.

Tomorrow I have my long bike. I will do it before work. Thank God I have my iPod. Speaking of that I have to say there are two albums getting serious play on it. The first is TATE, aka The Airborne Toxic Event. It is a great album. The other one I actually have to give credit to my oldest son. About four months ago he asked me to add a song to his iPod. He only knew the title. I found and downloaded it for him. Listened to it, seemed ok. Then he asked for another one by the same artist. Went though the drill again and thought it was good too. So I finally downloaded the entire album and I have to say Lady GaGa is pretty good to do your cardio too. The husband thinks she is nothing new- Madonna and Britney do the same thing. To me it seems kind of like someone is stuck in their ways and I would venture Lady GaGa could easily dethrone both Madonna and Britney as the new gay icon. Those two should be looking over their shoulders.

Wednesday, April 15, 2009

More about pirates...

So this morning I got to the pool for my long swim and the staff informed there were no towels. I asked if they would have towels within a half hour? They said they did not know. At that point I really didn't have much choice so I jumped in the pool for my long swim. I was psyched that I got 1800 yards in in twenty-eight minutes. When I got out there were towels too which made my swim even better.

I loved the bar chart showing pirates versus Presidents. President Obama 3, pirates zero. Last night the husband asked what the big deal was about our President authorizing the Navy SEALs killing the pirates. I said no clue and don't care, he did the right thing. Along those lines I read where Ron Paul wants to bring back letters of marque and reprisal. Basically those are letter allowing private citizens to go after pirates or other specific targets and assets of said targets, allowing them to keep any treasure they acquire and any bounty on the target. These letters were created when there was no declaration of war but hostilities close to war. If you were issued letters of marque by the United Kingdom you were a privateer, the French version was a corsair. I would go for French letters of marque as corsair sounds way cooler. The practice was ended at the end of the Crimean War with the Declaration of Paris in 1856. As one article said, sort of like Blackwater but with very specific guidelines.

So when Vince from ShamWOW got arrested for beating up a hooker, everyone on the desk started discussing the ShamWOW. We actually ordered them and they arrived today. Of course we ran a few tests and they worked well- hell they are German and you know they make great stuff.

I forgot this past Saturday the husband and I went out for lunch. We walked into the place and there was red-hoodie in sweat pants having lunch with another guy. The host sat us down at the table next to them. My back was to them since I knew the husband would want to stare- which he did. I however was able to listen in on parts of their conversations. I swear I think it was a date they were having!

Tomorrow I have a short run and then after work we have our last Fire Island Share-A-Thon- thank God. We have totally sucked at selling any part of the season so the traders we are we decided we must be pricing it incorrectly and we are going to discount the prices tomorrow night. Hopefully that will generate some sales and allow us to recoup some of our cost.

Tuesday, April 14, 2009

Taking that piss was worth $4

Yesterday I got a pretty good short swim in. The highlight was that hot board shorts was there- later than I was so did not overlap much but he is now wearing a speedo! Whoo-hoo.

We had dinner with DR and PF last night at a restaurant owned and run by some guy who won some cooking reality show. The food was great and the wine was too but PF definitely needs to work on his indoor voice. Funny how an Italian guy like him has an Irish whisper...

So today my mom and dad marked 47 years of wedded bliss. I called them before the open to wish them a happy anniversary. Dad said he was taking mom out for a hot dog and cold beer to celebrate.

You would think that with all the shit going on that President Obama's new dog would not be a top story. Apparently it is though because he said if they got one it would be a rescue dog- a lovable mutt that needed a home. Instead he got a pure-bred Portuguese Water Dog. So now some people are crying foul. Give me a break and leave the guy alone- it is so not important right now. More important things we should be thinking about are things like North Korea quitting the nuclear talks, kicking out the UN inspectors and starting up their reactor again.

I have to say for all the build up of a major speech from the President today I did not hear anything really new. I do agree with him that education is and should be a top priority and is a massive investment in our future. I think that comes from being an Irish Catholic boy at heart who's father saw to all of his family's needs by being a teacher in the public school system and ending his career as a superintend ant.

Ok so GNW got the Heisman for becoming an S&L which means they are shut out of all the government programs to help the credit markets. It raises the spectre of counter-party risk yet again.

What exactly is a surgical bankruptcy? I have no idea how the government thinks they can bring about a controlled and "surgical" bankruptcy for GM? More importantly it will be viewed by the UAW as a massive betrayal by the President regardless of the why it was needed. It will be quite an interesting spectacle to watch but it will cause some serious further damage to the economy and consumer confidence.

So the smartest guys in the room are selling. It should bring to mind the old adage that if you are at a poker game and trying to figure out who the sucker is it means it is you. GS is frackin' brilliant in their strategery (I love that Bushism). They float the idea of paying the TARP back early. They then pre-announce positively and do a REALLY fast deal to sell $5 billion of common equity. They keep announcing it is their intention to pay back TARP. There are a few sticking points I keep getting caught up on though.

GS took $10 billion. The government has said firms that took TARP can only pay it back with money done by a capital raise. i.e. a sale of common equity or preferreds. I only saw GS raise half the amount they took. Yes they have ~$7 billion in cash on hand but I don't think that is allowed. More importantly the government really can't allow GS to pay it back right now because then it proves that people who took it and can't really did need it or they would have failed. It would quickly separate the wheat from the chafe. That would not be good now. The government will have to interfere even more in the markets. But not to worry- GS has a plan.

In their earnings most of their CREs are marked at 50. No big deal, like the conservative take. The problem is in the PPIP example put out by the government. In the example, the CREs are sold at 84. The heavily subsidized private capital buyers aren't putting up all of it so they could make money. However- if they don't sell at 84 then no bank will take the hit and GS is way ahead of the crowd no less severe mark downs would be needed. If they do sell there then GS gets to now mark their CREs back up to 84 showing huge percentage profits. It will also make any private capital buyer who was thinking about paying a heavily subsidized 84 if GS (widely viewed as the smartest guys out there) are saying they are only worth 50.

I got out of the office kind of late tonight. Had to run down town to pick up a picture of me and my oldest from spring break to give him. There was no bus around to take me back up town. I started walking and then had to take a leak in really bad way. I stopped at one of my old haunts thinking I could just use the john there. They now have a sign saying bathroom is for customers only. No problem. I walked in, ordered a Miller Lite and took my leak. Walked back to the bar, paid for my drink and then had the beer. It was so worth it.

Have a long swim tomorrow morning. If I am lucky hot board shorts will be in the lane next to me in his new speedo...

Sunday, April 12, 2009

Add another to the list

Easter Sunday was nice and quiet- no zombie messiahs trying to eat my brains and no airing of the grievances since that is a Festivus ritual. We slept in kind of late and had a lazy Sunday. The husband made a great Easter dinner. We watched Sci-Fi most of the day and topped it off with The Curse of Tutankhamen's Tomb. Casper Van Dien is it in and I have to say he is still hot as ever. I forgot about him when creating my list of celebrities I can hook up with with out it counting as adultery.

It's back to work tomorrow and training as well. I have to swim and bike and then we are having dinner with DR and PF in the evening.

I did not read Barrons this weekend or even the Sunday Times- except to see Ragnar and Umberto's pictures in the Styles section- but I did scan BBERG and I read that GS is most likely going to do a huge capital raise this week and pay back the TARP money. That is so going to screw over all the banks that really need it and can't pay it back yet. I wouldn't be surprised to see the government tell them no they can't pay it back- they have to abide by the original terms and wait two more years.

Saturday, April 11, 2009

Joe Pesci was sooo right in Lethal Weapon II

Spring break with the boys in Myrtle Beach was a blast! I drove down to central Jersey last Friday and picked them up after school. We then hit the road. The drive down sucked because of rain and there were 2 accidents between Baltimore and D.C. and a third after we passed D.C. We stayed in a hotel in Rocky Mount, NC that evening which took us 8 hours to reach. Apparently I was so tired I snored all night and hogged the pillows from my youngest. We got up, had breakfast and hit the road to finish the trip. We made it to Myrtle Beach in about four hours, got to the realtor's office and the house was ready even though check in was not until 4 PM officially.

The house was great, 5 bedrooms upstairs and two downstairs. A typical beach house raised up on pilings and with a walk way out to the beach. I was psyched to have a bedroom on the ocean but that did not work out. While we were driving down the night before my youngest asked if, since I was paying for the house, he and his brother got to pick their rooms first. I said yes so when we got into the house Saturday they both made a bee-line for the two bedrooms upstairs on the ocean. They pointed out I said they could pick any room they each wanted. I realized it was their spring break and was caught with my own words so I let them have the rooms. My brother and his wife and children took the other three rooms upstairs which left one of the downstairs rooms with a lovely view of the street for me.

The boys hit the beach immediately and found something they dug up. It appeared to be some kind of weight for a line of some sorts on a boat. They preferred to call it buried treasure though.

Mom and dad got there about a half hour after we did and they took the other downstairs bedroom as they are getting old and too many stairs cause them problems.

That evening we went out for dinner and then my brother, sister-in-law and their three children got in. The kids went straight to bed but the adults stayed up late drinking wine and beer.

A good friend, BW, I had not seen since I graduated from high school lives down there. She came over Monday night and I made dinner (and introduced my sister-in-law to the concept of "cooking wine," i.e. wine one drinks while cooking) for the adults and we caught up on a lot of things. It was great to see her. She is engaged so I told her to bring her beau over later in the week so we could meet him. She came over our last day there and we got to meet him. Thumbs up from everyone who met him, he seemed like a really good guy and he hit it off with mom and dad too.

The weather was decidedly mixed. Saturday and Sunday it was nice but Monday and Tuesday it sucked ass. Wednesday was sunny but really windy and cold. Thursday, our last day, was picture perfect.

We celebrated my oldest's birthday too. I made a cake for him Thursday and told him he could pick whatever restaurant he wanted to go to for dinner. I suggested Hooters as he is now 12. I explained the concept to him- waitresses with large busts- and he got all embarrassed and told me he couldn't talk about boobies with me. He picked Olive Garden instead. That sucked as the night before I took my youngest out for dinner and he wanted Olive Garden. What really sucked was there were some seriously cute waiters but I did not get served by them. The hostess did recognize me the second night though.

The drive home was actually very good. My brother, sister-in-law and their kids had an early flight so they were up and out of the house around 4:15 Friday morning. Mom and dad were up and out at 5:15. I woke up the boys, told them to brush their teeth and get dressed and in the truck. They immediately fell asleep again as they always do if it is dark, they are riding with me and I put the Sirius jazz channel on. We stopped two and a half hours later for breakfast at MCD. Then we stopped around 1 PM in Maryland for drive through MCD lunch. We got back onto 95 and as they boys were eating I asked one of them to give me my quarter pounder with cheese. Of course we never got it. I called the people at MCD douchebags- outloud. The boys laughed- my older because he knows what it is and my younger because his older brother was. Both of them offered part of their lunches to me but I told them no. My youngest said he was going to save some of his chicken selects just in case I changed my mind.

I made back to their mom's house in a bit under 10 hours. As I was dropping them off my oldest asked where I was going. I told him driving home to Hoboken. He said that sucks for you and laughed. I said yep but at this point another hour and 20 minutes or so won't matter and besides he and his brother are worth it.

The husband had been down visiting ST and moving a piece of art down to his place for storage. He got home the same time I did and he had the kids. I had forgotten that while I was away the kids went to the groomer. Our older one had gotten so matted and snarled that the groomer had to shave him down. He looks really cute in a goofy (very goofy) way. I did not realize how skinny he was and he has huge paws relative to the rest of his body and big bean. The husband and kids were excited to see me. It was serious nap time. Then we got up, went and had dinner at our favorite local spot. We headed off into the city to see Ragnar and his bf Umberto for drinks.

We then came back to Hoboken and went to the local gay bar for some fun. The bartender was really cute and had a hot body. The husband commented on the heavily latino crowd and asked the bartender if it was latin night. The bartender informed him no, Saturday night is latin night to which the husband asked what that was like.

Hopefully we'll see JP this weekend. I texted him to see if he wanted to meet us there but I was late in my texting as he was at Urge "giving his paycheck to strippers." I believe he is working tonight and tomorrow night so ideally some time this week we can catch up with him.

The best part of the evening though was my oldest would not stop texting me as we went to dinner telling me how much fun he had and what a great time the beach was. I did well I think.

The one thing I did notice on my week off was that the Fed had instructed all banks who have undergone the "stress test" not to discuss it on their upcoming earnings calls. WTF is that all about? How can people value banks properly if the government is telling the banks not to give out the information? I think it is complete bullshit and does not bode well fro this bear market rally we have had.

Friday, April 3, 2009

Vacation- all I ever wanted, Vacation- all I ever needed

I am off from work today as I am getting ready and packed to go on spring break with the boys for the next week. We are off to a beach house down in the Carolinas. My parents, my younger brother, his wife and three kids are joining us. I am psyched and think it will be a blast.

Was kinda of in vacation mode yesterday at work and don't have much to say about the markets.

Ragnar sent me the pictures he took of me and Mr. Clifford in our Black Party attire.

Wednesday morning I swam for a half hour, got 1800 yards in which I was happy about. The guy in the lane next to me finished up about the same time. I was getting into the shower when he asked how my swim was. I said fine, nothing else. In the locker room I noticed he had a wedding ring on. He came over to the scale which was next to my locker, dropped his towel and weighed himself. As he left he told me to have a nice day. It didn't hit me until I was in the elevator down that he might have been hitting on me. I asked PF what he thought and he said definitely.

I am away for the next week and will not be posting at all because this vacation is all about my sons.