You are Schwab right? A good friend of mines brother works for them in the valley here...
Man that pay sucks and being on the phones..well we both know how bad that sucks.
What keeps you there?
I remember when there werent early redemption fees and short term trading restrictions on MFs..how old does that make me?
Yeah, im there ws. Not sure what keeps me there. Guess its because I'm new to the industry and thought it would be different. Pay does kind of suck (bonuses okay though) not sure what else to do but its definetely not what I thought.
Quote Originally Posted by wallstreetcappers:
Grinder,
You are Schwab right? A good friend of mines brother works for them in the valley here...
Man that pay sucks and being on the phones..well we both know how bad that sucks.
What keeps you there?
I remember when there werent early redemption fees and short term trading restrictions on MFs..how old does that make me?
Yeah, im there ws. Not sure what keeps me there. Guess its because I'm new to the industry and thought it would be different. Pay does kind of suck (bonuses okay though) not sure what else to do but its definetely not what I thought.
Yep..been there and done that. Unless you have wealthy relatives or are a great salesman there isnt much outside SCH or FIDO for brokers that dont want to sell.
TMA is a pisser huh? well look at their balance sheet, they barely have enough cash to breathe..this probably isnt going to run away or anything, plus they said they were giving the dividend in Sept..lets see if they postpone it if the market isnt any better..that would KILL the stock.
I would say 25/75 they dont make it, meaning 75% chance they do but the action sure is a pisser..I was actually sizing up the call options for a CC write, buying around 9.20 and selling the 10s..easy money and it would have netted about 25% on the trade and gave a decent lowered basis.
Grinder,
Yep..been there and done that. Unless you have wealthy relatives or are a great salesman there isnt much outside SCH or FIDO for brokers that dont want to sell.
TMA is a pisser huh? well look at their balance sheet, they barely have enough cash to breathe..this probably isnt going to run away or anything, plus they said they were giving the dividend in Sept..lets see if they postpone it if the market isnt any better..that would KILL the stock.
I would say 25/75 they dont make it, meaning 75% chance they do but the action sure is a pisser..I was actually sizing up the call options for a CC write, buying around 9.20 and selling the 10s..easy money and it would have netted about 25% on the trade and gave a decent lowered basis.
Yup, kind of sucks...trying to get a promotion to a job that sucks less though.
Yeah, i dont want any piece of tma now. I was looking at cc for imb. The sept 20 premiums look pretty good.
Still got pozn with the puts just gonna let them expire and move on.
IDMI has a little life in it still...thought they were supposed to have some sort of approval this month for junovan or something but havent heard anything about it.
Yup, kind of sucks...trying to get a promotion to a job that sucks less though.
Yeah, i dont want any piece of tma now. I was looking at cc for imb. The sept 20 premiums look pretty good.
Still got pozn with the puts just gonna let them expire and move on.
IDMI has a little life in it still...thought they were supposed to have some sort of approval this month for junovan or something but havent heard anything about it.
I think IDMI bounces back but it might take a year..i am in it with you bro..
You are talking about the Sept 20s right?
I have a FIDO friend from years ago who now works for ETrade..same schtick..and you are right, swim upstream enough to get off the phones and the job can be decent, but Schwab is known for axing jobs when the market goes cold, I would never feel safe working there (if it were me I mean).
Back when I was with FIDO in the late 90s to early 2000's it was a total madhouse..they had these lights on the phones which indicated how busy the queue was and we would be maxed out for the entire day, straight call call call call call all day long..it drove me crazy.
Grinder,
I think IDMI bounces back but it might take a year..i am in it with you bro..
You are talking about the Sept 20s right?
I have a FIDO friend from years ago who now works for ETrade..same schtick..and you are right, swim upstream enough to get off the phones and the job can be decent, but Schwab is known for axing jobs when the market goes cold, I would never feel safe working there (if it were me I mean).
Back when I was with FIDO in the late 90s to early 2000's it was a total madhouse..they had these lights on the phones which indicated how busy the queue was and we would be maxed out for the entire day, straight call call call call call all day long..it drove me crazy.
As sad as it sounds I would like to get axed if I got some severence pay. LOL. Phones are crazy, they have a light on wall for the queue and its always in "alert". Girl next to me takes around 130 calls in 10 hour period. Im yet to reach the triple digit mark.....thankfully.
Yeah I was looking at the sept 20's, hell even the august 20's aint bad.
Do you ever look at vickers reports? Interesting stuff for imb.
As sad as it sounds I would like to get axed if I got some severence pay. LOL. Phones are crazy, they have a light on wall for the queue and its always in "alert". Girl next to me takes around 130 calls in 10 hour period. Im yet to reach the triple digit mark.....thankfully.
Yeah I was looking at the sept 20's, hell even the august 20's aint bad.
Do you ever look at vickers reports? Interesting stuff for imb.
I dont have access to those reports not being at a firm..I imagine you could find them online but most are for pay, so I dont get the juicy firm reports like I used to.
130 calls means she is churning and burning..better be careful, when I was on the phones if you dragged the calls out it would be trouble.
I would rather wait tables than be chained to the phones..sad to say but true.
The friend of mine is off the phones and into a supervisory position which isnt as bad..or if you can get to a specialized team like a high net worth group then it isnt so bad either.
I do miss my bloomburg machine..awesome screeners and tons of real time news.
Grinder,
I dont have access to those reports not being at a firm..I imagine you could find them online but most are for pay, so I dont get the juicy firm reports like I used to.
130 calls means she is churning and burning..better be careful, when I was on the phones if you dragged the calls out it would be trouble.
I would rather wait tables than be chained to the phones..sad to say but true.
The friend of mine is off the phones and into a supervisory position which isnt as bad..or if you can get to a specialized team like a high net worth group then it isnt so bad either.
I do miss my bloomburg machine..awesome screeners and tons of real time news.
One thing a panic does is reveal the economic idiocy of our politicians...excerpt from an email:we can look forward to more howlers from our fools in DC...
politicians want to devalue the dollar, yet it is on
the verge of a collapse. In such circumstances it is a noble sentiment
of presidential candidate Hillary Clinton to campaign for a bulletproof
dollar. According to The Daily Telegraph: “[She] has called
for restrictive legislation to prevent America being ‘held hostage to
economic decisions being made in Beijing, Shanghai, or Tokyo.’ She said
foreign control of over 44% of the U.S. national debt had left America
acutely vulnerable.” The second sentence is true; the first sentence is
preposterous. A practical application of Clinton’s proposal might ban
the Chinese from buying American securities or demand all Americans pay
off their mortgages immediately (thus retiring the billions of dollars
worth of American mortgages the Chinese government was kind enough to
mop up.)
One thing a panic does is reveal the economic idiocy of our politicians...excerpt from an email:we can look forward to more howlers from our fools in DC...
politicians want to devalue the dollar, yet it is on
the verge of a collapse. In such circumstances it is a noble sentiment
of presidential candidate Hillary Clinton to campaign for a bulletproof
dollar. According to The Daily Telegraph: “[She] has called
for restrictive legislation to prevent America being ‘held hostage to
economic decisions being made in Beijing, Shanghai, or Tokyo.’ She said
foreign control of over 44% of the U.S. national debt had left America
acutely vulnerable.” The second sentence is true; the first sentence is
preposterous. A practical application of Clinton’s proposal might ban
the Chinese from buying American securities or demand all Americans pay
off their mortgages immediately (thus retiring the billions of dollars
worth of American mortgages the Chinese government was kind enough to
mop up.)
Good stuff on SYY, WSC, but I ain't coming off it. I'll cash black in a year with no stress.
Speaking of stress, man oh man oh man are the bankruptcy rumors flying.
How in the fuck do you guys trade this crap without SERIOUS inside info on the rumors, BEFORE they come out????
This casino charade masquerading as "the stock market" is basically a multi trillion dollar game of liar's poker.
More lies are told on Wall Street than at a "liar's convention."
And what's sad (BUT TRUE) is that the financials with horrific sub-prime exposure will be saved by some bull-crap, totally undeserved bail-out package, when what ought to be done and should be done is to let these scumbags fall on their faces.
These mortgage houses knew they were pushing the envelope, yet they continued to do so. Now they pushed it off the table as the paper has all but burned up. Oh well....too bad.....that's gamblin'. But no, these low-lifes will get off scot-free.
When this bail-out package is released, I will want to puke. The moral of the story.......DON'T SHORT the turmoil..........the bail-out package will run you right over, and no one will bail you out.
Long GTLS, holding firm.
Long FSLR, looking to add in low 60s.
Long SYY, looking to add HARD anything below 30.
Cheers
Good stuff on SYY, WSC, but I ain't coming off it. I'll cash black in a year with no stress.
Speaking of stress, man oh man oh man are the bankruptcy rumors flying.
How in the fuck do you guys trade this crap without SERIOUS inside info on the rumors, BEFORE they come out????
This casino charade masquerading as "the stock market" is basically a multi trillion dollar game of liar's poker.
More lies are told on Wall Street than at a "liar's convention."
And what's sad (BUT TRUE) is that the financials with horrific sub-prime exposure will be saved by some bull-crap, totally undeserved bail-out package, when what ought to be done and should be done is to let these scumbags fall on their faces.
These mortgage houses knew they were pushing the envelope, yet they continued to do so. Now they pushed it off the table as the paper has all but burned up. Oh well....too bad.....that's gamblin'. But no, these low-lifes will get off scot-free.
When this bail-out package is released, I will want to puke. The moral of the story.......DON'T SHORT the turmoil..........the bail-out package will run you right over, and no one will bail you out.
Ccourt: I could not agree more with this quote from your post:
And what's sad (BUT TRUE) is that the financials with horrific
sub-prime exposure will be saved by some bull-crap, totally undeserved
bail-out package, when what ought to be done and should be done is to
let these scumbags fall on their faces.
These mortgage houses knew they were pushing the envelope, yet
they continued to do so. Now they pushed it off the table as the paper
has all but burned up. Oh well....too bad.....that's gamblin'. But
no, these low-lifes will get off scot-free.
People of similar ilk got off free in 1987...we go through these panics on a fairly regular basis.
From a speech given by Richard Arms, the technical guru, in 1987: "Gentlemen, there has been no crash.What we have seen is a traditional and long overdue panic. The evidence has been before us for months, but most investors have chosen to ignore it. The market has been needing exactly the medicine it has just received. Now perhaps it can start recuperating from its illness."
Ccourt: I could not agree more with this quote from your post:
And what's sad (BUT TRUE) is that the financials with horrific
sub-prime exposure will be saved by some bull-crap, totally undeserved
bail-out package, when what ought to be done and should be done is to
let these scumbags fall on their faces.
These mortgage houses knew they were pushing the envelope, yet
they continued to do so. Now they pushed it off the table as the paper
has all but burned up. Oh well....too bad.....that's gamblin'. But
no, these low-lifes will get off scot-free.
People of similar ilk got off free in 1987...we go through these panics on a fairly regular basis.
From a speech given by Richard Arms, the technical guru, in 1987: "Gentlemen, there has been no crash.What we have seen is a traditional and long overdue panic. The evidence has been before us for months, but most investors have chosen to ignore it. The market has been needing exactly the medicine it has just received. Now perhaps it can start recuperating from its illness."
I think we're reaching the panic crescendo that signifies all short-term stock market bottoms.
All we really need is one truly horrific open, and the latest emotional market meltdown will have run its course and achieved its goal of weeding out the weak.
Not there yet, but really, really close.
Yeah, and a company like "Countrywide" will end up getting bailed out. Oh yeah, they're in a world of shit, but 10 years form now this destruction will just be a blip on the screen. I damn sure wouldn't buy this shit company at this price (21 and change), as it may fall another 50% on rumors alone before they get the inevitable bail-out package which saves their sorry asses.
This crap is what is sickening about Wall Street. In a real world, CFC would be allowed to hang itself and fall on its face.......DEAD, due to its own foolishness. Oh well.....that's the way the cookie crumbles. Write awful loans, get called, pay the price.....Countrywide deserves to die.
But it ain't going to happen......they'll get bailed out, and that is WRONG.
Yeah, guys....spot on.
I think we're reaching the panic crescendo that signifies all short-term stock market bottoms.
All we really need is one truly horrific open, and the latest emotional market meltdown will have run its course and achieved its goal of weeding out the weak.
Not there yet, but really, really close.
Yeah, and a company like "Countrywide" will end up getting bailed out. Oh yeah, they're in a world of shit, but 10 years form now this destruction will just be a blip on the screen. I damn sure wouldn't buy this shit company at this price (21 and change), as it may fall another 50% on rumors alone before they get the inevitable bail-out package which saves their sorry asses.
This crap is what is sickening about Wall Street. In a real world, CFC would be allowed to hang itself and fall on its face.......DEAD, due to its own foolishness. Oh well.....that's the way the cookie crumbles. Write awful loans, get called, pay the price.....Countrywide deserves to die.
But it ain't going to happen......they'll get bailed out, and that is WRONG.
These lenders won't get baied out....it's too late and it still hasn't even reched it's peak, not close. The sub-prime market has gone to the dumps but watch when these A-paper notes start going south...it is going to happen. The market doing well the first two quarters of this year was all smoke in mirrors by the feds. they kept saying the housing market is fine the so called "bubble" is not going to burst. Now the housing market is turned upside down (with sub-prime notes) and the market is going south just watch when the A-paper banks start closing their doors or suspend the payments of dividends to share holders..............
These lenders won't get baied out....it's too late and it still hasn't even reched it's peak, not close. The sub-prime market has gone to the dumps but watch when these A-paper notes start going south...it is going to happen. The market doing well the first two quarters of this year was all smoke in mirrors by the feds. they kept saying the housing market is fine the so called "bubble" is not going to burst. Now the housing market is turned upside down (with sub-prime notes) and the market is going south just watch when the A-paper banks start closing their doors or suspend the payments of dividends to share holders..............
everyone in the world right now is afraid of risk and if they take it, businesses are paying an arm and a leg. profits will be trimmed...the entire debt market has dried up...which is why the fed has to keep pumping liquidity into these markets
compaines like Pfizer, AAA rated companies are having trouble doing business b/c they cant go into the short term mkt and borrow $5b to do their day to day business
very scary...this is worse than LTCM in 1998 b/c the market is so much bigger and global and intertwined than it ever has been before
stay out of financial stocks...money markets are paying north of 4%...enjoy your interest payments...i am
jt - you're spot on
everyone in the world right now is afraid of risk and if they take it, businesses are paying an arm and a leg. profits will be trimmed...the entire debt market has dried up...which is why the fed has to keep pumping liquidity into these markets
compaines like Pfizer, AAA rated companies are having trouble doing business b/c they cant go into the short term mkt and borrow $5b to do their day to day business
very scary...this is worse than LTCM in 1998 b/c the market is so much bigger and global and intertwined than it ever has been before
stay out of financial stocks...money markets are paying north of 4%...enjoy your interest payments...i am
on another note...im in the market to buy a house so i called a Hovnanian builder yesterday about a development in my area
listed at 549 and up 30k for each bigger model higher
she told me, they already reduced everything on the development 30k each and are offering 20-25k in further cash back plus all sorts of upgrades
i told her "You know the subprimes are dead, Alt-A's are dying and the jumbos are too expensive...how are you selling any of these houses?" She answered, "We've sold 4 this month" Immediately I said "Tell those rubes i have a bridge to sell them in Brooklyn"
then she hung up on me....i'll call her in a week and offer 25% below current mkt value....
these homebuilders are fucked...and BZH and other home builder/mortgage originators are double fucked. they signed deals with townships 3-4 years ago in the boom to build 200+ houses on these developments and they are building yet the houses are empty
in 6 months you will be able to buy whatever you want (new construction only) for 40% off...i'm totally convinced of that
on another note...im in the market to buy a house so i called a Hovnanian builder yesterday about a development in my area
listed at 549 and up 30k for each bigger model higher
she told me, they already reduced everything on the development 30k each and are offering 20-25k in further cash back plus all sorts of upgrades
i told her "You know the subprimes are dead, Alt-A's are dying and the jumbos are too expensive...how are you selling any of these houses?" She answered, "We've sold 4 this month" Immediately I said "Tell those rubes i have a bridge to sell them in Brooklyn"
then she hung up on me....i'll call her in a week and offer 25% below current mkt value....
these homebuilders are fucked...and BZH and other home builder/mortgage originators are double fucked. they signed deals with townships 3-4 years ago in the boom to build 200+ houses on these developments and they are building yet the houses are empty
in 6 months you will be able to buy whatever you want (new construction only) for 40% off...i'm totally convinced of that
Troubled mortgage lender Countrywide Financial CFC21.29,
-3.17,
-13.0%)
said it has drawn down all of an $11.5 billion credit facility to fund
its operations as difficulty raising money in the credit markets
threatened its business. The firm also said it has significantly
tightened lending standards to the point that 90% of its loans will now
be prime credits.
Troubled mortgage lender Countrywide Financial CFC21.29,
-3.17,
-13.0%)
said it has drawn down all of an $11.5 billion credit facility to fund
its operations as difficulty raising money in the credit markets
threatened its business. The firm also said it has significantly
tightened lending standards to the point that 90% of its loans will now
be prime credits.
according to a friend who works as a sell side analyst:
According to our economists and the brains here, it doesn't matter. The fed would need to cut maybe 150bps minimum to increase liquidity (maybe). Bottom line is nobody wants to lend money at whatever rate to homebuyers or securities backed by assets (ABS) b/c everybody is skittish over whether they'll get repaid. Who cares if they're getting 10% on their money when getting repaid is in question. when no one is willing to lend, the system shuts down.... If the fed does an emergency cut, the market may react like: Oh sh*t, this must be more serious than I thought and you would see the selling intensify....
according to a friend who works as a sell side analyst:
According to our economists and the brains here, it doesn't matter. The fed would need to cut maybe 150bps minimum to increase liquidity (maybe). Bottom line is nobody wants to lend money at whatever rate to homebuyers or securities backed by assets (ABS) b/c everybody is skittish over whether they'll get repaid. Who cares if they're getting 10% on their money when getting repaid is in question. when no one is willing to lend, the system shuts down.... If the fed does an emergency cut, the market may react like: Oh sh*t, this must be more serious than I thought and you would see the selling intensify....
I think today is going to end up being the blowup down day making a bottom from which the market can move forward. But it's going to get worse today. I can see Dow being down around 400 with curbs being kicked in. Investors will throw in the towel and then it's time to jump in and pick up the bargains.
I think today is going to end up being the blowup down day making a bottom from which the market can move forward. But it's going to get worse today. I can see Dow being down around 400 with curbs being kicked in. Investors will throw in the towel and then it's time to jump in and pick up the bargains.
server problems.. Last I checked that FTO stock was nosediving.
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