It ain’t just Lehman, Fannie and Freddie: There are plenty of other Pigs in the sea.
Washington Mutual (WM)
We are long this — my trading desk has been trying to bottom tick this today — but I don’t like it as anything other than a trade.
American International Group (AIG)
Reuters says AIG’s exposure to Fannie Mae, Freddie Mac preferred shares between $550 mln-$600 mln, according to sources.”
Merrill Lynch (MER)
The only good news is the dearth of bottom calls for the sector — something that is essential for the actual bottom to occur.
Long WM, Short AIG, No position in MER.
UPDATE: Fortune rips off this title! Putting lipstick on a pig 9/14/08
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