By Dutch cartoonist, Jos Colligno:
>
>
Here’s a link to other cartoons he did for inauguration day, poking fun at Obama and Bush.
Thanks, Esme!
In any great organization it is far, far safer to be wrong with the majority than to be right alone. —John Kenneth Galbraith
Asian currencies continue to sell off vs the $ on the heels of the news yesterday that South Korea said they will look into hot money inflows stemming from the $ carry trade and the Bank of Indonesia said they are looking into the foreign buying of bills. This follows the news a few weeks ago that Taiwan was limiting foreign deposit holdings and Brazil was taxing foreign inflow transactions. As I mentioned yesterday, we may have reached a short term pain threshold in terms of $ weakness and foreign countries are fighting back as they certainly won't wait for...
read more »
January 21st, 2009 at 4:18 pm
Filthy Dutch!!!
January 21st, 2009 at 4:23 pm
It’s been nice doing business with you guys:
*DJ JP Morgan CEO Dimon Buys 500,000 Co Shares >JPM
January 21st, 2009 at 5:00 pm
“DJ JP Morgan CEO Dimon Buys 500,000 Co Shares >JPM”
They needed to raise capitol and he’s the only one who would touch it.
January 21st, 2009 at 5:04 pm
“*DJ JP Morgan CEO Dimon Buys 500,000 Co Shares >JPM”
It’s actually not that big a purchase when you think about it. It’s also the least he could do at this point, put a teeny tiny amount of his own skin in the game, since we the taxpayer are helping to keep his firm alive so that he can make his millions and billions. Not impressed. Losing $11MM would be a drop in the bucket to him. Am guessing the Feds pressured him to do it too.
Call me when they’re nationalized and the common is wiped out.
January 21st, 2009 at 5:13 pm
If JPM goes down, he’s finished and wiped out anyway…already owns 3 million shares, why not throw some more in?
January 21st, 2009 at 5:19 pm
Exactly Steve. It’s called “doubling down for less” at the casino. He’ll join the other idiots that thought they could goose their stock by buying it on the way down. Call me when they get to zero.
January 21st, 2009 at 5:20 pm
Exatly Steve. It’s called “doubling down for less”. Call me when they get to zero. What makes him any different than the other arrogant f$ckers that did the same as they watched their companies go in the crapper?
January 21st, 2009 at 5:27 pm
Love the irony in that toon.
January 21st, 2009 at 6:08 pm
Good one. Shouldn’t Bush be getting into the plane?
January 21st, 2009 at 7:36 pm
Hey I’m the one that came up with the airbus in the water economy metaphor! Check my post from the day of the splash.
Pilot and crew = Obama administration.
Senator Cornhole from Texas and other reptilians = GEESE.
January 21st, 2009 at 8:20 pm
The “oath of office” is basically just a promise to uphold our Constitution. It obviously had no impact on Bush/Cheney and company. It certainly does not appear to hold any legal standing. After Bush, they may as well have just changed it to something like …”Still wanna be president”?
January 21st, 2009 at 8:34 pm
Didn’t Jeff Immelt buy a bunch of GE stock a long, long time ago?
Wasn’t Aubrey McClendon, at Chesapeake, taken out on a stretcher at 12 bucks on Chesapeake after buying boatloads at WAAAAAy higher levels. Remember how Pete Najarin kept pumping Chesapeake stock last year “because the CEO keeps buying.” What a joke.
These CEO’s are not very good traders….let me assure of you that much.
January 21st, 2009 at 8:58 pm
I have to say Obama is thorough. I’ll take it as a good sign. I just saw a blurb that said he retook the oath of office to ensure there could be no questions later due to Roberts flub.
On these execs buying stock in their companies. I’ll speculate that it is a feeble attempt to pump/show confidence right in front of a major capital raising dilution.
January 21st, 2009 at 9:24 pm
O/T, but it looks like I may finally make some money on my WFC trade today. Had to buy when it went below $14.00 today. won’t sell my 2,000 shares until it hits $28.00.
I think JPM, WFC, Goldman all survive without having to be “nationalized”. BAC and C, not so sure they won’t be nationalized.
Anyone nibbling on financials at these levels?
January 21st, 2009 at 9:56 pm
JDAMON: got 10k in way-in-the-money calls on xlf, half February/half into summer, up 10% today on those, thanks Borchers. Cynical play, financials will be toast, just not this week. Probably will give me huge gains that will all be lost on a gap-open on nationalization day.
MANNWICH: Got out of SKF/FAZ when the dip happened today, those got ugly later, whoa. I kept thinking about your advice all night, just got damn lucky to get out. Mannwich, I always thought you were actually Jeff Macke, when you used the JeffM handle, but the constant MN references rule it out I suppose. You guys think alike, its really strange. Am I right?
GE still has to cut its dividend. Wish I didn’t own that wonderful “blue chip” at 25. But then again, not wrong, just early, right?
January 21st, 2009 at 10:17 pm
@AndrewShaw: Macke is probably the best one on “Fast Money” but I’m not him. He is originally from MN, I believe though. Not nearly as wealthy as he is, unfortunately. Good to hear you got out in time. Those ETF’s can be a fun or hellish ride, depending on how/where you catch them. I’ve been on both ends over the past year and seem to be mostly running in place as a result. Better than losing money, I guess.
January 21st, 2009 at 11:13 pm
AT, normally i would agree with you, and voiced the same thing the last time Barron’s was touting insider buys. This time it’s different : )
On another note, the Obama Administration hit the ground running today. It’s going to get exciting…
January 22nd, 2009 at 1:19 am
Re: insider buys
Would be deliciously ironic if Obama decides to do what needs to be done and wipes out the shareholders in a takeover a la RTC.
January 23rd, 2009 at 6:49 am
I was just reflecting a bit.
I’ll bet Hillary Clinton’s goals for 2009 didn’t include being secretary for a black man