Posts filed under “Analysts”
“LDL” is my new favorite acronym.
Call it Wall Street prosecution arcana: To avoid putting into email any damaging info — especially about insider trading — some of the recent expert networks thought they might avoid prosecutions by using the acronym “LDL.” It is strewn throughout their emails, and informs the reciever that they are getting close to sensitive information that should best be discussed without a paper trail. Hence, LDL — “Let’s Discuss Live.”
It is the Wall Street equivalent of the teenage POS — “Parents Over Shoulder” — only in this case, it was more accurate to say “Prosecutors Over Shoulder” !
Dealbook used this example on April 28, 2010:
“Even at a disadvantage, not all clients were easy to convince. Goldman e-mails show how the bank backed up its sales team as they sought to unload bets they thought might one day go sour.
In one exchange, a Goldman employee refers to a mortgage investment as “as a way to distribute junk that nobody was dumb enough to take first time around.” The response of Jonathon Egol, a colleague of Mr. Tourre’s who designed some of the mortgage trades, was “LDL,” or “let’s discuss live,” effectively moving the discussion off record.”
How is it possible that in 2010, otherwise intelligent people still fail to understand that they are creating a permanent email trail? Did they actually think no one would know what that meant? The next time I hear anyone say “Goldman Sachs is the smartest shop on the street,” in my mind I will be hearing “He’s the smartest kid on the short bus.”
All I can say is thank goodness for stupidity. It makes prosecution so much easier!
There is a hefty profile of James J. Cramer in the NYT magazine this weekend that is worth reading. But here’s the one thing you need to understand about Jim Cramer: If you read financial blogs or follow StockTwits or do any sort of research online, the archeology of that traces back to Cramer. He…Read More
A technical break in oil and silver, increased margin requirements by the CME, and a fast exit by speculators have combined to whack the commodities complex by more than $100 billion in a week. The value of the 24 commodities tracked by S&P GSCI index fell almost $90 billion dollars. Add to that the precious…Read More
Attention Accountants: You are on the hook for what CEOs/CFOs do if their aggressive accounting tactics bring the firm down and you certified their books. That seems to be the latest twist in the Lehman Brothers saga. From Repo 105s to false loans made to themselves, the green visor crowd are catching heat. By helping…Read More
Stock: OTC Nasdaq Spring (SPRNG) Recommendation: Strong Buy from 40-50; Add from 50-60 Price Target: 85 > I put a new trade on yesterday — we are now long Spring SPRNG), and expect to maintain this position for a quarter or two. Recall that we dumped our holdings of Winter (WNTR) late February; that is…Read More
OK, kids, listen up: There ain’t no such thing as NFP whisper numbers. This oddity seems to come up now and again by the usual tin foil hat types. Let’s explain what a whisper number actually is, and why an Employment whisper # is nonsense. Back in the bad old days before Reg FD and…Read More