The below is a piece on how Hollywood and the entertainment "industry" works. As long as a deal keeps moving it makes money for the dealers. When the music stops, whoever is holding the bag gets stuck.
From Financial Week: Mortgage bailout could trigger massive credit default swap settlement
Payouts to be limited, though, as Fannie, Freddie bonds likely to be settled close to par
By Matthew Monks
September 9, 2008
The government takeover of Fannie Mae and Freddie Mac could trigger the largest credit default swap settlement ever. Actual payments could be limited, however, as a result of the relatively high value of the mortgage underwriters’ bonds.
Investors may be forced to settle contracts covering the mortgage giants’ $1.6 trillion in outstanding debt because the government seizure constitutes a credit event that triggers the payment or delivery of their bonds. The International Swaps and Derivatives Association announced on Monday that it would establish a protocol to facilitate the settlement of CDS trades involving Fannie Mae and Freddie Mac.
“This will likely be the largest CDS credit event in terms of the amount of CDS contracts outstanding,” J.P. Morgan analyst Eric Beinstein wrote in a report released on Monday.
The settlement process will likely take 30 days, with investors cashing their CDS contracts at a price established through an auction process, he said.
Payouts could be limited, though, because most analysts believe CDS covering the mortgage companies’ senior debt will be settled between $98 and par, RBC Capital Markets analyst T.J. Marta wrote in a report to clients. In a cash CDS settlement, buyers are paid the difference between the par value and market value of the debt obligation.
.........
The government took over Fannie Mae and Freddie Mac on Sunday, Sept. 7. Thirty days notice has been given to settle all Credit Default Swap contracts, putting the deadline for their auction to be Monday, Oct. 6.
***
From EnterpriseCorruption.com:
The following is not a prediction it is only advice and suggestion:
I would not wait until Monday October 06 2008 to think about selling risky holdings.
I would think Wednesday, Oct 01 2008
(insert humor here) This would force a lot of backdating of executive “transactions” and more documents to shred ;-)
***
Just wondering....
keeper User ID: 488191 9/21/2008 11:06 PM
Re: Man calls todays stock market crash to the date, on a message board? must read.
Just as You live your lives and remember from childhood to present so does Reinhart only his lives longer than us.
Reinhart is older than the Popes and know's the ropes.
Warning: He carries alot of luggage from century to century. Reinhart is not his real name, and history only knows him as a Saint. He's been painted in portraits with many aristocrats throughout the eons.
That is all.
Keeper
Anonymous Coward User ID: 248835 9/21/2008 11:48 PM
Re: Man calls todays stock market crash to the date, on a message board? must read.
I have no ideas as to what the ruckus is. There's still no indication of anything and too many intagibles. his posts means nothing, just applying connectivity of coincidences. Quite frankily this world has TOO MUCH EVENTS that you can literally take something and shop it into something.
This is too much !
Anonymous Coward User ID: 474539 9/22/2008 6:57 PM
Re: Man calls todays stock market crash to the date, on a message board? must read.
With the help of the clues in this thread,
I was able to track down Reinhardt...
... We've been emailing back and forth today, and
I hope to interview him
in 2 hours.
(I connected the dots and I'm 99.9% sure
it's the name of his college) and invited him
to reveal his secrets in detail here tonight at 8 p.m. (NY time):
With the help of the clues in this thread,
I was able to track down Reinhardt...
... We've been emailing back and forth today, and
I hope to interview him
in 2 hours.
(I connected the dots and I'm 99.9% sure
it's the name of his college) and invited him
to reveal his secrets in detail here tonight at 8 p.m. (NY time):
With the help of the clues in this thread,
I was able to track down Reinhardt...
... We've been emailing back and forth today, and
I hope to interview him
in 2 hours.
(I connected the dots and I'm 99.9% sure
it's the name of his college) and invited him
to reveal his secrets in detail here tonight at 8 p.m. (NY time):
With the help of the clues in this thread,
I was able to track down Reinhardt...
... We've been emailing back and forth today, and
I hope to interview him
in 2 hours.
(I connected the dots and I'm 99.9% sure
it's the name of his college) and invited him
to reveal his secrets in detail here tonight at 8 p.m. (NY time):
Just as You live your lives and remember from childhood to present so does Reinhart only his lives longer than us.
Reinhart is older than the Popes and know's the ropes.
Warning: He carries alot of luggage from century to century. Reinhart is not his real name, and history only knows him as a Saint. He's been painted in portraits with many aristocrats throughout the eons.
That is all.
Keeper
Quoting: keeper 488191
oh, please
Videobarbs User ID: 452711 9/23/2008 2:45 AM
Re: Man calls todays stock market crash to the date, on a message board? must read.
Dow at 9,000 in 90 days. Keep in mind there are other sectors that are doing quite well and will get even better. That said, this financial disconnect should be very troubling to every American. If credit/lending (see YouTube/Google movie "Money as Debt") is tightened and people aren't buying stuff,and there is deflation and still people aren't buying it unwinds pretty fast.
Add to that, the Fed will up-tick and print more and more fiat currency and that will spike inflation and then an additional amount of people won't be able to buy stuff.
Watch also, the Chris Martenson series - it goes into great detail our situation now - trillions and trillions of debt at a time of increasing "entitlements"(private) while giving corporations corporate welfare and under-funded pensions.
All in all, it is not a pretty picture for let's say, the rest of our lives.
khnum User ID: 455005 9/23/2008 3:48 AM
Re: Man calls todays stock market crash to the date, on a message board? must read.
With the help of the clues in this thread,
I was able to track down Reinhardt...
... We've been emailing back and forth today, and
I hope to interview him
in 2 hours.
(I connected the dots and I'm 99.9% sure
it's the name of his college) and invited him
to reveal his secrets in detail here tonight at 8 p.m. (NY time):
Reinhardt College is a private four-year co-educational liberal arts college located in Waleska, Georgia, with a satellite campus in Alpharetta, Georgia. Reinhardt is affiliated with the United Methodist Church.
Ishtahota User ID: 337472 9/23/2008 4:16 PM
Re: Man calls todays stock market crash to the date, on a message board? must read.
With the help of the clues in this thread,
I was able to track down Reinhardt...
... We've been emailing back and forth today, and
I hope to interview him
in 2 hours.
(I connected the dots and I'm 99.9% sure
it's the name of his college) and invited him
to reveal his secrets in detail here tonight at 8 p.m. (NY time):
Reinhardt College is a private four-year co-educational liberal arts college located in Waleska, Georgia, with a satellite campus in Alpharetta, Georgia. Reinhardt is affiliated with the United Methodist Church.
Quoting: Anonymous Coward 359897
I have been through there...nice place.
Will you be joining the meeting in Atl.
stalkin butler User ID: 359897 9/23/2008 4:21 PM
Re: Man calls todays stock market crash to the date, on a message board? must read.
With the help of the clues in this thread,
I was able to track down Reinhardt...
... We've been emailing back and forth today, and
I hope to interview him
in 2 hours.
(I connected the dots and I'm 99.9% sure
it's the name of his college) and invited him
to reveal his secrets in detail here tonight at 8 p.m. (NY time):
Reinhardt College is a private four-year co-educational liberal arts college located in Waleska, Georgia, with a satellite campus in Alpharetta, Georgia. Reinhardt is affiliated with the United Methodist Church.
I have been through there...nice place.
Will you be joining the meeting in Atl.
Quoting: Ishtahota 337472
I'm only 2 hours away, i will be there if i get details.
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