The market obviously had a very negative view of what kind of deal might be struck with the government, but Vikram Pandit managed to make a deal that was even worse than expected. Thus the absolute beating taken by the stock today.
Considering how all of Geithner's other pals appear to eat the government's lunch in broad daylight on every deal, this quote from Wall Street comes to mind:
"Guess he's giving lectures on how to lose money. Jesus Christ... if this guy owned a funeral parlor, no one would die! This turkey is totally brain-dead!"Of course, considering that this morning I purchased more shares thinking that it had already taken the worst hit at the opening, and considering that my purchase turned out to be at or near the intra-day high, well, this quote from Wall Street comes to mind:
The public's out there throwin' darts at a board, sport... because they're sheep, and sheep get slaughtered.
5 comments:
Keep em coming. This is interesting because I picture you at your desk wringing your hands like a miser by the ticker tape machine.
well, not so much. the whole thing is just interesting to me, though I did think I saw a chance to make some quick bucks. i'm a strictly small-time "investor" (i.e., punter, bettor, etc), and only put in an amount I could stand to lose without any handwringing. it now appears to me that this particular game is more rigged than even casino games; you need look no further than the fact that, of all the things Pandit could have hoped to gain by making a deal with the gov, the ONE thing that he did in fact get was to keep his own job. in retrospect, this should have been obvious.
I have never followed the markets more than I do now. The sales jobs some of these guys do are amazing. If you think about it, they have to be better than ever. They have no choice. It's much harder to sell dog shit when its on fire, especially when it was just dog shit in a paper bag 6 months ago.
Hey, it's up four cents in after-hours trading. So you got that going for you.
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