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Is This The Real Price?

Wednesday, March 19, 2008 | 03:30 PM

in Credit | Derivatives | Psychology/Sentiment

This is circulating trading desks via email:

SING TO THE TUNE OF 'BOHEMIAN RHAPSODY' BY QUEEN

Is this the real price?
Is this just fantasy?
Financial landslide
No escape from reality

Open your eyes
And look at your buys and see.
I'm now a poor boy (poor boy)
High-yielding casualty
Because I bought it high, watched it blow
Rating high, value low
Any way the Fed goes
Doesn't really matter to me, to me

Mama - just killed my fund
Quoted CDO's instead
Pulled the trigger, now it's dead
Mama - I had just begun
These CDO's have blown it all away
Mama - oooh-hoo-ooo
I still wanna buy
I sometimes wish I'd never left Goldman at all.

(guitar solo)

~~~

I see a little silhouette of a Fed
Bernanke! Bernanke! Can you save the whole market?
Monolines and munis - very very frightening me!
Super senior, super senior
Super senior CDO - magnifico

I'm long of subprime, nobody loves me
He's long of subprime CDO fantasy
Spare the margin call you monstrous PB!
Easy come easy go, will you let me go?
Peloton! No - we will not let you go - let him go
Peloton! We will not let you go
(let him go !)
Peloton! We will not let you go - let me go
Will not let you go
let me go (never) Never let you go - let me go Never let me go – ooo
No, no, no, no, No, NO, NO ! -
Oh mama mia, mama mia, mama mia let me go
S&P had the devil put aside
for me
For me, for me, for me

~~~

So you think you can fund me and spit in my eye?
And then margin call me and leave me to die Oh PB - can't do this to me
Just gotta get out - just gotta get right outta here

Ooh yeah, ooh yeah
No price really matters
No liquidity
Nothing really matters - no price really matters to me
Any way the Fed goes.....

Penned by a Bear Stearns (BSC) guy.

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Comments

Priceless! Any way your money blows...

Posted by: Jay | Mar 19, 2008 3:38:57 PM

Very good! And for more songs in this vein, by another parodist, go to www.merlehazard.com.

Posted by: An Observer | Mar 19, 2008 3:40:16 PM

so clever! loved it, thank you :)

Posted by: karen | Mar 19, 2008 3:45:41 PM

Simply excellent!

And as BSC guy might be needing to downsize a few things, might I suggest:

http://cgi.ebay.com/ebaymotors/1976-AMC-Pacer_W0QQitemZ160219462783QQcmdZViewItem?hash=item160219462783

Posted by: Gary | Mar 19, 2008 3:48:51 PM

Out topic....

Looks like GOOG is beta-testing a stock screener. It "pops up" once in a while on its finance.google.com

here's a link....(but don't think it's accessible unless GOOG "chooses" you to try it out at this stage).

http://finance.google.com/finance/stockscreener

Looks promising...

GOOG shows you a distribution/frequency chart of all 5000+ stocks and then shows where stocks with your criteria lie within that range.

Posted by: hello | Mar 19, 2008 3:50:07 PM

...and another one gone,
and another one gone...
Another One Bites the Dust!

Posted by: The Financial Philosopher | Mar 19, 2008 4:08:25 PM

From bloomberg - "JWM Partners LLC, the investment firm run by Meriwether, lost 24 percent in its $1 billion fixed-income hedge fund this year through March 14, according to two people with knowledge of the matter. "

John Meriwether, our old friend from Long Term Capital is back to his old tricks..

Posted by: Vermont Trader | Mar 19, 2008 4:30:26 PM

I had to stop playing the Beatles to hum this.

Cool, if they had shown the same cleverness they might not have bitten the big one.

Posted by: JAN | Mar 19, 2008 4:49:36 PM

Is "Bears Stearns guy", Larry Kudlow?

Wikipedia on Kudlow

Posted by: MAS (Seattle) | Mar 19, 2008 5:02:04 PM

"Cinefoz, paging Mr. Cinefoz... you have a call from 'Marge Inn.' on line one"

Posted by: Pool Shark | Mar 19, 2008 5:16:38 PM

Love it.

Posted by: AGG | Mar 19, 2008 6:07:13 PM

Pardon my ignorance, but what does the acronym "PB" stand for in Wall Street lingo?

Posted by: OkieLawyer | Mar 19, 2008 7:06:39 PM

now doing the rounds in deepest darkest Oz
some more musically inclined operateurs are learning the whipsaw
Thanks pcm

Posted by: peter from oz | Mar 19, 2008 7:28:46 PM

Maybe the FEd can have some shirts printed up stating:

"I Tried to Save Bear Stearns and All I Got Was This Lousy T-Shirt!"

Loving every minute of it!

Posted by: JJL | Mar 19, 2008 7:37:17 PM

Barry,
I don't feel sorry for the Bear Stearns Guys, they are smart and can find a good job.
I feel sorry for the older bank cd holders, they are in a panic and a ww2 widow actually cried to me today.
I agree Bernanke's more "transparent," imagine is a joke, the Fed is scareing the *stuffing* out of people; the wrong people at that.

“I'll not budge an inch.”
William Shakespeare

Posted by: David | Mar 19, 2008 9:29:51 PM

PB = Prime Broker

P&B = Positions and Balances

Posted by: BelowTheCrowd | Mar 20, 2008 12:27:02 AM

Actually I don't work at Bear Stearns. Glad you liked it!

Posted by: erstwhile | Mar 21, 2008 6:40:39 PM