or Connect
New Posts  All Forums:

Posts by MSchapiro

Mine arrived but has a very closed conservative style front/closed quarters. Anyone else find this with their EFF?      The Reda Fresco is amazing though.
Is there such a thing as a fast brit ;)?  Coming from NYC London was a bit of a shock. What do you mean you don't bring the bill when I'm still eating? Why not eat and walk?  Will snag a watch strap, another Ruthenium buckle and maybe belt with it. 
Sorry to laugh but literally spit my coffee everywhere.  Charlie, I have a few things I was going to go cheap on , but I think I'll order from you now instead. How's progress on the timascus? 
Great explanation, thanks.  Maybe just by the virtue of who I grew up with I never equated a driver watch with ruggedness, but it makes a lot of sense. 
Can you guys explain the appeal of a Diver to me?    I've just never loved the look of them, but they are perpetually popular.    Also my two JDM Seikos are on the way. Will post some pictures when they arrive probably next week. 
Anyone have pictures of Southwick EFF suits?
Not exactly. Anyone could and did sell CDS. Being AAA is only relevant because CDS were done OTC rather than on an exchange thereby making it easy for AIG to sell and not for other people.  The reason that the top tranches were rated AAA was the structure of the CLO. In theory nothing should cause a diversified portfolio of mortgages to incur greater than a 40% loss on a historical basis so the people at the top of the structure should have virtually no risk of capital...
Ratings agencies get 100% of the blame. They should have known better. AIG also gets full blame as they should have had proper controls in place. It wasn't that they were transfering their AAA status, but that they were profiting from selling insurance on mortgages. The problem is all their risks were off balance sheet, hence no one realized that when called upon they couldn't afford their potential liabilities.   At the same time an event of that scale had never happened...
Yup, that is why I said re-packaging.  Hey if we take this BBB tranche and this BBB tranche we can repackage it into a whole new structure! I'm sure none of these assets are correlated. There is a reason the CLO market recovered but the sub prime CLO market never really did.  As you point out it's easy enough to account for if the background is there. Remember this was a time when credit standards were a lot less strict and one could get a loan with a self declared income....
Having read about half of it now, it's a pretty fair point. As more and more companies were pulling back from the market and fewer loans were issued it became harder to meet demand for CDOs. AIG actually stopped selling CDS a year or so before the crisis. It was people who realized how bad the market was who were buying the CDS which in turn led to the creation of more synthetic CDOs. So while the "heros" may have not been a major market player, by the end they were...
New Posts  All Forums: