Wednesday, January 14, 2009

Pandit May Go

The chatter this morning is that the board at Citigroup is getting "impatient" with Pandit. I guess they will be real "annoyed" when the stock hits $3. This is a true case study about how Wall St. continues to go back to the well of incompetence. Years ago Pandit left Citi, started a really big hedge fund, imploded it, sold it back to Citi and then gets offered the top job back at the bank. Great work if you can get it. I'm not surprised, but it truly is disgraceful in my eyes. Big Vik bought a boatload of C just north of $10 a while back when the pundits called their 50th and "final" bottom. Ouch. So much for following "smart money." I never subscribed to the strategy of watching what insiders are doing. Too many moving parts that include tax maneuvering etc..and frankly insiders know nothing about how the markets work.

A wonderful "tell" that validates and strengthens my constant drone that our banks will need much more capital going forward, is what is going on with HSBC this morning overseas. They "think" they may need another $30 billion. Morgan is out saying "they weren't as well capitalized as they thought", they may now cut their dividend by 50%. Let's face it, banks aren't buys again until dividends are completely "eliminated", not "cut". Please give me a break. How can these entities continue to be so arrogant? Eliminate all dividends I say, and do it now, otherwise they are just prolonging the inevitable and jerking the public around. In the meantime I'm staying short up the wazoo.


eric franchi said...


On Twitter, you wrote "i'm up 30 points in $skf in the hold account since new year."

An idea for a future post is some detail on how a short-term trader like yourself manages an account with a longer timeframe. I'd venture that a certain % of your followers are not pure daytraders and would be real interested in your thoughts and strategies.

upsidetrader said...

hey eric,
thanks= most if not all of my exposure is day trading or short swings-currently my only holds are long skf, short iyr and short rth- if the market ever gets "normal" again and i hold longer i will certainly let everyone know-i/m an open book


Sail Away said...

are you short the stocks or buying FAZ still?


About Me

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I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.