Leaked SIFMA conference call

[Adrian.Bisson]

Leaked SIFMA conference call:

Some people here might be interested in this insider rundown of the bailout. ~45 minutes.

http://www.filesavr.com/sifma

YouTube in 5 parts:
Part 1: http://www.youtube.com/watch?v=uXmFADm61Rc
Part 2: http://www.youtube.com/watch?v=1eqZoToIdfM
Part 3: http://www.youtube.com/watch?v=8YwO3MkvjR0
Part 4: http://www.youtube.com/watch?v=FnfyVGM-wfg
Part 5: http://www.youtube.com/watch?v=mHTnqmJ_R3M


EDIT: Here's the background on this call, from http://dealbreaker.com/2008/09/treasury-to-hold-conference-ca.php

MEMORANDUM
TO: SIFMA Government Reps Committee
FR: SIFMA Washington Office
DA: September 28, 2008
RE: Conference Call w. Treasury / 9:00PM TONIGHT

At 9:00pm tonight, Sunday, September 28th, there will be a call with Treasury officials to discuss the Troubled Asset Recovery Plan. This call is specifically for analysts. Please distribute ASAP to analysts in your firm who might be interested in participating. We have also distributed this call notice through various SIFMA Committees to solicit analyst participation.

Please find the conference call information below:
Date: Sunday, September 28th
Time: 9:00PM ET
Toll-free Dial-in: 1-866-843-0890
Entry Code: 1812173#

[sidster]

summary?

[Adrian.Bisson]

HIGHLIGHTS:

Edit: 15:30-19:00 There's some pretty sick gloating over the way the "traunching" was set up in such a way to fool taxpayers while still allowing Paulson to get the full $700 billion as soon as possible.

Edit2: At 30:00 They're explaining how weak the implementation of the executive compensation part is. It's really a joke.

Edit3; At 32:30 A discussion about when the Treasury and the Fed decide to purchase assets that are NOT either residential or commercial mortgages, do they need to get any approval or authority? Answer: No. The bill gives them authority to buy whatever they want.

Edit4: 34:30 Is it mandated that the money banks get from the program will actually be loaned out to actually improve liquidity? Answer: There's no provision in the bill to mandate re-lending. This means that the bill may have the effect of simply saving big banks and not restoring liquidity.

Edit5: 31:00 Even if the bill passes tomorrow, it will be "a few weeks" before any asset purchasing actually occurs, even though many firms may fail during those weeks. So much for urgency, huh?

[aravoth]

rofl, is every bank represented on here in deep shit?

[Ex Post Facto]

rofl, is every bank represented on here in deep shit?

I think they all are in deep shit, which is why these guys in Congress are flipping out. US BANK, and WACHOVIA are next to fall.

[aravoth]

should put some of this on youtube

[Bruno]

I'm still listening myself.

Edit: 15:30-19:00 There's some pretty sick gloating over the way the "traunching" was set up in such a way to fool taxpayers while still allowing Paulson to get the full $700 billion as soon as possible.

Edit2: At 30:00 They're explaining how weak the implementation of the executive compensation part is. It's really a joke.

Edit3; At 32:30 A discussion about when the Treasury and the Fed decide to purchase assets that are NOT either residential or commercial mortgages, do they need to get any approval or authority? Answer: No. The bill gives them authority to buy whatever they want.


Section 111. Executive Compensation and Corporate Governance.
Provides that Treasury will promulgate executive compensation rules governing financial institutions that sell it troubled assets. Where Treasury buys assets directly, the institution must observe standards limiting incentives, allowing clawback and prohibiting golden parachutes. When Treasury buys assets at auction, an institution that has sold more than $300 million in assets is subject to additional taxes, including a 20% excise tax on golden parachute payments triggered by events other than retirement, and tax deduction limits for compensation limits above $500,000.

Doesn't look that strong to me. A 20% tax is what they call "limiting golden parachutes"? So you give an exec $30 Million and he just gets taxed 20%? Big deal.

[aravoth]

you think people would get fired up if they heard this?

[sidster]

should put some of this on youtube

why some? i say put the whole thing up!


you think people would get fired up if they heard this?

not sure. still listening to it.

[Adrian.Bisson]

you think people would get fired up if they heard this?

Nah, for the most part it's pretty boring and somewhat technical. There's no smoking gun soundbite, really, and the sound quality is pretty poor.

[Oyate]

OK wait-----

sounds like it could be legit. Sounds just like a financial conference call. But what do we know about the authenticity of this file?

Who is speaking? Whom do they represent? What time/day did this happen?

Can we verify this?

[sidster]

the dude recording forgot to turn off his recorder :) heheh..
"I think they're going to do another call.... *sigh* OK. Take care" :D

[Adrian.Bisson]

OK wait-----

sounds like it could be legit. Sounds just like a financial conference call. But what do we know about the authenticity of this file?

Who is speaking? Whom do they represent? What time/day did this happen?

Can we verify this?

I'm not sure who it is speaking through the first part. I think they are mentioned by name later though, so somebody can research it.

Once it gets to the Q&A section, the people asking the questions are announced by name and firm, and they are big name firms.

I don't think authenticity is an issue. It's legit, but not as incendiary as I hoped it would be before I actually listened to it. It is at least a cool and timely artifact of a day which will live in infamy.

[free.alive]

Can you get more of these?

[Dustancostine]

Edit3; At 32:30 A discussion about when the Treasury and the Fed decide to purchase assets that are NOT either residential or commercial mortgages, do they need to get any approval or authority? Answer: No. The bill gives them authority to buy whatever they want.


Okay this is pure evil.

If the bill just says the treasury can buy up any assets, what is to prevent them from just buying up all of the car loans, boat loans and hot tub loans that people have gotten but aren't paying for. You know these banks under these conditions are going to pass off their most worthless pieces of crud loans that are backed by the most worthless assets and keep the mortgages which are backed by real estate. They are going to get rid of their junk and keep the real value for the future and the taxpayers aren't going to see a dime of this 700 Billion.

[Adrian.Bisson]

Can you get more of these?

I just copied the link I found on another forum. I have no information on the origin of the leak, but I'll keep my eyes open for anything else I can provide. I love this kind of stuff :)

[aravoth]

Bahh I'm gonna post some of it, At the very least it'll ruffle a few feathers.

[Adrian.Bisson]

Bahh I'm gonna post some of it, At the very least it'll ruffle a few feathers.

I just checked YouTube and found http://www.youtube.com/watch?v=uXmFADm61Rc
According to that, we have a source for this now and I'll update the original post with that.

An abridged video with just some of the more juicy parts I outlined might make this rather Diggable.

[aravoth]

An abridged video with just some of the more juicy parts I outlined might make this rather Diggable.

Way ahead of you :D

[Adrian.Bisson]

Also found this on Digg just now
http://digg.com/politics/700bn_bailout_details_leaked_with_summary_and_mp3

This has a lot more summary and commentary about this call.

[aravoth]

Nice find, Mine will be up in a sec, just the juicy parts of the call, nothing else.

[aravoth]

http://www.youtube.com/watch?v=Hx9syKEsoCg

there

[Drknows]

http://www.youtube.com/watch?v=Hx9syKEsoCg

there

wow :eek: this is how pimps and players roll on wall street.

[Cowlesy]

nice pull there gents

[Sarge]

Outraged.

Distributing insider information to the big boys, on a conference call, before it is voted on yet.

We would go to jail if we did this.

Make this cc go viral.

[BeFranklin]

Outraged.

Distributing insider information to the big boys, on a conference call, before it is voted on yet.

We would go to jail if we did this.

Make this cc go viral.

Contact your friendly nieghborhood reporter. :)

[Sarge]

Switchboard not open yet.

[aravoth]

wow :eek: this is how pimps and players roll on wall street.

Oh yeah, they rollin....

http://www.youtube.com/watch?v=8u84d7nY8pQ

[V4Vendetta]

http://www.youtube.com/watch?v=Hx9syKEsoCg

7:30 on this video....

"Our preference would be to try to help the healthy banks become even more healthy."