Oh boy... Here we go again.

NEW -> Contingent Buyer Assistance Program
"Several Wall Street firms – among them Merrill Lynch and Credit Suisse, which sold the county Whistlejacket – made an informal offer to buy the county's SIVs for 15 cents to 25 cents on the dollar, Cocking said. The county passed."

You have to admire (or be astonished) by the balls. Would you sell crap to someone and then come back later and "offer" to buy it back at 85% off?
 
Eva, wouldn't it be easier to find someone with standing to file a lawsuit against him or the county? I'm asking because I don't know. I just seems to me that having him fired/forced to resign in exchange for dropping the lawsuit would be faster than trying to find 170,000 people in OC paying enough attention to know who he is, much less what he's done.
 
It's entirely possible that there is an criminal investigation pending (the guy has some shady conduct as a bankruptcy trustee in his past) that could cause him to resign a la Mike Carona. (I don't know if there is and what the status is if there is such an investigation. Not my peeps.) But he's been asked to resign and told everyone to pound sand. For the life of me, I can't find out when his term ends (ick, I may have to pick up the phone!). I can only assume it's somewhat soon, since the previous recall furor has died down.
 
15 to 25 cents on the dollar seems like a pretty generous offer for crap. I'm thinking that Merrill Lynch and Credit Suisse are concerned about heading off a lawsuit.
 
Seems like if you paid the juniors before the senior creditor it would be a no brainer lawsuit. But, as posted, who would have standing?
 
There was a link, I think on the ocgov site, that had PDFs of the SIVs dumbazz invested in. For the life of me, I can't find it. My google-fu has been challenged. But, it was great, because it showed the amount invested and the current values. He was lying then about the real value, and the PDFs showed that he was. You would think, that Moorlach would know that a SIV works like a bond, and when you pay par pricing and the value is 40% less than par, that it is worth 40% less. Damn, I wish I could find it.

Last I heard, T-Rack handed over the investigation he had on Chrissy to the Feds. I haven't heard anything since.

170k signatures... Mmmm... well, fire, recall, and impeach chrissstreet.com is available. Get a website up, show the million$ that will be lost, get some press, and then I would think at least 170k people would be pissed off enough to get rid of this clown.

And... streetdumbascitron.com is available too.
 
Can someone please explain what happens when a county claims bankruptcy.

The last time it happen I was way too you to remember or even care.
 
Okay... so, for SIV investments we have Tango Finance, CC USA INC., Five Finance, and Whistlejacket for a total of $460 million invested at par. Now, all have faced downgrades, and/or have been taken back on the issuing bank's books, and most are trading at 60 cents on the dollar, but Whistlejacket is 25 cents.

So, instead of having a profit of $212k, OC has a mark to market loss of $210 million.

What is worse, is the Fannie and Freddie garbage they have in the pool. Hopefully they will be fine when they mature too, otherwise if they are marked to market, then the losses will be huge.

Then, there is a bunch of commercial paper in the pool. We all know how well the commercial paper market is doing. I wonder if it was marked to market, or marked to Chrissy value?
 
"Assuming this court judgment stands on appeal, the Whistlejacket assets will be exhausted long before the county's note would be paid," Supervisor John Moorlach said in a written statement.

A spokesman for county Treasurer Chriss Street, Keith Rodenhuis, said, "We disagree with their conclusion that the assets will be long-exhausted, especially because they're over collateralized."

The county also doesn't know precisely what assets Whistlejacket owns. The receiver is offering to provide that information if the county signs a confidentiality agreement.

How the hell can you say they are over collateralized, when you don't know WTF you own? OMG! Why is this lying and deceiving douchebag still in control of OC's investment pool? Who ever has Moorlach's balls, will you please give them back. He needs them to strip this moron's investment powers.
 
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