Tons!, ehm... I just wanted you to know that ehm... Yes, Morgan has suffered some losses, but our liquidity is strong, and there's no cause for concern!
Would Benny kleeger be concerned?
Because word on the street is he took some pretty heavy losses Kathy come on, we know each-other..
How, how?... How bad is this?
Ok... Two years ago, Benny kleeger in Morgan's bond-department also started shorting sub-prime housing two million in triple-b's Benny is smarter than I thought!
No, he's not smart at all!
The premiums on the swaps ate into his desks profit to cover his triple-b shorts, he sold a lot of a- and double-a swaps as protection, a lot!
He believed that there was no way, that they could be affected.
Tell me Morgan-Stanley doesn't hold the contracts on these swaps holy sh*t all this time I've been trying to figure out whom I've been betting against.
And it's Morgan-Stanley which is me... What's your exposure?
Three billion?
Please don't tell me it's more than four!
I can't answer that!
Yes you can answer that, because... I walk in here and people are crying in your hallway Kathy..
You bring me in to tell me everything is fine, and everything is not fine!
What?
What is happening?
Long exposure is... Fifteen billion Jesus Christ, are you f***ing kidding me?! -You kept saying defaults over eight percent were impossible!
That there would be a million homeless oh my god!
Yeah, but we have nothing to do with Morgan-Stanley yeah... just tell the bankruptcy-court Morgan fails, all our accounts go under bow and ship that's just crazy!
Morgan makes a sucker's bet and we pay their f***ing gambling debt?
Short the bank's stocks!
Wait..
Or we sell our swaps, when the market opens we get our bonuses, our investors get their profit we get... thirty cents on the dollar, not bad!
