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Lehman Brothers reported a record $3.93 billion quarterly loss, while top economists debated over the GSE takeover of Fannie Mae and Freddie Mac. Following are today's top videos:
World's Biggest Short Seller
“We have some financials we’re short. We were overweight from ‘05 on, and we cutback starting in the first quarter. In our short funds, we’re about 10 to 12 percent in the financials, which is the lowest it’s been in a while. We’re not short Lehman [LEH
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], and haven’t been.”
—Jim Chanos, Coalition of Private Investment Companies
Pimco's Gross Praises GSE Takeover
“I like the Paulson plan. I’m familiar with [Bill Ackman’s] plan and I think it is also a good one, but he talked about subordinate debt and I think that would have sent shockwaves around the world. It would have sunk the dollar if the agencies had defaulted on agency debt. So from that standpoint, I disagree. I prefer the Paulson plan because it attempts to lower mortgage rates and therefore support housing prices.”
—Bill Gross, Founder & CIO, Pimco
Ackman on the GSE Bailout
“I think Lehman is in a very tough spot. We’ve bought puts on Lehman almost more as a market hedge than a bet against Lehman and if Lehman goes [down], it’s bad for markets generally. I think the catalyst for our buying puts was the Fannie Mae [FNM
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] and Freddie Mac [FRE
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] restructuring.”
—Bill Ackman, Managing Principal, Pershing Square Capital Management
Stop Trading, Listen to Cramer!
“I’ve been recommending JP Morgan [JPM
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] and Bank of America [BAC
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]—these are part of my charitable trust. Yesterday they looked horrible—but I’ve been saying that you should buy on weakness, every time it’s down. I’ve recommended Wachovia [WB
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] when it was down and BB&T [BBT
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].”
—Jim Cramer, CNBC’s Mad Money
Maria's Market Message
“Initial jobless claims and international trade numbers could set the tone for trading on Thursday, but the big story on Wall Street Wednesday was Lehman Brothers. The bank under severe pressure, once again, after releasing a quarterly release report with heavy losses.”
—Maria Bartiromo, CNBC’s Closing Bell
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