U.S. Senate Committee on Banking, Housing, and Urban Affairs. “Testimony of Jamie Dimon Before the Senate Committee on Banking, Housing, and Urban Affairs,” April 3, 2008.
United States of America against Ralph Cioffi and Matthew Tannin, CR 08 415, f.#2007R01328, filed June 18, 2008.
Vulliamy, Ed, “Dark Heart of the American Dream,” The Observer, 16 June 2002.
Walker, David M. Saving Our Future Requires Tough Choices Today. Presentation for the Fiscal Wake-Up Tour at Haas School of Business, University of California-Berkeley, Berkeley, California, March 5, 2008. U.S. Government Accountability Office document GAO-08-583CG.
Wall Street Journal Research. “Subpar Earnings: Companies Blame Housing, Credit Problems for Weakness,” Wall Street Journal, 5 October 2007.
Weinberg, Neil, and Condon, Bernard. “The Sleaziest Show on Earth,” Forbes, 24 May 2004.
Williams, John Burr. The Theory of Investment Value. 1938. Reprint, New York: Fraser, 1997.
Index
A
ABX index
exposure
prices, decline
securities, overpricing
Accredited investor, Securities Act definition
Ackman,William
publicly available information
Active investment, zero-sum game
Adams Square Funding I, conflicts of interest
Adjustable rate mortgages (ARMs), offering
Ahmadinejad, Mahmoud Allison, Herb
Alpha, making
Al Qaeda, terrorist attack
Alt-A backed bonds, collateral
Alt-A loans, default rate
Amaranth hedge fund, implosion
Ambac, securities
American International Group (AIG)
accounting, challenge
credit default protection, writing
credit derivatives exposure, value
overstatement (SEC/DOJ
investigation)
Fed loan/bailout
Goldman Sachs exposure, immateriality
losses
problems, worsening
Ameriquest, predatory lending offender
Amsterdam Stock Exchange, Carlyle trading
Analysis, value
Andrukonis, David A.
Arbitrage
funds
genuineness, occurrence (rarity)
money pump, function
Archimedes, leverage
Argush, Lee
Aristotle (memory training)
Arnall, Roland E. (ambassador confirmation)
Askin, David
Asset-backed CDO, RMBS investment
Asset-backed commercial paper (ABCP)
Countrywide bailout
Countrywide issuance
Asset-backed securitization CDO prospectuses, problems
Asset correlations,Wall Street estimates
Assets
levels
overrating, consequences
Assuras,Thalia
Astoria Financial
Auction-rate bonds, purchase/sale
Auction-rate securities (ARS)
buyback, level
sale
Auditors, reserve reporting incompetence
Average depth, mischaracterization
B
Backdating
advantage
scandal
theft
Bailey, Jr., Daniel
Bailout, cost (increase)
Baker, James
Bale, Christian
Balestra Capital
Bank for International Settlements (BIS), rating agencies (relationship)
Bank of America, shares (decrease)
Bank problems, increase
Bank protection, Fed responsibility
Barnes, Michael
Bayou Group LLC, estate manager (aggressiveness)
Beales, Richard
Bear Stearns Asset Management (BSAM)
assets, value (markdown)
derivative collateral, return (request)
funds, problems
high grade/junk conversion
management fees
margin calls, moratorium (request)
mortgage-backed securities hedge funds management, collapse
problems
redemptions, freeze
subprime exposure
tactical error
turnkey program
Bear Stearns Co.
arrogance
asset lists, circulation
borrowing inability
CDO activities, SEC investigation
corporate ratings, Moody clarification
derivatives transactions, intermediating (cessation)
failure
Fed action, Buffett viewpoint
ISDA request
withdrawal
JPMorgan Chase purchase
leverage
liquidity
inadequacy
pressure, absence (claim)
problems
mortgage-backed products, losses
securitization underwriting, life insurance policies (backing)
stock, zero value
stop-gap loan, Fed announcement
subpoena
Subprime IPO title
survival, question
tactical error
take-no-hedge-fund-prisoners philosophy
trading floor telephone tapes, recordation (mistake)
Bear Stearns High Grade Structured Credit Strategies Enhanced Leverage Fund
bailout
launch
Beller, Ron
assets strategy
loss
Berkshire Hathaway
annual report (2003)
annual report, An Owner’s Manual (inclusion)
Assurance, Jain setup
Clayton Homes
acquisition
contagion, avoidance
company purchases, preference
credit risk
derivatives, market price fluctuations (report)
dollar investment
ISCAR Metalworking investment
nonreported (undistributed) earnings
performance
premium income, investment
reinsurance companies, excess risk underwriting
shareholder letter (1985)
stock shares purchases
success, meaning
value company definition
Berkshire Hathaway, Buffett letter
Bernanke, Ben
U.S. Senate Committee testimony
Bies, Susan (resignation)
Bingham, Richard
Bin Laden, Osama (noncapture)
bin Laden, Shafig
Black Bart, safety margin protection (necessity)
Blackjack card counting, hedge fund manager genius evidence
Black October crash (1987)
Blackrock, losses
Blackstone, FGIC share
Blog of War,The (Burden)
Blum, Mike
Blumkin, Rosa
Bond insurers
AAA rating
Ackman/Einhorn concerns
credit enhancement, providing
downgrading
guarantees
trouble
Borden, Alfred (magician)
Borrowers, fraud
Black swan
Bove, Richard (Dick)
Boyle, Phelim
Bradlee, Benjamin C.
Bremer, Paul (budget disappearance)
Broad, Eli
Brokers, rate increase
Buffett, Astrid
Buffett, Howard
Buffett, Susie
Buffett,Warren
advantage
All Stars memo
appearance
bridge, playing
business investments
cash investment
civility
conditional probabilities
earnings
economist
knowledge, contrast
Buffett,Warren (continued)
financial institutions, position sale
Five Percent Solution
fortune, donation
Goldman Sachs, preferred stock investment
Gutfreund rescue
interests
intrinsic value, increase
investments, multiplication
Kill Bill article
lending rule
letter
response
leverage, avoidance
logic, preference
market opportunities
mistakes, examination
news business, change
newspapers, attraction
nostalgia, impact (absence)
polymath
purchase, preference
reputation
risk, perspective
safety margin
shareholder letter (2007)
skill
stock options, absence
tax efficient average annual return
unexercised stock options, holding
value/growth companies, opinion
Washington Post editorial
Burden, Matthew Currier
Bush, George H.W.
Bush, George W.
Bush subprime lending crisis, Spitzer screed
Business Wire (Berkshire subsidiary)
C
Calamos, Sr., John P.
Canadian money market funds investments, risky leveraged subprime products (impact)
Capital Cities/ABC, Inc., Berkshire Hathaway ownership
Carlucci, Frank
Carlyle Capital Corporation Ltd. (CCC // Carlyle Capital)
assets, usage
Bear Stearns exposure
creditors, Fed bailout
fund trouble
investments, value
investor loss
Carlyle Group
credit line, increase
creditors
Federal Reserve Bank bailout
funds
private equity firm
Carriage crowd
Carter, Jimmy
Caviar crowd, investor search
Cayne, James E.
resignation
Churchill,Winston
Cialdini, Robert
Cifuentes, Arturo
Cioffi, Ralph
Bear Stearns exit
indictment
Citigroup
dividend, profit relationship
losses
Coca-Cola
Cohen, Steven (earnings)
Cohen Brothers
Coleman,Timothy
Collateralized debt obligation (CDO)
backing, debt combination (usage)
CDO-squared deals
CDO-squared positions
equity, Cioffi examination
hawala
investment
market, growth
Moody model
problems
Collateralized Debt Obligations & Structured Finance (Tavakoli)
Collateralized mortgage obligation (CMO), price
Collins & Aikman, default/bankruptcy
Commercial Financial Services, charged-off credit card receivables management
Commodity money
Compounded returns, calculation
Conditional probabilities
Constant proportion debt obligations (CPDOs)
downgrading
Constellation deals, problems
Consumer Deception Award
Consumer value, Buffett search
Conway,William E.
Corporate malfeasance, Buffett perspective
Corporations, investigation
Coren, Scott R.
Counterphobic competitiveness
Countrywide
asset-backed commercial paper, bailout
bailout
Bank of America Corp. purchase
Federal Reserve Bank authority
Interest-Only program, expansion
lawsuits
loans, trouble
problems
Cox, Christopher
capital adequacy, statement
testimony
Creation bias
Credit, money type
Credit derivatives
feature
leverage impact
liquidity destruction
mispricing
opacity
usage
Credit Derivatives & Synthetic Structures (Tavakoli)
Credit loan accounts, servicer collection/recordation
Credit models, inputs
Credit Suisse Alternative Capital (CSAC), conflicts of interest
Credit Suisse First Boston (Oakwood Homes Credit line)
Cruise,Tom
Crystal, Billy
Cusack, John
Credit Suisse First Boston, loss projections
D
D’Anicllo, Dan
Daily Show with Jon Stewart,The
Davis, Shelby
Dead Man’s Curve
rounding
scenario
trade
Deal sponsors, due diligence (responsibility)
Death by one thousand cuts (Tavakoli)
Debt assets, leveraging
Decision-making ability, quality (decrease)
Default probability, variation (absence)
De-Laurey, Joyti
Derivatives
contracts, imagination
financial bets
naming (B uffett)
opportunities, Buffett identification
stock options, similarity
Diba, (Pahlavi) Farah
Diller, Stanley
Dimon, Jamie
bid, assistance
Congressional testimony
purchase
Dinallo, Eric
Discretionary investments, hedge fund nomenclature
Diversified portfolios, Buffett refusal
Dodd, David
Dollar, weakening
Washington/Wall Street policies, impact
Drexel Burnham Lambert, bankruptcy
Dulles, Allen
Dulles, John Foster
Dunn, Patricia
E
Earnings announcements, JPMorgan Chase balancing
Earnings to price ratio, satisfactory level
Edwards, Jeff
Efficient markets, theory (Buffett disapproval)
Einhorn, David
Eisenhower, Dwight D.
Elghanian, Habib
Employee stock options
backdating perversion
cost advocacy
value expensing, corporate executive resistance
Enhanced Leverage Fund. See Bear Stearns High Grade Structured Credit Strategies Enhanced Leverage Fund
Enron, scandal
Equity, investment leverage
Erdman, Paul
Everquest Financial Ltd.
assets
break-up fee, payment
first loss risk
IPO
registration statement, change
management
subprime exposure, market value basis
Ex Etiquette (Grant)
Exotic CMO collateral, Bear Stearns seizing/liquidation
F
Fabian, Matt
Fair Isaac Corporation (FICO) scoring system
Fakahny, Ahmass
Federal agency debt, acceptance
Federal Bureau of Investigation (FBI), mortgage fraud cases
Federal Deposit Insurance Corporation (FDIC), deposit insurance fund (drawdown)
Federal Home Loan Banks, low-cost loans
Federal Home Loan Mortgage Corporation (FHLMC)
Berkshire Hathaway shareholding
debt
support
HUD regulation
Federal Housing Finance Agency (FHFA), control
Federal National Mortgage Association (FNMA)
/> debt
support
HUD regulation
Federal Open Market Committee (FOMC), economic outlook statement
Federal Reserve
actions,Tavakoli disapproval
Open Market Trading Desk, money (pumping)
power, conservation
rating agencies, relationship
reverse moral suasion, usage
Federal Reserve Bank
bailout
liquidity provider
Federmann, Michael
Feynman, Richard
Fiat money
Fimalac, finances
Finance, credibility (importance)
Finance Roundtable, funds (contribution)
Financial Accounting Standards Board (FASB)
accounting rules, SEC interpretation
employee stock options value proposal
praise
Financial markets
overleveraging
risk
Financial products, problem
Financial Services Authority (FSA), hedge fund survey
First Business Morning News (FBMN)
Fitch (rating agency)
Flaw of Averages
Foerster, Bruce
Fog of War, The
Forbes, B.C.
Forbes, Malcolm
Forbes, Steve
Frank, Barney
Foreclosures, number
Franklin, Benjamin
Fraud triangle
Friedman, Milton
Fuld, Richard
asset management unit sale, attempt
Funds supplier (distance increase), securitization (impact)
G
Gardner, Martin
Gasparino, Charlie
Gates, Bill
Gates Foundation, Buffett donation
GEICO, Buffett investment
Gender-biased finance world, women management (difficulty)
Generally accepted accounting principle (GAAP)
General Reinsurance (Gen Re), Berkshire Hathaway acquisition
Gen Re, derivatives position
Gerstner, Louis V.
Gidwitz, Ralph
Giuliano, Louis
Global bank balance sheet losses, Bloomberg estimates
Global credit meltdown, avoidance
Global financial markets
Buffett benchmark
investment banker tracking
Golden Fleece Award, creation
Goldman Sachs Asset management, sophistication
Goldman Sach Group Inc.
Goldstein, Matthew
Business Week story posting
Gordian Knot
Gossip, quality/interest
Government, faith and credit
Government Accountability Office (GAO), worries
Government sponsored entities, problems
Graham, Benjamin
Buffett mentor
crowd following, avoidance (will power)
earnings quality/growth, search
market formula/program trading, avoidance
market instruction
market timing, dislike
Mr. Market character
safety margin, achievement
sponsorship/ownership position
stock market pundits, perspective
Dear Mr. Buffett: What an Investor Learns 1,269 Miles From Wall Street Page 32