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To: Jurgis Bekepuris who wrote (65079)	9/23/2008 6:40:27 PM
From: JSB	Respond to of 118717

I totally agree, it's just not fun right now. I'm still adding, but having stocks tank because they announce that they may well have more oil than they originally thought is too much to get my pea brain around. AMR was up, I'm guessing we bail them out too. Time for Jack.

To: Jurgis Bekepuris who wrote (65079)	9/23/2008 7:23:17 PM
From: Keith Feral	Respond to of 118717

I bought in a little last week on Thursday and Friday and will start adding in some more tomorrow. One good thing about investment banking deals with GS, MS, MER is that it's taking alot of the risk back out of the preferred market. As I look at the list of preferred stocks in the PGF, the name quality is looking better. I'll probably add another batch of CEF's tomorrow with big discounts to NAV. It's good to see capital flowing back into the delevered world of the brokerages. We now have 3 historic deals for the independent brokerages in the past week with BAC, MUFG, and Buffett. I think the Paulson plan will be directed at all of the banks that got their asses kicked from the dissolution of FNM and FRE. I have no idea what the level of participation from the big banks like JPM, BAC, WFC, and USB. I think Paulson is trying to make up for some of the GSE preferred stocks that cost the smaller banks alot of capital. $500 million to BAC or WFC is just another ding in a terrible quarter.