MASTER LIMITED PARTNERSHIPS

Thursday, September 18, 2008

After a spectacular open we were up 14...pulled back a point or so..and now we're up 14 and change on the mlp index or over 6%! And those days were we saw 2, 3 and even 4 point declines are now plus signs of equal amount.

Genesis Energy (GEL) is a huge percentage gainer up over 3 points at 15 and change..a 25% gain! Plains All American (PAA) Nustar (NS) and Energy Transfer Partners (ETP) are up between 3 and 4 points leading the index.

Global Partners (GLP) is the smallest winner up a nickle and Alliance Resource (ARLP) is down a nickle as the biggest loser.

7 comments:

Anonymous said...: I would like to see more volume in our names trading today. Its still early, so I won't complain.; 9/19/2008 10:42 AM
joewxman said...: MLP volume usually doesn't come in at the open; 9/19/2008 10:45 AM
Anonymous said...: We need an MLP CEO to seize the moment and do an Earth shattering M&A deal. C'mon guys there are tons of cheap assets out there-buy them!; 9/19/2008 10:48 AM
Anonymous said...: Who now doesn't believe out lawmakers feel our pain?
Maybe that's what motivating them to do something about this mess.

HS

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Pelosi, Kerry May Share Investor Pain as AIG Stakes Evaporate

By Jonathan D. Salant

Sept. 19 (Bloomberg) -- The market storm that brought down Lehman Brothers Holdings Inc., American International Group Inc. and other pillars of U.S. finance may have also blown holes in the portfolios of House Speaker Nancy Pelosi, Senator John Kerry and more than 50 other members of Congress.

Pelosi, in her most recent financial disclosure form, reported that her husband owned between $250,000 and $500,000 of stock in AIG, which ceded majority control to the U.S. government this week in exchange for $85 billion of loans.

Kerry, the 2004 Democratic presidential nominee, disclosed that his wife, Teresa Heinz Kerry, had more than $2 million of AIG stock at the end of 2007, when shares were worth $58.30. AIG has fallen 85 percent this week to close yesterday at $2.69. The lawmakers' aides didn't respond to calls seeking comment.

Altogether, 56 senators and representatives had stakes in AIG, Lehman, Fannie Mae, Freddie Mac, Bear Stearns Cos. or IndyMac Bancorp Inc. -- some of the biggest casualties of the market bloodbath, according to the Center for Responsive Politics. The most recent annual disclosure filings list investments as of Dec. 31, 2007, and reveal the size of holdings only within a range of values. Lawmakers may have sold shares since then.

``Lawmakers, like everyone else in America who has any kind of retirement portfolio or stock holdings, are going to be suffering,'' said Gary Kalman, a lobbyist for the Boston-based U.S. Public Interest Research Group, a consumer-advocacy organization. ``This is a serious issue. We need to have a serious response.''

Market Plunges

The Standard & Poor's 500 Index plunged 7.6 percent during the first three days of this week on news that Lehman and Merrill Lynch & Co. -- which survived two world wars and the Great Depression -- were finished as independent investment banks.

Lehman filed history's biggest bankruptcy case on Sept. 15 and Merrill sold itself to Bank of America Corp. Even after rallying yesterday, the S&P 500 is down almost 25 percent from its October 2007 peak.

Lehman shares, which traded for as much as $67.73 last November, closed yesterday at 5 cents. Merrill's shareholders are in better shape. To avoid Lehman's fate, Merrill agreed to be acquired in a stock-swap worth $26.28 per share at yesterday's closing prices. In better days, Merrill soared to as much as $98.68 in January 2007.

Bear Stearns was the first Wall Street titan to fall as home-loan defaults battered the market for mortgage-backed securities and started a chain reaction that devastated credit markets. JPMorgan Chase & Co. bought Bear Stearns in March.

Government Takeover

Earlier this month, the government took control of Fannie Mae and Freddie Mac, which together accounted for almost half of the U.S. home-loan market. Fannie Mae shares had already plummeted more than 80 percent this year, to $7.04 from $39.98, before the government's Sept. 7 takeover was announced. Shares dropped to 73 cents when trading resumed the next day. Freddie Mac fell to 88 cents, after starting the year at $34.07.

Representative Robin Hayes, a South Carolina Republican, had Congress's biggest AIG stake, according to the Washington-based Center for Responsive Politics. Hayes's AIG stock was worth between $2.8 million and $11.5 million.

John McCain, the Republican presidential nominee, avoided potential losses. Because of the Arizona senator's run for the White House, his wife, Cindy, last year liquidated a blind trust that had contained stock in AIG, Fannie Mae, Freddie Mac and Lehman. The amounts of stock she had owned weren't disclosed.

Representative Jane Harman, a California Democrat, owned between $50,000 and $100,000 of Lehman shares, according to her disclosure form. Calls to offices of Hayes and Harman weren't returned.

Pasadena, California-based IndyMac's bank was seized by U.S. regulators in July, in the third-biggest U.S. bank failure. IndyMac stock closed yesterday at 6 cents, after trading earlier this year for as much as $11.32.; 9/19/2008 11:00 AM
Anonymous said...: The "lawmakers" have no one to blame except themselves. They have been blind to the excesses for years. Everyone knew the subprime business was an accident waiting to happen. This didn't just happen overnight.; 9/19/2008 12:12 PM
Anonymous said...: Joe, are you aware that your date and time stamps are giving erroneous dates and times?; 9/19/2008 12:28 PM
AggiePilot said...: Joe,

I see it is still Thursday or Thursday again. Tell me we are not having a "Groundhog Day" moment here. I do not want to keep doing this over and over

AggiePilot; 9/19/2008 1:17 PM