sanerdudette

Mark “The Bird” Fidrych Dead at Age 54

sanerdudette — Tue, 14 Apr 2009 10:38:49 +0000

Mark Fidrych, a crazy, off-the-wall but talented former major league pitcher was found dead underneath a truck at his home today at age 54.

The right-hander was the American League Rookie of the Year in 1976 when he had a 19-9 record with a 2.34 ERA and 24 complete games. He spent all five of his major league seasons with the Detroit Tigers, compiling a 29-19 record and a 3.10 ERA.

In addition to being effective, he was colorful. He was called “The Bird” because of his resemblance to Big Bird from Sesame Street. He was incredibly animated and would talk to the ball, and stalk about the mound and rearrange the dirt to his liking. He was a fan sensation and helped fill the seats in Detroit for the otherwise hapless Tigers.

Those who knew him say that his behavior was not a schtick. He had a genuine joie de vivire. It is sad that his baseball career and his life were cut short.

The New Yankee Stadium Opens

sanerdudette — Sun, 05 Apr 2009 13:05:49 +0000

The game that was played on Friday at Yankee Stadium will never show up in the standings but will be remembered forever.


As a test run for the beautiful new Yankee Stadium, the Yankees and the Chicago Cubs met for a two game exhibition series.  As a bonus for fans, tickets were offered at 1923 prices.
The stadium is majestic, and powerful looking.  The field dimensions of the new stadium exactly mirror that of the old one.

Here are some points of comparison:
Seating Capacity: Old Stadium:  56,886

                           New Stadium: 52, 325

Legroom between Rows: Old: 29.5″

                                      New: 33-39″

Seatwidth:  Old Stadium: 18 - 22″

                  New Stadium: 19 - 24″

Home Plate to Backstop: Old: 72.4″

                                      New: 52:4″

Private Luxury Boxes: Old Stadium: 19

                                  New Stadium: 56

Party Suites:  Old Stadium:  N/A

                     New Stadium: 410

Restroom Fixtures/Fan Ratio:  Old: 1/89

                                              New:1/60
The new stadium has quite a few more dining and lounge options than the old, as well as more concession points of sale.  Ticket prices at all levels are more expensive than the old.
With the increased emphasis on higher priced seats and luxury and party options at the new stadium, it will be interesting to

see how this pricing scheme plays out during this recession.



Bob Sheppard - The Voice of Yankee Stadium
sanerdudette — Fri, 03 Apr 2009 02:41:33 +0000
When the new Yankee Stadium hosts its first game tomorrow, it will sound different from the old Yankee Stadium because Bob Sheppard’s clear, crisp voice will not be emanating from the public address system.  Sheppard, 98, is recovering from a bronchial infection, and is rumored to be considering retirement.

 Sheppard began announcing at Yankee Stadium on April 17, 1951, announcing a lineup which included Yogi Berra, Phil Rizzuto, Joe DiMaggio, and Mickey Mantle.  4,500 games later, his voice is as much of the Yankee Stadium tradition as the stars who have played there.
Derek Jeter will lead off tomorrow’s game, and he requested to be announced by a recording of Sheppard’s voice.  What a fitting way to christen the new Yankee Stadium





April Fool
sanerdudette — Thu, 02 Apr 2009 00:23:25 +0000
Well I was had today.  In my job as head of credit risk monitoring for a major international bank, I was cc’d on a e-mail which was sent by the person in charge of our modeling team to the traders.  The gist of the mail was that in order to encourage front office personnel to use our new risk modeling tool, all trades simulated today using that tool would be assigned 0 CVAR.  In other words, no credit risk, a virtual carte blanche on trading.  The small print on the bottom (which I did not see) said “valid only for trades transacted between 11:59 p.m. and 12:00 a.m.
Panic struck.  I began feverishly dialing the sender, demanding to know who approved such a preposterous promotion.  Much to my embarrassment, it was quite some time before I realized that this was an April Fool’s joke.
The origin of April Fool’s day is not well documented.  One theory is that April 1 was once considered to be the first day of the year in France.  When King Charles IX changed it to January 1, some stuck with April 1.  Those who didn’t adapt to the change were called April Fools.  Another theory is that April Fool’s Day was first celebrated soon after the Gregorian Calendar was accepted.  Those who still adhered to the old Julian calender were called April Fools
Whatever the origin, I will be sure to check my calendar daily before going to work.



TARP Funds Enable AIG to Meet Margin Calls
sanerdudette — Tue, 17 Mar 2009 02:53:36 +0000
On the heels of another story about executive compensation at AIG, there was a story about AIG paying billions of dollars in TARP funds to Goldman Sachs, Deutsche Bank and other investment banks.  All the press I have read on this is way too vague and imply that there was some wrongdoing involved.
Simply stated, AIG paid this money to other banks because it represented collateral it owed on credit derivatives. AIG paid the collateral and terminated the contracts, thus reducing the risk both counterparties had on their books, and limiting losses for both. In the event of a downgrade by one of the rating agencies, AIG’s collateral requirements would increase, and failure to meet margin calls would trigger a calamity for all of its counterparties.  
This was not a misuse of taxpayer money, but appropriate of use of bailout money 



An Idea That May Not Fly
sanerdudette — Sat, 28 Feb 2009 16:57:44 +0000
/>Tough times are hitting all of us, but Ryanair, Europe’s largest discount air carrier is contemplating having its passengers pay to use its in-flight toilets.
Ryanair raised its net income forecast on Dec. 2 for the year ending March 31 to 50 million euros ($63 million), citing that the falling price of oil has more than compensated for the lower fares it’s offering to stave off a drop in traffic. Passenger numbers rose 11 percent in January from a year earlier as many flocked from higher priced carriers to the cut-rate Ryanair.
Ryanair already makes half its income on ancillary income made from baggage charges, beverage charges, etc.  It is difficult to believe that the few euros earned from charging for use of the facilities would be worth its while.  This idea is sure to leave passengers pretty peeved.



Citigroup Gets Another Rescue
sanerdudette — Sat, 28 Feb 2009 01:47:02 +0000
When I began my career in banking over 25 years ago, I was hired by Citibank.  John Reed had just taken the helm and the 1980’s were a heady period for the powerful bank.  It is difficult to fathom the fact that Citi has fallen so far and that an American bank would be headed towards nationalization.
The Treasury Department said it would convert as much as $25 billion of preferred shares into common stock provided private holders agree to the same terms, the government said in a statement today. The conversion would give the U.S. a 36 percent stake in the New York-based company.
Think about it, at $1.25 a share, Citibank stock is selling for less that the bank charges to use its ATM’s.  The Mets’ new stadium, named Citi Field, is now derisively referred to as Debit’s Field.  This recession is not going to end anytime soon.



Is the Worst Case Bad Enough?
sanerdudette — Thu, 26 Feb 2009 10:43:53 +0000
Today bank regulators released details of the stress tests the 19 largest banks will be subject to in the coming weeks.  The goal is to determine the value of the assets on the balance sheets and to see whether banks have enough capital to withstand the economic downturn as it is forecasted now and also under a more adverse scenario which reflects a deeper and longer recession than in the baseline.  Those in need may receive new government money.
For GDP, the “more adverse” scenario, calls for a 3.3% GDP decline in 2009 followed by a 0.5% gain next year.  The adverse scenario for home prices incorporates a 22% decline this year and 7% drop next year.  The adverse scenario for unemployment is 8.9% this year and 10.3% in 2010.
As a risk manager for a major international bank, I have strong doubts about whether this can be completed by the end of April as projected, and I doubt that the adverse scenarios proposed are severe enough.



Vonn Sets Her Sights On Vancouver
sanerdudette — Mon, 23 Feb 2009 11:27:09 +0000
Llindsay Vonn was edged out by German Skier Gina Stechert by just one-hundreth of a second in yesterday’s downhill race at Tarvisio, Italy.  Vonn missed the opportunity to set a United States women’s record of 19 World Cup victories.
Vonn skied with a surgically repaired tendon in her thumb which she severed on a champagne bottle two weeks earlier. The injury could have hindered her pole plants.
With less than a year from the Vancouver Olympics, Vonn is a heavy favorite reach the podium in the five events she may race.  Vonn placed eighth in the downhill at Torino after sustaining a brutal crash days earlier.  Since then Vonn has been focused on the 2010 Games.



Alpine Skiing Highlights Empire State Winter Games
sanerdudette — Sun, 22 Feb 2009 12:26:08 +0000
The town of Lake Placid, nestled in the Adirondack Mountains is a superb destination all four seasons a year. This weekend, it was transformed into a mini-olympic village as it played host to the Empire State Winter Games, an ameteur athletic event for qualifying New York State residents.
The alpine skiing events, the slalom and giant slalom are held on the world-class courses at Whiteface Mountain, the site of the 1980 and 1932 Olympic Games.  The events are coordinated by the New York State Ski Racing Association (NYSSRA) which sponsor a series of qualifying races, the Empire and Trophy Series.
Student-athletes from National Sports Academy (NSA) put on a good showing, taking five medals. This years winners are as follows:
Slalom

Ladies

Gold:       Kelly Burgart, (HO)

Sllver:     Jennifer Higgins (BM)

Bronze:    Aylin Woodward (NSA)            
Men

Gold:        Thomas Scheeler (HV)

Silver:       Matthew Oot (LB)

Bronze:     Justin Norton (NWS)
Giant Slalom

Ladies:

Gold:        Aylin Woodward (NSA)

Silver:      Kelly Burgart (HO)

Bronze:    Georgia Nagle (NSA)
Men

Gold:       Andrew Beck (NSA)

Silver:     Peter Van Ingen (GP)

Bronze:    Everett Keller (HU)
Special mention to Erik Obey of Brooklyn, New York who placed 20th ad 31st in the giant slalom and slalom respectively.  Not a bad showing for the lone “city slicker” in the field.