SPY Block Trading Update

Everyone's favorite Prime Brokers were working overtime today, chomping at the bits for those 3.1 and 3.9 million SPY blocks. Amusingly, JPM which today hopes to have met and exceeded Tiny Tim's capital needs (surprisingly Morgan Stanley thought the same before it was told it needs to raise more and more), had its CEO say the following yesterday:

“Dear Timmy, we are happy to be able to pay back the $25 billion you lent us. We hope you enjoyed the experience as much as we did.”

When you are singlehandedly the market in the biggest index hedge, we hope short-biased investors had as much fun if not more fun as Jamie Dimon had while paying off his TARP.

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