Got five war-tested Guardians here, just need a sixth.

Please be

1. 310 light or higher
2. A Titan or a Sunsinger
3. Experienced with the Oryx fight (Completion NOT needed)

Leave your GT, light level, and class below.

The Big (Mall) Short Pt. 2: Shorting Malls and Jerica Capital Management

TL;DR:

• Going through the "Bigger Short" fraud that could affect loans tied to leases for commercial real estate (offices, hotels, retail stores like Tuesday Morning & GME), we already find the names of some loan originators (KeyBank & Starwood) tied to both retail stores as being known for overstating income which affects the loans (fraud).
• CMBXs are Jenga Towers of bundled 25 wooden blocks, each made up of pooled loans that can be bet it goes up or down (short). CMBX.11 (which contained the Tuesday Morning store from Pt. 1) had its cumulate default rate go up from nearly 0 (early 2019) to 32% (Dec 2020), showing the Jenga towers are teetering.
• Reports and talks of shorting CMBX's Jenga Towers can be found since around 2016-2017. Jerica Capital Management is one hedge fund who shorted one such tower (CMBX.4) but got fucked over by Jamie Dimon & JP Morgan Chase during an apparent CMBS short squeeze in Sept. 2021.

Read Pt. 1: RC’s Tweet, TUEM v. TUES, & 92 Dayshttps://www.reddit.com/r/Superstonk/comments/s5o8ok/the_tuesday_morning_rabbit_hole_revisiting_the/

Read Pt. 2: On Shorting Commercial Real Estate and Jerica Capital Managementhttps://www.reddit.com/r/Superstonk/comments/s6ff2r/the_tuesday_morning_rabbit_hole_revisiting_the/

Read Pt. 3: 2017https://www.reddit.com/r/Superstonk/comments/s7h25l/the_tuesday_morning_rabbit_hole_revisiting_the/

Table of Contents:

1. ELI5: What’s a CMBS?

2. More on "The Bigger Short” for CMBS

3. What are CMBX Loans?

4. CMBX.11

5. The CMBS “Bigger Short” Was Already Churning Around 2016-2017

6. Jerica Capital Management

7. The CMBX.4 Short

1. ELI5: What’s a CMBS?

In my part 1, I closed off by mentioning how leases for businesses like Tuesday Morning & GameStop were found in loans for CMBS, or commercial mortgage-backed securities.

https://preview.redd.it/hna26y3u9bc81.png?width=1222&format=png&auto=webp&s=63e250c0d5fd06560f54078bdade2f1548d28406

If you’ve ever walked around your neighborhood or a big city and seen a s

I haven't slept in 36 hours.
oops.

First | Next

 

My back is in agony.
 

cracking my eyes open I stare up at the ceiling above.
 

This is not my room. Rolling over I realise I'm lying on the hard cold deck.
 

Why?
 

Memories of what happened before I blacked out return.
 

Ah, right.
 

I'm apparently five hundred and twenty something years in the future.
 

Fuck.
 

Sighing I force myself up and back into my seat, still not comfortable but better than the deck.
 

Although my back screams at me the entire time I'm moving.
 

Glancing at Bronte's display, its dark. I call out. "Bronte? You around?"
 

After a moment she reappears frowning down at me. "Ah, Lieutenant, awake at last I see."
 

I grunt at her, see I can be just as eloquent.
 

Don't give me that look.
 

Anyway.
 

Rolling her eyes at my response she continues.
 

"I have taken the liberty of moving the ship into this systems asteroid belt. Partially for cover and partially so I can send what remains of our drone swarm out to hunt for any resources we are in desperate need of."
 

Leaning back in my chair I tap at the screen in front of me.
 

"Right, can you show me what we need." I try to be commanding but the yawn at the end kind of ruined the image. I need an issue to work on, take my mind off the current situation.
 

Flicking her fingers a report springs up before me. Taking a moment to read over it. Oof, we are in trouble.
 

Our primary issue is Titanium Alloy, it’s what makes up the ships armour, superstructure as well as a number of interior sections. Most of the rear half of the ship is intact, it’s the front half that's the issue.
 

It'd be better to list the compartments that can still hold atmo.
 

There's four.
 

Four compartments that can hold air, out of almost a hundred.
 

Wonderful.
 

Still the old gal made it out, goes to show how well these ships are built.
 

Honeycombed superstructures may be exorbitantly expensive, but damn are they effective.
 

So, we need to replace all that hull plati

I don't want to step on anybody's toes here, but the amount of non-dad jokes here in this subreddit really annoys me. First of all, dad jokes CAN be NSFW, it clearly says so in the sub rules. Secondly, it doesn't automatically make it a dad joke if it's from a conversation between you and your child. Most importantly, the jokes that your CHILDREN tell YOU are not dad jokes. The point of a dad joke is that it's so cheesy only a dad who's trying to be funny would make such a joke. That's it. They are stupid plays on words, lame puns and so on. There has to be a clever pun or wordplay for it to be considered a dad joke.

Again, to all the fellow dads, I apologise if I'm sounding too harsh. But I just needed to get it off my chest.

Alot of great jokes get posted here! However just because you have a joke, doesn't mean it's a dad joke.

THIS IS NOT ABOUT NSFW, THIS IS ABOUT LONG JOKES, BLONDE JOKES, SEXUAL JOKES, KNOCK KNOCK JOKES, POLITICAL JOKES, ETC BEING POSTED IN A DAD JOKE SUB

Try telling these sexual jokes that get posted here, to your kid and see how your spouse likes it.. if that goes well, Try telling one of your friends kid about your sex life being like Coca cola, first it was normal, than light and now zero , and see if the parents are OK with you telling their kid the "dad joke"

I'm not even referencing the NSFW, I'm saying Dad jokes are corny, and sometimes painful, not sexual

So check out r/jokes for all types of jokes

r/unclejokes for dirty jokes

r/3amjokes for real weird and alot of OC

r/cleandadjokes If your really sick of seeing not dad jokes in r/dadjokes

Punchline !

Edit: this is not a post about NSFW , This is about jokes, knock knock jokes, blonde jokes, political jokes etc being posted in a dad joke sub

Edit 2: don't touch the thermostat

Do your worst!

How the hell am I suppose to know when it’s raining in Sweden?

Mathematical puns makes me number

Ants don’t even have the concept fathers, let alone a good dad joke. Keep r/ants out of my r/dadjokes.

But no, seriously. I understand rule 7 is great to have intelligent discussion, but sometimes it feels like 1 in 10 posts here is someone getting upset about the jokes on this sub. Let the mods deal with it, they regulate the sub.

We told her she can lean on us for support. Although, we are going to have to change her driver's license, her height is going down by a foot. I don't want to go too far out on a limb here but it better not be a hack job.

They were cooked in Greece.

I'm surprised it hasn't decade.

He lost May

Now that I listen to albums, I hardly ever leave the house.

Don't you know a good pun is its own reword?

Two muffins are in an oven, one muffin looks at the other and says "is it just me, or is it hot in here?"

Then the other muffin says "AHH, TALKING MUFFIN!!!"

For context I'm a Refuse Driver (Garbage man) & today I was on food waste. After I'd tipped I was checking the wagon for any defects when I spotted a lone pea balanced on the lifts.

I said "hey look, an escaPEA"

No one near me but it didn't half make me laugh for a good hour or so!

Edit: I can't believe how much this has blown up. Thank you everyone I've had a blast reading through the replies 😂

The doctor says it terminal.

It really does, I swear!

And now I’m cannelloni

Because she wanted to see the task manager.

And boy are my arms legs.

But that’s comparing apples to oranges

Put it on my bill

Heard they've been doing some shady business.

but then I remembered it was ground this morning.

Edit: Thank you guys for the awards, they're much nicer than the cardboard sleeve I've been using and reassures me that my jokes aren't stale

Edit 2: I have already been made aware that Men In Black 3 has told a version of this joke before. If the joke is not new to you, please enjoy any of the single origin puns in the comments

They’re on standbi

BamBOO!

A play on words.

Calcium, nickel, neon

My daughter, Chewbecca, not so much.

Pilot on me!!

Christopher Walken

Hi r/superstonk! It's your friendly neighborhood wannabe rogue trader-history-research-ape. After debating for some time if this was me jerking myself off, decided to bite the bullet and let the upvotes/downvotes be the judge.

Long story short, I once posted a history/timeline of Swiss Bank UBS' History of Naked Shorting from 2002-2021. However, because of migrations and posting issues, it was split between several subs so have since decided to post some of the missing posts from the subreddit r GME here that detail UBS (once one of the more prolific GME shorters) & their history of naked shorting as told through the life story of rogue trader Kweku Adoboli. Apart from me jerking myself off with this repost, I wanted to bring it up as imagine lots of parallels between these posts, since they dealt with the pre-Great Financial Crisis times there.

Writing this helped me also line up all the naked shorting info a lot of you apes have found, hope reading it does the same. Lastly, some things I (and you others too!) found since writing these posts back in March :

• GME apes complain about dark pools, but UBS owns the #1 largest dark pool in the country: https://www.reddit.com/r/Superstonk/comments/pxb9et/so_this_finally_made_it_click_for_me_as_to_why/
• Rogue trader Kweku Adoboli's boss John Hughes left UBS shortly to join what would become Virtu.
• Rogue traders Jerome Kerviel and Kweku Adoboli lost billions for their banks using naked futures/future rollovers: https://www.reddit.com/r/Superstonk/comments/qku7us/since_futures_rollovers_even_straddles_are_back/
• A TV series is currently being made about the Kweku Adoboli rogue trading scandal for UBS: https://variety.com/2021/tv/global/afua-hirsch-first-look-deal-fremantle-2011-rogue-trader-scandal-kweku-adoboli-1235048627/

Without further ado, here is Swiss Bank UBS' History of Naked Shorting for the years 2002-2006:

Buckle up buckaroos...

**TL;DR: Russell 2000 --which GME had left--was cause for concern since 2003, DTCC wo