"Live-Blogging the Citadel Conference Call": Only Later

I live blog ( only after the fact ) the Citadel Conference Call, with the help of the NY Times:

3:50 p.m.: “To call it a dislocation doesn’t go anywhere near what we’ve seen. We’ve seen a near collapse of the world’s banking system.” ( This isn't a reassuring start )

3:51 p.m.: Citadel’s Wellington and Kensington funds are down about 35 percent year to date. ( That doesn't sound very good )

3:52 p.m.: The word “unprecedented” is coming up fairly often. ( This means since it has never happened before we really shouldn't be expected to know what to do )

3:54 p.m.: Lehman’s bankruptcy caused “the greatest dislocation we’ve seen in money market history” ( I think letting this happen can now be called a mistake )

3:55 p.m.: “One effect we’ve all seen is about the diversity of counterparties. Given the diversity of counterparties around the world, clearly the diversity isn’t enough to deal with some of what we’ve seen in the past few weeks.” ( You can't have too much diversity )

3:56 p.m.: Citadel has maintained liquid cash position exceeding 30 percent of our capital, described as being in a lockbox at the Bank of New York. ( This sounds pretty good, but I hope that it isn't that social security lockbox that they're using )

3:57 p.m.: Citadel has $8 billion of undrawn capacity in its tri-party credit lines. ( That sounds good, depending upon what you end up using it for )

4 p.m.: Mr. Griffin takes the line. “I’d like to emphasize that the tremendous dislocations in the market” have created tremendous opportunities. ( It's just that these opportunities can be for good or ill, and I don't know which )

4:01 p.m.: Mr. Griffin says that he expects the bailout plan in the United States and others will help. He adds that in his 20-odd years of investing, he has never seen a market “as panicked” as this. ( I have no idea how much it will help, and a lot of people are scared, including me. And did I say that this crisis is unprecedented )

4:02 p.m.: Redemptions at year end are modest and represent “just a few percentage points” of capital. ( Please don't ask for a definition of "few" )

4:03 p.m.: Mr. Griffin emphasizes Citadel’s diverse businesses, including its options market making business, noting that the firm has eclipsed Interactive Brokers in equity options brokering. ( You can't have too much diversity redux, and in equity options brokering, we've kicked a little ass )

“We have made it through 18 years … and we will make it through the next six to eight weeks.” ( After that, I've no idea )

He thanks Citadel’s counterparties and trading partners. ( Please don't desert us )

4:04 p.m.: Citadel’s equities team has been profitable this year, and will suffer little impact from the changes to come, Mr. Griffin says. “We will embrace the changes that will come as part of this solution.” ( Once again, the changes might be for good or ill, and we will make money. Our clients? Not so sure )

There are no questions thus far. ( Everyone is still recovering from hearing that we've just suffered a near collapse of the world's banking system )

4:05 p.m.: The line is opening up for questions from noteholders. ( Questions? )

4:07 p.m.: The call has ended. ( Either there are still no questions, or noteholders speak very fast )

I take a xanax.