Sergey Update: Goldman Motion To Quash Subpoena Denied
Submitted by Tyler Durden on 08/10/2009 - 16:24"A U.S. judge on Monday denied a motion by Goldman Sachs Group Inc (GS.N) to quash a request for personnel information on a former computer programmer accused of stealing trade secrets from the firm."
Fun With Nodes
Submitted by Tyler Durden on 08/10/2009 - 16:07
Almost as fun as connecting the dots. Courtesy of NNDB, where readers can add their own nodes. Not much data would be needed for this map to encircle the globe.
Lowest SPY Volume Day For 2009
Submitted by Tyler Durden on 08/10/2009 - 15:46
The SPY just hit a 2009 low in volume, and markedly below the comparable period last year.
Mike Steinhardt: "No One Is Long-Term Bullish"
Submitted by Tyler Durden on 08/10/2009 - 14:18Hedge fund icon Mike Steinhardt voices on what the smartest money on Wall Street is thinking and it is nothing good - fast forward to 3 minutes 25 seconds. Steinhardt is completely correct in saying "You can not talk about valuations readily" in this market.
SEC Informs State Street It Will Authorize Civil Enforcement Action For Violation Of Anti-Fraud Provisions
Submitted by Tyler Durden on 08/10/2009 - 12:35In June 2009, the Staff of the SEC provided State Street Bank with a “Wells” notice related to the SEC’s ongoing investigation into disclosures and management by SSgA of its active fixed-income strategies during 2007 and prior periods. The SEC Staff has informed us that it is proceeding with an enforcement recommendation to the SEC Commissioners asking the SEC Commissioners to authorize a civil enforcement action against us alleging violations of antifraud provisions of the federal securities laws.
Sergey Subpoena Update, Or The Goldman DOJ Connection
Submitted by Tyler Durden on 08/10/2009 - 12:09We have learned that Goldman has retained the exalted law firm of Boies, Schiller & Flexner, to quash the Aleynikov subpoena request. The lead partner on submitted papers is Matthew Friedrich, former assistant attorney general at the DOJ and deputy chief of staff to fomer US Attorney General, Michael Mukasey.
Cliff Asness Takes On flag@whitehouse.com And The Orwellian Totallitarian Watch-List
Submitted by Tyler Durden on 08/10/2009 - 11:41Dear Leader and Minions,
The only thing more un-American, anti-freedom, and hypocritical from this administration, that dared to campaign on the prior administration's respect of the constitution, than your attempt to socialize vast swaths of the American economy, is your new attempt to silence your legitimate critics. You have (collectively with your party) called them Nazis, you have lied about their generally peaceful demonstrations while ignoring the incredible hypocrisy of your own brown-shirt like efforts (New Black panther thugs let off the hook by Holder, Code Pink, SEIU and ACORN vigorously disrupting free speech; and just try to give a speech offending the Left on our academically "free" campuses?). Now this explicit effort to have Americans, who happen to disagree with the current people in charge, inform on other Americans to this email address. You all have no shame.
Consumer Bankruptcy Filings Hit Highest Monthly Total In 4 Years
Submitted by Tyler Durden on 08/10/2009 - 11:34The facts as reported by the American Bankruptcy Institute: consumer bankruptcy filings reached 126,434 in July, a 34.3% increase year over year, and a 8.7% increase sequentially (116,365 in June). July's number is the highest monthly total since the October 2005 bankruptcy reform aka the Bankruptcy Abuse Prevention and Consumer Protection Act.
Sergey Aleynikov Strikes Back, Files Goldman Subpoena
Submitted by Tyler Durden on 08/10/2009 - 10:54Sergey's alleged Goldman code-theft case, which seemed to be on the fast track to being promptly settled out of court, just took an odd turn. Matt Goldstein over at Reuters reports that instead of keeping quiet, Sergey has taken the offensive and has filed a subpoena on Goldman Sachs, "seeking access to some information." Goldman's response is a not very surprising motion in federal court to quash the subpoena. Either this is a red herring by Sergey, trying to make his plea deal case stronger, or there is indeed something in Goldman's books that needs further observation, and would, presumably, shed much needed light on either the Aleynikov affair, HFT, or both.
Historical And Forecast Loan Data
Submitted by Tyler Durden on 08/10/2009 - 10:39A major segment of the credit market - secured loans - still has to show the kind of comparable primary issuance pick up that has been witnessed in equities and riskier high-yield debt. Primary loan volumes are still running at half of the comparable 2008 period, particularly in the middle-market.
Guest Post: Dear Goldman Clients
Submitted by Tyler Durden on 08/10/2009 - 09:59"The games are over and as people around the country are uniting, the likes of which this country has not seen in 200 years, I can assure you change is indeed coming. It is time to demand accountability from those running your funds. This has gone on far too long and is totally out of control."
Guest Post: False Auction Spells Caution For Stock Market After August NFP
Submitted by Tyler Durden on 08/10/2009 - 09:33The author of “Market Profile” Peter Steidlmayer has offered us one invaluable insight into how markets
behave and it borders on genius. Unfortunately, he has so many other insights that very few folks can find
the needle in the haystack that he called “false auctions.”
Meet Richard Bernstein's Jolly And Much More Optimistic Replacement David Bianco
Submitted by Tyler Durden on 08/10/2009 - 09:14With normalized cover page headlines like these:
- Robust S&P 500 EPS growth expected for 2010 and 2011
- S&P 500 EPS recovery to outpace the US GDP recovery
- Financials to contribute to EPS growth in 2010 and 2011
- Normalized S&P 500 EPS is above our 2009E and 2010E EPS
- Our normalized EPS supports a strategically bullish stance
is there any wonder how happy Bernstein and Rosenberg must have been to go to work every day?
July Budget Deficit Grows By $181 Billion, YTD Individual And Corporate Receipts Tumble
Submitted by Tyler Durden on 08/10/2009 - 08:59The Congressional Budget Office released its preliminary July 2009 budget numbers - the budget deficit is now expected to be $181 billion, an 80% increase compared to the July 2008 deficit of $101 billion.
Liquidity Provider Van der Moolen Files Bankruptcy Due To Lack Of Liquidity
Submitted by Tyler Durden on 08/10/2009 - 08:15In a sign of HFT's encroaching dominance in the market, and the changing equity market liquidity provisioning landscape, Dutch specialist firm Van Der Moolen earlier filed for protection from creditors, the European equivalent of a chapter 11 filing. As expected, the monopoly of the "very few" is starting to eat the peripheral players.
