CIT To Be Bailed Out By Goldman And JP Morgan
Submitted by Tyler Durden on 07/17/2009 - 11:39Developing Story: I am the great vampire squid's total lack of surprise. So the government and FDIC will not touch CIT, but Goldman and JPM which have tens of billion in dollars owed to the FDIC via the TLGP can bail them out and make it seem like a private bail out? Red pill please. Are all conversations between 85 Broad and Tim Geithner/Sheila Bair over the past 48 hours FOIAble? Also explains the two banks' recent commingled dinning patterns.
Market Plunge Prevention: Friday Lunch Edition
Submitted by Tyler Durden on 07/17/2009 - 11:19Rolling buy-ins compliments of our favorite TARP recipients are back in full force. If you are short, you are screwed. Get out of the market right now.
Goldman Sachs Full Frontal
Submitted by Tyler Durden on 07/17/2009 - 10:55The full scale media war against Goldman Sachs is now on and Mssrs. Canaday and Van Pragg can't hardly wait for the weekend to come already. The most recent exposure comes courtesy of Time Magazine and CBC Radio. The interesting thing here is not the publicity - everyone who is anyone knows all this stuff, and as for Joe Sixpack knowing the facts, well: absent a pitchfork billion man march on Wall Street, nothing will really come out of it. But the key thing to keep track of is whether Goldman will do a placating PR media campaign or merely stay shut in their shell. At this point the media avalanche is in full onslaught mode, and the insightful thing is whether Blankfein thinks it makes sense to preemptively approach the situation. The CEO of GS knows full well that the "full market support mode" will last only so long, and once it breaks and the floor out of the 666 S&P drops, the public will again demand blood (or Trueblood for all you vampire squid fans out there).
A "Criminally Insane" Cliff Asness Takes On Health Care Mythology And Pretty Much Everything Else
Submitted by Tyler Durden on 07/17/2009 - 09:14AQR's Cliff Asness, a hedge fund manager (and ex-Goldmanite) who recently achieved public acclaim by lashing out quite vocally against some of the administration's tyrannical practices, yet stands to lose some of that new found populist credibility by being one of the first "scholars" supporting the petition to limit oversight and visibility of the "independent" Goldman-enhanced Federal Reserve, has just hit the road with another piece of a Hunter S. Thompson-esque Op-Ed.
Jon Stewart Takes On Goldman Sachs
Submitted by Tyler Durden on 07/17/2009 - 08:13Jon Stewart, Paul Krugman... seems like the Mainstream Media is really catching on.
Daily Highlights: 7.17.09
Submitted by Tyler Durden on 07/17/2009 - 07:44Frontrunning: July 17
Submitted by Tyler Durden on 07/17/2009 - 07:40Paging Ben Dover To Provide Taxpayer Funded Workplace Humor
Submitted by Tyler Durden on 07/16/2009 - 21:56It doesn't get more surreal than this. In Federal Solicitation RFI-BPD-09-0028, the The Department Of The Treasury is seeking a contractor to provide... Humor in the Workplace. As there is $800 billion to be spent, what better way than for Tim Geithner to get himself a private court jester (with the market relying on the PPT every day at 3pm to prevent a complete and total meltdown we kinda sympathize with the morose, yet tax-troubled guy). Obama's stimulus doesn't get better than this - you, dear taxpayer, would indirectly fund some guy cracking bad jokes (most likely about the economy and politicians): now that is a way to get the economy started if there ever was one.
The § 1124 Debt Reinstatement Trap
Submitted by Tyler Durden on 07/16/2009 - 20:51An interesting development in some recent bankruptcies has been § 1124 of the Bankruptcy Code, also known as the Debt Reinstatement provision. Recently used in the Spectrum Brands chapter 11, and presumably soon to be attempted in the Charter case, this approach allows "financially distressed companies seeking to use Chapter 11 to substantially delever their balance sheets by equitizing junior debt while “reinstating” existing senior debt on original terms that are more favorable to the borrower than those available in today’s financing market." In other words, this allows the best of all worlds for a bankrupt company: deleveraging due to unsecured debt equitization, while the secured debt continues paying interest at a 2005 Libor rate. With Libor soon to hit negative thanks to the US backstopping all the toxic assets in the universe, and some bufoonery by the ABA, you can bet your bottom dollar that bankruptcy lawyers and financial advisors are pitching default after default even to healthy companies, so they have screw all sorts of creditors.
Some More Observations On The Goldman Squidweb
Submitted by Tyler Durden on 07/16/2009 - 18:04Compliments of Muckety.
Glenn Beck Explains The Goldman Web
Submitted by Tyler Durden on 07/16/2009 - 17:25Spider-squid, spider-squid, does whatever a spider-squid does.
DMCA Thursdays
Submitted by Marla Singer on 07/16/2009 - 17:00Six takedown notices. Stop. Cause for celebration. Stop. Radio Zero to provide. Stop. 7:00 eastern. Stop. URL 15 minutes prior. Stop.
Chat up the DJ: here. Stop.
Find the feed here. End.
Roubini: "My Views Were Taken Out Of Context."
Submitted by Tyler Durden on 07/16/2009 - 16:25Does CNBC now have to pay back all those who bought stock after being pounded by this misquote over and over as an epilepsy inducing Breaking News box? That, of course, assumes the powers that be will allow the market to move down even 1 point from the most recent artificially high level.
Market Preparing For Some Crazy Action
Submitted by Tyler Durden on 07/16/2009 - 15:40
SPY Out Of The Money Vol spiking relative to At The Money. Two days ahead of OPEX, market is gearing for some fireworks.
Max Keiser: "Goldman Sachs Are Scum"
Submitted by Tyler Durden on 07/16/2009 - 14:41"They are literally stealing a hundred million dollars a day. Goldman Sachs is stealing every day on the floor of the exchange. They should be in the Hague, they should be taken on financial terrorism charges. They should all be thrown in jail"
Well, at least one person says what he thinks.
