Marathon And SIFMA All Over Heads I Win, Tails You Lose
Submitted by Tyler Durden on 07/10/2009 - 04:30SIFMA's Tim Ryan runs like the plague from answering the question of whether he would invest in PPIP's garbage assets without the government's backstop. However, both he and Marathon's Bruce Richards are dying to use 14x riskless leverage in a wishful effort to restart securitization. David Faber: "Win win for you, no real downside, but you are ultimately going to be paying inflated prices for assets instead of true price discovery, what do you say to that." To which Bruce has a meandering explanation which concludes with: "Taxpayers do benefit, because we believe the returns on these assets are incredibly attractive."
Breaking News: http://www.xp-dev.com
Submitted by Tyler Durden on 07/10/2009 - 02:19Here it is: http://www.xp-dev.com/
Denninger Goes On Air, One Minute Twenty Seconds Of Airtime Ensues
Submitted by Tyler Durden on 07/10/2009 - 01:58Tonight Karl Denninger tried to have a sensible argument with CNBC, even dressed up for it. Unfortunately, it didn't work as expected (by Karl). The only topic covered was bloggers anonymity, on which issue Karl was surprisingly goaded into agreeing with the amusing and lovable host. Karl, and host, we have pointed out before why certain entities prefer to remain anonymous: I would refer both of you to one version of the explanation here. As for Karl trying to debunk what passes for analysis at CNBC, that did not quite work out either. Maybe finally bloggers will realize that a sensible conversation can not occur within the confines of GE's subsidiary. Ever. Probably would be more realistic to discuss exchange server latency at a Goldman sponsored program trading conference with Sergey Aleynikov as keynote speaker and Misha Malyshev and Kevin Mitnick as moderators.
Radio Zero: Does Your Firm Do Theft of Trade Secrets Defense?
Submitted by Marla Singer on 07/09/2009 - 18:52Thursday isn't Friday, unless you spent the week in Federal Holding and you need to let off some steam before you head to the slamy-slam-slam.
Hence, tonight, starting 9:00 Eastern, Radio Zero will spin just for you. Slots are limited. Check back for the URL 15 minutes prior.
Update: http://s4.viastreaming.net:7760/listen.pls for your Radio Zero fix.
Live Tracklist: http://twitter.com/marlasingerzh
Requests: AIM marla@zerohedge.com
Zero Hedge Contributors
Submitted by Marla Singer on 07/09/2009 - 16:44"Wow, there are more of you?"
Electronic Mail Warning
Submitted by Marla Singer on 07/09/2009 - 15:52Better make sure your email is correct, people.
The New Compliance World Order: Is Big Brother Dictating IT Policy Now?
Submitted by Marla Singer on 07/09/2009 - 14:53Short answer: "Looks like it." But the deeper question is: Why?
Citadel Joins The Program Trading Industrial Espionage Fray, Sues Malyshev And Teza
Submitted by Tyler Durden on 07/09/2009 - 14:21The gloves are now completely off in the escalating program trading fiasco that was started by Goldman's former Sergey Aleynikov. Oddly, while Zero Hedge was fully expecting the Teza injunction to come from Goldman, it seems Griffin was more than happy to burden himself with that task. Hopefully Citadel is not faced with a case of reverse discovery and forced to document the 40% returns that it generated compliments of Malyshev when all its other groups on average lost around 50% in 2008.
30 Year Auction A Dud
Submitted by Tyler Durden on 07/09/2009 - 14:05Results of USD 11bln (Act) 30y note auction
- Yields 4.303% vs. Exp. 4.292%
- B/c 2.36 vs. Avg. 2.54 (Prev. 2.68)
- Indirects 50.2% vs. Avg. 47.73% (Prev. 49.09%)
- Allotted at high 67.88%
Live Webcast On Fed Independence
Submitted by Tyler Durden on 07/09/2009 - 13:14House Committee On Financial Services hearing on Regulatory Restructuring: Balancing the Independence of the Federal Reserve in Monetary Policy with Systemic Risk Regulation.
Here is the link with all the prepared testimony.
Bank Of America Amazed By Goldman's "Unmatched Risk-Taking/Risk-Management Skills"
Submitted by Tyler Durden on 07/09/2009 - 13:07The lately abnormally notorious Goldman Sachs received a little pat on the back today compliments of Bank Of America and its analyst Guy Moszkowski, who in a report published this morning announced his expectation of an "unexpected" Q2 surprise (quick, someone find the next big counterparty that Goldman shorted and also has several tens of billions in collateral exposure with the 85 Broad oracles) and also anticipates forecasts to rise. Maybe now that Goldman's fate allegedly is in the hands of a few good hackers, Guy may want to redo his hypothesis. But I digress.
Former US Assistant Secretary Of The Treasury "Geithner Works For Goldman"
Submitted by Tyler Durden on 07/09/2009 - 06:17Max Keiser: "Does the US Secretary of the Treasury work for the people or does he work for the banking system on Wall Street?"
Dr. Paul Craig Reports: "He works for Goldman Sachs."
Mid Day Musings
Submitted by Tyler Durden on 07/09/2009 - 05:25- What is good for the US apparently doesn't work for the UK: PIMCO refuses to buy BOE's gilts (Bloomberg)
- And speaking of PIMCO, the "frequent flier miles accumulation facilitating" bond manager will not be in the PPIP: hopefully due to pressing conflicts of interest arising from participation in every other single alphabet soup ever created. (Bloomberg)
- One man's personal account of the UBS tax follies (Bruce Krasting)
- Chinese rioting subdued for now (Bloomberg)
- And Chinese full scale intervention has resulted in a 48% jump in car sales. Oh yeah, and new loans have jumped five times since June. Can the world ever operate anymore witout a credit bubble somewhere? (Bloomberg)
Yet another huge number coming out of China - consumer car demand
Submitted by Cornelius on 07/09/2009 - 05:01China reports a big 48% increase in car sales as many analysts see an end to the economic contagion in China.
Glimmers Of A Return To Normalcy In Quantitative Strategies?
Submitted by Tyler Durden on 07/09/2009 - 04:23
The last time Matt Rothman did a holistic analysis of the market two months ago, he observed market dispersion which was at October 1987 levels: investors were buying anything and everything indiscriminately. In his latest Quantitiative Strategies observations, Rothman is noticing a slight return to normalcy as finally there is a slight discrimination between various asset classes. Whether this will persist, now that potential program trading disruptive elements may have been removed (even if temporarily) or whether the return of the 3:30pm SPY/ES microblock buying sprees will result in this fledgling flight to fundamentals being aborted, only the next few weeks will demonstrate.
