FOIAing The Fed: The AIG Bankruptcy Negotiations
Submitted by Tyler Durden on 06/28/2009 - 23:51Marshall Huebner is a person Zero Hedge has great respect and admiration for. The Davis Polk lawyer, in addition to having an impressive work ethic with many successful bankruptcies under his belt (Delta's 2007 emergence being a case in point: in fact, he will likely be making a repeat appearance there quite soon now that Goldman has envisioned another ramp to $200/barrel of crude), volunteers 13 hours every Sunday night as an Emergency Medical Technician - a noble dedication to his community. Marshall's dedication however is not only to his immediate community, but to American taxpayers in general: a little known fact is that Davis Polk is the official yet still formally unannounced legal advisor for the Federal Reserve.
Weekend Reading
Submitted by Tyler Durden on 06/28/2009 - 17:45The Collapse Of The Non-Backstopped Agency Market
Submitted by Tyler Durden on 06/27/2009 - 23:22
Complete collapse in foreign interest for GSE debt: North American holdings of the latter have increased from 50% to 80% of total notional in one year!
The Porsche Dilemma: Firesale Or Bankruptcy
Submitted by Tyler Durden on 06/27/2009 - 18:20The Porsche drama has morphed into a full blown tragedy: Porsche has until Monday to decide whether it is willing to accept what is essentially a firesale bid by Volkswagen and Lower Saxony for 49% of the company in exchange for €3-4 billion. As a result of the transaction, the two companies would merge, with the Piech and Porsche controlling a 40% stake, Lower Saxony owning 20%, Qatar 15%, and a separate state fund having a 5% stake.
The SEC Needs Your Feedback
Submitted by Tyler Durden on 06/27/2009 - 18:19Zero Hedge thrives on its proactive readers, yet I never expected a barrage of information such as the one I received since posting this. In the hundreds of emails received over the past several hours, much of it from current industry insiders, a substantial portion is likely actionable, and upon further refinement, enforceable. Going through it all will take time, however I take this opportunity to welcome any and all readers to provide information they believe captures wrongdoing in the financial system.
Goldman's Lucas Van Praag Responds To Matt Taibbi's Allegations
Submitted by Tyler Durden on 06/27/2009 - 18:16"We reject the assertion that we are inflators of bubbles and profiteers in busts, and we are painfully conscious of the importance of being a force for good."
The Republican Regulatory Reform Plan
Submitted by Tyler Durden on 06/27/2009 - 18:14The following is the Regulatory Reform Plan proposed by Alabama Congressman Spencer Bachus. The plan effectively touches upon all weaknesses of the current regulatory environment, if one can even claim one exists.
VWAP Close
Submitted by Tyler Durden on 06/27/2009 - 18:13
SPARC computers are taking the SPARC bus to the SPARC hangout in the Hamptons after another job well done.
There Goes The CMBS Neighborhood
Submitted by Tyler Durden on 06/27/2009 - 18:10S&P announced that it was likely to downgrade $235.2 billion in CMBS securities as it evaluates how these would fare in an "extreme economic downturn."
Intraday News Roundup
Submitted by Tyler Durden on 06/27/2009 - 18:02Q1 Bank Trading: Only Interest Rate Derivatives (Make That Goldman Sachs) Profitable
Submitted by Tyler Durden on 06/27/2009 - 18:00"The notional value of derivatives held by U.S. commercial banks increased $1.6 trillion in the first quarter, or 1%, to $202.0 trillion, due to the continued migration of investment bank derivatives business into the commercial banking system."
Intraday Equity Observations
Submitted by Tyler Durden on 06/27/2009 - 17:59
The SPY is stuck between Friday's low and Monday's gap open on no volume - and it is RUT rebalancing day! Also high beta is the place to be it seems today (IWM outperforming). And guess what - VWAP reversion wins, at least every 5 minutes or so.
Goldman Sachs Principal Transactions Update: Back With A Vengeance
Submitted by Tyler Durden on 06/27/2009 - 17:55
Just released NYSE data indicate a 50% ramp up by Goldman's principal Program Trading unit. Whereas the prior week saw Goldman trading only 631 million principal shares on the NYSE, the most recent data indicate a massive rise to 977.8 million. Also notable is Credit Suisse's doubling in principal program trades to 586 million from 245 million.
