Saturday Readings
Submitted by Tyler Durden on 06/20/2009 - 15:25- Steve Jobs had a liver transplant 2 months ago (WSJ)
- Iran's political turmoil creates dilemma for Obama at home and overseas (Bloomberg)
- Cutting the Gordian Knot of GE Theory (AxiomaticEconomics)
- The Plaza stirs with 30 For Sale listings for a total of $250 million (
Zero Hedge Radio
Submitted by Tyler Durden on 06/20/2009 - 04:011am. Saturday morning. Why not?
http://s4.viastreaming.net:7760/listen.pls
GM Dissident Bondholders File Objection To 363 Sale
Submitted by Tyler Durden on 06/19/2009 - 20:05Today the Unofficial Committee of Family and Dissident GM bondholders filed an objection to the 363 sale (link here). And any objection that starts with a quote from our current President's inaugural address promises to make for an interesting read: this one does not disappoint. The committee brings up a plethora of valid points, most of which go to the heart of the matter namely the speed of attempted 363 sale process.
Houston, We Have 3:30 PM Lift-Off Right On Schedule
Submitted by Tyler Durden on 06/19/2009 - 18:33Because, like clockwork, the entire market always turns on buy programs at the same time. Who cares about paying a good price when you are playing with other people's money in a SPARC-manipulated playground. Mr. T pities the retail fools who thought they have some chance of making money in this WWF-esque rigged spectacle.
Daimler Set To Purchase Porsche Stake
Submitted by Tyler Durden on 06/19/2009 - 18:04The latest development in the Porsche-Volkswagen saga comes courtesy of German Manager-Magazin, which notes that Daimler is apparently in advanced negotiations to acquire a stake in the troubled luxury carmaker. It was still unclear what happened with the massive VOW options held by Porsche ahead of expiration today: as the company did not have the money to exercise them earlier, one can only hope that Porsche scrambled enough cash to at least roll the options.
Forward Volatility Differential Plunges To 2008 Lows
Submitted by Tyler Durden on 06/19/2009 - 17:47The VIX - VXV relationship has dropped to a 2009 low, implying the 3M forward vol is abnormally high (projected volatility) relative to 1M (VIX), and extreme lows coincide with index turning points.
Is Credit Suisse Going For Broke With ETFs?
Submitted by Tyler Durden on 06/19/2009 - 15:00Well, the "for broke" part is hopefully a pun. But based on their most recent holdings, which among others include 104% of the IYR Real Estate ETF, Credit Suisse is certainly ploying something here (one hopes, or else that is one big fat finger). When you have the balance sheet of the Swiss National Bank to back you up, you don't really care much if you overload the boat. Of course, this is excatly what Boaz Weinstein was thinking when the world blew up in his face.
Is Credit Suisse Going For Broke With ETFs?
Submitted by Tyler Durden on 06/19/2009 - 15:00Well, the "for broke" part is hopefully a pun. But based on their most recent holdings, which among others include 104% of the IYR Real Estate ETF, Credit Suisse is certainly ploying something here (one hopes, or else that is one big fat finger). When you have the balance sheet of the Swiss National Bank to back you up, you don't really care much if you overload the boat. Of course, this is excatly what Boaz Weinstein was thinking when the world blew up in his face.
Unemployment Rate By State
Submitted by Tyler Durden on 06/19/2009 - 14:45The state unemployment data from the BLS is likely significantly flawed but it makes sense to visualize it nonetheless. The chart below demonstrates both the monthly change in unemployment (April - May 2009) as well as the year-over-year increase in state unemployment (vs. May 2008). Notably, Michigan was in a world of pain even before the bankruprtcy of GM and Chrysler. The green shoot: seems cattle ranchers are in high demand in N/S Dakota and Wyoming.
Unemployment Rate By State
Submitted by Tyler Durden on 06/19/2009 - 14:45The state unemployment data from the BLS is likely significantly flawed but it makes sense to visualize it nonetheless. The chart below demonstrates both the monthly change in unemployment (April - May 2009) as well as the year-over-year increase in state unemployment (vs. May 2008). Notably, Michigan was in a world of pain even before the bankruprtcy of GM and Chrysler. The green shoot: seems cattle ranchers are in high demand in N/S Dakota and Wyoming.
David Faber Openly Ridicules Dick Bove
Submitted by Tyler Durden on 06/19/2009 - 14:11Everyone else does, why should David be an exception. Fast fwd to 2:20 - "You want a good laugh, take a look at Dick Bove's latest report." Dick - when CNBC makes fun of you for smoking the "shutes" you know you have reached a new low on the propaganda pole. At least that DC advisory job beckons - better make use of it quick. The next election is in just over 3 years.
Goldman Sachs Principal Transactions Update: 631 Million Shares
Submitted by Tyler Durden on 06/19/2009 - 13:56Latest NYSE Program Trading data out. Program Trading volume continues to decline, with 3.4 billion shares traded, down 700 million from the week before. Most notable is Goldman's dramatic drop in principal trading, down from on average 1 billion over the past 2 months to a mere 631 million. In the meantime, Credit Suisse is continuing its climb in Principal PT.
Humorous Interlude That Only Phil Falcone Will Appreciate
Submitted by Tyler Durden on 06/19/2009 - 13:21Well, maybe Scott Galloway too.
[youtube=http://www.youtube.com/watch?v=ENu_06t9xl4&hl=en&fs=1&]
Dallas Fed On Curbing Irresponsible Lending
Submitted by Tyler Durden on 06/19/2009 - 12:42In yet another splinter approach from the route espoused by Bernanke, the Dallas Fed shares its thoughts on limiting irresponsible lending. The Fed's solution is the imposition of loan-to-value caps which would make a lot of sense, but would substantially curb loan demand - a course of action that the Federal Reserve would fight tooth and nail against in its attempt to deflate debt by a new wave of excess (and even more irresponsible as it would be taxpayer backstopped) lending. The Dallas Fed's justification:
