Archive - 11769

As CDS traders are aware, two months ago, or about the same time Chris Cox wanted to turn everyone that had even the remotest connection to trading CDS into soap, the DTCC started disclosing everything it knows (not all that much) about the CDS market on a weekly basis. At Zero Hedge, we are starting a weekly column that looks at the net additions and reductions, and ergo, net change in the CDS market, from both a notional and contractual point of view, based on DTCC data.

In a bet gone very bad, that if true would make Jerome Kerviel's $5 billion loss at Soc Gen seem like amateur hour, the WSJ reports ($$$ link with hat tip to portfolio.com) that the main reason for Merrill's massive $15 billion Q4 loss was due to some very large basis trades gone horribly wrong.

In a bet gone very bad, that if true would make Jerome Kerviel's $5 billion loss at Soc Gen seem like amateur hour, the WSJ reports ($$$ link with hat tip to portfolio.com) that the main reason for Merrill's massive $15 billion Q4 loss was due to some very large basis trades gone horribly wrong.

Zero Hedge makes fun of sell side research often. After all who doesn't. But sometimes we are pleasantly surprised, such as when we read Goldman's weekly economic analysis piece for the week of January 23. Several issues discussed in the report include an overview of the remaining arsenal of governmental responses to the mega crisis we are in, both in the fiscal and monetary realm, a sober estimation of just how bad the real troubled asset situation in the U.S. may be if we remove the wool from our eyes, as well as what needs to be considered before making an appropriate policy move.

Zero Hedge makes fun of sell side research often. After all who doesn't. But sometimes we are pleasantly surprised, such as when we read Goldman's weekly economic analysis piece for the week of January 23. Several issues discussed in the report include an overview of the remaining arsenal of governmental responses to the mega crisis we are in, both in the fiscal and monetary realm, a sober estimation of just how bad the real troubled asset situation in the U.S. may be if we remove the wool from our eyes, as well as what needs to be considered before making an appropriate policy move.

In surely a harbinger of many more such episodes to come, Ryan Brinkerhoff, 24, apparently lost his mind last night, and tried to set fire to the 34th floor of 7 World Trade Center.

In surely a harbinger of many more such episodes to come, Ryan Brinkerhoff, 24, apparently lost his mind last night, and tried to set fire to the 34th floor of 7 World Trade Center.

...To Los Angeles. The latest victims are 91 year-old Zsa Zsa Gabor, together with her ninth, and 30 years old younger husband, Frederic von Anhalt.

...To Los Angeles. The latest victims are 91 year-old Zsa Zsa Gabor, together with her ninth, and 30 years old younger husband, Frederic von Anhalt.

Despite it being only 20 days into the year, some hedge funds have already posted their performance. Some notable YTD performers:

Stratus Fund: 1.81%
Traxis Fund: -5.71% (We hope Barton Biggs' book profits are better than his hedge fund's)
Moore Global: 2.21%
Moore Emerging Markets: -1.62%

While John Thain will be enjoying his creme of the crap status of reviled interior decorators for some time, Dick Fuld is about to upstage him in the shady asset transfer category. Cityfile has broken the following bombshell: the Gorilla's $13 million home on Jupiter Island, which was held by both Mr and Mrs Dick, was recently transferred singly to Kathy. Dick sold his portion of the house on 265 S Beach Rd, Jupiter Island to his wife for the princely sum of $100.

While John Thain will be enjoying his creme of the crap status of reviled interior decorators for some time, Dick Fuld is about to upstage him in the shady asset transfer category. Cityfile has broken the following bombshell: the Gorilla's $13 million home on Jupiter Island, which was held by both Mr and Mrs Dick, was recently transferred singly to Kathy. Dick sold his portion of the house on 265 S Beach Rd, Jupiter Island to his wife for the princely sum of $100.

Freddie Mac, which is already owned by the U.S. government, has said it will ask the U.S. Treasury for another $35 billion. The company said its Q4 losses will drive its net worth below zero... again...

Freddie Mac, which is already owned by the U.S. government, has said it will ask the U.S. Treasury for another $35 billion. The company said its Q4 losses will drive its net worth below zero... again...

Paul Kedrosky points out something that will put a dent in many of the talking heads' arguments about housing picking up again in the beat down states. Seems Wells Fargo's 30 Year conforming mortgage is up something like 90+ bps from the several week ago trough of 4.7%. Can't be good. Especially knowing where 30 years Treasuries trade, and all the agency paper being bought by the Treasury with every dollar printed.