Archive - Jan 2009

The expectation is that Nielsen Co. (Caa1/CCC+) will be coming to market momentarily to take advantage of "demand" for junk debt. Apparently the issue will be $300 million maturing in 5 years. We say the OID will be 25 points and we also take the under.

9:21 *GM SAYS JANUARY U.S. SALES RATE MAY BE BELOW 10 MILLION

So you are saying 10.5 million was optimistic huh

• Citigroup and Bank of America "surge more than 4 percent" (Bloomberg)
• Foreigners buying up newspapers: first Slim-NYT, now Lebedev-Evening Standard (Moscow Times)
• Fiat catches Chrysler virus, drops to 24-year low (Bloomberg)
• American Airlines posts $69 million loss (

• Citigroup and Bank of America "surge more than 4 percent" (Bloomberg)
• Foreigners buying up newspapers: first Slim-NYT, now Lebedev-Evening Standard (Moscow Times)
• Fiat catches Chrysler virus, drops to 24-year low (Bloomberg)
• American Airlines posts $69 million loss (

Today's vomitfest in the markets apparently was greeted by holders of HF LP interests with a sense of utmost urgency/capitulation. In a nutshell - not a single bid, and over $150 million in ask interest just on Feb. 21. Among the more notable parties on the selling block:

SAC Multi Strat - $15 mm
Eton Park - $7 mm
Atticus - $20 mm
Pershing Square - $20 mm
Conatus - $20 mm
Wexford (Spectrum and Catalyst) - $30 mm

If anyone has color as to where these clear we would be very interested.

Chris Cox has said enough and resigned today at noon. After single-handedly destroying the primary U.S. regulator Cox took the back door. His replacement is Kappa Beta Phi sister Mary Schapiro who ran FINRA - the second most ineffectual regulator in the U.S.

Well, Mary, after Cox's stellar performance, it should not be tough to improve on expectations that are really low, kinda like Obama and all.

These headlines just hit. Let me paraphrase: "We are f@*&#d. Send guns, ammo and lawyers." Oh, and GM needs to take down breakeven level for future. Hey Bob Lutz, good work reading our suggestions. Curious just how many times the new "conservative" plan will have to be reworked.

These headlines just hit. Let me paraphrase: "We are f@*&#d. Send guns, ammo and lawyers." Oh, and GM needs to take down breakeven level for future. Hey Bob Lutz, good work reading our suggestions. Curious just how many times the new "conservative" plan will have to be reworked.

S&P, which lately seems to be paying its credit "analysts" at a rate of $1/word and has imposed a minimum quota of 10 downgrades a week, whacked LBO titan Freescale late on Friday with a downgrade of its corporate rating from B+ to B-, its secured loans from BB to B- and bonds from B- to CCC.

S&P, which lately seems to be paying its credit "analysts" at a rate of $1/word and has imposed a minimum quota of 10 downgrades a week, whacked LBO titan Freescale late on Friday with a downgrade of its corporate rating from B+ to B-, its secured loans from BB to B- and bonds from B- to CCC.

Florida, Indiana, Georgia, even Idaho, ponzis seem to pop up in the strangest of places. Next up: Philadelphia, where Joseph Forte, 53, was charged by U.S.

Florida, Indiana, Georgia, even Idaho, ponzis seem to pop up in the strangest of places. Next up: Philadelphia, where Joseph Forte, 53, was charged by U.S.

Thank you Fast Money for pushing our other ETF pick and holding - double negative on treasuries but no negative carry: you get a dividend if you care about that kind of stuff. Cheap entry point at $40.33, with historical average $61.03. Thesis: the sell off in treasuries once people go back to risky assets, or once everyone stops buying them. China, Russia, Japan and Europe will have massive internal budget deficits to fund to care about buying treasuries, and the US can only print so much money to buy its own paper.

Or, if not that, then something else. Citi has announced Vik will present at Citi's 2009 Financial Services Conference in NY on January 27 at 12.45pm... If anyone cares they can listen to webcast here: http://www.citigroup.com/citigroup/fin

INTEL MAY HAVE LOSS IN FIRST QUARTER, CEO TELLS EMPLOYEES

probably big news. market will be too busy selling stuff to care ah rekkun