Archive - Feb 2009

February 28th

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Buffett Profit Plummets, Gives Bleak Outlook For 2009





The Tarrot Card Reader Of Omaha (and Charlie)'s Q4 net income fell 96% to $117 million, from $2.95 billion, for a fifth consecutive drop. Book value fell 9.1% of more than generally expected on declines in equity and fixed-income portfolios and writedowns in derivatives. Scary was the increase in liabilities on equity derivatives which increased 49% to $10 billion.

 

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Two New Friday FDIC Bank Failures





The Friday FDIC bank bailout is becoming like clockwork. Two more banks went under this week, bringing the year's total to 16. The latest victims are Security Savings Bank of Henderson, NV and Heritage Community Bank of Glenwood, IL.

 

February 27th

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Why Citi Common Crashed And Why The Common-Preferred Arb Could Be The Next Volkswagen





(Please read update 4 for very important additional information)

 

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Moody's Takes MGM To Woodshed





Rating agencies just love reminding people they are still around.

 

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Moody's Takes MGM To Woodshed





Rating agencies just love reminding people they are still around.

 

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GM Bondholders Aren't Gonna Take It Anymore





Developing story: WSJ reports that bondholders, tired of getting diddled by management and the UAW, will show everyone who is boss, and have demanded a meeting with Steve Rattner and his car task force. It was only a matter of time before Rattner would get buddy buddy with his old wall street crowd who will now demand bond security concessions and federal guarantees...

 

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Some More Not So Good News





We tend to get accused of being propagators of pessimism porn. We will get you the good news as soon as we see it. In the meantime...

  • California announces state unemployment rises to 10.1%
  • Citi put on outlook negative by S&P.

Summary from the report:

 

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Don't Look Now But Market Going To 500





Or at least according to Robert Prechter, who had forecast the 1987 stock market crash, and is chairman of popular technical research firm Elliott Wave International. It is not like the Legion of Doom really needs any more groupies, but if that's the man's opinion we will take it.

 

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Doomsday Expectations Growing





In a piece that would be hilarious if it wasn't serious, Bloomberg discloses that as a result of crushed consumer confidence, more and more Americans are preparing for the metaphorical (and literal) end of days.

"A growing number of Americans are stocking the basement with Spam and
marketable gold, while they peek out from behind the curtains with their firearm

 

Tyler Durden's picture

Doomsday Expectations Growing





In a piece that would be hilarious if it wasn't serious, Bloomberg discloses that as a result of crushed consumer confidence, more and more Americans are preparing for the metaphorical (and literal) end of days.

"A growing number of Americans are stocking the basement with Spam and
marketable gold, while they peek out from behind the curtains with their firearm

 

Tyler Durden's picture

GE Cuts Dividend to $0.10, Market Pops Then Drops





Shareholder trigger fingers twitching. Market bottom speculation looks to be delayed by yet another day. Curiously, GE CDS wider by 20 bps from 700 on the news, despite the cash conservation nature of the move... nothing makes sense anymore

 

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More Bad News For Bankrupt Lehman: CFO Resigns





The bad news for creditors of bankrupt Lehman Bros just keep coming.

 

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CFTC Plays Catch Up To SEC, Copies Their Aphorisms





Today the CFTC, which Harry Markopolos had no choice words against in his congressional testimony, and so far has not seen a lot of public anger for lack of action and complacency, has started turning on the afterburners.

 
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