Archive - Feb 2009
February 28th
Buffett Profit Plummets, Gives Bleak Outlook For 2009
Submitted by Tyler Durden on 02/28/2009 15:08 -0500
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.
Weekend Reading: The Social Dynamics Of The Trading Desk
Submitted by Tyler Durden on 02/28/2009 02:27 -0500Weekend Reading: The Social Dynamics Of The Trading Desk
Submitted by Tyler Durden on 02/28/2009 02:27 -0500Two New Friday FDIC Bank Failures
Submitted by Tyler Durden on 02/28/2009 02:26 -0500The 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
Why Citi Common Crashed And Why The Common-Preferred Arb Could Be The Next Volkswagen
Submitted by Tyler Durden on 02/27/2009 22:29 -0500(Please read update 4 for very important additional information)
GM Bondholders Aren't Gonna Take It Anymore
Submitted by Tyler Durden on 02/27/2009 21:33 -0500Developing 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...
Some More Not So Good News
Submitted by Tyler Durden on 02/27/2009 20:18 -0500We 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:
Don't Look Now But Market Going To 500
Submitted by Tyler Durden on 02/27/2009 20:00 -0500Or 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.
Doomsday Expectations Growing
Submitted by Tyler Durden on 02/27/2009 19:32 -0500In 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
Doomsday Expectations Growing
Submitted by Tyler Durden on 02/27/2009 19:32 -0500In 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
GE Cuts Dividend to $0.10, Market Pops Then Drops
Submitted by Tyler Durden on 02/27/2009 18:39 -0500Shareholder 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
More Bad News For Bankrupt Lehman: CFO Resigns
Submitted by Tyler Durden on 02/27/2009 17:47 -0500The bad news for creditors of bankrupt Lehman Bros just keep coming.
CFTC Plays Catch Up To SEC, Copies Their Aphorisms
Submitted by Tyler Durden on 02/27/2009 17:27 -0500
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.






