Archive - Feb 2009

from Markit

from Markit

from Markit

France, Germany and Japan all less risky than the U.S.

France, Germany and Japan all less risky than the U.S.

Senator Bob Corker is likely the smartest member of Senate currently. While on a relative basis this is not saying much when one juxtaposes him with the intellectual fortitude (or lack thereof) of his 99 peers, Bob, unlike the entire current administration, will actually think before he condemns future generations of Americans to a miserable hyperleveraged and hyperinflated existence.

As we wrote two weeks ago in detail, the massive unwind of basis trades in the post-Lehman world was a crushing blow to numerous hedge funds, Merrill Lynch's prop desk, the reason why Citadel has to post a 100% return this year just to be able to pocket any incentive fees, and cost Boaz Weinstein his investing career (contrary to his aspirations to start a new

As we wrote two weeks ago in detail, the massive unwind of basis trades in the post-Lehman world was a crushing blow to numerous hedge funds, Merrill Lynch's prop desk, the reason why Citadel has to post a 100% return this year just to be able to pocket any incentive fees, and cost Boaz Weinstein his investing career (contrary to his aspirations to start a new

As we wrote two weeks ago in detail, the massive unwind of basis trades in the post-Lehman world was a crushing blow to numerous hedge funds, Merrill Lynch's prop desk, the reason why Citadel has to post a 100% return this year just to be able to pocket any incentive fees, and cost Boaz Weinstein his investing career (contrary to his aspirations to start a new f

One of the first major casualties of the hibernation in the NY commercial market is Boston Properties, which announced today after market close that it is suspending construction of what would have been a lovely 39 story glass build

Straight from the mouth of the people who can't wait to pay you back your TARP money (Goldman of course). For what it's worth the masters of the universe have been surprisingly objective lately.

KEY NUMBERS
Nonfarm payrolls -598K in Jan vs. GS -475K, median forecast -540K
Unemployment rate up 0.4 points in Jan to 7.6% vs. GS and median at 7.5%.

Oh no she didn't.

Fitch Ratings-New York-06 February 2009: Fitch Ratings has revised the Rating Outlook on Apollo Investment Corporation's(Apollo) ratings to Negative from Stable as follows:

--Long-term Issuer Default Rating (IDR) 'BBB'; and

--Senior secured debt 'BBB'.

Confirming our expectations that the government's stupid idea of forcing consumers to borrow is, well, stupid, the latest release from the Federal Reserve indicates that consumer credit for December has in fact dropped by $6.6 billion to to $2,562.3 billion, after having dropped $11 billion in November. Both numbers were lower than consensus.

Confirming our expectations that the government's stupid idea of forcing consumers to borrow is, well, stupid, the latest release from the Federal Reserve indicates that consumer credit for December has in fact dropped by $6.6 billion to to $2,562.3 billion, after having dropped $11 billion in November. Both numbers were lower than consensus.

Curious note: the US Oil Fund, which is an ETF, holds 20% of the outstanding March futures contracts, and these have to roll by the end of NYMEX trading today from March to April. The ETF holds 81,050 March contracts as of February 5 according to its website, which is 4x the amount it held in December. It is possible that the 1-2nd months contango could exhibit some very odd behavior today as USO rolls. The only way the contango won't explode is if there are buyers on the other side of the trade.