Archive - Jun 5, 2009

If, like Bob Pisani, you refied a week ago at 4.7%, congrats. If not, tough luck. Vigilantes check to you Mr. Bernanke.

In keeping up with our socialist times, another relevant white paper out of the IMF.

Hat tip Alex

Total Federal Reserve balance sheet assets for the week of June 3 of $2,065 billion consisting of:

Total Federal Reserve balance sheet assets for the week of June 3 of $2,065 billion consisting of:

Total Federal Reserve balance sheet assets for the week of June 3 of $2,065 billion consisting of:

We are not holding our breath until CNBC quotes us.

In a sign of the upcoming TALF-subsidized apocalypse, none other than Moody's is now complaining that issuers are shopping for ratings, or seeking ratings only from those agencies they know apriori will provide the highest rating (AAA) needed for TALF inclusion. Yes, Virginia, we have gone full circle to 2005, and now the government itself is promoting the same vicious rating loop that got us into this credit mess in the first place.

Total unemployment

2s10s schizophrenia

2 year skyrocketing

Total unemployment

2s10s schizophrenia

2 year skyrocketing

Total unemployment

2s10s schizophrenia

2 year skyrocketing

• Initial Unemployment claims in US decrease, signal worst of slump ending.
• Oil climbs higher in Asia, nearing $70 a barrel ahead of US jobs report.
• ABM Industries beats by $0.05; posts Q2 EPS of $0.32. Revs fell 5.6% to $855.7M.
• AIG may raise $988M selling portion of Transatlantic Holdings stake.
• Abercrombie & Fitch's May same-store sales drops 28%.
• American Apparel's May same store sales at -10% vs. cons est.
  

• 9.4% unemployment, U-6 hits 16.4%, layoffs slow...

The three briefs filed with the Second Circuit are provided below. Reminder: the appeals hearing will be tomorrow at 2:00pm at the Appelate court at 500 Pearl Street. If the hearing does not result in an outright rejection of the appeal, this could have historic precedent as it unlocks a chain of events which would i) delay the Chrysler bankruptcy indefinitely, ii) give Fiat a free "out", and as has been rumored, without getting Opel, the motivation for the Italians to consummate the deal is materially lower, iii) have a material adverse impact on the outcome of the accelerated GM case.

The files below are the court recordings from today's terminated dealers objection hearing. We have not had a chance to go through them yet. We would advise readers to focus on the testimony of Ethel Cook from Arkansas, whose sworn declaration previously, brought up some very interesting observations.

Part 1