Archive - Jul 6, 2009

Jack H Barnes's picture

Going Gilligans Island





“Title IV, Subtitle B, Part 2, Section 426, of the American Clean Energy and Security Act of 2009 states: ‘An eligible worker (specifically, workers who lose their jobs as a result of this measure) may receive a climate change adjustment allowance under this subsection for a period of not longer than 156 weeks…80 percent of the monthly premium of any health insurance coverage…up to a maximum payment of $1,500 in relocation allowance…and job search expenses not exceed[ing] $1,500.’”

 

Tyler Durden's picture

Sergio Posts Bond As Toxic Code Percolates In Cyberspace And Allows "Market Manipulation"





The
bank has raised the possibility that there is a danger that somebody who knew how to use this program could use it to manipulate markets in unfair ways,
” Facciponti said. “The copy in Germany is still out there, and we at this time do not know who else has access to it.

The prosecutor added, “Once it is out there, anybody will be able to use this, and their market share will be adversely affected.

The proprietary code lets the firm do “sophisticated,
high-speed and high-volume trades on various stock and commodities
markets,” prosecutors said in court papers. The trades generate “many
millions of dollars” each year
.

 

Tyler Durden's picture

Casa Di Serge





And now for some evening real estate porn combined with a slow motion career trainwreck. Not that it matters to the Serge(y) Aleynikov estate all that much anymore, but some preliminary digging by NJREReport has uncovered pretty much most loose ends in the case of the Russian 007 that was never meant to be. First: here is the tax property detail to the 38 year old's house. Not that exciting. What is more amusing is the dramatic price decline as Serge(y) was trying to offload his 4 bedroom colonial, which was first put on the market in August 2008 (oddly, the Chicago firm, which everyone has identified by now, still has not indicated just when it was that it first approach Serge... and under what guise did it agree to raise his base pay to $1.2 million). Either way, Serge(y) tried to sell first for $689,000, and after less than a year is now "PRICE TO SELL AND PRICE BELOW NEW ASSESSED VALUE" at $550,000: at least the man has a good sense of the true NJ real estate market: those math Ph.D. and SS7 certifications come in handy on occasion. (Alas that price does not cover the $750,000 bail set earlier for Mr. Aleynikov, maybe they can throw in the Honda as part of the package).

 

Tyler Durden's picture

Sergey Aleynikov Guilty Of Prior IP Violation?





Zero Hedge is still trying to ascertain whether this Sergey Aleynikov is "that" Sergey Aleynikov, but if 1=2, then (to keep it algo) it would seem Goldman's HR department is rather lousy at doing background checks. (Also, was Sergey in pro per? Hopefully he has learned how to retain counsel by now.)

 

Tyler Durden's picture

New York Stock Exchange: "We Screwed Up"





The story of Goldman's missing PT data has now entered the twilight zone.
Matt
Goldstein at Reuters reports
that Goldman spokesman Michael Duvally notified
him that Goldman did in fact not only perform its usual NYSE SLP domination, but also reported of this, as it does every week:

“According to the data Goldman Sachs submitted, we are certain we
were among the
top firms in terms of program trading volume for the week ending June 26.”

 

Tyler Durden's picture

It Is Time For The SEC/NYSE To Respond To The NASDAQ's SLP Clarification Requests





Now that Goldman and the NYSE's Supplemental Liquidity Provider program have finally attracted a critical mass of necessary (and hopefully sufficient) public attention, Zero Hedge would like to readdress an overlooked complaint in which none other than the NASDAQ Stock Market LLC vociferously blasts the NYSE, the SLP program, and some of the underlying assumptions. Zero Hedge has discussed this issue extensively in the past, yet neither the SEC nor the NYSE (essentially, FINRA) seem to have ever addressed any of the NASDAQ's concerns. Zero Hedge believes the time has come for the later two regulatory organizations to provide some feedback to NASDAQ's concerns.

 

Tyler Durden's picture

Guest Post: The Week Ahead For Equities Is Fraught With Downside Risk





Some insight from Structural Logic's John Bougearel.

 

Cornelius's picture

Commodities and equities telling two different stories





Oil is going down, equities are going up - which is it?

 

Marla Singer's picture

Zero Speed





As you no doubt have noticed, Zero Hedge has enjoyed taunting you by swimming through the ether like it was molasses. We are putting the final touches on things like load-balancing and network settings, so occasionally, as you bring us to new heights of traffic saturation, we've been tweaking things to max out our capacity. (Or exceed it and cause database violence).

 

Jack H Barnes's picture

Leveraged Finance, like a bad Rocky Movie, is making a comeback





“This is the world of smart securitisation,” said Geoff Smailes, managing director of global credit solutions at BarCap. “It’s not securitisation for leverage and arbitrage purposes any more. This is all about restructuring portfolios of assets to achieve risk, capital and funding efficiency in a transparent and less complex way.”

 

Tyler Durden's picture

Guest Post: The Week Ahead For Equities Is Fraught With Downside Risk





The week following NFP weeks are generally light on economic data. Typically these economic-light weeks garner a lot of speeches from Fed officials and the like. But while Fed Presidents Evans and Duke, as well as Geithner will speak or testify, remarks from them should not be market moving events. So, you might think that a quiet week would correspond with a low volatility. That is sensible enough, but you might be wrong. Investor confidence has been shaken by the July 2 NFP report that showed job losses in June were not just much worse than expected, but also much worse than the previous month. The July 2nd jobs report effectively discredited the “green shooters” thesis that thing were getting less bad. In other words, things are suddenly less bullish or more bearish. Oops!

 
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