Archive
February 10th, 2009
Late Tuesday News
Submitted by Tyler Durden on 02/11/2009 03:05 -0500- Bonuses alive and well for U.S.
China Wants U.S. Treasury Guarantees
Submitted by Tyler Durden on 02/11/2009 02:40 -0500In a day when the schizophrenic market's antipsychotics finally kicked in, the scariest piece of news did not come out until very late, and this one has the potential to really throw the Treasury a curveball. Yo Yongding (cruel, cruel parents), former advisor to China's Central Bank is agitating China to seek guarantees on its $682 billion of U.S. Treasury Holdings, so that these do not get eroded by "reckless policies."
Bloomberg has the following to say:
Geithner = Paulson v2
Submitted by Tyler Durden on 02/11/2009 01:01 -0500As Zero Hedge expected, the market's recent misplaced optimism was tested as soon as Geithner's speech was made public earlier today, and deteriorated precipitously during his presentation.
Geithner = Paulson v2
Submitted by Tyler Durden on 02/11/2009 01:01 -0500As Zero Hedge expected, the market's recent misplaced optimism was tested as soon as Geithner's speech was made public earlier today, and deteriorated precipitously during his presentation.
Latest DTCC CDS Update (Week Of Feb 6)
Submitted by Tyler Durden on 02/11/2009 00:12 -0500The credit market was one step ahead of equities yet again, and correctly anticipated the market shakedown of this week, as accounts actively bought protection on a net basis in most sectors. Derisking was rampant with the net notional change week-over-week was $138 billion or an increase in 11,585 single-name CDS contracts. Rerisking occurred only in utilities, by $34 billion, and in industrials, by $12 billion.
Latest DTCC CDS Update (Week Of Feb 6)
Submitted by Tyler Durden on 02/11/2009 00:12 -0500The credit market was one step ahead of equities yet again, and correctly anticipated the market shakedown of this week, as accounts actively bought protection on a net basis in most sectors. Derisking was rampant with the net notional change week-over-week was $138 billion or an increase in 11,585 single-name CDS contracts. Rerisking occurred only in utilities, by $34 billion, and in industrials, by $12 billion.
February 10th
Sirius XM Preparing For Bankruptcy
Submitted by Tyler Durden on 02/10/2009 22:41 -0500
ARS is all over the latest gossip on satellite radio company Sirius XM.
Sirius XM Preparing For Bankruptcy
Submitted by Tyler Durden on 02/10/2009 22:41 -0500
ARS is all over the latest gossip on satellite radio company Sirius XM.
Madoff Clawbacks Set To Begin, Investors Furious
Submitted by Tyler Durden on 02/10/2009 21:35 -0500Investors with Bernie Madoff, who were "lucky" enough to withdraw funds from Madoff anytime before the most spectacular ponzi explosion up to 2 to 4 years prior (depends on treatment), and were hoping they could tiptoe away from the whole mess, are starting to realize they will soon have two options: 1) repay the money or 2) not repay, end up getting sued and only then have to pay it back.
Nortel ISDA CDS Auction Presents 15% One Day Return; Is UBS In Serious Trouble?
Submitted by Tyler Durden on 02/10/2009 20:20 -0500As we wrote extensively two weeks ago when discussed the ISDA CDS dutch settlement auction, we came to the conclusion that it presents a terrific one-time arbitrage opportunity due to the fundamentals-to-liquidity disconnect in the valuation of a given defaulted security (much more in linked article).
No More Elevator Music, Muzak Files For Bankruptcy
Submitted by Tyler Durden on 02/10/2009 18:34 -0500
Muzak, which somehow made money for decades, selling elevator music to.... elevators, and which over the past 4 years was on life support, pulled the plug today and filed for bankruptcy. The filing (09-10422, Delaware), listed over $500 million in debt and less than $50,000 in assets.
No More Elevator Music, Muzak Files For Bankruptcy
Submitted by Tyler Durden on 02/10/2009 18:34 -0500
Muzak, which somehow made money for decades, selling elevator music to.... elevators, and which over the past 4 years was on life support, pulled the plug today and filed for bankruptcy. The filing (09-10422, Delaware), listed over $500 million in debt and less than $50,000 in assets.
A Glance At The Upcoming Eastern European Cataclysm
Submitted by Tyler Durden on 02/10/2009 17:43 -0500As most eyes are glued to CNBC and the exploration of the huge financial problem at home, few follow just how bad the situation is at fledgling developing economies.
GE Provides GE Capital With New $9.5 Billion Injection
Submitted by Tyler Durden on 02/10/2009 17:05 -0500Adding to today's bad news, GE's CFO Keith Sherin announced that the company transferred $9.5 billion in cash from to GECC as Moody's is currently evaluating the finance unit for a possible downgrade. Shering said the transfer lowered the division's leverage ratio from 7x in the fourth quarter to the 6x pro forma for the injection.
Alcoa Downgraded To Lowest Investment Grade BBB-
Submitted by Tyler Durden on 02/10/2009 16:53 -0500AA Shares, meet Anton Chigurh...
Some extracts:
