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In what some might consider a minor case of about-face and an even more minor case of hypocrisy, the Oracle of Omaha is quoted by Reuters as saying the stimulus plan under consideration by the U.S.

In what some might consider a minor case of about-face and an even more minor case of hypocrisy, the Oracle of Omaha is quoted by Reuters as saying the stimulus plan under consideration by the U.S.

*POUND WEAKENS ON SPECULATION U.K. CREDIT LOSSES WILL SPREAD
*POUND FALLS TO SIX-YEAR LOW OF $1.4295 AGAINST DOLLAR

Yes, we all know median home prices are down, nobody is buying or selling anything, 30 year mortgages are the cheapest they have ever been but nobody can get one, yada yada... However, this is all for California, Nevada and Detroit, right? Wrong.

Bridgewater quant guru and author of A Demon of Our Own Design, Rick Bookstabber, has found an unexpected role in this curious take on Dr. Seuss' The Lorax.

Cerberus is allegedly laying off 10% of its worldwide staff of 275 professionals. According to a spokesman "Any action we take will, of course, be consistent with the best interests of our investors." I wonder if those interests were consulted when the PE firm acquired Chrysler and/or the 51% stake of GMAC. Other PE firms performing actions consistent with investors' best interests include American Capital, Carlyle, Investcorp and 3i.

Ladenburg analyst Dick Bove (who understandably underestimated the stupidity of the Treasury and on Sept. 12 stated his belief that "Banc of America will win the auction for Lehman Brothers.") has just whacked his target price for Citi from $14 to $6, and is projecting a 2009 loss of ($1.45), a whole buck lower than consensus estimates.

Ladenburg analyst Dick Bove (who understandably underestimated the stupidity of the Treasury and on Sept. 12 stated his belief that "Banc of America will win the auction for Lehman Brothers.") has just whacked his target price for Citi from $14 to $6, and is projecting a 2009 loss of ($1.45), a whole buck lower than consensus estimates.

Ladenburg analyst Dick Bove (who understandably underestimated the stupidity of the Treasury and on Sept. 12 stated his belief that "Banc of America will win the auction for Lehman Brothers.") has just whacked his target price for Citi from $14 to $6, and is projecting a 2009 loss of ($1.45), a whole buck lower than consensus estimates.

The biggest threat to the U.S. Obama rally and the miracle recovery proposed by Democrats in the $825 billion bail out package may possibly reside about 6,000 miles away in Greece.

The biggest threat to the U.S. Obama rally and the miracle recovery proposed by Democrats in the $825 billion bail out package may possibly reside about 6,000 miles away in Greece.

The biggest threat to the U.S. Obama rally and the miracle recovery proposed by Democrats in the $825 billion bail out package may possibly reside about 6,000 miles away in Greece.

As the clock ticks on labor and creditor negotiations for the Detroit 3 (it seems like only yesterday that people called them the Big 3) ahead of the March 31 deadline for the thumbs up/down decision, it might be prudent to look at this. All over the world millions of brand new unsold cars are piling up in vacant lots.

In an update to the lawsuit filed by trustee Fred Grede against bankrupt cash management firm Sentinel Management Group, head trader Charles Mosley has been accused of accepting bribes including lap dances, expensive dinners and 2006 Orange Bowl tickets from Cohen & Co. and Keefe Bruyette & Woods (the original case description can be found here).

Probably not that surprising after posting the "biggest ever loss reported by a U.K. company" of $41 billion. Biggest shareholder, the United Kingdom Government with 22.8 billion shares, can not be happy with an $8 billion + loss in 6 hours of trading. Paulson, with 142 million shares short, is very happy.