Archive - Mar 19, 2009 - Story
Bank Rally: A Temporary Bear Market Bounce
Submitted by Tyler Durden on 03/19/2009 22:14 -0500The reason why so many investors have been skeptical about the recent rally in stocks has to do with the role of bank stocks, which have been at the heart of both the drop as well as subsequent 20% rebound. The question is whether this recent dramatic move up in financials is sustainable or is merely a temporary blip, as the market reevaluates the inherent risks. I present a good summary by Goldman, arguing that all signs point to the latter.
This Should Be Good For At Least Half A Point In Recovery
Submitted by Tyler Durden on 03/19/2009 21:14 -0500Lehman bondholders have been reduced to selling Lehman branded merchandise, including pens, canvas bags, umbrellas, and stress balls on Ebay to generate recoveries according to Bloomberg.
Before Citi Is Forced To Move Its HQ To Weehawken
Submitted by Tyler Durden on 03/19/2009 21:08 -0500Nothing like the threat of little public lynching to get transparency...
For Immediate Release
Citigroup Inc. (NYSE: C)
March 19, 2009Citi Clarifies Media Reports about Office Consolidation
New York - In response to numerous misleading media reports regarding the office consolidation at Citi's global headquarters at 399 Park Avenue, Citi issued the following points of clarification:
* The consolidation of our executive headquarters at 399 Park Avenue is part of an ongoing global effort to substantially reduce expenses.
Traxis Not Feeling Sucker Rally Love
Submitted by Tyler Durden on 03/19/2009 20:52 -0500
And some deep thoughts from Barton Biggs on why it is different this time. The observation is actually not bad, although it does not justify the YTD performance:
Traxis Not Feeling Sucker Rally Love
Submitted by Tyler Durden on 03/19/2009 20:52 -0500
And some deep thoughts from Barton Biggs on why it is different this time. The observation is actually not bad, although it does not justify the YTD performance:
$12.5 Billion Inflows Week Ending March 18
Submitted by Tyler Durden on 03/19/2009 20:41 -0500According to TrimTabs, equity funds that invest primarily in U.S. stocks posted an inflow of $12.0 billion, versus a revised outflow of $14.3 billion in the previous week. Equity funds that invest primarily in non-U.S. stocks had an inflow of $459 million, versus a revised outflow of $7.7 billion in the previous week.
AG To Release AIG Bonus Recipients' Names "Diligently, With Care, Reflection, And Sober Judgment"
Submitted by Tyler Durden on 03/19/2009 20:34 -0500ATTORNEY GENERAL CUOMO ANNOUNCES SIGNIFICANT DEVELOPMENT RELATED TO AIG
I have received the list of AIG FP employees who received retention payouts. Mr.
REIT Equity Dilutions Coming: SPG Selling 15 Million Shares
Submitted by Tyler Durden on 03/19/2009 20:18 -0500Zero Hedge has long been lukewarm on the equity prospects for REITs at current stock prices. Luckily, Simon Property Group just confirmed out pessimism. SPG announced it is raising a total of $1 billion in new stock and debt. The company will try to issue 15 million shares of common stock as well as $500 million of senior notes due 2019. Double whammy of increased dilution and leverage.
Geithner's June Departure Prop Bets Hit All Time High of $20
Submitted by Tyler Durden on 03/19/2009 19:55 -0500
At least Chris Dodd should be thankful as this will deflect the public anger tsunami straight at Washington D.C.
Geithner's June Departure Prop Bets Hit All Time High of $20
Submitted by Tyler Durden on 03/19/2009 19:55 -0500
At least Chris Dodd should be thankful as this will deflect the public anger tsunami straight at Washington D.C.
Movers And Shakers
Submitted by Tyler Durden on 03/19/2009 19:32 -0500Well, it wouldn't be fun if it didn't include Citadel... and it does...but also everyone's favorite Stevie Cohen and Henry Swieca.
An Insider's Perspective On White Collar Crime
Submitted by Tyler Durden on 03/19/2009 19:23 -0500
A very riveting overview by one of our anonymous readers charged "with 14 counts of wire fraud. Total monetary figure of loss $265,000. [he faces] a maximum sentence of 240 years." While we can not vouch for the legitimacy of the narrative, it provides some very good insight into the MCC (where Madoff is right now) and the process of transitioning to a federal facility.
Worth your time.
Goldman Has Had Enough Of Media Bashing
Submitted by Tyler Durden on 03/19/2009 18:30 -0500And Zero Hedge hadn't even started...
*****
Goldman Sachs CFO to Host Call for Media
Business Wire
NEW YORK -- March 19, 2009
The Goldman Sachs Group, Inc. (NYSE: GS) today announces that David Viniar, Chief Financial Officer, will host a call on Friday, March 20th at 11am to answer questions from journalists and clarify certain misperceptions in the press regarding Goldman Sachs' trading relationship with AIG.
Citadel Departure Bomb
Submitted by Tyler Durden on 03/19/2009 18:16 -0500Things at Citadel going from worse to much worse. Hedge Fund Alert reporting that Peter Jenson, Citadel's controller is likely to leave Citadel in the next few days to become COO of Harbinger. As ZH disclosed previously, the split between Harbinger and Harbert has made many institutional investors nervous, and Falcone is seeking to reassure them by making several high profile hires.
More On AIG Campaign Contributions
Submitted by Tyler Durden on 03/19/2009 17:57 -0500Earlier, I discussed the return by Chris Dodd of his AIG campaign contributions, which recently had amounted to over $100,000. CNSnews is reporting that the return of AIG contributions is only now starting to pick up, after Republican Mike Pence started a campaign for full refunding.
Among the individuals implicated are:
Sen. Chris Dodd (D-Conn.), $103,100; (Some more on Chris here)
