Archive - Mar 2009 - Story

Last week Zero Hedge posted the most recent (Q4 2008) report from the Office of the Comptroller of the Currency, which among other things, discussed the $9.2 billion bank trading loss in cash and derivatives in Q4.

Last week Zero Hedge posted the most recent (Q4 2008) report from the Office of the Comptroller of the Currency, which among other things, discussed the $9.2 billion bank trading loss in cash and derivatives in Q4.

The world's most profitable hedge fund, which also makes luxury cars on the side, just reported its H1 2009 results.

Another former media titan hits the dust. Sun-Times Media Group, publisher of 59 newspapers, such as Chicago Sun-Times, Beacon News, Naperville Sun and a lot of weeklies just threw in the towel. CEO Jeremy Halbreich had this to say about this sad conclusion:

• Financial "rescue" package = U.S.

• Joe Cassano is going down...

Just released a congressional letter signed by the jolly Chairman of the House Committee on Financial Services, Barney Frank and the one and only Chairman of the Senate Committee on Banking, Housing and Urban Affairs, [and assorted donations by A.I.G.] Chris Dodd.

Oil closed out the month on a down slope, tumbling on the strengthening of the dollar and a weaker outlook for equities. On a larger scale, the story with oil over the part 3 months or so has been the larger macro forces completely overwhelming the oil-specific supply and demand issues. For example, the market has largely been unresponsive to OPEC's desperate attempts to prop up oil prices; currently, it's estimated to be running under capacity by ~6MM barrels.

Oil closed out the month on a down slope, tumbling on the strengthening of the dollar and a weaker outlook for equities. On a larger scale, the story with oil over the part 3 months or so has been the larger macro forces completely overwhelming the oil-specific supply and demand issues. For example, the market has largely been unresponsive to OPEC's desperate attempts to prop up oil prices; currently, it's estimated to be running under capacity by ~6MM barrels.

Ingersoll Rand released a doozy of a statement after hours today. The maker of refrigeration equipment and other assorted industrial equipment must be feeling the recessionary pinch: the company announced its Q1 sales would drop to $2.9 billion, a 27% drop, and also a substantial drop from earlier guidance of $3.1-3.2 billion. This would translate into a loss per share of around -$0.15. Indicatively, consensus estimates were for $3.13 billion in revenue and (0.01) EPS.

Zero Hedge is starting a daily comprehensive credit market summary compliments of the good folks at Credit Derivatives Research (much more useful daily commentary and analysis can be found at the site). We hope our readers find it useful.

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Hugo Benziger, Chief Risk Officer of DB, spoke today at the Frankfurt School of Finance and Management, saying "we are in the middle of [the crisis]".

CNBC just out: The First Portfolio Manager, who today also became the First HR Manager of General Motors, is quoted as saying he wants to split GM into a "Good" GM and "Bad" GM, thus cementing his spot as The First Company Ethics Arbitrator. Not sure what exactly would fall into "Bad" GM, but we have our money on the Pontiak Aztec making the list. Lastly, in yet another total shift in strategy, the administration was quoted as saying bankruptcy is currently the preferred outcome for the Detroit automaker.

Must be a slow day on CNBC which just had a special on strippers. Of particular interest, CNBC profiles (in)famous Randi Newton, who has seems to relish the limelight of a laid off former Morgan Stanley analyst. Apparently the media goes apeshit for women with pouty looks and fake breasts. (The irony of Zero Hedge devoting a post to this is not lost)

Just got home from a lovely day filled with interviews.

Must be a slow day on CNBC which just had a special on strippers. Of particular interest, CNBC profiles (in)famous Randi Newton, who has seems to relish the limelight of a laid off former Morgan Stanley analyst. Apparently the media goes apeshit for women with pouty looks and fake breasts. (The irony of Zero Hedge devoting a post to this is not lost)

Just got home from a lovely day filled with interviews.