Archive - Apr 2009 - Story

Too bad Mr. Faber did not mention the source for the AIG information. But we love him anyway

In an 8-K filed earlier, MGM Mirage announced its CityCenter lenders have agreed to forbear on certain defaults until April 13. In the meantime the company has to find a comprehensive solution or else CityCenter may be forced to file for bankruptcy, with potentially adverse consequences for MGM Mirage itself.

• Seattle FHLB Had ‘Material Weaknesses’ in Internal Controls (Bloomberg)
• The real cost of the Geithner plan (RGE Monitor)
• The real Geithner plan: a Nuclear option (WSJ)
• Hades screws over the hound of hell: what happens to Cerberus now?
  

ADP Private Job Report worse than consensus (-663k) by almost 100k at -742k, a record absolute drop. Also, the February revision is, unsurprisingly, lower from -697k to -706k. Amusingly, instead of slowing down job cuts are picking up. Also, the ADP is usually seen as a more optimistic version of tomorrow's initial jobless claims report.

As Zero Hedge has noted before, we think the market was underestimating the severity of the crisis in Japan. As we looked at the numbers, we couldn't help but think that some were being a little optimistic in light of the macro factors at play. At month end, the market reacted sharply to almost consistently bad news coming out from Japan; unemployment, production, retail and the Tankan indices all came out below expectations.

As Zero Hedge has noted before, we think the market was underestimating the severity of the crisis in Japan. As we looked at the numbers, we couldn't help but think that some were being a little optimistic in light of the macro factors at play. At month end, the market reacted sharply to almost consistently bad news coming out from Japan; unemployment, production, retail and the Tankan indices all came out below expectations.

As Zero Hedge has noted before, we think the market was underestimating the severity of the crisis in Japan. As we looked at the numbers, we couldn't help but think that some were being a little optimistic in light of the macro factors at play. At month end, the market reacted sharply to almost consistently bad news coming out from Japan; unemployment, production, retail and the Tankan indices all came out below expectations.

• Several hours after claiming opposite, Obama concludes bankruptcy best option for GM, Chrysler (Bloomberg)
• ...