Archive - Apr 2009 - Story

WaMu has had enough and has filed a suit against JPM, trying to recover its $4 billion in deposits. WaMu, claims the money is being held by its former subsidiary, Washington Mutual Bank, which JPMorgan bought for $1.9 billion last year (not a bad deal if we may say so ourselves: you buy $1 for less than 50 cents on the dollar, with the FDIC guaranteeing any potential losses on the transaction). Seattle-based Washington Mutual has been trying to recover the money since filing for bankruptcy in September.

Deverloper Diversified Realty Corp.

Deverloper Diversified Realty Corp.

Advancer/Decliner market breadth on the NYSE 1:3. Market flat. Our of curiosity, anyone getting phone calls today demanding wholesale inflation (oh, and those 50 UA shares borrowed back)? Actually, this is merely meant for rhetorical musings.

S&P 500:

NYSE Up vol:

Following up on the theme Zero Hedge discussed that the vast majority of commercial real estate backed loans have negative equity, real estate tycoon Sam Zell yesterday, in a presentation to the Milken Institute, said that "you have a scenario today where you have very few '03 to '07 financings that are above water.

• AIG's Joseph Cassano is finally in the regulators' cross hairs (CBS News)

Over the past few months, we've been seeing decreased volatility in USD and JPY despite a slew of body blows coming out on the news calendar. From broad based indicators (ups and downs of second derivs of major demand indicators) to specific items that do not seem restricted to the "unlikely to repeat" pile going forward (anything FOMC related) we have to wonder if the pressure is building.

Over the past few months, we've been seeing decreased volatility in USD and JPY despite a slew of body blows coming out on the news calendar. From broad based indicators (ups and downs of second derivs of major demand indicators) to specific items that do not seem restricted to the "unlikely to repeat" pile going forward (anything FOMC related) we have to wonder if the pressure is building.

WSJ has yet another leaked version of the stress test results. In summary, both Bank of America and Citi will be urged to raise up to billions more in capital. As this is likely yet another form of PR manipulation, ZH will not comment on this topic until more data is available.

WSJ has yet another leaked version of the stress test results. In summary, both Bank of America and Citi will be urged to raise up to billions more in capital. As this is likely yet another form of PR manipulation, ZH will not comment on this topic until more data is available.

• Busting Bank of America (WSJ, hat tip Agrotera)
• The tyranny of experts (The Barricade)
• More on the idiotic jet flyover (NYT)
• Bair seeks to expand power, end "too big to fail" (Bloomberg)
• Volcker punctures the nonse
  

Full statement from GM Bondholder Group

GM Bondholder Statement - Free Legal Forms

In other news, Bondholders preparing counter offer to GM debt exchange...

Spreads were mixed in the US today (as volumes remained light) with IG worse, HVOL improving, ExHVOL weaker, XO wider, and HY selling off (and off the run indices seeing a rise in activity).

Rupert Murdoch has joined the choir of somewhat rational voices trying to get heard over the Treasury's printing presses.

Another retail casualty about to hit, this time clothing chain Filene's Basement. Bloomberg cites two people familiar with the situation, who claim a Chapter 22 (that is a repeat 11 for the less than cynical) may be filed as soon as tomorrow.