Archive - May 2009 - Story

• Locked out Chrysler pension fund lenders bypass Bankruptcy court, go straight to District court.

During the last bout of QE back in March, the FX markets spasmed as USD got clobbered across every major. As we noted at the time, the market did not seem to be pricing in any action on the Fed's part despite some pretty clear signals from the big guy on his internal policy decision tree. 

Zero Hedge has been the subject of much (welcome) ridicule both retail and institutional, for continuing the barrage of Indication Of Interest screens (also: IOIA tag) and information for the benefit of our readers, which I have been showing consistently over the past month, ever since I had a feeling there is something peculiar in the advertised trade flow pipes.

Reposted without commentary from American Thinker

Spreads were mixed in the US with IG worse, HVOL improving, ExHVOL weaker, XO wider, and HY selling off (but while moves were marginal close-to-close, the sentiment was wider all day off a gap tight opening).

Barely did the Indiana pension funds submit the objection to the Chrysler asset sale yesterday, before the ever more Peck-esque Judge Gonzalez totally confirmed his brand new nickname "Speedy." In the filing below, S.G. outright denied Indiana's claims for a delay and halt in the process proceedings:

Submitted by Michal Matovcik of Absolutideas

So far today, IWM has traded 5.6 million shares below average, while SPY is 20 million above.

So far today, IWM has traded 5.6 million shares below average, while SPY is 20 million above.

Housing activity remained depressed but seemed to have leveled off in February and March. In contrast, businesses cut production and employment substantially in recent months--likely reflecting, in part, inventory overhangs that persisted into the early part of the year--and fixed investment continued to contract. Headline and core consumer prices rose at a moderate pace over the first three months of the year.

This is simply beyond commentary.

hat tip Clusterstock

After some scary FOMC news, especially with a Fed unemployment forecast of 9.5%, just a smidgen higher than the stress test's 8.9% downside case. Is anyone up there talking to anyone else?

After some scary FOMC news, especially with a Fed unemployment forecast of 9.5%, just a smidgen higher than the stress test's 8.9% downside case. Is anyone up there talking to anyone else?

White & Case, made famous by its irreverent lawyer Tom Lauria, who led a valiant fight for the non-TARP lender committee until its disbandment after holdout after holdout decided fighting against the US government was not reasonable, has been retained again, this time by Indiana Pension Funds, holders of Chrysler first-lien claims, who are continuing where the non-TARP lenders dropped off.

A reader points out that Steve Sakwa received the perp walk treatment from Merrill on his way out to ISI, after he had attempted to depart with his entire REIT team in tow. Curiously, the team allegedly stayed only after it had received much sweetened counteroffers from mother Merrill (and father Taxpayer). Sakwa, it turns out had turned in his notice some time ago, but he was allowed to depart only after his notice period expired.