Archive - Jun 3, 2009 - Story

Credit is now officially done with the rally. While last week's unprecedented $215 billion in CDS purchased will likely be a record for a while, this week saw yet another substantial $120 billion in net notional increase, based on 5,770 contracts exchanged. Also, net cumulative notional CDS by sector has surpassed the half a trillion mark since early April.

Credit is now officially done with the rally. While last week's unprecedented $215 billion in CDS purchased will likely be a record for a while, this week saw yet another substantial $120 billion in net notional increase, based on 5,770 contracts exchanged. Also, net cumulative notional CDS by sector has surpassed the half a trillion mark since early April.

Zero Hedge knows when to admit it is wrong. We criticize the National Association Of Realtors for being moochers, for doing all they can (which isn't much) to support the zombie GSEs (on the taxpayers' back) so the organization can continue its existence for another day or two.

Zero Hedge knows when to admit it is wrong. We criticize the National Association Of Realtors for being moochers, for doing all they can (which isn't much) to support the zombie GSEs (on the taxpayers' back) so the organization can continue its existence for another day or two.

Zero Hedge knows when to admit it is wrong. We criticize the National Association Of Realtors for being moochers, for doing all they can (which isn't much) to support the zombie GSEs (on the taxpayers' back) so the organization can continue its existence for another day or two.

Citigroup filed a proxy today in which it disclosed it was seeking to increase its authorized common shares outstanding from 15 billion to 60 billion.

Spreads were broadly wider in the US as all the indices deteriorated (with the late day craziness in stocks causing credit indices to rally modestly but liquidity dried up significantly).

If anyone missed them and might have an interest, below are my tweets (zerohedge on tweeter) from Barry Ritholtz' Big Picture Conference - Capitalism After Crisis and Recession, specifically focusing on the media panel: "How did the media do? Did they miss the story until it was too late? What are we missing now?"

Panelists were Jessie Eisinger, Randall Forsyth of Barron's, Daniel Gross of Newsweek and Tom Keene of Bloomberg.

Mostly expected stuff, but some fun CNBC bashing.

A press release just released by the FDIC announces that the Legacy Loan program is all but done. So much for the PPIP. Sheila Bair better hope that JPM and whoever can sustain the market around 940 in perpetuity, cause the second we see the waterfall banks will be first back on the bailout porch. But that's the government for you: 2 months ago they couldn't get enough acronyms in the market, now they are trying to shake them all off. Presumably, there is a reason why it is all called a confidence game.

Press Release

Good to see that we have a perfectly normal, efficient and gapless market. Goldman deserves a golf clap for providing sublime hi-fi liquidity through the SLP. The chart below is not some crazy 5.0 + beta stock, it is the Standard and Poors 500 index, which, last time we checked, had about 500 5.0+ beta stocks (I jest for regulatory impact).

Good to see that we have a perfectly normal, efficient and gapless market. Goldman deserves a golf clap for providing sublime hi-fi liquidity through the SLP. The chart below is not some crazy 5.0 + beta stock, it is the Standard and Poors 500 index, which, last time we checked, had about 500 5.0+ beta stocks (I jest for regulatory impact).

Money talks, and earnings call transcripts walk. At least that is the case for homebuilder Toll Brothers, whose chairman Bob decided to provide some optimism during his Q1 2009 earnings call and then proceeded to dump stock not once, not twice, but seven times in a span of one month.

Money talks, and earnings call transcripts walk. At least that is the case for homebuilder Toll Brothers, whose chairman Bob decided to provide some optimism during his Q1 2009 earnings call and then proceeded to dump stock not once, not twice, but seven times in a span of one month.

Money talks, and earnings call transcripts walk. At least that is the case for homebuilder Toll Brothers, whose chairman Bob decided to provide some optimism during his Q1 2009 earnings call and then proceeded to dump stock not once, not twice, but seven times in a span of one month.

Very interesting hearing today by the House Committee On Financial Services, observing the present and future perspectives before Fannie and Freddie.

The hearing, consisting of two panels, will be webcast at 2 pm Eastern here.