Archive - Jul 2009 - Story

It seems quite a few individuals noticed our post attempting to justify some very peculiar language in not just a certain Goldman Sachs Internet disclaimer, but also the strange wording prominently featured in critical GS-client agreements. One happened to be Goldman Sachs itself. We take this opportunity to present the response by Goldman Sachs' spokesman Ed Canaday

We know this is the one you have all been waiting for. Ever since we first reported on the Nigaz JV, our proverbial phones would have been ringing off the hook, of course, if we had any listed phone numbers. The upside - many sleepless nights at the NSA...

So we are considering it. In the meantime, some late morning amusement courtesy of the Daily Mail. Little commentary is needed... suffice it to say "Nigerians No Nigaz" is likely soon to eclipse "Dennis Kneale Idiot" as the most popular rising term in Google

If anyone had told us a year ago that Fitch would at least attempt to be a voice of reason, while Merrill Lynch, which has gotten destroyed on real estate, would be a CRE permabull, we would have punched them in the face. Alas, this seems to have become the case. While readers are all to aware of Zero Hedge's coverage of the Merrill REIT team's follies in "analysis land", a Fitch piece from last week has some surprinsgly insightful commentary on REIT. In a report titled "U.S. Equity REIT Liquidity Update: Hold the Applause" the rating agency paints a much more detailed and credible picture than i) expected and ii) than the 20 brand new analysts at ML/BofA could come up with.

Moody's sees likelihood of further gradual deterioration of Irish creditworthiness. Other things that will increase the sodium chloride and recycled beer and whiskey content of the Liffey include:

- Does not see any further changes to Ireland’s rating likely in short-term.
- Irish fiscal steps broadly appropriate, more spending cuts crucial.
- Ireland’s bad bank scheme positive measure.
- Sees less pronounced contraction in Irish economy in 2010, growth in 2011.
- Sees signs Ireland’s economic downturn may be bottoming out.

Lots of readers interest yesterday following Joe Saluzzi's Bloomberg interview. I present a White Paper by Themis Trading in which Joe elaborates on many of the concepts that may have flown over the heads of some of the more "beginner" readers. Additionally, I recommend readers search for specific concepts within Zero Hedge - we have covered the topic of program trading and liquidity extensively here over the past 3 months.

For the foaming in the mouth daytraders who think that a day's reversion is the start of a multiyear secular pattern. Like the greenshoot crowd.

Someone please find me a copy of the DSM-IV and look up Obsessive-Compulsive...

Thoughts on our third day anniversary.

The company which two years ago activist investor Carl Icahn thought was a steal at $37.25 just filed for bankruptcy (needless to say Suite #4700 at 767 Fifth Avenue is right now painted with sacrificial lamb blood: janitors who are told to clean it all up by tomorrow have just quit). In a press release the Southfield, MI parts supplier said it was hoping for a prompt Chapter 11 process and that it had already received a $500 million DIP compliments of JP Morgan andCiti (the latter probably has to pretend it is still a bank of some sort).

For all gold bugs out there, Miller Taback's Peter Boockvar on that much debated element, Au 79. Let the discussions begin.

For all you investment bankers out there, just dying to see those league tables in which your bank with 4 deals in the quarter somehow made the Top 10.

Ferguson and others are deeply concerned about GBP