Archive - Sep 28, 2009 - Story

REIT stocks benefited mightily from Merrill Lynch's generosity earlier in the year, when the ML REIT team issued follow on equity offerings, followed by prompt upgrades to the stock, although not necessarily in that order. The bottom line - roughly 5% in underwriter fees on almost $20 billion worth of new equity issued. And while last week's REIT massively downsized IPOs were an indication that the top for REIT stocks has come, that has not prevented Ken Lewis' firm from continuing to profit handsomely from the next shoe to drop in real estate.

• World Bank chief to take shots at the Fed (WSJ)
• Taleb: "Bernanke, Geithner and Summers didn’t see the crisis
  coming so why are they still there?" (Bloomberg)
• More taxpayer funded bailouts coming up (Bloomberg)
• Andy Xie: When one bubble burst deserves another (Caijing)
• Obama's Too-Big-To-Fail is Too Dumb To Pass (Bloomberg)
• Federal Reserve reverse repurchases (Econbrowser)

• Asian stocks decline on concern at US economy, Yen strength.
• China formally starts investigating some "unfair" imports of chicken products from US.
• China Investment Corp.. to invest about $1B with Oaktree Capital Management.
• Companies indicating willingness to spend more on tech: reports.
• Consumer sentiment, new-home sales showed signs of improvement; while sales of durable goods fell.
• G-20 unites on bank rules, aligning policy as focus moves away from crisis.

Yet another amusing media interlude. Zero Hedge appreciates the gossip pages' attempt at profiling our zany cause. Even if, as the case may be, these particular gossip pages are in fact owned by the very same Establishment that our "conspiratorial" disclosures attempt to represent for the motivated and deeply embedded wealth redistribution enterprise it is. And while it is very late on a Sunday, here are some of our preliminary thoughts...