Archive - 2009 - Story
January 15th
Banc Of America Bail-Out #2
Submitted by Tyler Durden on 01/15/2009 19:45 -0500
CNBC reporting that Banc of America to receive more tax money to fund their phenomenally well-run operation. With purchases such as Angelo Mozillo's golden parachute and Merrill Lynch's empty cubicles this makes lots of sense. Looks like federal guarantee will be $100-$200 billion...
Step-By-Step Guide to Near-Term Budget Deficit Funding
Submitted by Tyler Durden on 01/15/2009 19:23 -0500With the U.S. government unable to print money fast enough, and "sophisticated" investors rushing to buy every bond Washington will peddle to fund the upcoming multi-trillion budget deficit, Zero Hedge has decided to make life easier for everyone and provide a cribsheet for all upcoming Bill, Note, Bond and TIPS auctions. We wish everyone the best as they earn negative 2-100% real interest rates on their investments.
Market Not Sure Why It Is Rallying But Doing So Anyway
Submitted by Tyler Durden on 01/15/2009 19:06 -0500S&P posting a 20 point rally in past hour. Talking heads speculating this is due to expections of more taxpayer money about to come and bail everyone out via TARP 2 any second. This obviously did miracles last time around.
Death List Update: Six Flags On Defibrilator Alert
Submitted by Tyler Durden on 01/15/2009 18:44 -0500
According to sources, the indenture trustee on Six Flags' 12.25% Notes due 2016 has confirmed that a $24.5 million interest payment on the notes was made. This buys the company a whopping two weeks before it has to make its February 1 coupon payment on its 8.875% Notes due February 2010.
GM - The Plane Has Crashed Into The Mountain
Submitted by Tyler Durden on 01/15/2009 18:23 -0500Conference call with slides in progress...
DETROIT, Jan. 15 /PRNewswire/ -- General Motors today provided an update on company restructuring efforts included in the viability plan submitted to the federal government last month, and announced more conservative industry volume planning assumptions to ensure the viability plan is successful even in the most challenging of markets.
Breaking News: Governator About to Hire Lazard to Find DIP
Submitted by Tyler Durden on 01/15/2009 18:20 -0500*SCHWARZENEGGER SAYS CALIFORNIA IS IN `STATE OF EMERGENCY'
Blackstone Doesn't Owe Break-Up Fee to ADS
Submitted by Tyler Durden on 01/15/2009 18:11 -0500Insider trading powerhouse Blackstone has been granted some relief over its scuttled $6.6 Billion acquisition of Alliance Data Systems, and Delaware Chancery Court Judge Leo Strine has ruled they are off the hook for the $170 million break up fee.
Lehman Carcass: Feeding Ground for 513 Lawyers
Submitted by Tyler Durden on 01/15/2009 17:59 -0500A notice sent out yesterday to all known and unknown lawyers involved in the "biggest bankruptcy of all time" can be found here.
Lawyers A Thru C, for full list click above
Lehman Carcass: Feeding Ground for 513 Lawyers
Submitted by Tyler Durden on 01/15/2009 17:59 -0500A notice sent out yesterday to all known and unknown lawyers involved in the "biggest bankruptcy of all time" can be found here.
Lawyers A Thru C, for full list click above
Breaking News: GM Cuts 2009 Sales Outlook as Economy Worsens
Submitted by Tyler Durden on 01/15/2009 17:45 -0500
Translation: taxpayers, give us your wallets. Allegedly, GM will present a new top end estimate (which recently was the absolutely worst case estimate) of 10.5 million, down from 12 million, at a Deutsche Bank conference later today.
Turkey Central Bank Rate Cut To 13%
Submitted by Tyler Durden on 01/15/2009 17:02 -0500Now that's some aggressive rate cutting
Chris Whalen: Bankruptcy Inevitable "End Game" for Citi
Submitted by Tyler Durden on 01/15/2009 16:19 -0500In a Bloomberg TV telephonic interview, Christopher Whalen, managing director of Institutional Risk Analytics, discusses the possibility that Citi may file for bankruptcy, which according to him is "inevitable". Our advice to Vikram regardless of what he does - don't hire Lazard if you need a DIP.
Ezra Merkin's 6/7B Duplex at 740 Park About to Go For Sale
Submitted by Tyler Durden on 01/15/2009 15:08 -0500According to CNBC sources, NY AG Cuomo has issued a subpoena to Merkin to explain his relationship to Madoff, some charities, and encompasses Ezra's Ascot and Ariel funds.
********UPDATE********
"At least 10 prosecutors are involved in the investigation"..... uh oh, they really are regrouping forces on this one
Moody's Lowers JPM to Aa3 from AA2
Submitted by Tyler Durden on 01/15/2009 15:05 -0500Buffett's cronies finally waking up
