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REITs are in trouble. Let me paraphrase that - REITs are in very big trouble. These companies whose very existence presumes significant equity value in their underlying investments are feeling a lot of pain these days with commercial mortgages on the verge of a default tsunami.

JC Penney just issued a great PR titled "JCPenney Clarifies Unfounded Market Concerns Regarding Its Revolving Credit Facility."

Bloomberg's chart of the day (below), and the accompanying article is somewhat troubling. For what seems like the first time in mainstream media, someone acknowledges the truth: "The U.K. Government may lose its top AAA credit rating after taking a 70% stake in Royal Bank of Scotland, credit-default swaps show."

Oh wait, not yet... S&P down -27.45 pts (-3.23%). But lovely speech there... Click here for transcript

For all your presidential hopefuls, this is how you move out of the White House. All class all the way. (meanwhile Oath of Office countdown ticker: 18:33)

For all your presidential hopefuls, this is how you move out of the White House. All class all the way. (meanwhile Oath of Office countdown ticker: 18:33)

Jon Moulton, head of the cool sounding Alchemy Partners (I thought that was reserved for Paulson and Bernanke's upcoming hedge fund), has said that nearly one-third of mid-market buyouts could fall into receivership (UK equivalent of bankruptcy).

Jon Moulton, head of the cool sounding Alchemy Partners (I thought that was reserved for Paulson and Bernanke's upcoming hedge fund), has said that nearly one-third of mid-market buyouts could fall into receivership (UK equivalent of bankruptcy).

Every time I hear the CNBC jingle for the Obama Coverage (1:15:04 on the countdown ticker - exciting) i expect to see Louis XIV. Did they get this jingle from some decade old MIDI file? Did someone actually make money "composing" this?

Olga Kogan, wife of Russian billionaire Valery Kogan, is again asking the Greenwich P&Z commission for permission to add a more reasonable, 21,000 sq. foot, 15-toilet anex to their existing 21,127 sq. foot house at 18 Simmons Lane. The commission initially threw up on the original plans of an expansion 27,000 sq. foot house with 26 toilets.

Olga Kogan, wife of Russian billionaire Valery Kogan, is again asking the Greenwich P&Z commission for permission to add a more reasonable, 21,000 sq. foot, 15-toilet anex to their existing 21,127 sq. foot house at 18 Simmons Lane. The commission initially threw up on the original plans of an expansion 27,000 sq. foot house with 26 toilets.

...Before it hits $0
17% down today. What is over/under days until Ken Lewis' resignation. We say 10

*******UPDATE********

$5.65 to zero now

And y'all thought Lyondell is going to be the only spectacular chemical LBO bankruptcy. The list is long and focuses mostly on plastics makers: Ineos, Chemtura and Georgia Gulf. The third-largest producer of polypropylene sealed its fate in 2005 when it bought BP's Innovene unit for $9 billion. Net debt most recently was $9.7 billion, 4.3x more than LTM EBITDA according to CFO John Reece. Of course there is the matter of plummeting EBITDA... Doubt leverage will be there for long time.

Or at least according to Nouriel Roubini. The NYU professor and longtime pessimist fired the latest shot across the bow of the financial house of cards. His claim: financial losses from the credit crisis may reach $3.6 trillion, suggesting the banking system is "effectively insolvent."

Or at least according to Nouriel Roubini. The NYU professor and longtime pessimist fired the latest shot across the bow of the financial house of cards. His claim: financial losses from the credit crisis may reach $3.6 trillion, suggesting the banking system is "effectively insolvent."