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From Daschle's statement:

This is the summarized data on the troubling vacancy rates:

This is the summarized data on the troubling vacancy rates:

Actual -42.1%. Street consensus was -33%. Fleet sales down 65%!

The Default-3 cranking along nicely... Will keep you posted on the other 2 of the D-3

Harley Davidson stock was up 15% today after news emerged that Berkshire Hathaway was buying $300 million of the company's bonds in a private transaction. HOG raised a total of $600 million in debt, with the remaining $300 million purchased by Davis Selected Adviser, the largest holder of Harley stock.

Developing story: per executive editor Bill Keller online commentary.

Good way to alienate the remaining 10 internet readers

What is it with Democrats? Geithner and Daschle are apparently not enough. There is breaking news of another person in the Obama camp who is in hot water due to tax issues.

(thanks to the other Bank of Countrywide Lynch Rosenberg - Jeffrey)

Gotta love anything to do with foreclosure transactions. One third of all 2008 transactions involved borrowers forced out by banks.

healthy market

- some not so happy news updates:

According to Mark Hanson, Managing Director of Field Check Group there is a 21 month "shadow inventory" supply of inventory in California.

According to RealtyTrak 66% of all foreclosures have not made it out in workout yet.

The market rumor this morning is that Landry's Restaurants, which is about 5x levered, and whose market cap has recently dropped to an almost all time low of $100 million, is trying to raise a new $270 million of 2.5 year notes. The B/Caa1 rated company is seeking gullible mutual fund managers who will find the 14% coupon and 20% yield (88 cent issue price) attractive. Kinda reminds us of Movie Gallery which, with the help of Goldman Sachs, raised about a billion last spring and defaulted before they even paid one coupon.

First it was Jeffrey Gendell, now it is Michael Zimmerman, whose Prentice Capital Management lost 88% in 2008. Formerly a SAC golden boy, Zimmerman traded retail and consumer with Stevie for 5 years before launching independently in 2005. The 38 year old, who like Gendell thought that the market can never go down, had been trading stocks and bonds, and had about a third of its assets in highly illiquid securities.

• UPS Freezes Salaries and Suspends 401(k) match on biggest volume drop in decade (PR)
• Credit Suisse cutting bonuses by 55% (Bloomberg)
• Fitch is starting to sniff for a general obligation California downgrade (MarketWatch)
• $4.8
  

• 20 million jobs lost in China from downturn to date - this is actually a very big deal (FT)
• FDIC running out of cash, asks tripling of Treasury credit line to $100 billion (Reuters)
• UBS alienates all current brokers with ridiculous new hire bonuses (

Granted this topic deserves a much more extensive analysis and I hope to readdress it in the near future (but in the mean time welcome any thoughts), today Morgan Stanley is out with a note that brings up relevant good points.