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The distressed semi-Mexican company announced today it has hired Goldman Sachs to sell its 17.75% stake in New England Sports Ventures, which owns the Boston Red Sox, Fenway Park, 80% of New England Sports Network, and 50% of a Nascar Team. Guess that sale leaseback must not be going all that well.

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New York State has presented this chart to highlight the massacre that was also known as bonus season. Silver lining (not for NY) - banks wont have to pay taxes "for years to come" due to $31.4 billion in tax credits.

Some other points from the report:

New York State has presented this chart to highlight the massacre that was also known as bonus season. Silver lining (not for NY) - banks wont have to pay taxes "for years to come" due to $31.4 billion in tax credits.

Some other points from the report:

• Schwarzman can't wait to burn through more money (Bloomberg)
• Bill Miller in urgent need of an appointment with Ari Kiev (Bloomberg)
• Crisis could cost 50 million jobs (

• Exxon cut to Neutral from Buy at UBS
• 78,000 fired today (NY Post)
• Thain called to testify on Merrill bonuses, hires spin doctors (FT, NY Post)

If you have ever wondered how one can feel calm, relaxed and empowered after blowing a cool $100 mill on the basis trade that the Merrill salesguy was pitching incessantly as totally risk-free, after ingesting an elephant dose of estrogen in an office with the climatic characteristics of Vladivostok, then wonder no more, for a wealth of information, outsider and vice versa, and a comfy leather coach are about to be fully acce

If you have ever wondered how one can feel calm, relaxed and empowered after blowing a cool $100 mill on the basis trade that the Merrill salesguy was pitching incessantly as totally risk-free, after ingesting an elephant dose of estrogen in an office with the climatic characteristics of Vladivostok, then wonder no more, for a wealth of information, outsider and vice versa, and a comfy leather coach are about to be fully ac

We have written extensively on the subject (here and here), and we feel it is about time mainstream media paid a little more attention to this very troubling issue.

Uh Oh... Splinters forming among the rating agency community (link)

****UPDATE****

GE immediately issues following statement (no, they definitely did not see this coming)

Statement from GE Regarding Moody’s Review

Business Wire

In his annual letter to investors, Ray Dalio, whose $80 billion Bridgewater fund is doing phenomenally well, returning almost 9% in 2008, had some advice and warnings to investors.

Charlie Gasparino just broke the news that most recent ponzmaster Nick Cosmo of the $370 million Agape World ponzi, had extensive mob connections.

Wexford Capital, a $6 billion hedge fund run by distressed investor Charles Davidson, went activist on Energy Partners Ltd, sending out one of the only activist letters we have seen in months. Wexford, which states it has a large position in EPL's common stock (although not as large as it did last time around, its holdings have dropped from 9.5% to 8.4%) as well as the 9.75% Senior Notes due 2014 and FRNs due 2013, has presented a list of demands.

This bloomberg article has left us a little speechless...