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Frontrunning: April 21
- AIG said to insure Goldman's board against investor suits (Bloomberg)
- UK unemployment hits 16 year high - they need to subcontract the BLS (FT)
- Earnings update: Boeing says health costs cut outlook (Bloomberg), AT&T hit by charge (Reuters), Wells misses revenue estimate (Bloomberg), Morgan Stanley posts profit on CDS and bond trading (Bloomberg)
- V-shaped explosion: an eventual inflationary collapse into a "double dip " Greater Recession (Asia Times)
- Richard Rahn: could the US become Argentina (Washington Times)
- Paulson reassures on Goldman role (Reuters, WSJ)
- Goldman says SEC case hinges on actions of one employee (Bloomberg)
- Greece says to agree joint text with IMF, EU by May 15, claims "restructuring talks are nonsense" (Reuters)
- China under growing currency pressure (FT)
- The consumer in question (FXSolutions)
- Sons of Sarbox: Republicans can oppose the Dodd bill—and the big banks (WSJ)
- A difficult path in Goldman case (NYT)
- Poor pricing power poses problems for the US (BusinessWeek)
- Carl Levin: another "big shoe" to drop on Goldman (Newsweek, h/t David)
- Jeff Macke: Why charges against Goldman will have no market impact (Minyanville)
- Debt burdens risk prolonging credit weakness, IMF warns (NYT)
- Goldman Sachs: villain in a dumbed down moral fable (American Situation)
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AIG is insuring Goldman's board against suits...
So ...AIG, which is backstopped by the taxpayer, has insured Goldman's board against potential taxpayer suits.
What a circle jerk.
Step Right Up...See What An Ex-White House Counsel Can Do!
If CNBC's report is true, that Goldman Sachs (GS) counterparty ACA was in fact informed of Paulson's intentions to go short, it could deal a potentially fatal blow to the entire case.
Read more: http://www.businessinsider.com/markets-rebounding-on-potentially-fatal-blow-to-the-secs-case-2010-4#ixzz0ljxbOfNzNo apparent stumbling blocks out there for the markets today. With the exception of Wells, it's difficult to find any earnings misses out there this morning. Of course Apple sets the tone with an amazing show of consumer strength in buying gadgetry.
In short, we appear to have set a base for the next leg up from here.
I would have thought this would have been expected from Paulson and Co.
It shouldn't be a surprise to anybody least of all the SEC as it is the easiest way to undermine the case. Lets see it tested under oath in court and if there is evidence to the contrarty.
Expect another day of pumping the market and trying to drag down gold.
You should have included the story about Geithner introducing the new $100 bill. Apropos because we're all going to need lots of them in a few years, when it'll take a wheelbarrow full to buy a loaf of bread.
Hollywood Futures Index was approved yesterday.
Regulators Approve Movie Futures Markets:http://www.npr.org/templates/story/story.php?storyId=126157195&ft=1&f=3