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Frontrunning: August 28
- Spending increases in July thanks to CfC subsidies on less than expected consumer income (AP)
- AIG in no rush to sell stuff (WSJ, h/t Aditya), some disclosures:
- a) If we sold the company we would have no money for the equity holders
- b) We would not be able to survive without the taxpayer
- All this should stoke the AIG stock ponzi for another 20-30% today
- AIG rises and many ask why (NYT)
- AIG's swap blunder now replaying on Wall Street (Bloomberg)
- Hulbert: Rally since March has been extraordinarily speculative (MarketWacth)
- Japan's jobless rate rises to record 5.7% (Bloomberg)
- California state income taxes rise because of defulation; Federal status in Question (Mish)
- FBR starts prime brokerage as micro hedge funds enjoy the bubble (Bloomberg)
- Leverage rising on Wall Street at fastest pace since 2007 freeze (Bloomberg)
- Banks "too big to fail" have grown even bigger (WaPo)
- Wind Hellas default swaps rise to record on restructuring speculation (Bloomberg) - shockingly fundamentals still work occasionally
- SEC said to pick Texas professor Hu to oversee risk (Bloomberg)
- How to escape foreclosure despite losing a job (MarketWatch)
- Krugman: Till debt does its part (NYT)
- A tale of two $100,000 jobs - a tale of two Americas (Enterprise Blog)
- Argentina stock market may attract $10 billion if restrictions lifted (Bloomberg)
- Preparing for a major bank shakeout (Fortune)
- "Blood Oath" sealed Stanford deal, court is told (NYT)
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AIG = America Is Gambling
Release Date: August 28, 2009
For release at 10:00 a.m. EDT
The Federal Reserve on Friday announced that the amounts of Term Auction Facility (TAF) credit offered at each of the two auctions in September will be reduced to $75 billion from $100 billion in August. Specifically, the Federal Reserve will offer $75 billion of 84-day credit on Tuesday, September 8, and $75 billion of 28-day credit on Monday, September 21.
...the beginning of the end or the end of the beginning?
SEC hiring Hu is a good thing but can't be sure how much power and freedom he will be getting. Time will tell.
CNBC - reason for AIG rise "fundamentals improving" - hahahahaha
from everything i have read, the primary reason attributed to this nonsense is the Greenberg factor.....does he walk on water?
this is going to be pretty entertaining to see how AIG plays out in the coming weeks, months....
Greenberg is a demented old f***. As near as i can tell the only plus he brings is his expertize at creative accounting.
To a certain crowd - yes, he does (or more like he has to appear to). He is a very important man in the plans of the influential.
of course AIG is in no rush. they have absolutely no incentive to unwind. they'll milk the bonus teat for every drop.
MSM seem to be waking up to the Toostupidtofail bubbling in this rally. Someone off message or the pin getting ready to aim?
http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=AP&d...
"WASHINGTON (AP) - Investors are still trading common shares of Fannie Mae, Freddie Mac and American International Group Inc. by the billions, even though analysts say their prices are almost certain to go to zero."
No fucking company in America has any incentive at all to do ANYTHING except contribute to democrats.
Why would you try to do anything when failing is so much more fucking rewarding than succeeding?
This is much more problematic than the Republicans vs. Democrats debate.
Hey, if they had thought the Repooplicans had a chance in hell of getting in, they would have given them the money.
As it was, the Democraps were a shoo in.
Let's hope the whole country wakes up to the manufactured Left vs. Right = 'divide and conquer' strategy of the banksters.
Release Date: August 28, 2009
For release at 10:00 a.m. EDT
The Federal Reserve on Friday announced that the amounts of Term Auction Facility (TAF) credit offered at each of the two auctions in September will be reduced to $75 billion from $100 billion in August. Specifically, the Federal Reserve will offer $75 billion of 84-day credit on Tuesday, September 8, and $75 billion of 28-day credit on Monday, September 21.