Frontrunning: February 3

Tyler Durden's picture
  • Quants ideas sink market, cause ruin (Bloomberg)
  • Norges Bank keeps policy rate on hold at 1.75%, Krone drops (Norges Bank)
  • Almunia endorses some imgainary plan according to which Greece "promises" to cut its budget (Bloomberg, and Bloomberg)
  • This should come as no surprise to anyone at this point: Turn On, Tune Out, Drop Out: CNBC ratings get smashed (Wall St. Cheat Sheet)
  • Greece rattled by hidden debt controversy (Telegraph)
  • AIG Set to pay $100 million in bonuses this week (WSJ)
  • Bank of America to pay average banker bonus of $400,000 (Bloomberg)
  • Save the middle class while fixing banks for good (Delta Global)
  • Spain's tax cheat landlords add to rising state debt (Bloomberg)
  • Pfizer profit misses, 2010 view below forecast (Reuters, Bloomberg)
  • Brooksley Born in, Geithner out (theStreet)


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Kissy Ass's picture

LoL, I like that one

“In China, when you’re one-in-a-million, there are 1,300 other people just like you.”

Careless Whisper's picture

Hey Brooksley, you go girl.

E pluribus unum's picture

Can anyone explain to me why AIG is still in business and not in Chapter 7?

Hephasteus's picture

Because they are the largest insurer on the planet and hence the largest you break it we'll buy it source in the world. And if they went under people would have to be careful or accept fate. Which why do that when you can get some one else to accept it for you.

glenlloyd's picture

As a ward of the state. We can add them to the list that includes Fannie, Freddie, GM, Chrysler....etc.

Anonymous's picture

Dylan Ratigan from January 29 on MSNBC (video taken down from MSNBC site)

The Big TARP Lie

(he actually calls President Obama a liar)

docj's picture

Almunia endorses some imgainary plan according to which Greece "promises" to cut its budget

Every time I see that name I have to remind myself that you're not talking about the Goalkeeper for Arsenal FC (England, Premier League, Metric Football).

So, can someone tell me why it is the DXY is going on a tear this morning as it's painfully obvious that Benron and Company aren't going to be satisfied with their destruction of the USD until a gallon of milk costs about $30K?  Is the rest of the world porked so much worse?  Really?

Anonymous's picture

Doesnt anybody in the financial sector actually get paid? What's with all these bonuses?

Let them all fail's picture

Yeah, in this whole debacle people forget that these guys also get base salaries, if they don't get a bonus, they aren't exactly going hungry

Anonymous's picture

AIG gets $100 million bonus money because of prior contracts.

Mr. Paulson, you are target Number One.

SWRichmond's picture

Here's one I bet you won't see on any MSM:

Terror suspect kept visa to avoid tipping off larger investigation Nathan Hurst / Detroit News Washington Bureau

Washington --The State Department didn't revoke the visa of foiled terrorism suspect Umar Farouk Abdulmutallab because federal counterterrorism officials had begged off revocation, a top State Department official revealed Wednesday.

Patrick F. Kennedy, an undersecretary for management at the State Department, said Abdulmutallab's visa wasn't taken away because intelligence officials asked his agency not to deny a visa to the suspected terrorist over concerns that a denial would've foiled a larger investigation into al-Qaida threats against the United States.

"Revocation action would've disclosed what they were doing," Kennedy said in testimony before the House Committee on Homeland Security. Allowing Adbulmutallab to keep the visa increased chances federal investigators would be able to get closer to apprehending the terror network he is accused of working with, "rather than simply knocking out one solider in that effort."

Circumspice's picture

Interesting read.

Won't affect the DHS, CIA or TSA one iota.

Circumspice's picture

The first article has a great money quote:

In the meantime, Patterson writes [in his book The Quants], the ultimate horror was that the financial regulators didn’t have a clue about what was happening -- perhaps the book’s least-surprising revelation.

I remember hearing from a friend at an ARM shop when the Office of Thrift Supervision rejected his company's outlook for mortgage cash flows. He had used the OTS risk model, but was told he couldn't do that because the OTS considered its own model to be wrong beyond repair. How on Earth they were supposed to be adequate supervisors of anything is beyond me.

Anonymous's picture

AIG is still in business because Hank greenberg is one of the most powerful men in the US. In fact his legal counsel employs the TARP regulator Neil Barofsky. Yes, Neil Barofsky works for Hank Greenbergs law firm. Secondly AIG CEO Ben Mosche