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Frontrunning: January 13 (Goldman Sachs Edition)
- Must read: Bring back Glass-Steagall - Banks that behave like hedge funds (and "trade ahead" of their clients) don't deserve guarantees (WSJ)
- And speaking of Goldman hypocricy - The subsidy that won't die (Slate)
- Friedman: Is China the next Enron? (WSJ)
- Bernanke challenged on rates role in bust (WSJ)
- German economy shrinks 5% in 2009, more than expected (Bloomberg)
- Moody's says Greece, Portugal may face "slow death" (Bloomberg)
- Shareholder value match made in heaven: Club CIT has long been in need of golden commodes - Thain a candidate to take over CIT (WSJ)
- Explaining Obama's strange bank tax (Reuters)
- Mr. Fat Cat banker goes to Washington (BusinessWeek)
- Gallup: More Americans went uninsured in 2009 than in 2008 (Gallup)
- Last chance to lock in those low rates: Mortgage applications rise in first week of 2010 - The increase was due almost entirely to a 21.8% increase in refinancing applications; the purchase application index was up 0.8%. (Reuters)
- Galleon case Tipper X may be ex-Lanexa trader Hardin (Bloomberg)
- Google may exit China after ending self-cencorship (Bloomberg)
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here is a link to the Finanical hearings
mms://wms-rbn-sea010.rbn.com/cspan/cspan/wmlive/cspan2v.asf
Enron - dubious use of derivatives, mark to market, and special purpose entities. Sounds more like the Federal Reserve.
From the Bloomberg piece of Greece:
"The yield on the 10-year Greek bond jumped 9 basis points to 5.75 percent as of 12:10 p.m. in London, pushing the spread to 242 basis points, the most in 2 1/2 weeks. The yield on Portugal’s benchmark 10-year bond rose 2 basis points to 4.01 percent, leaving the spread with Germany to 69 basis points. A basis point is 0.01 percentage point. "
Who in their right mind would hold Greek debt for 10 years for only 5 3/4% or Portugal's for 4%? If the price really reflected the risk, they'd both be way up in double digits.
Germany shrunk better than expected!!
SPX to 1400!
Monsanto going down today, possibly cause of this ->
http://www.biolsci.org/v05p0706.htm
They did research with GM corn, found it was harmful but kept selling it =O
Comedy. Didn't Forbes just make them Company Of The Year?
This is really amusing. Everything except gold and silver is lower this morning, so naturally da boyz have to prop up equities. The market manipulation from this point forward should resemble slapstick comedy.
It's at least a little remarkable that you guys can be so determined to fundementally twist a quote to mean something it clearly doesn't. Do you just have a really poor understanding of what frontrunning entails? Goldman has said that their trading and their client business is unrelated, and you keep on reasserting your lack of credibility and journalistic integrity by writing headlines to indicate that they said something else. You are just hurting yourselves for whenever you bring up a real issue with Goldman.
What is abundantly clear is that GS has hired a PR firm to refute the grass roots for which you may or may not be a party too. It would be amusing to pull the IPs of the anon comments and source their orgin.
haha. Yeah. You should definitely do that. I'm sure you'll see that I'm part of the mass conspiracy that worries you. Seriously, read what was actually said by Goldman in their memo, read the definition of frontrunning, and then try to tell me that zh's headlines are an accurate depiction of what Goldman said. The reason why nobody takes stories on here seriously anymore is because they've destroyed their credibility with the hysteric stuff like this. When this website (prior to the move) first began they actually did some interesting and thought provoking stuff, and now it's a neverending set of appeals, from people who think too highly of themselves and their intelligence, for various "causes". Remember when they showed the document with the lawyers fees for the AIG breakup (Lehman breakup? I forget which one.) with the one lawyer who was lying about his hours, and we could deduce that from the document. Compare that to any headline from the past 3 months that has mentioned Goldman, and you'll see the source of the decline in this website's popularity.
You are fooling nobody, Goldman minion.
Never realized Friedman was such an economic and forex guru.
Here we have King of Morons Mr. Friedman mouthing off bullshit again. News Flash Mr. Friedman - We ALREADY have the next Enron. Just in case you didn't know - IT IS THE UNITED STATES.
Friedman is braindead. I think he he caused in a circular reference to one of his metaphors