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Frontrunning: January 22
- A declaration of war on Wall Streeet (FT)
- Mort Zuckerman: The Great Recession continues (WSJ)
- Obama's bank plan impact hinges on how to define client trades (Bloomberg)
- Goldman, JPMorgan may be forced to sell buyout units under Obama proposal (Bloomberg)
- Goldman's escape route might be the private road (Bloomberg)
- Obama bank plan shows lack of global coordination (Bloomberg)
- Senate dems not sure they can get enough votes to reconfirm Uncle Ben (ABC)
- Cohan: Bomb squad for Wall Street (NYT)
- How bank reform could affect banks (Reuters)
- Shifting the blame: Government is just as guity as Wall Street (IBD)
- Greece to sell €3 billion in notes in "near future" - best of luck with that (Bloomberg)
- MGM receives bids (WSJ)
- Fed should go back to basics (Forbes)
- The most profitable letter in 2009 (Value Expectations)
»
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Bernanke: http://online.wsj.com/article/SB10001424052748704423204575017580583607908.html
Name that flick:
So, what are you guys gonna do?
We're gonna check out Chairman Bernanke's house. He's in Washington.
Bernanke?
Bernanke?!
He still owes me money.
Hey, Ben!
Get him!
...unexpectedly...
I wanna say "Boiler Room". Though fitting, I don't think that's it.
Stripe, right before the Aunt Jemaima treatment.
You know I voted Obama because i wanted anything that wasn't rooted in the same old Orwellian touting, neoconservative, imperialistic crap we had dealt with the past 8 years. Now I know how Han's felt when Lando stabbed him in the back.
America's soul is trapped in carbonite sold to Jabba the hut waiting for the rescue.
I wonder how long it will take for people to realize that the difference between Democrats and Republicans is in name only.
And in the structure and nature of the crumbs...
i voted for obama because i figured mccain didn't have 8 years left in him, and palin scared the shit out of me. still does, and always will
the corporate dollar is now speech
now speech is denominated in dollars
An observation on this week's takedown of gold and silver:
"The dollar 'rally' began around 4 a.m. on Tuesday morning... and between that time and the Comex open yesterday morning at 8:15 a.m. Eastern time... the dollar gained roughly 123 basis points. During that period, gold was down less that $10 and silver down about 25 cents. In other words, this massive increase in the value of the U.S. dollar was having little effect on the price of gold and silver... and a cursory examination of the above gold and silver charts confirms that. The entire dollar advance was about 143 basis points from top to bottom... 86% of which was already done before the Comex opened yesterday morning. The JPMorgan-led gold and silver pounding occurred on the last 14% of the dollar rally. Any questions."
- Ed Steer's Gold & Silver Daily
http://www.caseyresearch.com/displayGsd.php?id=117
Heck of a line up for the fourth week of January.
I translated this article's headline using Google Translator to covert Bloomish-Green-Shootish to English, and the result was, "TTT sent packing in the next two weeks."
...unexpectedly...
http://www.reuters.com/article/idUSTRE60K6NV20100121?type=politicsNews%3...
Our beloved government officials are going to look like PGA golfers with logos all over their suits, and the various House and Senate seats, plus the White House, will be named the way College Bowl games or sports stadiums are named.
Welcome to the Goldman Sachs White House!
The Bechtel Corporation Senator from Utah would like to speak.
my god the volume, I like charts.
Did you know the Air and Space museum actually has stuff in it?
202134 with the bag on his head wins!
What happened?
Goldman Sachs Said to Shut Global Equity Opportunities Fund
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By Tom Cahill
Jan. 22 (Bloomberg) -- Goldman Sachs Group Inc. shut its Global Equity Opportunities Fund, a quantitative hedge fund that required a $3 billion cash infusion in 2007, after it dwindled to $200 million in assets from $7.5 billion, according to two people familiar with the situation.
The fund was shut last month, according to the people, who declined to be identified because the information is private. It had been managed by Robert C. Jones, a co-chief investment officer of Goldman Sachs’s quantitative-investment group, after the March 2009 departure of the group’s co-heads Mark Carhart and Raymond Iwanowski, the people said.
Goldman and investors including Maurice “Hank” Greenberg, the former chairman of American International Group Inc., shored up the fund with about $3 billion in August 2007 after it was caught by a rush of quantitative funds to exit similar positions. The fund dropped 23 percent in August 2007 and lost 33 percent that year, according to the people.
The Financial Times earlier reported the plans to close the fund. Goldman Sachs spokeswoman Andrea Raphael didn’t return calls for comment.
To contact the reporters on this story: Tom Cahill in London at tcahill@bloomberg.net;
Last Updated: January 22, 2010 10:15 EST
http://www.bloomberg.com/apps/news?pid=20601087&sid=aSKOR5YDqp9g&pos=6#
Someone somewhere pressed the MAD button.
You mean the air and space museum has more than air and space?
Front Running the Fed
Attached is some information from a reader. I cannot assess its validity, not being in the bond trading business. But it does sound like someone has tapped into the Fed's buying plans to monetize the public debt and is front running those buys, essentially 'stealing' money from the public. Its what they call 'a sure thing.'
To try and figure out who might be doing it, I would look for some big player who is showing extraordinary returns on their trading, with consistent profit that is not statistically 'normal,' too consistently good. The problem with cheaters is that they sometimes get greedy and call attention to themselves.
In Las Vegas the bigger cheats were often taken out into the desert for further inquiry and final disposition. On Wall Street they are somewhat more arrogant and persistent, defying resolution with that ultimate defiance, "We'll just find other ways to cheat again."
Time for a trip to the desert?
http://jessescrossroadscafe.blogspot.com/2010/01/is-big-player-front-run...
Lessig on giving corporations unlimited right to bribe politicians
http://www.boingboing.net/2010/01/21/lessig-on-giving-cor.html
As I said above, this decision is huge. It overturned 100+ years of precedent, the dissent is 60+ pages, the issue wasn't even raised by the parties. This is the final branch of the government openly bending to our corporate run state. This scares the shit out of me. As CD said so eloquently yesterday, read between the lines. You have our president pretending to get tough with banks and the next day you have our supreme court saying corporations are people
If you cannot put it in a jail cell for doing wrong,
it's unbalanced to give it an individual's rights.
Eventually, the lack of balance will concentrate power
in the hands of that which cannot be jailed.
Oh, look...profits are private, losses are the tax payers'.
That's what you call concentrated power.
To quote Colbert, F**K IT.