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Frontrunning: July 20
- Pimco sells black swan protection as Wall Street markets fear (Bloomberg)
- Obama urges end to stalemate on benefits (FT)
- Tourre says he relied on Goldman, denies SEC fraud claims (Bloomberg)
- Hungary's IMF revolt augurs ill for Greece (Telegraph)
- Ireland fully funded until Q2 2011 - debt agency (Reuters)
- America's AAA rating cut in land of bubbles (Bloomberg)
- Columbia president to lead New York Fed (WSJ)
- BOJ would consider action at 85-Yen level (WSJ)
- Ferguson: today's Keynesians have learned nothing (FT)
- Case in point from Brad DeLong: It is far too soon to end expansion (FT)
- Fed eyes options for looser monetary policy (FT)
- UK Public Sector Net Borrowing stays high; above forecast (Nasdaq)
- China now world's biggest energy user (FT)
- As expected, no more trade records for China, as Taiwan June export order growth slows (Reuters)
- Basel Macro-Regulation Proposal Could Force Australian Banks to Store More Capital (The Australian)
- EU says stress tests to be bank-by-bank (WSJ)
- ECB nearly halts government bond purchases (WSJ)
- Abolish state income taxes (WT)
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exactly
Does the Eurozone or the US fall apart first? Quite a horse race.
sorry for the Hufpo link but the headline is great
Donald Trump: Columbia University President Lee Bollinger Is 'Terrible' And 'A Total Moron'The FED, the ECB, the SNB, etc have no other option but printing massive amounts of fake currency. Gold, food and other staples will hoard value. Banks, stocks all virtually bankrupt. I am moving to a farm next month, and will come to the city only as a tourist.
Ferguson: today's Keynesians have learned nothing -----My point exactly ;p
Would ZH like to correct its assertion that GS has "thrown Fabrice Tourre under the bus"? Fabrice Tourre is still a paid employee of GS, on leave, and GS is paying his legal bills. No, of course not, no correction.
Goldman settled with the SEC thugs, giving the SEC their protection money. Fabrice Tourre chose not to, for his personal reasons (to clear his name against bogus charges); it is not up to Goldman what Fabrice chooses to do w.r.t. the SEC charges against him, but GS continues to support him.
So, is this ZH's definition of throwing someone under the bus, which was the descriptive of what Goldman was doing to Mr Tourre?
I am quite certain that we will not see a correction any time soon.
The reason Goldman is paying his legal fees is to keep track of what is going on. If Fab had gotten his own lawyers he would have been inclined to make a deal, turn over some evidence, or name names. This way Goldman stays in the loop, owns Fab's ass, and can crush him if needed to save their own skin.
Maybe thrown under the bus was too harsh. Fab is being held outside of the moving bus and will be dropped under the moving bus if needed. Does that make your pussy hurt less?
right. and the moon is made of cheese.
You wouldn't happen to be that garish Fabric Tour, would you?
No matter how you look at it he was thrown under the bus. GS needed a fall guy...enter the cheap Fabric suit, perfectly placed to throw to the wolves, easily bought with promises of time off and no consequences. I am sure that he isn't innocent in this, but I garrantee that he won't be found guilty of anything. There in lies the con.
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Thank you very much Tyler.
I enjoy reading these.
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Highly recommend the Hungary link
http://www.telegraph.co.uk/finance/financetopics/financialcrisis/7899304/Hungarys-IMF-revolt-augurs-ill-for-Greece.html
Pimco sells Black Swan protection.
Haven't we seen this movie before, with AIG and the Kingdom of Denmark insuring against a collapse of the Jap market? Once more, for the record, some risks are NOT insurable, because when one dude has a claim, everyone will. How does one hedge this risk? This is not rocket science.
Got a great idea for you. I'm selling end of the world insurance, for cheap. The day after the world ends you just come by the office....
re: FT NY Fed
Lee Bollinger to head the NY Fed?! I didn't see that one coming.