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Frontrunning: November 12
- The net expands: SAC Capital, Balyasny ex-analyst under probe in insider case (WSJ, Bloomberg)
- Weil: Blankfein invokes god and man at Goldman Sachs (Bloomberg)
- How do you know the Treasury Secretary is lying? Geithner stresses strong dollar's global role (Reuters)
- And the final nail in the coffin's dollar: under pressure from a lying Geithner, China sets plan to let currency move higher (Globe and Mail, h/t Geoff)
- KKR values Dollar General at 30x P/E in upcoming IPO, double Wal-Mart (Bloomberg)
- IEA warns oil rise could derail recovery (BBC)
- And speaking of, Wal-Mart says climate "difficult" (BBC)
- The $787 billion flop: Americans know (IBD)
- Debt is destroying the dollar (Real Clear Politics)
- Obama meets Asian bankers who may call his loan (Bloomberg)
- How credit raters fended off oversight from Congress and SEC (HuffPo Investigative Fund)
- As China's economy grows, so do the skeptics (Minyanville)
- 3Com option trades may have been more than "luck" before buyout (Bloomberg)
- How the scapegoats escaped (NYT)
- Obama needs more time to find Fannie, Freddie agency inspector (Bloomberg)
»
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Re: China's mumblings...from The Macro Man himself:
his old mates from China, where the market is all aswirl with talk that the authorities will soon countenance an adjustment in the exchange rate. In its recent quarterly report, the PBOC announced that it intends to "improve the exchange rate mechanism is a proactive, controlled, and gradual manner..."
ZZZZZZZZ. Perhaps this is different from the vrap that they've been spewing for the last year, but if so, the changes are marginal. Uncoincidentally, APEC finance ministers had a go overnight, and the Chinese are also confronted with the prospect of finger-wagging Americans and Europeans washing up in Beijing over the next few weeks. The PBOC comments look like a bit of pre-emptive ass-covering, nothing more.
It had to be done eventually.
coffin's dollar = dollar's coffin?
It's morning in America. Time to bash gold and prop up the dollar.
coffin's dollar
Bob Janjuah has popped up again:
"Thanks to confusion, shortsightedness and anger, global markets are on course to be wiped out by a third -- if we're lucky, renowned bear Bob Janjuah says. If not, expect markets to fall by half."
http://articles.moneycentral.msn.com/Investing/SuperModels/markman-new-c...
question:
Does the Fed have to file the SEC reports that show they own more than 5% of BAC, WFC, USB, COF, RF, STI, etc. ???
Thanks in advance.
Better still, do I get to claim General Motors as a deduction on next year's income tax statement?
This is brilliant. It leads me to contemplate listing FNMA, FMAC, Citicorpse, Chrysler and a number of other failed parasites as dependents on my income tax. I could go from "1" to at least "15" -- there's my piece of the stimulus!
Can one of you guys in the know tell the rest of us WHY Geithner would be lying about keeping a strong dollar? I mean, doesn't everybody know that everybody knows that the market sets the value of the dollar? Or, by lying, does Geithner figure he can borrow 10% more renminbi today than he would be able to if he told the truth? And that's such a thin game, wouldn't the Chinese and everyone else see through it?
Bloomberg:
Lloyd: "a force for good" = not kidding
Lloyd: "doing God's work" = just kidding
Lloyd <==== me loves. kiss. kiss.
Here are the top headlines this morning on CNBC's website.
Obama Unveils Plans To Hold Jobs Summit in December
US Will Borrow Less as Banks Pay Back Funds: Geithner
TARP Payments To Be Used To Lower Deficit: Report
30 Year Mortgage Rate Falls Again; Lowest In Five Weeks
No Near-Term Inflation Threat: Fed's Plosser
Anyone think there is a concerted strategy in advance of this afternoon's 30yr auction?
Oh yeah, and the US$ index is up half a percent...
The United States Treasury Secretary, Timothy Geithner, is a filthy rotten LIAR.
Just found a priceless headline:
"Stocks are down as news of an improving job market stirred hopes of an improvement in the economy." - AP
LoL
No kidding. I get a kick out of reading Associated Propaganda's financial stories. They seem to have a form letter for each type of report, and the "journalist" simply interchanges certain words to fit the topic. In this example, he forgot to change "down" to "up". Regis Philbin was probably on teevee so he must have been in a hurry.
All such headlines are intended for reading only while performing the Salamba Sirsasana (yoga headstand).
Maybe that is what the journalist was doing, so that up on the chart appeared to be down...
I thought for sure AMD's price action could hold up the entire market today. Weird.
PMI US Market Risk Index not getting any better
http://www.pmi-us.com/PDF/q3_09_pmi_eret.html