Frontrunning: November 4

• ADP says US companies cut estimated 203,000 jobs in October, worse than 198,000 expectation (Bloomberg)
• Chinese CNOOC buys US oil assets for the first time (BBC)
• Profit "not Satanic" Barclays says, after Goldman invokes Jesus (Bloomberg)
• Endless Summers: Cohan on Summers (Vanity Fair)
• Republicans ride economic woes to wins in two states (Bloomberg)
• German unions begin walk-outs Thursday after GM decides to hang on to Opel (BBC)
• PIMCO says Bank of England may slow debt-buying plan (Bloomberg)
• The coming explosion at Chrysler (Fortune)
• Improbable China - Part 1 (FX Solutions)
• Trichet's "black list" fails to deter Weber as ECB exit nears (Bloomberg)
• Transocean net income falls by a third (MarketWatch)
• Buffett revisits hunting ground for survivors (Bloomberg)

Comments

[anynonmous]

Buffett Joins Goldman's Fannie Tax Credit Bid: WSJ

NEW YORK -- People familiar with the plans say investor Warren Buffett's Berkshire Hathaway has teamed with Goldman Sachs in the investment bank's attempt to buy $3 billion of tax credits from taxpayer-owned mortgage firm Fannie Mae , The Wall Street Journal reported on Wednesday. The paper, citing an unnamed investor who had analyzed a similar possible investment, said a deal could produce annualized returns of at least 30% for Berkshire and Goldman. The paper said a Berkshire Hathaway representative did not have an immediate comment on the report, and that Goldman Sachs and Fannie Mae declined to comment. Treasury officials told the paper they are still reviewing the proposal.

I'm sure there is an appropriate analogy that describes what Warren and Lloyd are doing here

[TraderMark]

Roubini on CNBC this morning

We're creating the mother of all carry trades...

http://www.fundmymutualfund.com/2009/11/nouriel-roubini-on-cnbc-mother-o...

[lizzy36]

Tyler, what corporate entity is Cuomo going to announce he is suing @ 11am?

[Art Vandelay]

[Double post]

[Art Vandelay]

Am I the only one who noticed (in the "Profits not Satanic" article) that the Goldman spokesman's name is Kafka?

[McGriffen]

Bankers like Varley, et al, should be cautious about using analogies between bankers and Christianity.  Unless it's the Christianity that condoned a few crusade campaigns to the middle east (or the Inquisition for that matter).

However, if bankers want to give all their wealth to the poor who's gonna stop em ?? Forsaking all that they have to follow heaven...that's gonna happen, right.

[Anonymous]

Is that meant to be a comment on Existentialism?

[Gilgamesh]

Tyler, if not already noted elsewhere (from yesterday):

Blackstone steps in to buy stake in Glimcher malls

http://columbus.bizjournals.com/columbus/stories/2009/11/02/daily16.html?ana=yfcpc

Guess Simon isn't going to be the only one vulturing (despite what their stock price projects) after all.

[McGriffen]

good luck with Chrysler, Sergio.  you gonna need it.  maybe Chrysler can introduce another slate of minivans and K-cars ala mid-1980s.