Frontrunning: November 6

• RBS posts $3 billion Q3 loss as its trading desk in Stamford looks like a ghost town (AP)
• US stock futures drop after unemployment hits highest since 1983: mid-term election outcomes you can't really believe in (Bloomberg)
• Credit-card countdown: Higher rates abound (MarketWatch)
• El-Erian: How to fill the gaps left by the dollar decline (FT)
• Reilly: Bondholders extract revenge on fee-hungry bankers (Bloomberg)
• As expected, the SAC-insider trading scandal connection grows stronger (Reuters)
• Galleon Puzzle: Can You Spot Insider Trading (Even Without Wiretapping)? (SeekingAlpha)
• AIG reports profit but warns of continued volatility (NYTimes)
• Floyd Norris: Goodbye to reforms of 2002 (NYT)
• In the name of jobs, ideas that won't work (WaPo)
• Schottenfeld draws scrutiny after Goffer arrest in insder case (Bloomberg)
• Latest firm caught pushing up their oil prop expsure: Barclays (Bloomberg)
• Fortress posts wider quarterly loss, don't worry though, their employees will make the U-6 soon enough, should be stock positive (WSJ)
• The lagging intellectual giants at the OECD see strong growth in Italy, France, UK and China, facts be damned (BBC)
• Dollar's decline has contributed to market's recent rise (Seeking Alpha)

Comments

[ghostfaceinvestah]

Look at Gold!!!!

[Gordon_Gekko]

Wasn't it supposed to drop to like $600...LOL!

[Careless Whisper]

Don't forget to frontrun this too:

John Reed goes Japanese, offers apology for creating TBTF Citi;

http://www.bloomberg.com/apps/news?pid=20601087&sid=a.z4KpD77s80&pos=5

and throw some ticker tape today, see ya at the parade;

http://www.nydailynews.com/ny_local/2009/11/06/2009-11-06_get_the_details_on_the_yankee_parade_in_manhattan.html

[tip e. canoe]

“We learn from our mistakes,” said Reed, who wrote an Oct. 21 letter to the editor of the New York Times endorsing a division of banking activities. “When you’re running a company you do what you think is right for the stockholders. Right now I’m looking at this as a citizen.”

true gentlemen admit their mistakes with honesty & humility.  thank you mr. reed for showing your peers how it is possible to display dignity in the face of truth.

[McGriffen]

nice link on the Reed article.  It should add that his retirement in 2000 was closer to being banished from a one-sided power struggle with Weill (if memory serves).

[McGriffen]

david reilly column on the Tousa bankruptcy proceedings is interesting.  I'd expect more claims of that kind to pop up in the months/years to come, given all the LBO deals in 2006--2007.  Imagine it, banks saying yes to new debt which generates a fee, no matter the condition of the issuer.