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Frontrunning: October 16
- As expected, GE Capital whacks GE revenue; NBC Universal sale is just a matter of time (Bloomberg, NYT)
- Bank of America posts loss amid consumer credit woes (WSJ, AP)
- Dollar hits 3-week high against yen (Reuters)
- Interactive job chart: fast forward to 2008 for the fun stuff (Tip Strategies, h/t Jay)
- Harrods sells gold bars to devaluation-weary clients (HuffPo, h/t CarolineB)
- Endorse our favorite podcaster: Andrew Horowitz (The Disciplined Investor)
- Distressed real estate continues to be a growth industry (RealPropertyAlpha)
- The Bank Of International Settlements warns of future crises (Global Research)
- Defections expose Chamber's dirty little secrets (WaPo)
- Volkswagen warns 2010 will be a difficult year, particularly in Western European core market (MarketWatch)
- Mauldin: China real estate bubble special report (Market Oracle)
- Weak dollar? Not so much in China (NYT)
- The dollar and the deficits (Foreign Affairs, h/t John)
- Fuel for the financial fire (Forbes)
- US derivatives bill blocks dealers from owning clearinghouses (Bloomberg)
- Many small investors have sat out rally (WaPo)
- You ain't seen nothing yet at Goldman (TimesOnline)
- Farmers block off Champs-Elysees in Paris, burn tires (Bloomberg)
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And then there's this:
http://www.bloomberg.com/apps/news?pid=20601087&sid=a6ItnK32Cl6Y
Oct. 16 (Bloomberg) -- The U.S. Securities and Exchange Commission hired Adam Storch, a 29-year-old former employee in Goldman Sachs Group Inc.’s business intelligence unit, as the enforcement division’s first chief operating officer, according to people familiar with the decision.
I simply cannot believe this.
I am at a loss for words.
Get Mary Schapiro the phuck out of the SEC now.
+1000
bac already on CONviction buy list. not only that, but gs reiterated that approx 2ish weeks ago.
No worries, plenty of other CONstant shills are out in force trying to save the PR spin on BAC:
http://blogs.wsj.com/deals/2009/10/16/why-you-should-buy-bofa-today/?mod=yahoo_hs
I'm confused....why did BAC report a loss? Why don't they just make up numbers and move all their losses off the balance sheet.
"Something's not right" :-)
GE is being exposed for the conglomerate it always was, a hodgepodge of industrial companies held together by GE financing.
May the bell toll for GE.
Barney Frank, Predatory, Lender.
http://online.wsj.com/article/SB10001424052748704107204574475110152189446.html
Funny, I'm a financial idiot, and this is what I've been saying all along. Is Occam finally pointing toward a conspiracy, or are the folks in charge really this fucking stupid? This is not hyperbole.
I saw this in my early morning news scan and laughed. But you know, in America,someone must state the obvious before anyone can publicly talk about it. It's just the way things are in a dysfunctional culture such as ours.
CD - For a state of true dysfunction to exist there must be some fun in there somewhere. For the life of me I have yet to find any worthy of the name.
You mean to say those bankers who had a near death experience just 12 months ago and who are now oh so very close to huge bonuses aren't having fun? :>)
You and I my friend are the fuckees, not the fuckers. Which means we are on the wrong side the the greatest joke ever perpetrated on America since the Great Depression.
Fuckees rarely find any humor in the joke. We are all party poopers.
We are living in a criminal conspiracy, and we are the "marks".
Government can be counted on to act stupidly.
Great find, thanks for sharing. The law on unintended consequences always applies to command economies. The government's solution will be still more heavy-handed interventions, until the entire economy is one big intervention.
What's that you say? We're there now? If you say "Socialism" I say "Racist!"
Mary.....I hear Ken Lewis is looking for a job.
no he's not...a standing tee-time at Bushwood awaits with Judge Smails.
has anyone noticed that the VIX is down almost 5% this morning even while the market opened down?
Also, love this RAN headline:
10-16 08:44: Bank of America (BAC) says overdraft fee changes to hurt Q4 revenue
So, the government has started charging the banks overdraft fees if they are in the red? I like this new policy.
the Forbes article by John Taylor is good, albeit not thorough enough. Better save meal money for another "financial Armageddon" tome to hit the shelves.
speaking of Armageddon...the song by Def Leppard was much funner than this financial calamity
Some real estate satire:
http://homedebtors.blogspot.com/2009/10/season-primer-analogy-of-first-t...