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Frontrunning: October 21
- Goldman Sachs anti-communist pearls of wisdom: "pay inequality helps everyone" [while directed corporate communist bailouts of Goldman help just Goldman] (Bloomberg)
- Wells Fargo reports better earnings on FDIC/Wachovia generosity (Bloomberg)
- What, no multi-trillion record principal revenue? Morgan Stanley beats estimates on higher investment banking fees (Bloomberg)
- Euro at $1.50 - a disaster or an alibi? (Reuters)
- Boeing reports $1.6 billion loss because of delays (NYT)
- Our subprime federal government (City)
- BOE's Mervyn King calls for banks to split as public finances take record hit (Times Online, h/t Geoffrey)
- In the meantime, Volcker fails to sell a bank strategy (NYT)
- Daniel Yergin: A crisis in search of a narrative (FT)
- The heavy price of working on Wall Street (WSJ)
- China's growth on steroids risks next slowdown (Bloomberg)
- In Galleon fraud case, a deal that cost millions (NYT)
- How many more POMOs can they squeeze out? Treasurys down before Fed buyback and Beige Book (MarketWatch)
»
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Pocket the gains. Socialize the losses.
American "Capitalism" in the 21st century.
Swell.
I say the following slightly tongue-in-cheek, but there's more truth
to this than I'd like:
Welcome to the proletariat, Capitalists. You no longer own the means
of your production, and your livelihood is now dependent on the whims
of the bourgeoisie. I'm sorry if you thought Capitalists were the
bourgeoisie. Please allow me to clarify your new role.
The bourgeoisie, by definition, own the means of production. You no
longer own the means of production, Capitalists. Perhaps you never
did.
What are these means of production? In agrarian society, this was
the soil and the shovel. In industrial society, this was the mines
and the factories. In today's society, this is financial capital
itself.
And in the past, you felt you owned your financial capital. You
could, as Capitalists, use this financial capital to produce for your
livelihood. But now you realize you do not, for practical purposes,
own this capital at all. The means of production are owned by
someone else. The bourgeoisie have decided you were only petty
bourgeoisie, and have stripped from you the means of your production.
You are just now realizing it.
The means of production, your capital, are not yours, because their
entire value is manipulated and controlled by something other than a
market. The true owners of your investments, your credit lines, your
debt -- they are the few who control the value of these instruments.
And as you now know with certainty, it is not the cold hand of the
market which sets this value. It is the political calculations of an
elite few, who's loyalties transcend party and nation. A group you
will never join.
Your "private" property is now tied to an opaque system, whereby the
eminent domain of the true bourgeoisie -- the fascist plutocracy of
which you now realize were never a part -- shall direct your labor
and set your salary.
Welcome to the proletariat, Capitalists. Pick up your shovel and
start digging, and pray for a return to what you knew before. Just
like "the physician, the lawyer, the priest, the poet, the man of
science", -- you are now just paid wage labourers, at best.
http://blogs.barrons.com/stockstowatchtoday/2009/10/01/limits-seen-on-mo...
every one is entitled to be confused with banks financial statements.Only shareholders class action may help.
http://www.bloomberg.com/apps/news?pid=20601039&sid=a0ZGtAQHLpiA&refer=home
http://seekingalpha.com/article/111843-morgan-stanley-offers-update-on-l...
Around 13% of total assets in level 3 derivatives
must have improved substantially.
Galleon liquidating itself.....
http://www.bloomberg.com/apps/news?pid=20601087&sid=aGeDRggYHd5k
Who needs revenue or jobs when you've got sandbagged earnings beats! Beluga for everyone!!!
The fact that I screwed you out of millions of dollars is good for you..it builds character.
Check out what happened to the dollar. Driven down before the open, shanked at the open. Last print I saw was DXY 75.18.
( DJ ) 10/21 09:51AM *DJ Euro Trades Above $1.50, First Time Since August 2008
celebrate good times.........
And what happened in/just after August 2008? Oh yeah...
Can anyone tell me how the F*ck the dollar is getting crushed now with the QE largely over?? Is the Fed selling directly into the market???? Something is seriously beyond rotten now, Im so f*cking angry. 90% of the people running this country deserve to be shot.
I guess they're trying to keep the game going a little longer. Maybe it was assumed that a gap down at the open would trigger selloffs(especially if it opened under yesterday's support), so the dollar had to be sacrificed to even things out.
possible them trying to unwind the reverse repo is causing this..? i imagine the effect would be exactly this....
the sheer incompetence of the Fed is mind-boggling.
It's possible. Both pathetic and maddening.
how will we know when we get to the point that the dollar gets sold just because the market went up? there is no necessary causation. since the correlation has become so re-enforced lately and is gaining even more popular mindshare, how many people simply see equities up and then decide that they are going to sell the USD just to front-run the 'fundamental' USD/US Equity relationship?
Steven Rattner: Why we had to get rid of GM's CEO
http://money.cnn.com/2009/10/21/autos/auto_bailout_rattner_excerpt.fortu...
Obama's major mistake: underestimating Wall Street's gall to bleed the US dry despite all that's happened. He thought they'd come to their senses with the meltdown- and I think he's been proven more than wrong. Contrary to many on this site, I don't believe the Obama administration has any conspiratorial strategy to support Wall Street. Instead, I think he very naively gave them the benefit of the doubt, erroneously believing they recognized their stake in the survival of the US economy and be humbled by the amount of public money that kept them alive. Well, they took that benefit of the doubt and wiped their asses with it.
Wall Street's core strength: not overestimating the complacency of the American public. Isn't some famous person dancing on TV or something?
But its all Bush's fault..."this administration inherited a mess"
I find it hard to believe that a former Chicago ward heeler would be naive enough to think that any large corporation would be "humbled" by the amount of public largesse thrown their way. After making a name for himself in a city where the principle of the "public/private partnership"(and all the corruption that comes with it) is sacrosanct, what has been going on now is not surprising at all.
Hmm, hotel REITs are cut to Underperform - but mall REITs seem to be screaming buys on this strong recovery, bullish job growthyness, and soaring rents.
http://finance.yahoo.com/news/Ahead-of-the-Bell-Some-Hotel-apf-1781878056.html?x=0&.v=1
Haven't you heard? Consumer spending is coming back and junk.
What's worse than insider trading?
That would be losing money on insider trading. (NYTimes)
Note to Raji: Sell when the trade goes against you.
Note to SEC/FBI/CIA/ who ever else is involved: What the hell is really going on here?
FREE SERGEY