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Frontrunning: September 18
- Reviews of Ron Paul's "End The Fed" (Mises Institute)
- SEC's new rating agency rules (SEC, and AP)
- Pandit says Phibro will be restructured (Bloomberg)
- New York unemployment hits 10.3% (NYT)
- Hedge Funds' ATM moves from Tokyo to Washington (Bloomberg)
- Wall Street's biggest con is M&A "Advice" (WSJ)
- Ex-Morgan Stanley banker sentenced to jail in Hong Kong (MarketWatch)
- And speaking of Hong Kong, real estate speculation is back with a frenzy: demand for properties top pre-crisis levels (FT) Nobody ever learns anything
- Transparency and the Fed (WSJ)
- Stocks, metals falls as copper inventories rise, pound slides (Bloomberg)
- Markets are mad, long live markets (National Post)
- Japan's finance minister is all for a dead dollar, exports be damned (Bloomberg); did the G20 simply decide to have each country's stock market go to infinity on the back of the "reserve" currency's death, even as global trade slides to zero?
- Loss severities and the lenghtening foreclosure process (FixedIncomeColor)
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Hope you don't mind if I drop this in here:
An Independent Look into JP Morgan
http://boombustblog.com/Reggie-Middleton/1143-An-Independent-Look-into-JP-Morgan.html
Nice link. I like that guys analysis. He seems really good at banks.
Talk about pump and dump...
http://www.marketwatch.com/story/jp-morgan-turns-positive-on-home-builde...
Maybe Textron is next...
Front-run the real front-runner:
Stiglitz says Goldman has potential conflicts of interest, "problems of front-running" and
using inside infromation on their prop desk. See last 3 paragraphs:
http://www.dailyfinance.com/2009/09/17/exclusive-nobel-winner-joseph-sti...
Technically NYC unemployment rate of 10.3% is a lot worse (that is, in terms of jobs lost) on the simple basis that many out-of-state workers (NJ/CT) work(ed) in NYC. And, once fired, collect unemployment from their own states.
Who's giving the SPY the business this morning? It continues to trail the index rather substantially.
9:49 AM Wells Fargo (WFC -0.9%) CEO John Stumpf told the WSJ this week losses on Wachovia loans are "still in the same ZIP code" as Wells' original predictions. But bank journalist Teri Buhl says outside experts who have pored over Wells' books "are shocked with what they're seeing," namely a huge swath of derivative trades, and a default rate 8x greater than other banks.
wfc has moved up my list of financial black swanners to numero uno....
i still remember the cfo during his surprise pre-announce early this year stating that the amendend fasb fas 157 rules had little effect on that big quarterly profit orgasm.
the sec filing read alot different to me......
The bonus with WFC is that they are not "Too Connected To Fail." Buffett and XLF are only real things underpinning support for the stock, regardless of how many billions of pennies they are making on the yield curve.
To be read: Buffet could be responsible for the major WFC put action appearing recently?
http://fredericksburg.com/News/FLS/2009/092009/09172009/493958
Ron Paul's book:
"It is no coincidence that the century of total war coincided with the century of central banking. When governments had to fund their own wars without a paper money machine to rely upon, they economized on resources. They found diplomatic solutions to prevent war, and after they started a war they ended it as soon as possible. (p. 63)"
End the goddamned Fed, right now.
Dr. Celente's "The Revolution Has Started" will end the Federal Reserve, one way or the other.
This will be like post-WWII and the hunt for Nazis. All of the Federal Reserve scum, bankster scum, political scum will be dispersed globally - run you F__KING COWARDS. They will be found and Nuremberg-like trials will be held.
Did anybody else notice the daily spike at 10:30 ?
The first sigma-X GS darkpool session is at 10:30
Pure coincidence I suppose ...
http://www.guardian.co.uk/commentisfree/2009/sep/17/why-i-threw-shoe-bush?commentpage=1
Poor afghanistan. They'll never have a shoe thrower of their own. LOL
Nice read cheeky.
And do they even have shoes yet in Afghanistan?
I think they are still wearking the sandals.
By the way, 14 NATO casualties in the past 2 days there.
http://www.ft.com/cms/s/0/2180820c-a2d9-11de-ba74-00144feabdc0.html