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Frontrunning: September 2
- Michael Pento: Banana Ben strikes again (Delta Global)
- Giant oil discovery for BP in GOM, maybe jackup values will finally go up (Bloomberg)
- As the fat has been trimmed, nobody is playing Solitaire - productivity up substantially, but could be merely on ever decreasing hours worked per week (AP)
- Bubbleless, stocks still playing catch-up (WSJ, h/t Aditya)
- EU ministers cheer bonus restrictions ahead of G-20 (WSJ)
- Bailed out bankers to get options windfall (Reuters)
- Inventing a future for AIG (WSJ)
- Danaher's M&A synergy strategy: acquire then fire (AP)
- William Buiter - Forget Tobin tax, there's a better way to curb finance (FT)
- Let a hundred credit lines bloom (FX Solutions)
- Tobin tax - a tax too far (Investor's business daily), yet wealth redistribution is ok in every other aspect of financial lives it seems?
- Alcatel offering $1 billion convertible bonds (Bloomberg)
- Oldest Swiss bank tells clients to sell US Assets or leave (Bloomberg) - Bloomberg is now only a week behind the curve
- High-water mark? It don't matter to Dan Och and Bain (Bloomberg)
- Car sales are up, but for how long (Econbrowser)
- Bank debt risk rises most in 15 weeks on capital demand concern (Bloomberg)
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NEWS ALERT / HEALTH CARE:
http://waysandmeans.house.gov/media/pdf/111/AAHCA09001xml.pdf
(found on page 1001)
Subtitle C-11 Sec. 2521— National Medical Device Registry:
“The Secretary shall establish a national medical device registry (in this subsection referred to as the ‘registry’) to facilitate analysis of postmarket safety and outcomes data on each device that—‘‘(A) is or has been used in or on a patient; and ‘‘(B) is a class III device; or ‘‘(ii) a class II device that is implantable.”
In “real world speak”, according to this report, this new law, when fully implemented, provides the framework for making the United States the first Nation in the World to require each and every one of its citizens to have implanted in them a radio-frequency identification (RFID) microchip for the purpose of controlling who is, or isn’t, allowed medical care in their country.
In non tin foil hat speak, it helps to know who has what make, model, and serial number of artificial heart when that device gets recalled. You are the worst.
and a little bit more:
CFTC-SEC normalizing meeting. It starts at 9am in Washington, D.C. CME's Chief Executive Officer Craig Donohue will appear to discuss the differences in rules and philosophies as well as consequences and benefits of harmonizing regulations and regulatory approaches of the two Commissions. "The goal of harmonization is to assure that the regulators of futures, swaps, security-swaps, securities and security options effectively work together to: promote efficient markets, provide safe central counterparty clearing houses and eliminate regulatory gaps," Donohue said in a CME press release.
Obviously the options issued to bank execs would not influence them to (a) make constant nebulous claims of how great they are doing, and (b) put off writing down bad loans.
Obviously... I mean you don't think time decay influences option prices do you?
You can't use a jackup rig in 4,000' feet of water.
For some reason WB still is attempting to sell the idea that government can & will bring oligarchs to heel. Perhaps his position as a GS adviser has something to do with this view.
Tyler writes "Giant oil discovery for BP in GOM, maybe jackup values will finally go up" Reports are that this is a deep-water find; no help for jack-ups there.
re: Oldest Swiss bank tells clients to sell US Assets or leave (Bloomberg) - Bloomberg is now only a week behind the curve
The investment commentary of Bank Wegelin is now available in English and interesting to read in full:
http://zeropointfield.wordpress.com/2009/09/02/bank-wegelin-says-goodbye...
Good find zeropointfield. I wondered how much of the debt was ponzification from social security and medicare etc.
Zero, I would have expected Zero to have dug this up - you have a great site
not sure the original story on Weglin from Swissinfo had the same info as the current Bloomberg story:
Today's Bloomberg story "Switzerland’s oldest bank, is telling wealthy clients to sell their U.S. assets"
SwissInfo story from last week "Swiss private bank Wegelin announced on Tuesday that it is to stop doing business in the United States."
The bottom line is this; a dollar rally and a coincident decrease in the value of hard assets may still occur in the short term due to their crowed trade status, but the longer term trade has to be short the US dollar and long commodities. Precisely because the Fed has made it abundantly clear that it will rely on an inflationary monetary policy to help the government pay off its debt.
Yep.
You can't use jackup rigs in 4,000' of water.
No but you can use a HAARP device to find huge oil deposits just because you can't get to them easily doesn't mean it doesn't make a useful news managemant tool.
Are you on drugs?
3 billion barrels (of oil and oil equivalents aka natgas) is not a "huge" find. If 100% recovery was achieved (it won't be) and if 100% of it was oil instead of natgas (it won't be), it would be about 40 days of global consumption. The absurdity of BP/media adjectives ("giant") is horrifying.
Global consumption is about 28 billion barrels a year and will grow. That's PER YEAR. This find is 40 days of global consumption.
The use of the word 'giant' in the press release is not 'horrifying' or 'absurd'. It is inline with industry usage. Traditionally giant oil fields have been defined as being 1 billion barrels or larger (with 5-10 billion barrels being 'supergiants') of oil or oil equaivalent. More recently, giant oil fields are generally defined as those having recoverable reserves greater than 500 million barrels.
Giant oil fields are a big deal because there really aren't very many of them, especially in the Gulf of Mexico. They represent a small percentage of all fields but account for a large percentage of production.
Wikipedia has a fairly good description:
Giant oil and gas fields:
http://en.wikipedia.org/wiki/Giant_oil_and_gas_fields
Yesterday: BAC going to pay back TARP
Today: BAC TALF deal increased in size
...
Watch the ball, if you can. Where, oh where, will it appear? Whoops, nothing under that shell!
Exactly right, treasury yields are likely to keep going lower over the medium term or longer, just as in Japan since 1990 and in the US during the Great Depression:
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
Look at gold today - someone is anticipating a $$$ collapse.