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Frontrunning: September 9

Submitted by Tyler Durden on 09/09/2009 09:01 -0400

Dear Chairman Ben: The Chinese send their congratulations (WSJ)
The Fed monitoring systemic risk is like asking a thief to police himself (WSJ)
Contrary to all claims by Bloomberg of "recession easing", FDIC will likely add six-month extension for debt-guarantee program (Bloomberg) - can't have the government stop backstopping these healthy banks now can we
NYSE selling stake in Amex options unit to Citadel and Goldman Sachs among others (AP) - just to make Christine Varney's upcoming case just that little easier
Lloyd Blankfein between a rock, an SLP gold mine program, record Fixed Income daily profits, and 300 million pitchforks come bonus season (Bloomberg)
Moody's says U.S., U.K. triple AAA ratings not at risk despite the
country going bankrupt in mid-October unless Senate lift debt ceiling (WSJ)
Hedge fund investor goal: an exit plan (WSJ)
McDonald's sales rise 2.2% as growth slows in U.S., Europe (WSJ)
Barrick Capitulates (Jesse's Cafe Americain, h/t H.E.)
How the federal reserve bought the economics profession (HuffPo, h/t Ryan)
The questionable future of non-agency lending (FIC)
Koenigsegg says Beijing Automotive to buy stake under Saab deal (Bloomberg)
Record drop in consumer credit outstanding in July (Wells Fargo)

- advertisements -

Wed, 09/09/2009 - 09:04 | 63328 Anonymous

good article over at Tim Knight's Slope of Hope

The Eerie Calm

http://slopeofhope.com/2009/09/the-eerie-calm.html

(solid commentary but his site is totally gay e.g. lots of cartoon character/pet photo avatars and nauseating personal anecdotes from commentors - but if you can get by that, or some may prefer it, there's some good content.)

Wed, 09/09/2009 - 09:17 | 63331 Dr Hackenbush

banks upgrading each other just in time for UHC sales pitch - simply un-amazing.

1$ bet BB hits the "Easing Button" at 3:30p.

Wed, 09/09/2009 - 09:21 | 63334 deadhead

the wsj opinion piece clearly worth the read...

The HuffPo piece on the Fed is an extensive read produced by HuffPo's own resources and provides an interesting angle on the Fed's influence over economists

Wed, 09/09/2009 - 11:09 | 63430 Miles Kendig

You have a well earned thanx from me for this one DH. My step-dad who spent his career in this field, including time with the FHLB during S&L has been saying this for years. I am glad it is percolating up today and I hope that we see a resurgence of this work in a variety of locations over these next few months in an ever escalating way..

Wed, 09/09/2009 - 12:10 | 63494 deadhead

tell your dad that i worked for goldome for 8 yrs...he'll get a kick!

Wed, 09/09/2009 - 09:34 | 63341 lizzy36

GS comfortably numb, upgrades GE (who according to EB/dealbook has $50B of cash on hand - hahaha)

Wed, 09/09/2009 - 09:51 | 63352 Hephasteus

Ya microsoft said it had 23 billion cash on hand then borrowed several billion.

You think they might be lying?

It's kind of funny how when the "downturn" hit all these companies began braggin about how much cash they had on hand. I wonder how much microsoft spends on electricity. $500 bucks a month? LOL

Company in India hired 25 THOUSAND IT employees. So apparently America and europe are going to get gutted of quite a few more jobs.

Wed, 09/09/2009 - 12:11 | 63497 deadhead

and JPM upgrades GS.

I'm feeling lots of love

Wed, 09/09/2009 - 09:34 | 63342 Anonymous

that WSJ piece isn't actually written by the chinese finance minister is it?

Wed, 09/09/2009 - 12:28 | 63526 MinnesotaNice

No, the Chinese didn't write it... it was written by the Wall Street Journal Editorial Board (who is owned by Dow Jones Company)... but I am surprised they didn't attribute it... sounds like Benjamin N. Dover could have written it... or Tyler Durden.

Wed, 09/09/2009 - 09:40 | 63346 Anonymous

How about the "real" market coverage, like CNBS' most recent drivel--

50 Cent's advice on investing:
http://www.cnbc.com/id/32736386/

Cramer's "It's got electrolytes" argument:
"Unlike many people, Cramer actually thinks a weak dollar is a good thing. He also looks at the rise in gold prices as 'a sign of economic progress and robust growth around the world.' "

Where does it end?

Wed, 09/09/2009 - 10:14 | 63381 Fish Gone Bad

It ends when Ben Bernanke has killed us all by destroying anything of wealth in the USA.

Wed, 09/09/2009 - 11:01 | 63422 D.O.D.

We are all going to die, with or without Uncle Ben's help...

Wed, 09/09/2009 - 11:20 | 63437 Miles Kendig

No doubt.

The issue at hand is how many will do it on their knees before the altar of the central bank after a lifetime spent stepping off the sidewalk and removing their hat when a fed economist or investment banker approaches as the "Ole Miss" of the era or by standing upright?

Wed, 09/09/2009 - 12:05 | 63488 Anonymous

Is that article from Beijing Finance Ministry for real? Anyone?

Wed, 09/09/2009 - 12:06 | 63489 Anonymous

"It is one thing to set a thief to catch a thief—as President Franklin Delano Roosevelt is said to have done when he put Joe Kennedy in charge of the newly created Securities and Exchange Commission in the 1930s. But to set a thief to catch himself is quite a different matter."

Joe Kennedy the bootlegger? or Joe Kennedy the market manipulator? it easy to get the two mixed up.

Wed, 09/09/2009 - 12:58 | 63614 Hephasteus

Ahh. Lloyd Blankfein is cheerleading more self discipline in the financial world. Maybe he'll start a new central bankers blog about self discipline. Isn't it amazing how the just seem to know what has to be done but never seem to get around to doing it. I'm really concerned that all the central bankers will quit their jobs and devote themselves rigorous spiritual releasings of material concerns. Releasing a whirl wind of anti corruption activity. It frightens me. I can feel their resolve. It's so strong. I've never seen such a powerful force in my life. Oh noes. We are doomed to honesty and forthrightness. It's over. All the delicious fruits of corruption are rotten. It's so unstoppable. I can feel the inevitability of it all.

Wed, 09/09/2009 - 13:48 | 63743 Anonymous

Dear Chairman Ben: The Chinese send their congratulations (WSJ)

Man that's huge news. Who is going to buy bonds now ?:)

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Frontrunning: September 9

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