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Saturday Readings
- A fitting end to the Porsche soap opera: Volkswagen buys the company for €8 Billion, Wiedeking out (Reuters, WSJ)
- CIT limps into weekend, seeking lifeline (NYT, WSJ and Bloomberg)
- California's budget gap won't close for long (Reuters)
- Shake up at Fortress: Fannie's Mudd to replace Edens (Bloomberg)
- The great bank earnings that weren't (Motley Fool, h/t Robert)
- Charlie's story - a pugnacious pundit Wall Street can't ignore (FT, h/t Janet)
- Boeing engineer passed secrets to China (Guardian)
- Orwellian moment of the day: Amazon erases Orwell books from Kindle (NYT)
- A modest proposal: make banker bonuses payable in electric cars (Daily Finance)
- Larry Summers cites Google search as progress (Politico, h/t Vaughan)
- Two more banks added to FDIC closure list, hundreds more to go (MarketWatch)
- How to be a day trader (Telegraph)
- Day trading: "I lost £200,000 in a day" (Telegraph)
- Unemployment map of England (Guardian)
»
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A must watch video on Goverment Sachs
http://www.youtube.com/watch?v=_wVQ3_ZaYB4&eurl=http%3A%2F%2Fwww%2Efundm...
man you have a lot to learn, glenn beck as "must watch"? Try putting together you own information/opinions.
The Motley Fool article is an excellent brief summary of the alleged profitability of Q2 earnings for BAC and C.
That's pretty unusual for them too. They are usually very neutral.
RE: "A fitting end to the Porsche soap opera: Volkswagen buys the company for €8 Billion"
Does this mean we'll finally get a rotary engine powered Porsche?
Just kidding.
Really.
A joke...just a j...
From Satyajit Das's blog, here's a post titled "OTC Derivative Regulation Proposals--Neat, Plausible and Wrong!": http://www.wilmott.com/blogs/satyajitdas/index.cfm/2009/7/17/OTC-Derivat...
Takeaway: 'The unpalatable reality that few, self interested industry participants are prepared to admit is that much of what passes for financial innovation is specifically designed to conceal risk, obfuscate investors and reduce transparency. The process is entirely deliberate. Efficiency and transparency is not consistent with the high profit margins on Wall Street and the City. Financial products need to be opaque and priced inefficiently to produce excessive profits.'
Also, I am the vampire squid's need to invade every government agency (Only a paragraph, just linking for folks to see): "President Obama said Friday he would nominate Robert Hormats, a vice chairman of Goldman Sachs International, to a top economic position at the State Department." http://www.nytimes.com/2009/07/18/business/18bizbriefs-GOLDMANEXECU_BRF....
Fraud is not even concealed anymore. It is right there in your face. Has dysgenics begun - devolution of the common folk into an irrelevant entity ?
Apocalypse Now-
Brilliant takeaway.
Re: Bank Earnings - very low recovery rates on failed loans driven by (surprise, surprise) dysfuction in the financial system - no DIP, poor underwriting, CDS skew on economic incentives ... If the Banks are in good shape it has nothing to do with their underying business model - these units have become fully parasitic. It is only a question of time before the host dies.
http://blogs.reuters.com/rolfe-winkler/2009/07/17/creditsights-cds-put-r...
10,000 shares @ $.386
OKIDOKEY
Take it from one who knows. "You don't need no stinkin' paper (badges)". Numbers are numbers are numbers are numbers. Internal photography is beautiful. Just visualize and flip the pages as you see fit.
Paper is for the mentally impaired.