"We are all wrong so often that it amazes me that we can have any conviction at all over the direction of things to come. But we must." - Cramer
"Seek not the favor of the multitude; it is seldom got by honest and lawful means. But seek the testimony of few; and number not voices, but weigh them." - Immanuel Kant
Hillary Clinton may have left the White House "dead broke" in her own words over a decade ago, but the same can hardly be said about her daughter, Chelsea, who as Politico revealed today, was being paid an annual salary of $600,000 at NBC News before switching to a month-to-month contract earlier this year.
- Hilsenrath: Heat Rises on Central Banks (WSJ)
- Some at Fed Are Urging Pre-Emptive Stimulus (NYT)
- Obama Warns of Headwinds in Europe; Urges European Leaders to Take Decisive Action on Euro (WSJ) - also needs reelection
- ECB thinks the unthinkable, action likely weeks away (Reuters)
- Games Turn London Into ‘Ghost Town.’ (FT)
- Greek Leaders Seek to Defer Austerity Cuts (FT)
- Hong Kong Builders Unload Properties to Raise Cash for Land Rush (Bloomberg)
- North India Crippled by Power Cuts (FT)
- Euro-Area Unemployment Rate Reaches Record 11.2% on Crisis (Bloomberg)
- Italy's Monti sees hope of end to euro crisis (Reuters)
Remember the look on one's face when one hears there is no Santa Claus, or tooth fairy? That, more or less, is what the visage on everyone's favorite CNBC anchors Becky Quick, Joe Kernen and Andrew Ross Sorkin was, when Chris Whalen matter of fact (because it is a fact) let a rare glimpse of reality on the NBC Universal distraction and entertainment show, when he said "There is no Chinese Wall. Please. Come on. This is Wall Street." Awkward silence follows. And why not: if the banks officially call frontrunning an "Asymmetric Information Initiative" to mask the simple illegality from the idiot regulators, why not call a spade a spade, and expose one more aspect of the lies and crime that is shoved down investors' throats every single day.
Earlier today, the New York Fed was kind enough to voluntarily disclose the finacial holdings and assets of one former Goldman Sachs employee, and current FRBNY president Bill Dudley. Bill Dudley is also known as the gentleman to have received, when he was stil head of the PPT, aka the Fed's Open Markets Group, a waiver signed by one Tim Geithner on September 19, 2008, allowing him to keep not only his investment in AIG, which was "de minimis" at $1,200, but also in General Electric, which was not de minimis at $106,830. And while his modest holdings of AIG likely did not impact Dudley's protocol of bailing out the failed insurer, his interest in GE, and thus its then fully held subsidiary NBC Universal, parent of such comedy channels as CNBC, could potentially have been a source of conflict. Which is why the Fed has disclosed the full holdings of Dudley as of the 2008 year, in which we find that the bulk of Dudley's net worth was held by JPMorgan Chase Deferred Income Benefit Award (over $1MM) and JPM Chase Deferred Compensation ($500,001-$1,000,000). Was Mr. Dudley also completely conflict free vis-a-vis the bulk of his holdings, and their custodian, and did the New York's Fed largesse to bail out JPM among many others, have anything to do with this particular heretofore unknown detail? Of course not. After all, Jon Corzine is a free man. In other news, anyone who needs urgent access to the discount window or a $1 trillion overnight loan at 0.001% interest, should just call the Fed's 24/7 hotline: 877-52-FRBNY.
New Suitors For NBC Universal And Its Botoxed Anchors Revealed; Myopic Men Of Mistaste Include Malone And MurdochSubmitted by Tyler Durden on 10/12/2009 19:14 -0500
Did Comcast think it can poach the crack Power Lunch (no pun intended) CNBC team all on its own? Turns out the answer is a flat out no. According to Reuters not only will GE likely exit its Comcast venture within 4 years (apparently the Comcast deal is virtually a certainty now, much to the chagrin of the Squawk Box team et al), but others media conglomerates are also considering getting involved in what could soon become a heated bidding war for the ample assets partially hidden by variousgrotesquely stretched sweaters.
Developing story: David Faber reports Comcast would end up owning 51% of NBC Universal. Ironically, this may finally make CNBC somewhat objective. More importantly, over/under on Dennis Kneale contract extension?