- Asian stocks decline on lower China earnings, strengthening yen.
- China's stock markets fell sharply as upcoming share offering spurred concerns over increased supply.
- Chinese govt to cut frequency of fuel price adjustments to support the economy.
- Democratic Party of Japan sweeps to power, ending LDP's half-century reign.
- Economists split over whether Fed's infusion of credit will spur inflation.
- Germany to offer businesses addln €10B in govt-backed loans to ease credit crunch.
- Asian stocks advance on higher commodity Prices, Dell earnings.
- Banks on the FDIC's sick list top 400.
- China’s stocks retreat, Index heads for fourth weekly decline.
- Consumer Spending in US probably climbed in July on `Cash for Clunkers'.
- Euro heads for second monthly gain versus the dollar on recovery optimism.
- Asian markets fall on Chinese plans to curb capacity in steel, cement industries.
- China said it may curb overcapacity in the steel and cement industries.
- 'Clunkers' lifts foreign cars; Toyota comes out on top as consumers trade in vehicles.
- FDIC cuts required capital ratio to 10% for buyers of failed US lenders.
- FDIC may need to draw cash from banks or government.
The first thing that went through my mind is who is Simon Halabi? The second thing that went through my mind is who is the idiot at the Caisse that structured this deal? I mean who would agree to terms where the Caisse would hold the junior portion of a 1.45 billion- pound loan?
Something really stinks with this deal and I suspect there is a lot more to this than what we know.
- Asian stocks gain on strong Chinese earnings, US Consumer report.
- Euro approaches 11-week high on signs global recession abating.
- Homebuilders buy land after 3 years of selling as US demand returns.
- Oil advances before report forecast to show that U.S. inventories declined
- South Korea Consumer confidence rises to 7-year high on state spending.
- US consumer confidence, Home prices exceed f'casts in sign of recovery.
- US deficit revised to a record of nearly $1.6 trillion for fiscal year ending Sept. 30.
- US Postal Srvcs offers buyouts to thousands of employees as it faces financial losses.
"The fundamental problem is that conflicted ratings have and are causing massive harm to investors and now, unfortunately, to the American taxpayer as well. The current credit crisis might cost taxpayers $23.7 trillion according to the TARP reviewer Neil Barofsky and inflated ratings are universally cited as one of the primary culprits in this collapse of the credit markets." - Sean Egan
"Dear SEC - continue abusing the public's increasingly declining patience with your lack of integrity and inability to prosecute those at fault for the current crisis at your own peril." - Tyler Durden
- Asian stocks fell, Treasuries advanced on lower profit at Chinese cos, evidence of increasing loan losses in the U.S.
- Cash for clunkers filing time extended until noon ET Tuesday.
- China’s stocks fell for the first time in four days, led by commodities suppliers and banks.
- FDIC to ease entry for private-equity firms buying failed banks.
- Former Chair Volcker says money-market funds weaken U.S. Financial system.
S&P REVISES NATL RURAL COOP OUTLOOK TO NEG, AFFIRMS 'A/A-1' CCR
We believe that CFC's continued high exposure to short-term wholesale funding, increased leverage, potential credit quality problems with its limited existing loan loss reserves, and potential exposure to interest rate movements could lead us to lower the ratings. The outlook could be reviewed for a revision to stable if management succeeds in reducing leverage and the company's dependence on short-term funding.
- Argentina to offer swap for $2.3B of inflation-linked debt, as export revenues slump.
- Asian stocks advance on recovery hopes, strong earnings lend support.
- Auto worker retirees may get help from $10 billion in U.S. Health Proposal
- Average price of regular gasoline at filling stations slipped to $2.6417 a gallon
- China commercial-property sales in H1 worth more than US, UK deals combined.
- Crude oil futures in Asia continued to consolidate on Friday's gains
Is Goldman's Selective Trading Disclosure A Legal Way For Preferred Clients To Front Run The Market?Submitted by Tyler Durden on 08/23/2009 21:08 -0400
Zero Hedge has long been discussing the impact of selective informational disclosure, be it in the context of trading or research asymmetries, which promote a two-tiered market, where privileged accounts of major broker dealers receive "tips" ahead of "everyone else." The quid's pro quo is that these "privileged" few end up executing the bulk of their trades with the broker-dealer, thus ramping up riskless agency revenues. In essence the clients' capital risk is mitigated, while the return to the "perpetrator" is augmented by collecting a disproportionate share of the bid/offer spread in the given security. Whether this tiering mechanism occurs via Flash orders, SLP provisioning, actionable IOIs, advance selective notice of a large flow order, a phone call, a limited Bloomberg blast, or an Instant Message, the ethics of the practice are undoubtedly shady, and potentially borderline criminal. But no one is the wiser, as both sender and receiver of information know to keep their mouth shut. Until today, when the WSJ blows one aspect of this practice out of the water, by focusing on Goldman's selective informational disclosure to preferred clients, and is likely to create much more headache for Goldman's PR department and its staunchest CNBC-based prosecutor-turned-supporter and soon to be Sellout author.
China projects to the world a similar image as Japan did in the 1980s. Yet we know how that (Japanese) story played out: a bust of a major banking/real estate bubble, a contracting economy for almost two decades, accompanied by deflation, ballooning debt, etc.
Friday being a slow news day, stories going around today purport to identity one of Zero Hedge's contributors. Ironically, each piece seems to reference another media outlet as a source in an interlocking circle of recursive reference that boggles the mind.
This, by our very rough count, is the fourth widespread rumor floating around purporting to identify a Zero Hedge contributor or staff member. As a matter of policy, Zero Hedge does not comment on the identity of the nearly 40 contributors of staff members that constitute our little family.
- 6 S.Korean banks to take $4B worth problem loans from financial institutions' books.
- Asian stock markets were lower Friday on report China might tighten bank lending.
- Australian spot iron ore cash price to China slumps 9.3% on steel decline.
- China said to plan tightening of bank capital requirements as stocks rally.
- China's economy may grow 8.5% this quarter: State Information Center.
- Mexico’s GDP contracted 10.3% last quarter - fastest pace in more than 25 years.
- Appliance makers counting on "cash for clunkers"-type rebate program to revive sales.
- Asian stock markets were mixed on Thursday. Shanghai's index rebounds 2.1%.
- China's first-half current-account surplus reported down 32%.
- Crude oil futures hit 2-month high as US inventories fell unexpectedly by 8.4M barrels.
- Democrats prepare to go it alone on health care overhaul without GOP support.
- GDP in OECD countries stabilized in Q2, with support from exporters Germany, Japan.
- Obama administration to cut 2009 budget-deficit estimate to $1.58 trillion.
- Obama administration developing plans to wind down clunker rebates program.
- Asia stock markets mixed on uncertain Chinese outlook, improving US economic state.
- Big retailers reported that American consumers are continuing to hunker down.
- Crude oil falls, reversing gains, as Chinese equities decline
- IMF has described a “nascent” global recovery, warns on ending fiscal stimulus.
- Natural-gas futures fell to a fresh 7-yr low as a glut of the fuel and tepid demand.