One can say many things about the ratings agencies, one could be bribed and even say one good thing, but recently S&P has decided to get really proactive to have some ammo ahead of the inevitable congressional hearings (Moody's has Buffet in its back pocket so smooth sailing over there).

Just as our funny-speaking cousins 3 hours east of us (via Concorde; probably more like 15 hours if using one of American Airlines' retrofitted B-707 with almost two wings and a fully operational engine, and that includes the 8 hour unairconditioned tarmac wait at JFK and Heathrow) thought that the Waxman witch trials would be confined to the likes of Jim

In what might be a blatant example of investment banking schizophrenia, or merely a good-ole "talking up the book", two of UBS key "strategists", Larry Hathaway and David Bianco, in the span of 1 business day, manage to come out with two essentially contradictory reports.

Because we all know the old man has an escape plan up his sleeve, that may very well include a top secret Mad-Cave somewhere deep inside 133 East 64th street (if anyone has blueprints for the house, please send to us), Zerohedge is very curious to find out where exactly Bernie's Legacy 600 is parke

We all know about West vs. East, 2-Pac vs. Notorious B.I.G., LA vs NY, etc... How does this express itself in the HF community where most managers are either grads of Steinberg-Dietrich Hall (that Huntsman hall phallic monstrosity will never take the place of the brick facade that Saul Steinberg's Reliance renovated with a whole pile of hard-earned, scandal-free dollars) or ex-Yale Lacrosse players, yet where on occasion you may find the odd Westsider... And they can be quite floral....

Citi Statement

Business Wire

NEW YORK -- January 13, 2009

Citi today said that the company is in discussions with Morgan Stanley (NYSE: MS) concerning a possible combination of the retail brokerage business operated under the Smith Barney name and the wealth management business operated by Morgan Stanley. No definitive agreement has been reached, and no assurance can be given that any such agreement will be reached. Beyond this statement, Citi has no further comment at this time.