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Layoff Watch: Hertz Laying off 4,000 Workers
Submitted by Tyler Durden on 01/16/2009 17:47 -0400
Hertz is firing a lot of very bored, airport rental lot operators. The heavily leveraged auto rental company (CDS in the 1250's last time we cared), is hoping firing a third of its workforce (as compared to August 2006) will make it profitable.
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Citi Files Summary Terms of Its US Government Joint Loss Sharing Program
Submitted by Tyler Durden on 01/16/2009 22:32 -0400For the full link to the 8-K, look here.
At this point on Friday we are too drunk to read thru this garbage.
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Death Watch: Is Southwest (LUV) in Much More Trouble Than Perceived? Few More Words on Contango
Submitted by Tyler Durden on 01/18/2009 18:24 -0400
We like Southwest - cheap tickets, drunk passengers on the Vegas flights, hot passengers on others, sweet equity ticker... Yet something is fishy in the city of Dallas...
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Rick Bookstabber Implicated in Dr. Seuss Parody
Submitted by Tyler Durden on 01/19/2009 22:24 -0400Bridgewater quant guru and author of A Demon of Our Own Design, Rick Bookstabber, has found an unexpected role in this curious take on Dr. Seuss' The Lorax.
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CNBC All Over 1998 Freeware MIDI Files
Submitted by Tyler Durden on 01/20/2009 16:42 -0400Every time I hear the CNBC jingle for the Obama Coverage (1:15:04 on the countdown ticker - exciting) i expect to see Louis XIV. Did they get this jingle from some decade old MIDI file? Did someone actually make money "composing" this?
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In Other News: TED Spread "Down"
Submitted by Tyler Durden on 01/14/2009 18:19 -0400In seeming vindication of Kudlow's theory that all shall be well, the TED spread is ignoring the slew of bankruptcies, the bottom falling out of the market, Zimbabwe's trillion % inflation rate, Vikram's impending pink slip birthday present, and tightening to 0.98%, its tightest spread in 5 months.
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ETF Pick of the Week: SRS
Submitted by Tyler Durden on 01/15/2009 16:35 -0400
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Banc of America Moving Earnings Date to Coincide with Citi
Submitted by Tyler Durden on 01/15/2009 23:42 -0400The previously scheduled January 20 conference call is being pulled to January 16 Friday bright and early at 7am. Ken Lewis undoubtedly has many good news he cant wait to share. At least it is not at same time as Citi (8am), or one would think one is trying to hide behind the other... which is simply ludicrous
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GM: If Our Cars Keep Sucking, Suckers Keep Paying
Submitted by Tyler Durden on 01/13/2009 23:35 -0400
According to GM COO Fritz Henderson, if the worst case scenario that the company has put together which calls for 10.5 million annual car sales (which is higher than recent market data shows for an annualized run-rate around 10 million), then the company will simply have to
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Ponzasaur About to be Carted Off...
Submitted by Tyler Durden on 01/14/2009 18:23 -0400...in a Kia Sorrento???? oh the indignity... in what will probably be his last trip in a non Department of Corrections vehicle, Bernie will have to indulge in all the comfort of this Korean creem of the crop...
On the other hand it could have been this.
************ UPDATE ***********
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Chris Whalen: Bankruptcy Inevitable "End Game" for Citi
Submitted by Tyler Durden on 01/15/2009 17:19 -0400In a Bloomberg TV telephonic interview, Christopher Whalen, managing director of Institutional Risk Analytics, discusses the possibility that Citi may file for bankruptcy, which according to him is "inevitable". Our advice to Vikram regardless of what he does - don't hire Lazard if you need a DIP.
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Allocations of $825 Billion Stimulus Package Disclosed
Submitted by Tyler Durden on 01/16/2009 00:31 -0400
A Bill introduced today by House Democrats, highlights the $825 billion stimulus plan that is supposed to lead America out of its current deplorable state.
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Schrenker Gimmicks Put Bernie the Ponzasaur to Shame
Submitted by Tyler Durden on 01/14/2009 00:55 -0400
As the media whirlwind over the latest Ponzmaster becomes more and more acute, the disclosures about his past keep mounting to a point where what Madoff has done in comparison will likely soon seem tame.
740 Park Resident Angry That Other Members of Firm Also Greedy
Submitted by Tyler Durden on 01/14/2009 18:34 -0400Message from Steve Schwarzman
Issued: January 13, 2009
I am both saddened and outraged to have to tell you that the SEC has brought a civil complaint today against Ramesh Chakrapani in our Corporate Advisory Services Group, charging him with passing on inside information three years ago about a pending transaction on which he worked as a 30 year old vice president.
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Turkey Central Bank Rate Cut To 13%
Submitted by Tyler Durden on 01/15/2009 18:02 -0400Now that's some aggressive rate cutting
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