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).

Developing story: this means that unemployment will either be allowed to reach its true, "unadjusted" levels in the low teens shortly, or will be kept artificially low for 2-3 months, allowing that to be spun as a green shoot by CNBC. Time will tell.

June 22, 2009 Dear Friends & Supporters: Now that all of the media attention and inquires have lessened, I wanted to thank all of you for the supportive phone calls, kind notes, and encouraging e-mails regarding Indiana’s involvement in the Chrysler, LLC bankruptcy proceedings. I have tried to respond to each of you individually, but given the enormous number of letters, calls, and emails have made that impossible. Forgive me for this impersonal note, which may read like a form letter, but please know that I have been personally touched by the incredible response of kindness by all of you.

Claudine De La Villehuchet, widow of Rene?Thierry Magon who commtited suicide on December 23 after losing everything in the Madoff scheme (over $1.4 billion in personal and client capital), has spoken out for the first time. In an interview with Fox Business Network's Adam Shapiro, Claudine calls Madoff "a murderer" and for the first time comes clean with her own personal tragedy.

Moody's has released its April Moody's/REAL Commercial Property Price Indices (CPPI) update and it is a doozy: -8.6%, after what many had expected was a shooting green reading of just -1.7% in March. The problem that many don't grasp, that even Moody's has finally caught on, is that once capitulation in CRE sets in, the bottom will be torn out.

Trust GM to try to slide a fast one. In an attempt to get all the dealers who did not receive the "thin letter" to get on board with the restructuring process, the bankrupt automaker had sent to the surviving dealers highly secretive amended Participation Agreements (presented below) with extensive "No Protest" clauses, which would require dealers to stock more inventory, stop selling non-GM vehicles and accept new or relocated GM dealerships nearby without protest. Any disagreement with the Agreement, and the dealer would find himself joining the 1,300 dealers already terminated. However, if GM was hoping this one would simply slide with nobody noticing, it was quite wrong.