Frontrunning: September 16

Tyler Durden's picture
  • Euro Ministers Spar on Collateral for Loans (Bloomberg)
  • Treasury Secretary Timothy Geithner ignored President Barack Obama’s order to consider dissolving Citigroup (Politico)
  • Lagarde warns IMF could withhold Greek loan (FT)
  • Spain to Impose New Wealth Tax (WSJ)
  • Looming U.S. decision on Taiwan risks China rift (Reuters)
  • GM Adjourns Union Talks With No Agreement (Bloomberg)
  • UBS $2 billion loss to trigger investment bank retreat (Reuters)
  • European Bank Blowups Hidden With Shell Games (Bloomberg)
  • House Republicans Push Stopgap Spending Bill (NYT)
  • Geithner urges unity in tackling euro zone crisis (Reuters)
  • Big Japan Quakes Still a Risk (WSJ)
  • U.S. nets thousands in offshore tax dodge crackdown (Reuters)
  • Perry ‘Ponzi’ Remark Carries Risk by Pitting Old Against Young (Bloomberg)
  • Najib pushes ahead with reform agenda (FT)

European economic update:

  • Italy Trade Balance for July 1438M. Previous -1829M. Revised -1749M.
  • Eurozone Trade Balance for July 4.3B - higher than expected.Consensus 2.0B. Previous 0.9B. Revised 0.1B.

Global highlights courtesy of Egan-Jones:

  • Asian currencies fall this week as concerns on Europe’s debt crisis led investors to favor safer bets.
  • Collateral disagreements might delay the Greek bailout.
  • Crude floats above $89 on continued optimism on Europe sovereign debt crisis.
  • Finland’s finance minister: no deal likely in Greek bailout deadlock.
  • Mark Rachesky, the former Carl Icahn protégé, becomes Lions Gate’s co-chairman.
  • Obama travels to Virginia high school to sign American Invents Act.
  • Rothschild mail-sorting facility to shutdown; 155 local jobs could be cut.
  • Air France-KLM orders 50 long-haul planes from Airbus and Boeing.
  • BlackBerry maker RIM struggles to compete with Apple and Google; shares falls more than 19%.
  • BP oil spill report may stimulate $30B pay-out.
  • Esprit Holdings heads for the biggest two-day drop since listing in 1993; slumps as much as 24%.
  • Goldman Sachs to shut its Global Alpha fund after clients pulled money from the quantitative trading pool.
  • Netflix losing more customers on price hike, stock down 19%.
  • Niederauer’s hold of Deutsche Boerse transforms NYSE's “merger of equals” into the worst takeover in America.
  • RIMM's Aug. net income down from $798M last year to $329M this year.
  • UBS shares stabilize as report says job cuts likely at unit hit by $2B rogue loss.
  • UK police extend interrogation of suspect in UBS's $2B rogue trade loss.

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Gmpx's picture

How about they peg EURO and USD? Is it a good idea for stability?

MsCreant's picture

Would you use a wooden stake or silver for that?

Seriously, why should anyone peg to anyone? Let a free market determine the value.

boooyaaaah's picture

Joe kernan pastse a ZH page on the TV

When is tyler going to make a guest appearance

behind a screen



Jim in MN's picture

Just give Brad Pitt an earpiece and whisper/message responses to him.  It would be perfect and I bet he'd do it.

MsCreant's picture

He needs to be smoking, shirtless, and banged up from fighting for the full effect.

buzzsaw99's picture

Chief Executive Oswald Gruebel, himself a former trader who was brought out of retirement in 2009 to try to turn UBS around...

"What is clear is that we must become more efficient. That will prompt major criticism because of reductions, offshoring, outsourcing of jobs and activities," he said...

The4thStooge's picture

"BP oil spill report may stimulate $30B pay-out."

It's still leaking. I wonder if that made it into the report.

Jim in MN's picture

The Politico bit on Geithner is a key thread, and the book being mentioned should have some good tidbits.  The superelite basically stiffarmed the newbie and in so doing took a big psychopathic step into the abyss...and it's a looooooooong way down.

No one in power has ever looked outside the box, we get more confirmation all the time.  Even though the box is held together with string, is suspended over a lava pit, and is actually on fire.  Or something. 

Bill Lumbergh's picture

My gut reaction is BO needs to resurrect his image as poll numbers continue to nosedive since people are waking up to his puppet status.  The other day James Carville wrote he needs to remodel his administration to provide the impression that change is afoot.  Even more interesting are the statements by Turbo himself lately that some days he wishes to be fired.  If fired he will likely receive a large severance package but BO will congratulate him for the hard work via the teleprompter showing once again he is a true leader.  The only question is this all the work of the previous speech writer that recently left for Hollywood?