As CDS traders are aware, two months ago, or about the same time Chris Cox wanted to turn everyone that had even the remotest connection to trading CDS into soap, the DTCC started disclosing everything it knows (not all that much) about the CDS market on a weekly basis. At Zero Hedge, we are starting a weekly column that looks at the net additions and reductions, and ergo, net change in the CDS market, from both a notional and contractual point of view, based on DTCC data.

First AIG with their million dollar, manicure and pedicure all-inclusive trips to the Pacific coast a few days after a $100 billion dollar rescue by taxpayers, and now David Paterson, governor of a virtually bankrupt NY State.

The primary debt market has taken advantage of people throwing money into the TARP pit, with two high yield energy companies on deck to raise capital over the next few hours (or as long as there is an uptick to the market): Chesapeake, in the form of $500 million 6 year notes, and Inergy, raising $200 million 6 year notes, both to refinance existing debt. As mattress are overflowing with worthless pieces of paper, it is likely that both these issues will be quickly digested by the market...

The liquidations of Circuit City and Linens 'N Things are just the beginning. As we discussed recently, the dea(r)th of distressed financing will crimp the plans of any companies who plan to brave the current crisis through traditional Chapter 11 bankruptcies.

First AIG with their million dollar, manicure and pedicure all-inclusive trips to the Pacific coast a few days after a $100 billion dollar rescue by taxpayers, and now David Paterson, governor of a virtually bankrupt NY State.

Jefferies, the self proclaimed "largest investment bank left out there" today announced that it has hired 2 managing directors to replace the massive defections in its restructuring group, which for all intents and purposes, picked up and left to join Moelis & Co.