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The Roulette That Is The Massively Disconnected Market Keeps On Spinning
Submitted by Tyler Durden on 01/28/2009 20:25 -0400
I assume I am not the only one watching the big game of roulette on CNBC right now (i.e. the market). For all those clicking the buy button on E-Trade with the reckless abandon of Gary Busey doing... well, anything he does, we want to point out this interesting analysis on FT Alphaville.
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New Issuance Negative Basis Trades at All Time Wides
Submitted by Tyler Durden on 01/29/2009 16:11 -0400In another take on the previously discussed basis trade topic, a curious statistic that few have paid attention to is the significant premia new issues have offered to existing comparable CDS spreads on the same issuer. The definition of the new issue premium is the spread of the new issue versus the matched maturity CDS spread.
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Another Tax Fugitive in the Obama Camp
Submitted by Tyler Durden on 01/31/2009 00:41 -0400
First Geithner, now this. In a developing story, Obama's pick for Secretary of Health and Human Services Tom Daschle is apparently on the outs with the IRS as well.
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Treasury Needs To Borrow Additional $130 Billion Vs Prior Forecast
Submitted by Tyler Durden on 02/02/2009 21:01 -040015:00 *U.S. TREASURY ANNOUNCES QUARTERLY BORROWING NEEDS
15:00 *U.S. BORROWED $569 BLN IN OCT.-DEC. QTR VS $550 BLN FORECAST
15:00 *TREASURY CASH BALANCE WAS $367 BLN DEC. 31, $259 BLN FROM FED
15:00 *TREASURY SEES $225 BLN CASH BALANCE MARCH 31, $45 BLN JUNE 30
15:00 *U.S. TREASURY SEES BORROWING OF $165 BLN IN APRIL-JUNE QUARTER
15:00 *HIGHER U.S. BORROWING THIS QTR LARGELY DUE TO FED BILL PROGRAM
15:00 *TREASURY TO BORROW $493 BLN THIS QTR VS $368 BLN NOV. FORECAST
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Of -6% Fed Fund Rates and $9.3 Trillion in Troubled US Assets
Submitted by Tyler Durden on 01/24/2009 22:33 -0400Zero Hedge makes fun of sell side research often. After all who doesn't. But sometimes we are pleasantly surprised, such as when we read Goldman's weekly economic analysis piece for the week of January 23. Several issues discussed in the report include an overview of the remaining arsenal of governmental responses to the mega crisis we are in, both in the fiscal and monetary realm, a sober estimation of just how bad the real troubled asset situation in the U.S. may be if we remove the wool from our eyes, as well as what needs to be considered before making an appropriate policy move.
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HartMarx Files for Bankruptcy
Submitted by Tyler Durden on 01/26/2009 17:36 -0400
The Chicago-based luxury apparel maker and owner of such brands as Hickey Freeman, was next in line today in bankruptcy court, this time in the Northern District of Illinois, with the pretext that it is seeking "strategic alternatives." The most recent (but definitely not last) luxury retailer seeking
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Fannie's Turn: Feed Us $16 Billion
Submitted by Tyler Durden on 01/26/2009 23:02 -0400
Nobody could have possibly foreseen this.
News just hit so no link yet but trust us, it happened.
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6 Million Job Losses Expected in 2009
Submitted by Tyler Durden on 01/27/2009 19:37 -0400Paul Kedrosky has a link to a Nouriel Roubini (we think of him not so much as Dr. Doom but as Dr. Realism) Bloomberg video interview in which the latter presumes there will be 6 million layoffs this year. He also expects further unemployment increases in 2010. Definitely worth watching.
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Porsche About to Get Gestapo-Lite Treatment
Submitted by Tyler Durden on 01/28/2009 14:49 -0400
After costing most US hedge funds huge losses last year and Adolf Merkle his life, German prosecutors have finally opened an investigation into activities by "responsible people" at Porsche that have led to
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Of -6% Fed Fund Rates and $9.3 Trillion in Troubled US Assets
Submitted by Tyler Durden on 01/24/2009 22:33 -0400Zero Hedge makes fun of sell side research often. After all who doesn't. But sometimes we are pleasantly surprised, such as when we read Goldman's weekly economic analysis piece for the week of January 23. Several issues discussed in the report include an overview of the remaining arsenal of governmental responses to the mega crisis we are in, both in the fiscal and monetary realm, a sober estimation of just how bad the real troubled asset situation in the U.S. may be if we remove the wool from our eyes, as well as what needs to be considered before making an appropriate policy move.
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HartMarx Files for Bankruptcy
Submitted by Tyler Durden on 01/26/2009 17:36 -0400
The Chicago-based luxury apparel maker and owner of such brands as Hickey Freeman, was next in line today in bankruptcy court, this time in the Northern District of Illinois, with the pretext that it is seeking "strategic alternatives." The most recent (but definitely not last) luxury retailer seeki
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- 1177 reads
No Corporate Jet For Vikram
Submitted by Tyler Durden on 01/26/2009 23:08 -0400
Senator Carl Levin was prompt in his condemnation of the CEO's insane spending habits: "The notion of Citigroup spending $50 million on a new corporate jet, even as it is depending on billions of taxpayer dollars to survive, does not fly.
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Wells Fargo Blames High Mortgage Rates on "Soaring" Demand
Submitted by Tyler Durden on 01/27/2009 20:08 -0400
This bloomberg article has left us a little speechless...
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Breaking News: IMF Estimates Toxic Asset Losses To Raise By $800 Billion to $2.2 Trillion
Submitted by Tyler Durden on 01/28/2009 15:00 -0400*IMF SAYS U.S. ECONOMY TO SHRINK 1.6%, EURO AREA DOWN 2% IN '09
*IMF RAISES ESTIMATE OF BANK LOSSES FROM $1.4 TRILLION IN OCT.
*IMF: GLOBAL GROWTH TO BE 0.5% IN '09 VS 2.2% PRIOR ESTIMATE
*IMF SEES LOSSES FROM TOXIC U.S. ASSETS TOTALING $2.2 TRILLION
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