According to media reports, the US Department of Energy has been hit by a...
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Hey Remember That $6 Billion We Lost in Iraq? We Found It! Well, Not Really
It’s a rare day when positive news surfaces from the frontlines of Iraq’s post-occupation government–or from its troubled economy. However, a U.S. Iraq inspector general report that concluded this week that $6.6 billion in shrink-wrapped cash the U.S. government previously feared had gone missing in the chaotic early days of the Iraq occupation has in [...]
Europe Takes Monkey and Cup To China
As Europe’s leaders struggle toward a solution to its debt crisis, hopes are growing that cash-rich China will take a major role in a rescue — expectations that are likely to be dashed. French President Nicolas Sarkozy and his Chinese counterpart, Hu Jintao talked Thursday by phone and pledged to cooperate to revive global growth [...]
Grumpy Guy Too Entrenched in Reality, Thinks Greek/Bank Bailout Not That Awesome
With half of Europe already committed to some degree of budgetary belt tightening and our own so-called ”Super Committee” mulling ways to slice a trillion dollars out of the federal budget, you’d think the argument for austerity would be a slamdunk, but nothing could be further from the truth. “In general, I think austerity [...]
Yeah Listen, Appreciate it But We Don’t Hang Out With “Those” People
Earlier this month, hundreds of New Yorkers received an unusual dinner invitation from the Lower East Side People’s Federal Credit Union. The Credit Union, a small lender serving New York’s poor, was holding a fund-raiser to celebrate its 25th anniversary. Among the chief sponsors listed on the invitation was Goldman Sachs Group Inc. Among the [...]
Too the moon…
Markets all higher this morning and the VIX in big, as Europe gets treated for a fever and stomach ache while the lethal virus still lurks inside getting bigger and stronger. As the government officials and the media distract us with the shiny keys of the progress made, the fact is all Europe has done [...]
I’ve Heard This Song Before
So let me see if I’ve got this straight. The EU et al creates a fund, part of which is meant to bail out Greece, part the Eurozone banks. The banks hold the Greek debt, 50% of which is “written down”, and then replenished with bailout funds. The banks (and I’m referring to Euro banks) [...]
Deal or No Deal
European Union officials said they’ve reached a “broad agreement” on a plan to boost bank capital, but negotiations with private sector bondholders over Greek debt remained deadlocked into early Thursday in Europe. “There has been no agreement on any Greek deal or a specific ‘haircut,’” said Charles Dallara, director of the Institute of International Finance, [...]
Eyes on The Prize Silvio, Eyes on the Prize
Sadly that prize is not the Danish Prime Minister’s keister.
You Mean I Can Just Decree Whatever I Want? Sweet.
A taste of things to come? Cristina Fernández, Argentina’s president, was re-elected at the weekend in a landslide and already she has taken her first market-unfriendly step. via Cristina: putting the squeeze on oil and mining | beyondbrics | News and views on emerging markets from the Financial Times – FT.com.
Looks Like BoFA’s Big Hitters Hitting Road. Check Please!
Hear that? That’s the sounds of $1 billion leaving Bank of America‘s retail brokerage unit, Merrill Lynch. via
How Do We Use All This Money To Bail Out The Over Leveraged? Why Leverage of Course!
According to a draft statement from the summit, the 440bn-euro European Financial Stability Facility (EFSF) is to be leveraged “several-fold” – but finance ministers have yet to draw up details. via
Corzine Just Might Be Doing it Wrong
MF Global Holdings Ltd. MF -22.58% has taken steps to reassure its customers that the broker-dealer remains a safe place to do business, as the shadow over the company darkened Wednesday. Major derivatives clearinghouses confirmed that New York-based MF Global remained in good standing and able to meet its obligations, but several brokerage firms said [...]
Will Michael Buffer Please Report To the Italian Parliament
(Reuters) – Italian deputies exchanged blows in parliament on Wednesday as tensions over a tough economic reform program came to a head. via Italian deputies in fist fight over reforms | Reuters.
BAC’s Moynihan Not Happy People Don’t Recognize Their Awesomeness
Oct. 26 (Bloomberg) — Bank of America Corp. Chief Executive Officer Brian T. Moynihan says he’s “incensed” by public criticism of his company and is pushing back by reminding local leaders of its contributions to their economies. Moynihan, 52, told employees in a global town hall meeting last week from the firm’s Charlotte, North Carolina [...]
IMF Mocks Your 60% Write down, 70-75%? Thats More Like it!
ISTANBUL — The International Monetary Fund believes that a writedown of 60% on private sector’s holdings of Greek debt won’t be sufficient and a larger haircut will be necessary as part of a new Greek debt bailout, a senior European Union official familiar with the negotiations said Wednesday. “The IMF thinks that 60% haircut is [...]
So Apparently Its Yen>Euro>USD. Makes Perfect Sense
The yen held gains after Europe’s debt turmoil spurred demand for refuge, boosting the currency to a post-World War II record versus the dollar yesterday. via Yen Maintains Gain After Climbing to Record – Bloomberg.
Mortgage relief, now student loan relief?
So we can relay to the next generation that it is ok to live above your means. Cant afford it? No problem. Use the plastic. Sign the loan. What could possibly go wrong? No one is coming to break your legs or take away your things. The government will give you a very nice little [...]
Of Course This Is Under Control, Right?
ONE OF the central planks of the proposed euro-zone rescue deal came under fire as analysts warned that slashing the value of Greece’s government debt could trigger Lehman Brothers-style chaos in financial markets. via Greek debt crisis presents Lehman-like danger for financial markets | The Australian.
“Worst Bit of Lending in History” Until the Next Loan That is…
“The bilateral loans have got to be the worst bit of lending in history,” said Gary Jenkins, head of fixed income at Evolution in London. “That’s why they don’t want to see a loss. It’s got to be incredibly embarrassing, one for the Guinness Book of Records for the worst lending decisions ever, to lose [...]
Taxpayer Financed Do-Over….For Taxpayers?
What happened to the old days when you could buy a house, and if it lost value the next year or two then it was, you know, worth less? Its was your house and there was no “feel good” programs to prop you up when property values went the other way. It seems we are [...]
