News from around the web: 2009-07-23

  • Bernanke Says Add Consumer Protection to Fed Mandate –

    You have to respect the chutzpah behind this. Audacious

  • NAB raises $2b in oversubscribed placement

    Banks are getting capital everywhere.

  • Buffett’s $91,000 shares are a steal

    Barrons thinks they could get 125K by next year

  • No time to waste in reforming German banking – FT

    Its not just HRE, but Landesbanken too. Very important piece.

  • Debunking Foreclosure Myths –

    Jim the Realtor’s view on foreclosures

  • Goldman sheds bail-out legacy – FT

    First bank to buy back government warrants

  • Morgan Stanley sets aside $3.9bn to pay staff bonuses – Guardian

    Goldman got theirs, so let’s get ours too.

  • Wells Fargo Posts Record Profit After Wachovia Purchase : HousingWire

    Writing down Wachovia loan book helped.

  • Economist’s View: "Ten Myths about the Subprime Crisis"

    Good read.

  • Why Pluto really is a planet – New Scientist

    Illinois rules it was unfairly demoted.

  • Steven Gerrard ‘threw barrage of punches after row over music’ – Guardian

    Gerrard is team captain.

  • Cracks Show at Wells Fargo – DealBook Blog –

    Record profits but huge charge-offs.

  • Morgan Stanley v. Goldman: Breaking Down the Earnings Reports – Deal Journal – WSJ
  • Audit Interview: James L. Bothwell : CJR

    Look back at 1990s OTC derivatives. Hat tip Yves Smith.

  • The strange summer jobless claims data – Tim Iacono

    Serious seasonal adjustment problems.

  • Replacing the Dollar: China’s Big Plans for Its Currency – TIME

    Are the Chinese preparing for Yuan dominance?

  • Is Obama Gorbachev? – James Howard Kunstler

    An indictment of TV News and the political consensus.

  • On ‘Foreclosure Road’ in Spain, Bargains Abound –

    REO and foreclosure tours in Spain too.

  • Spanish Bank Seeks a Savior –

    Merging a weak bank with stronger one? Sounds very Japanese.

  • Nordic Banks Rise Above Regional Frailty –

    Contrast Nordea and Handelsbanken’s results with SEB and Swedbank’s. The difference is the Baltics.

  • Mall Owner Prepares TALF Deals –

    Key test for this rescue program

  • Rebuking Russian Ambitions, U.S. Backs Ukraine for NATO –

    Let’s see how relations with Russia now change.

  • Morgan Stanley suffers $159m loss – FT

    Why did they repay TARP funds again?

  • What Are You (Or Barney Frank) Going To Do About It? – Simon Johnson

    How are we going to deal with too-big-to -fail banks?

  • CIT Hit With Interest Rate More Than 25 Times Libor –

    Extorting a near-bankrupt company

  • China iPhone man commits suicide – BBC News

    He was suspected of stealing the next gen prototype.

  • Looking for an exit – James Hamilton

    "…the United States government is mistakenly assuming that it can borrow essentially unlimited sums without undermining confidence in the dollar itself." Hat tip Yves Smith


    Distraction of the Day: Fired because of wife’s occupation

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