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Browsing Category
Economy
Joke of the day: Mark Sanford’s re-coupling America to emerging markets
Marshall Auerback sent me this joke about Mark Sanford. Mark Sanford’s staff thought he was hiking in the mountains. In fairness to his aides, "I'm getting some Argentinian tail." sounds a lot like "I'm hiking the…
More on why big capital markets players are unmanageable
Yves had a very good post yesterday called “Why Big Capital Markets Players Are Unmanageable” on banks: the former i-banks and commercial banks. The biggest takeaway for me came from her statements regarding the level of responsibility…
Initial claims under 600K, continuing claims at record high
The latest figures on claims for unemployment insurance in the United States were released this morning. The data showed Initial claims of 565,000, putting the figure under 600,000 for the first time since January. But, continuing claims…
Financial Alchemy at Morgan Stanley: Greywolf A3 CDOs now Aaa bonds
The Online Merriam-Webster Dictionary describes alchemy as “a power or process of transforming something common into something special” or “aiming to achieve the transmutation of the base metals into gold.” Well, it seems Morgan…
UBS woes with IRS have Swiss worried
The U.S. has been using the weakness of the UBS banking franchise to shake down the organization for the names of American clients suspected of using the bank to dodge taxes in the United States. As far as the Swiss government is concerned,…
Hugh Hendry: “China is Santa Claus”
In talking to the FT’s Gillian Tett, Hugh Hendry of The Eclectica Fund makes the hilarious metaphor of China as Santa Claus bringing gifts to a world constrained by excessive Western government debt issuance. But, Hendry thinks the…
Consumer loan delinquencies paint bleak picture
This comes from Reuters: Fallout from a still deteriorating housing market caused the rate of consumer loan payments at least 30 days late to rise to 3.23 percent in the January-to-March period from 3.22 percent in the 2008 fourth…
Banks to stop accepting California’s IOUs
This can't be good. A group of the biggest U.S. banks said they would stop accepting California's IOUs on Friday, adding pressure on the state to close its $26.3 billion annual budget gap. The development is the latest twist in…
UBS: ‘The disaster in Spain will continue’
This is a translation of a Spanish-language article from Finanzas.
For UBS, there is no debate about the economy’s green shoots despite the improvement in employment and the slowest fall in consumption and industrial production. In a harsh…
Technical recovery won’t feel like a recovery to most
Everyone is trying to gauge when a ‘recovery’ is going to occur in the United States and globally. Some see imminent recovery. Other like myself see a late-2009 or early-2010 recovery. Yet others, including most readers of this site, see no…