Got back long after the FOMC news was released. As we expected yesterday, the Fed disappointed the perma-bulls and left rates unchanged. Here’s what grabbed my eye between meeting. While I am gorging on yet another slab of marbled red meat, I won’t leave you with nothing to read.
Here is some interesting news flow surrounding the Fed decision, AIG and other, behind the scenes actions:
• Surprise! Fed stays on hold, keeps neutral bias (MarketWatch)
• Parsing the Fed: New Risks, Same Rate (WSJ)• Fed to futures market: Thanks but no thanks (Rosenberg/Merrill Lynch)
• Bloomberg headline: US Considering AIG "Conservatorship"
• Fed Said to Reverse Stance, Consider AIG Loan Package (Bloomberg)
• Today’s WTF headline: JPMorgan Gave Lehman $138 Billion After Bankruptcy (Bloomberg)
• The Crisis of Confidence and the Banks (The Institutional Risk Analyst )
• Geithner Skips FOMC Meeting to Stay in New York (for AIG ?) (Real Time Economics)
• The End of Dissent: Fisher Joins the Majority (WSJ)
• Barclays to acquire Lehman capital markets (MarketWatch)
• AIG-LEH-Federal Reserve and asymmetric information (Kotok/Cumberland)
• Money fund breaks a buck: Reserve Primary Money Fund Falls Below $1 a Share (Bloomberg)
• Shattering the Glass-Steagall: The rise of the commercial banks. (Slate)
• Greenspan: Economy in ‘once-in-a-century’ crisis (CNN/Money)
• Why the Fed couldn’t lower rates (iTulip)
• A Sense That Wall St.’s Boom Times Are Over (NYT) Do ya think ?
• Bail-out or bust? (Economist)
• McCain Calls Wall Street Reckless, Obama Hits McCain (Bloomberg)
• Investment Banks, By the Numbers (Marketbeat)
• Any notice? Russia fell 20% overnight
Lastly, the always objective, neutral and disinterested Hank Greenberg:
• It is in America’s interest to save AIG (Real Time Economics)
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