Here are my morning reads of interest:

• Berlin May Have to Nationalize Giant Commerzbank (Spiegel Online)
• Should Fed Refocus on Money Supply? (WSJ) see also Bernanke Favored by 71% in Investor Poll Preferring Fed Over ECB (Bloomberg)
• Stress Test Reveals European Banks Need More Capital (DealBook) see also Don’t fear the death of excess debt (Reuters)
• Eurozone countries new treaty excludes Britain (Guardian)see also Franco-British Alarm of 1989 Comes True as Merkel Calls EU Shots (Bloomberg)
• Household Net Worth declines $2.4 Trillion in Q3 (Calculated Risk)
• MF Global
……-CFTC: MF Global Customers Have Priority In This Bankruptcy (Jesse’s Café Américain)
……-The Great Wall St re-hypothecation scandal (Reuters)
• A Would-Be Ratings Agency Without Rose-Colored Glasses (DealBook)
• What price the new democracy? Goldman Sachs conquers Europe (Independent) see also EU Leaders Drop Demands for Investor Write-Offs (Bloomberg)
• Out-of-body experience: Master of illusion (Nature)
• The Health Risks of Being Left-Handed (WSJ)

What are you reading?
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Category: Financial Press

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

12 Responses to “10 Friday AM Reads”

  1. Woof says:

    If a person wanted (and who doesn’t) to avoid what happened to MFGs customers, what institutions should they bank / trust their funds to?

    Have any institutions, yet, sworn off re-hypothecation of assets?

  2. AHodge says:

    excellent from der speigel on Commercz being toast

    im reading bloomberg
    EU Leaders Drop Demands for Investor Write-Offs
    QUOTE European Union leaders dropped their demand that investors share the cost of bailouts as Germany abandoned a campaign that helped deepen the two-year-old financial crisis.

    Limiting so-called private-sector involvement to the terms accepted in International Monetary Fund bailouts was part of a package agreed upon in Brussels early today as leaders met to forge tighter economic bonds to stem the crisis.

    “As regards private-sector involvement, we have made a major change in our doctrine: from now on we will strictly adhere to the IMF principles and doctrines,” EU President Herman Van Rompuy told reporters at a briefing. “Or, to put it more bluntly, our first approach to PSI, which had a very negative effect on debt markets is now officially over.”

    That marks a defeat for German Chancellor Angela Merkel who wanted to expose bondholders to losses in debt restructurings

    i dont think this is the deal the banks want yet, but germany has apparently caved on giving the bank bondholders a complete 100% bailout. IMF principals my ass you stooges.

    “Limiting PSI” what a nice code for total bailout

  3. Corzine’s ‘Intent’ Was to Head Off Possible Claims: Lawyers

    Goldman Sachs (GS) Group Inc. plans to provide funding for a hedge fund being started by Todd Edgar, a former commodities trader at Barclays Plc, said two people with knowledge of the preparations.

    Goldman Sachs will make an investment through a so-called seeding fund that the New York-based firm started this year after raising money for it from pension funds and wealthy individuals, the person said. Edgar will get $150 million to $200 million from Goldman Sachs in return for a cut of the fees his hedge fund generates, said the people who declined to be identified because the negotiations are private.

    The U.S. Congress last year restricted banks’ investments in hedge funds through the so-called Volcker rule after lawmakers concluded that financial institutions shouldn’t be using federally backed deposits for wagers on markets. The Goldman Sachs seeding fund is permitted under the law because it uses client money rather than the firm’s capital.

  4. AHodge says:

    so what used to be called a rescheduling is now called PSI
    talk ofwhich ” had very negative effects on the debt market”
    geithner gets his way i bet he even helped with the language

  5. AHodge says:

    anyone want to bet brokebank commerz
    germanys second largest is due mostly to soveriegns?
    i will bet anyone less than a third of their losses are sovereigns
    its brokebank mountain over there

  6. Greg0658 says:

    Woof (made me look it up) .. where’s the advantage churn there
    .. might as well go into business making a widget or something*
    http://en.wikipedia.org/wiki/Hypothecation

    * that’s just toooo hard in the 21st century

  7. Mike in Nola says:

    At least this wasn’t a death penalty case.
    http://www.chron.com/news/houston-texas/article/Convicted-man-was-in-jail-when-crime-occurred-2391025.php#photo-1919710

    It does illustrate my big objection to the death penalty.

  8. Mike in Nola says:

    I see that now we lefties will be singled out even more for really thinking different, as opposed to those who just pretend they do. It’s just jealousy. Same reason that I can’t find a decent pair of scissors.

    Surprised they don’t mention the presidential race between Clinton, Bush 1 and Ross Perrot. I noticed during the debate that all three were left handed. If you look through this list, it might give you the idea that it’s not such a handicap after all:

    http://www.kh-vids.net/showthread.php?114059-International-Left-Handers-Day-famous-left-handed-people

  9. gordo365 says:

    I don’t completely follow the re-hypothecation article – but it sure sounds like it supports the idea that financial meltdown was caused by too much regulation. NOT.

  10. willid3 says:

    http://www.slate.com/blogs/moneybox/2011/12/08/jamie_dimon_doesn_t_know_how_much_he_pays_in_taxes.html

    bankers don’t even know their tax rate.
    or yours
    just don’t like it

  11. VennData says:

    To thwart porn, colleges are buying up .xxx sites

    Yeah, the last thing you want is for people who cruise porn sites and the .xxx domains the idea that your University is associated with sex. Especially college-bound guys, you don’t want any of them thinking they might end up in a sexual situation at your university,

    http://www.google.com/hostednews/ap/article/ALeqM5gaQg89ugSNzHPuI5ZbHPacAQQkYA?docId=1d2afdd9fde148e2adbba310dbfe7f34

    “If you want to get laid, go to college. If you want an education, go to the library.”
    ― Frank Zappa

    http://www.goodreads.com/quotes/show/11553