Posts filed under “Financial Press”

Live Blogging CNBC Lehman Show

click for updated futuresFutes

Dow Futures down 294; SPX Futes off 37; Nasdaq off 41; Weak, and heading back towards the lows.

>

I have a busy day tomorrow, and I am toast. OPEN THREAD IN COMMENTS (play nice)

That’s all she wrote!

~~~

Don Drapkin of Lazard states two things: "The Merrill Lynch deal is terrific for the market, and comes out in favor of the short selling rule, blasts ending the uptick rule." Dylan asks him about leverage, and he says "We have a sound financial system."

Wow, totally empty apohorisms, zeroi value added. Thanks for nothing, Don. 

~~~

Gasparino redeems himself, discusses Fuld’s (now obviously) false statements, saying Lehman’s capital is sufficient

~~~

Maria Bartiroma says Paulson did not pressure MER into a sale; Merrill BoD voted unanimously for the deal. Maria says AIG and LEH frightened MER into selling itself tonite; Private Wealth Business retains the Merrill Lynch name.

Maria says there was a heavy short interest in MER at $15, but that makes no sense to me

~~~

Vince Farrell is accentuating the positive

~~~

Federal Reserve Board announces several initiatives to provide additional support to financial markets, including enhancements to its existing liquidity facilities

~~~

Still waiting for a Treasury Press Release;

~~~

SEC: Statement Regarding Recent Market Events and Lehman Brothers   

~~~

Fox, meet henhouse: Dylan Ratigan essentially calls Harvey Pitt a corporate tool. Pitt, who actually is a corporate tool, fails to acknowledge the slur. Back when Harvey Pitt was SEC chair, he said the markets were a better regulator of companies than the SEC. For a smart guy, he is a total idiot.

Pitt is discussing competition.

~~~

Understated headline of the night: Financial-Sector Distress Likely to Hold Back Stocks (WSJ)

~~~

David Kotok says "Look out below."

~~~

Lehman Said to Prepare Bankruptcy as Buyers Withdraw (Bloomberg)

~~~

Nouriel Roubini says all independent B/Ds are toast, they are highly leveraged, and their business model is fundamentally flawed. Financials facing a "disaster"; bankruptcies, Broker-dealers "are going to disappear."
Its a fundamental, radical change on Wall Street. Expects WaMu to go under, says AIG is in trouble.

~~~

Gold rallies (Up $21, but it was much higher before)

~~~

AIG CEO turned down PE money, and turns to the Fed. (The currently cannot tap the Fed). AIG Scrambles to Raise Cash, Talks to Fed   

~~~

U.S. Opts to Avoid Lehman Rescue

~~~

CNBC reports that the Fed told Merrill Lynch to "Sell it self" and MER has been shopping itself for a few days.

~~~

FT: Hubris – is thy name Richard Fuld?   

~~~

Oil is under $100; trading at 99 change.

~~~

Fed Plans Expanded Lending Facilities 

~~~

WSJ reporting Bank America/Merrill deal is done at roughly $44 billion.

~~~

The Lehman panel itself is an incompetent parade of horribles, and none of them have any business being there. Harvey "make the SEC toothless" Pitt, Bill "thanks-for-the-bailout" Gross, and Charlies "Dick-Fuld-is-AWESOME" Gasparino.

Love it that they brought on Bill Gross and Harvey
Pitt to discuss LEH — the irony’s exquisite. Not to mention Gasparino,
but that’s just icing on the cake.  (I contacted CNBC earlier and
offered my services)

~~~

Vince Farrell says Bank of America is not stupid.
He’s wrong, their management has made some rather stupid moves — how
about their purchase of Countrywide? That was $4 billion worth of dumb.

~~~

Special Fed rules for taking even junkier paper;
Cramer talking up Nasdaq, and he is a buyer not a seller. Harvey Pitt
blames short seller. He is as clueless a pundit as he was a SEC Chair.

~~~

CNBC Live show with Dylan Ratigan is now beginning.

Category: Bailouts, Corporate Management, Federal Reserve, Financial Press

Roubini on CNBC

Check out Nouriel on CNBC this morning — he is guest hosting, and makes so much sense it makes the rest of the guest list look almost silly.

My boy Chris Whalen also had a good spot, worth checking out.

Fannie, Freddie & Financials

Chris_whalen

The rescue
shouldn’t distract investors from the present peril of financials, says Chris
Walen, Institutional Risk Analytics co-founder/managing director

The Financial Development Report   

Kevin_steinberg_world_economic_foru

A look at
the World Economic Forum’s report with U.S. leading the rankings and UK second.
Details with Kevin Steinberg, World Economic Forum COO and Nouriel Roubini,
REGMonitor.com

Category: Credit, Financial Press, Valuation, Video

GDP fails ‘commonsense sniff test’

Category: Data Analysis, Economy, Financial Press, Inflation

Updated Fannie/Freddie Linkfest

Category: Financial Press

Columbia School of Journalism Sulzberger Program

Category: Financial Press, Weblogs

Fannie & Freddie Weekend Wrap Up/Linkfest

So much for a relaxing weekend! We spilled plenty of pixels on Fannie (FNM) & Freddie (FRE)this weekend, as did lots of other folks. What follows is all of the relevant commentary I could scratch together:

Here’s TBP recap:

Treasury Takeover of GSEs: 10 Key Points

Fannie & Freddie Bailout:  In terms of Conservatorship, Management, Shareholders,  Mortgages, Legislation, Foreign Holders,  Financial sector, Politics, Timing, & GSE Insolvency

Here Comes the Half Trillion Dollar Fannie/Freddie Bailout!

All of the Treasury, Federal Reserve and FDIC news releases:

Treasury Department
http://treasury.gov/press/releases/hp1129.htm

Treasury Department Reports (PDFs):

 

Federal Reserve
http://www.federalreserve.gov/newsevents/press/bcreg/20080907a.htm

Chairman Bernanke
http://www.federalreserve.gov/newsevents/press/other/20080907a.htm

FDIC React to Takeover
http://www.fdic.gov/news/news/press/2008/pr08078.html

Fannie Mae & Freddie Mac Shareholder Ownership, via MSN:

Federal National Mortgage Association: Ownership

Freddie Mac: Ownership   

Video Coverage:

Treasury News Conference:

Treasury Unveils Takeover of Freddie and Fannie – Part 1

Treasury Unveils Takeover of Freddie and Fannie – Part 2

Treasury Unveils Takeover of Freddie and Fannie – Part 3

John Authers, FT

GSE Bazooka Fired  Ticker Forum, Karl Denninger (Video) 

 

Wall Street Research

Bringing Out the “Bazooka”  David A. Rosenberg, Merrill Lynch (PDF)   

First thoughts on the market impact of the Treasury’s GSE plan, Goldman Sachs (PDF)

Paulson Begins Gradual Wind-Down of GSEs within Conservatorship,  Institutional Risk Analyst      

Pershing Square Capital Letter to Treasury Department Regarding Fannie and Freddie

What the Mainstream Media had to say:

Monday, September 8, 2008

Mounting Woes Left Officials With Little Room to Maneuver WSJ
http://online.wsj.com/article/SB122083060663308415.html

Fannie, Freddie Credit-Default Swaps May Be Settled Bloomberg

http://www.bloomberg.com/apps/news?pid=20601087&sid=ajsxbVS.W2lQ&

U.S. To Take Over Mortgage Giants Fannie, Freddie NPR Audio   
http://www.npr.org/templates/story/story.php?storyId=94365278&ft=1&f=1001

The Dilemma of Fannie and Freddie  NYT
http://www.nytimes.com/2008/09/08/business/08norris.html

In Crisis, Paulson’s Stunning Use of Federal Power  Washington Post

http://www.washingtonpost.com/wp-dyn/content/article/2008/09/07/AR2008090702486.html

The How, Why and What Of Fannie-Freddie Plan  MORNING BRIEF 

http://online.wsj.com/article/SB122085653625309655.html

  


Read More

Category: Bailouts, Credit, Financial Press, Weblogs

Labor Day Weekend Linkfest

Category: Financial Press

Bloggers versus MSM

Interesting discussion from the Denver Convention:

Category: Financial Press, Video, Weblogs

Lose the Wall Street Research MSMedia Blogs

Category: Apprenticed Investor, Financial Press, Psychology, Weblogs

Prof Nouriel Roubini is “Dr. Doom” in NYT Magazine

Category: Credit, Economy, Financial Press, Real Estate