The Wall Street Journal – Face-Off Over Shortfall J.P. Morgan Chase & Co. and MF Global Holdings Ltd. agree on one thing: The two financial players worked together closely in the months before MF Global collapsed. Then things get messy. People close to MF Global have complained that J.P. Morgan dragged its feet when settling… Continue reading MF Global’s Quest For The Missing Money
MarketBeat (WSJ Blog) – Stocks, Treasurys Continue to Sing From Different Hymnals This blog has been banging on about the differences between the way stocks and bonds see the world since Matt Phillips was sitting in this chair. And guess what: We’re going to do it again, right now. Today’s arbitrage opportunity is brought to… Continue reading Stocks vs. Bonds
Comment Ironically SNL does a better job of explaining the European financial crisis than most Wall Street economists
The New York Federal Reserve – Statement Regarding MF Global Inc The Federal Reserve Bank of New York has informed MF Global Inc. that it has been suspended from conducting new business with the New York Fed. This suspension will continue until MF Global establishes, to the satisfaction of the New York Fed, that MF… Continue reading Did The Federal Reserve Fail AGAIN At Regulating?
<Click on chart for larger image> The Wall Street Journal – Stephen Moore: A Look Inside the Super Committee The GOP opposes raising tax rates, but one idea being considered is limiting deductions as a percentage of income ‘I can find $1.5 trillion of budget savings in my sleep,” says Jeb Hensarling, the Republican co-chairman… Continue reading The Supercommittee, Can We Call It All Off?
<Click on chart for larger image> The Big Picture (blog) – Barry Ritholtz: Is the US Still on the Verge of Recession? Just as no stock market moves in a straight line, so too no economy expands or contracts in a simple linear fashion. We find ourselves in a phase where oscillations within the broader market… Continue reading Is A Recession Coming?
<Click on chart for larger image> The New York Times – For Markets in Europe, the Focus of Fear Moves to Italy European efforts to solve a growing sovereign debt crisis have failed to quell market unease on the Continent, and the skepticism over Greece points to continued volatility this week. Among fresh warning signs,… Continue reading Now Italy Takes Center Stage
The Wall Street Journal – Papademos Front-Runner to Lead Greece Former ECB Vice President Favored to Be Greek PM Greece’s teetering government and the top opposition party on Monday were converging on former European Central Bank Vice President Lucas Papademos to lead an interim government after Prime Minister George Papandreau resigns his office. Party officials… Continue reading Greece Gets A New Government
<Click on graphic for larger image> The Wall Street Journal – Old Debts Dog Europe’s Banks Lenders Slower Than Their U.S. Counterparts to Shed Risky Mortgage Assets European banks are sitting on heaps of exotic mortgage products and other risky assets that predate the financial crisis, adding to pressure on lenders that also are holding… Continue reading European Banks
The Wall Street Journal – Merkel and Sarkozy Have Lost Credibility “Six weeks to save the euro,” European leaders promised the world in September. That deadline passed at last week’s Cannes G-20 summit with the goal looking further away then ever. Nothing of substance was agreed on the French Riviera to aid the cause of… Continue reading Merkozy
Zero Hedge (blog) – This Is How Silvio Berlusconi Comments On His Political Career Perhaps when the fate of the $60 trillion bond market rest on one Facebook status update, it is time to officially call it a day? Comment Yes, you read the above correct. Berlusconi is denying rumors he will resign by updating… Continue reading Berlusconi, In Or Out?
<Click on chart for larger image> Bloomberg.com – Hedge Funds Curb Wagers for First Time in a Month: Commodities Speculators reduced wagers on higher commodity prices for the first time in four weeks on mounting concern that Europe’s failure to contain its debt crisis will slow economic growth and demand for raw materials. Money managers… Continue reading What Are “Speculators” Doing?