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October 13, 2008
What We Have Here Is Failure To Deliver Primary delivery failure data underscore a collapse in non-Treasury securities as a store of value.
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The TARP Is Now A Capital Injection Plan, Why Does Anyone Trust...
October 9, 2008
Comment So the TARP has been transformed into a capital injection plan. This is a far better plan, and is more like the U.K. plan (story below). However, this goes to Paulson’s credibility. He sold the TARP as an asset purchase plan involving...
Replace Mark-To-Market, Allow CFOs To Become Andy Fastow
October 8, 2008
The Financial Times – Sullivan blames ‘mark to market’ for AIG’s woes But above all, Mr Sullivan said, the so-called “mark to market” accounting rule had played a central role in the company’s rapid...
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October 3, 2008
Rumblings Of Global Deflation The plunge in the Baltic Dry Freight index reflects the powerful deflationary forces unleashed by the credit crunch.
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October 2, 2008
September Total Return Review: September’s Stock Swoon The attached tables and comments update the total returns through September. Now that volatility has picked up amid some of the worst monthly stock returns since 1970, can we make any...
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September 25, 2008
Understanding What Happened Atlanta Presentation Package
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September 25, 2008
Understanding What Happened Audio Link of Conference Call A transcript of the September 22, 2008 conference call.
Paulson’s First September Mistake, Killing The Preferred Stock...
September 23, 2008
The Financial Times – Freddie and Fannie bank losses grow US regulators have underestimated potential bank losses on preferred stock issued by Fannie Mae and Freddie Mac, the American Bankers Association said on Monday. Nearly a third of US...
Initial Thoughts – A “Legislative Bottom,” But What...
September 19, 2008
Comment The news of the last 24 hours is nothing short of overwhelming. We will have more in our conference call early next week and the coming days as we understand the details of what has been proposed. But first, some initial thoughts …....
The Beginning Of The End
September 18, 2008
The Financial Times – Lex: Morgan Stanley and Goldman Sachs Now Morgan Stanley and Goldman Sachs are under attack. The share price of the former has almost halved this week and it is rumoured to be talking to Wachovia about a merger. Is the...
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September 16, 2008
Inflation Watch Update The attached tables update inflation rates through August 2008. In this month’s update, we highlight the problems associated with measuring inflation during a major turning point in the banking and credit markets.
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September 16, 2008
Revisiting TIPS, Treasuries And Insurance Yesterday’s price action in the TIPS market confirmed once again how breakeven rates of inflation are distorted by conventional Treasuries’ insurance role.