Links 12/15/08

Why Climbers Die On Mount Everest Science Daily For feds to bail out Cerberus is the 'epitome of ignorance' TCPalm (hat tip reader Steve) ... has been plagued by penny wise, pound foolish cost-cutting. Asset Management Holiday Sale: 60% Off ... ? Apparently not. Sovereign loss funds … Brad Setser OPEC Races to Get Ahead of Declining Oil Demand Wall [more...]

Date: 2008-12-15 09:53:27

Blog posts (102) | Videos (26)
 

Canada will win big in this crisis

Canada will win big in this crisis Posted: October 08, 2008, 5:15 PM by Diane Francis Filed under: Greed,Canadian Politics,U.S ... to Brookfield Asset Management, the CPP, OMERs, Ontario Teachers and western-based sovereign funds are also ... York over the weekend for the Toronto Symphony's Carnegie Hall triumph and the planes and lounges [more...]

Date: 2008-10-08 20:08:00

Celebrating Sechin

In about an hour, we are expecting a foregone conclusion during an award ceremony to crown deputy prime minister Igor Sechin as ... and foreign asset management companies working in Russia has been around since 2000, and includes ... if the Association hasn't developed a new, uniquely Russian ("sovereign") definition of its stated [more...]

Date: 2008-12-10 16:03:47

Mitsubishi UFJ Loses $500 Million on Morgan Stanley Stake

Boy, there have been bigger bad investments (TPG putting $7 billion into WaMu comes to mind) ... Asset Management Co. in Tokyo. ``The U.S. bailout plan was the big change we hadn't had before ... . have tapped the region's banks and sovereign wealth funds for money in the past year as falling U.S. home [more...]

Date: 2008-09-30 04:03:53

Looking for a Run on the Bank

Sovereign The 2007-2008 credit crisis has reintroduced financial markets to the time-honored reaction to money worries: the run on the bank ... management has de-levered the balance sheet further and improved asset quality. ... failure. Among one of the more aggressively targeted is Sovereign Bancorp, which is down 58 [more...]

Date: 2008-10-02 16:47:58

UPDATE 1-HK fund won’t invest entirely in US assets-Yam

UPDATE 1-HK fund won’t invest entirely in US assets-Yam December 9th, 2008 (Adds more quotes, details) By Natsuko Waki LONDON, Dec 8 (Reuters) ... its distance from the sovereign wealth fund label, thehead of Hong Kong’s central bank said ... to become moreproactive in the management of the fund, but they should notonly focus on the return [more...]

Date: 2008-12-08 16:50:04

General Motors (GM): Still A High-Risk Profit Play

GM is essentially already bankrupt, says Horacio Marquez. And it has been for years. This clearly makes the company one to avoid for investors ... . It was October 2000, and I’d just joined a multi-billion-dollar asset management organization as its head ... , particularly after recently reading that JP Morgan Chase & Co. (NYSE:JPM) credit analysts [more...]

Date: 2008-12-02 14:35:29

Liquidity is king and the Feds are emperors

By Fester: Right now the only people and organizations that are able to function effectively in this economic environment are people with ready ... of US investment banks.  But they are available cheaply, and the more tangible and physical assets should ... in the infrastructure or other state asset backed by revenues. This way assets bought at high [more...]

Date: 2008-12-31 11:52:32

Talk is cheap, Nick… (Updated)

It might have made Aaron’s daily news round-up, but Nick Clegg’s comments in today’s Indy exemplify just about everything I find really irritating about opposition politicians… State intervention is needed in some areas. We need immediate action to stop unjustified repossessions of homes and business assets [more...]

Date: 2008-10-09 14:56:08

Sweetheart Deals

I’m prepared to be convinced that some form of assistance for Citigroup was necessary, ... from its portfolio of risky assets – from residential mortgages to commercial real estate and leveraged loans ... government’s troubled asset relief programme (Tarp) and receive dividends at a rate of 8 per cent annually [more...]

Date: 2008-11-24 13:42:35

Guest Post: Inflation Should Be Just Around the Corner

Amid signs of expected deflation, Peter Boone and Simon Johnson argue that the world must begin reflation soon ... economist, and is currently a professor at MIT Sloan School of Management and a senior fellow ... and Asian markets. The default risk priced into Irish, Greek and Italian sovereign bonds continued [more...]

Date: 2008-11-24 13:49:55

Guest Post: Inflation Should Be Just Around the Corner

Amid signs of expected deflation, Peter Boone and Simon Johnson argue that the world must begin reflation soon ... economist, and is currently a professor at MIT Sloan School of Management and a senior fellow ... and Asian markets. The default risk priced into Irish, Greek and Italian sovereign bonds continued [more...]

Date: 2008-11-24 15:34:00

As The Politicians Battle It Out Ukraine's Economy Tunnels South In Search Of Australia

By Edward Hugh: Barcelona“In Ukraine, the evidence is still that policymakers do not quite understand the seriousness of the challenges they face,”. Timothy Ash, analyst at the Royal Bank of Scotland. “There is a burgeoning economic crisis in the European periphery,” Krugman said on the ABC network Dec. 14. “The money has dried up [more...]

Date: 2008-12-25 16:01:00

News - Commentary - Opinions

Bush Still Lies about Iraqi InspectionsBy Robert Parry - Consortium NewsIn what’s been called George W. Bush’s first exit interview, the outgoing President continues a lie that he first unveiled several months after launching the Iraq War, justifying the invasion by claiming that Saddam Hussein didn’t let the U.N. inspectors in [more...]

Date: 2008-12-03 12:07:00

Deal Journal] Bottom Feeding: Banco Santander of Spain is in advanced talks to take full control of Sovereign Bancorp, a big thrift holding company hurt by sour loans. Stayin’ Alive, Stayin’ Alive: Morgan Stanley revised the terms of its investment from Mitsubishi UFJ by granting the Japanese bank preferred stock with a 10% dividend, [more...]

Date: 2008-10-10 14:10:24

IMF Report: SWF Growth Could Hurt Dollar

The dollar could bear a big part of the adjustment to the growth of sovereign wealth funds, as global capital flows diversify out of U.S ... sovereign holdings will increasingly move out of U.S. Treasurys and into a more diverse portfolio — both by asset class and region, the IMF said in a chapter of its semiannual World Economic Outlook [more...]

Date: 2008-10-02 15:36:32

Don’t Give Up on Gold

If you were counting on gold to boost your returns this year, chances are you’ve been cruelly disappointed ... and parcel of the global financial crisis would put downward pressure on virtually every asset class ... that gold, just like any other asset, produces the best returns when it is attractively priced [more...]

Date: 2008-12-02 15:36:14

Carnival of Personal Finance #179 - Smile Edition

Welcome to the 179th edition of Carnival of Personal Finance. This week, I want to remind everyone to smile because there’s never enough happiness in the world! Editor’s Choice Photo By Richard M. Reading these articles just brings a huge smile to my face! Great positive advices are what we should all be writing about! [more...]

Date: 2008-11-17 08:01:51

A Bad Year. A New Year. Where do we go from here?

Well, I have continued to be relatively silent about the markets, ... as a management consultant on Monday. My girlfriend already started working this week, which has given ... ; since there is no market for most corporate paper - whether debenture, asset-backed, convertible [more...]

Date: 2009-01-09 11:16:00

As The Politicians Battle It Out Ukraine’s Economy Tunnels South In Search Of Australia

“In Ukraine, the evidence is still that policymakers do not quite understand the seriousness of the challenges they face,”. Timothy Ash, analyst at the Royal Bank of Scotland. “There is a burgeoning economic crisis in the European periphery,” Krugman said on the ABC network Dec. 14. “The money has dried up [more...]

Date: 2008-12-25 16:06:18

Goldman Sachs and Morgan Stanley Are Buying. Who?s Selling?

Now that Goldman Sachs and Morgan Stanley have become bank holding companies, they are on the acquisition trail looking to boost their deposit bases ... talks with several suitors including PNC Financial. NatCity has an asset management business ... Stanley in particular, which has a sprawling asset management operation with $577 billion at Morgan [more...]

Date: 2008-10-13 09:51:00

As The Politicians Battle It Out Ukraine's Economy Tunnels South In Search Of Australia

“In Ukraine, the evidence is still that policymakers do not quite understand the seriousness of the challenges they face,”. Timothy Ash, analyst at the Royal Bank of Scotland. “There is a burgeoning economic crisis in the European periphery,” Krugman said on the ABC network Dec. 14. “The money has dried up [more...]

Date: 2008-12-25 16:01:00

As The Politicians Battle It Out Ukraine's Economy Tunnels South In Search Of Australia

“In Ukraine, the evidence is still that policymakers do not quite understand the seriousness of the challenges they face,”. Timothy Ash, analyst at the Royal Bank of Scotland. “There is a burgeoning economic crisis in the European periphery,” Krugman said on the ABC network Dec. 14. “The money has dried up [more...]

Date: 2008-12-25 16:00:00

2008: Annus Horribilis, RIP

I meant to take yet another Friday away from my writing, but as I am researching for next week’s annual prediction issue, there is so much material that begs to be covered that I thought I would put out a short letter with 3 or 4 points as a preface to my prognostications of next week [more...]

Date: 2009-01-03 12:42:15

U.S. Failing to Defend Dollar’s Fall

On Oct. 30, 1938, the weekly radio program Mercury Theatre aired “The War of the Worlds.” As adapted from H.G. Welles’ novel and directed by Orson Welles, the effect was stunning. The broadcast’s first half was presented as a series of dramatic news bulletins about a Martian invasion [more...]

Date: 2008-09-22 10:15:58

As Europe’s Banks Falter, Is There A Risk To The Eurozone?

“We do not have a federal budget, so the idea that we could do the same as what is done on the other side of the Atlantic doesn’t fit with the political structure of Europe,” Jean-Claude Trichet, commenting last week on the Eupean “summit” in Paris last Saturday “If you concentrate on California or Florida, [more...]

Date: 2008-10-06 13:11:37

The Great Crash, 2008

By Roger C. AltmanFrom Foreign Affairs , January/February 2009 Summary: The financial crisis has called into serious question the credibility of western governments and may precipitate an eastward shift of power. ROGER C. ALTMAN is Chair and CEO of Evercore Partners. He was U.S. Deputy Treasury Secretary in 1993-94 [more...]

Date: 2009-01-13 09:00:00

Can Congress Bail Out of the Bailout? by Michael Hudson

Dandelion Salad by Michael Hudson Global Research, October 13, 2008 And what about the Fed’s Even Larger Giveaway? We are now entering the financial End Time. Bailout “Plan A” (buy the junk mortgages) has failed, “Plan B” (buy ersatz stocks in the banks to recapitalize them without wiping out current mismanagers) [more...]

Date: 2008-10-14 00:46:15

Ominous Overtones For Bridal/Tuxedo Business?

Comments from a former Israeli Ambassador to a Muslim nation in that region. This was e mailed by the Ambassador to my friend who is also a fellow memo reader and friend of the ambassador. The Ambassador lays out a simple case why Hamas is a threat to all nations in the region and why there must be a change in Hamas' ability to rule [more...]

Date: 2009-01-04 17:40:00

Fund Managers Optimistic for 2009

Concern About Inadequate Retirement Income from DC Plans Fund managers globally have a generally optimistic outlook for 2009 and predict that ... under management of over US$10 trillion, indicates that the period of recovery in most markets ... that of pension and sovereign funds will rise; and there will be continued growth in demand for alpha [more...]

Date: 2009-01-10 19:38:09

How This Crisis Could Make You A Fortune

By all reasonable measures, we are already in a recession, says Shah Gilani. Deflation has become today’s number one threat. But massive government rescues mean another bout of inflation looms on the horizon. Shah says investors should look to short vulnerable stocks in 2009 [more...]

Date: 2008-11-10 15:19:21

Ecuador May Hit ‘True Monsters’ Harder Than Argentina

By Lester Pimentel and Stephan Kueffner Dec. 15 (Bloomberg) -- Ecuador may saddle investors with the biggest losses in a government bond restructuring since at least World War II after President Rafael Correa fulfilled a two-year pledge to default on debt he calls “illegitimate [more...]

Date: 2008-12-16 06:52:00

John F. Burns Reporting on the Imposition of Martial Law in Poland, December 1981 - June 1982

I think it's well-known that I am a fan of John F. Burns. The other day I got an email from a student at the University of Warsaw looking for his reporting from Poland after the imposition of martial law there in 1981. So I dug up the stories out of TimesSelect and copy/ pasted them to her. God bless the Internet. See the jump for a mother lode [more...]

Date: 2008-12-03 01:26:36

Why You Must Include Gold In Your Portfolio For 2009

Gold bugs have suffered one of their worst years in history, says Keith Fitz-Gerald ... asset class at the same time. And that includes gold. As we’ve seen in the last few months, during ... to realize that gold, just like any other asset, produces the best returns when it is attractively [more...]

Date: 2008-12-02 14:01:25

Paul Williams, Investigator and writer into all things islam! ... its stake in Smith-Barney retail brokerage to Morgan Stanley.To most readers, such news is economic ... which presents itself  - - along with Well Fargo, J.P. Morgan Chase, and the Bank of America [more...]

Date: 2009-01-14 02:19:39

Buy, Sell or Hold Insight: GM Remains a High Risk Profit Play – Even as it Files its Turnaround Plan Today

With America’s “Big Three” automakers all due to submit turnaround plans to Congress today (Tuesday) – a requirement if General Motor Corp. (GM) ... -billion-dollar asset management organization as its head of credit. While most of my experience before [more...]

Date: 2008-12-02 16:31:34

‘Can my mutual fund NAVPs drop to zero?’

It’s my pediatrician this time . “Hi Salve. You know what, I’m keeping my mutual fund investments ... , who have watched the net asset value per share (NAVPs) of their mutual fund holdings drop to precarious ... and sovereign debt), it may be close to impossible to see [more...]

Date: 2008-12-18 02:36:43

The Economic Crisis: We Have Been Here Before.

The speculative bubble in the housing market has burst, devastating the global economy. The bubble is huge, dwarfing previous financial fiascoes. Over $7 trillion has simply evaporated from the global economy. The financial loss to pension and retirement funds is massive, disproportionately affecting the elderly, [more...]

Date: 2009-01-07 21:56:59

Bank of America (BAC) Seeks to Boost Stake in China Construction Bank (CCB)

Bank of America Corp. (BAC) will likely boost its stake in state-owned banking giant China Construction Bank Corp., paying about 36 cents a share (2 ... , Caijing reported. Construction Bank’s net asset per share jumped 13.26% from a year earlier to 30 ... provides corporate and personal banking services. Additionally, the group offers wealth-management [more...]

Date: 2008-11-17 14:20:41

U.S. Automakers, Freddie Mac (FRE) and Foreign Exporters Next in Line for Bailout Handouts

This week is shaping up to be another active one on the bailout-and-financing front. First and foremost, Congress returns to work this week to consider a once-unthinkable proposal: Put up billions in taxpayer-backed loans so that Detroit’s “Big Three” can be saved [more...]

Date: 2008-11-17 13:02:19

Early Suspicions About Bernard Madoff

Early Suspicions About Bernard Madoff - by Stephen LendmanOn December 12, 2008, the Wall Street Journal headlined: "Top Broker Accused of $50 Billion Fraud. Bernard L. Madoff....was arrested by federal agents (the previous day) after his sons turned him in for running what they said their father called a giant Ponzi scheme [more...]

Date: 2008-12-26 11:22:00

We Need to Start Thinking Constructively

Are we behaving rationally? Is what we are seeing the normal unwinding of risk? How much more fear do we need to see for markets to stabilize? The questions are pouring in. The answers are all over the map. If one more person says the sky is falling, I am going to lose my mind [more...]

Date: 2008-10-08 18:53:27

Stock Market Dictionary - I

IFifth letter of a NASDAQ stock symbol specifying that it is the third preferred bond of the company. I.B.E.S.See: Institutional Broker's Estimate SystemI.B.F.See: International Banking FacilityI.B.R.D.See: International Bank for Reconstruction and DevelopmentI.D.R.See: International Depository ReceiptI.C.See: Information CoefficientI.F.C [more...]

Date: 2009-01-02 16:40:00

Is Investment Grade Corporate Debt Safer than Government Bonds?

Several segments of the credit markets have come back to life in December after crushing losses recorded in September and October ... to park cash. Money market funds are now sitting on potential losses as management fees erode the yield [more...]

Date: 2008-12-23 15:05:34

Acquisition of foreign assets by Gulf Cooperation Council exceeds $ 900bn over 5 years

Arab News - 27 November, 2008 The cumulative acquisition of foreign assets by the Gulf Cooperation Council (GCC) ... , the US has been the destination for the bulk of GCC capital. According to Samba Financial Group report - Tracking GCC Foreign ... the past five years - some $ 450 billion - has found its way into a variety of asset types in other [more...]

Date: 2008-11-28 16:51:27

Stock Market Dictionary - B

Fifth letter of a Nasdaq stock descriptor specifying that issue is the Class B shares of the company.B2BAn Internet strategy of dealing directly with businesses, rather than consumers, i.e. business to (2) business.BAThe two-character ISO 3166 country code forBOSNIA AND HERZEGOVINA [more...]

Date: 2009-01-02 16:31:00

Stock Market Dictionary - D

DFifth letter of a NASDAQ stock symbol specifying that it is a new issue, such as the result of a reverse split.D/ASee: Documents Against AcceptanceDCFSee: Discounted Cash FlowsDSCRSee: Debt-service coverage ratioDDMThe ISO 4217 currency code for former East Germany Ostmark [more...]

Date: 2009-01-02 16:33:00

Mark Shafir Helped Sell Lehman. Now He Is Leaving It.

Investment bankers aren’t just watching their firms die; they are arranging the funerals as well ... of Credit Suisse Americas and Credit Suisse Asset Management). Shafir is the highest-profile ... . He also advised Lehman on its acquisition of asset manager Neuberger Berman. This year, Shafir worked [more...]

Date: 2008-09-18 10:33:00

Words from the (investment) wise 12.28.08

Investors spent the holiday-shortened Christmas week in an un-merry mood, digesting more gloomy economic data and taking stock of a tumultuous 2008. With the S&P 500 Index and the Dow Jones Industrial Index down by 35.8% and 40.6% respectively for the year to date, many investors would be anxious to wave the old year goodbye [more...]

Date: 2008-12-28 12:31:33

Stock Market Dictionary - F

FFifth letter of a Nasdaq stock symbol specifying that the issues is a foreign company.FACSee: Federal Advisory CouncilFASAbbreviation for the Incoterm Free Alongside Ship.FASBSee: Financial Accounting Standards BoardFCAAbbreviation for the Free Carrier FCIASee: Foreign Credit Insurance AssociationFCMSee: Futures commission merchantFDISee: [more...]

Date: 2009-01-02 16:37:00

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