Davidson Kempner continues to make money by focusing on beat up loans—despite the general perception that bonds have little to offer investors.» Read More
Sean Parker, Founders Fund LLC CEO and early Facebook investor, stops long enough to tell CNBC he doesn't have time to talk.
Jobless Numbers Worse Than Expected — Snow Blamed [Reuters via CNBC] "New U.S. claims for unemployment benefits rose more than expected last week as harsh weather conditions in some parts of the country kept workers at home and caused a backlog in the processing of claims, a government report showed on Thursday. Initial claims for state unemployment benefits jumped 51,000 to a seasonally adjusted 454,000, the highest since late October, the Labor Department said. That was the largest weekly increase since September 2005. Economists polled by Reuters had expected claims to be little changed at 405,000."
NY Metro Area Slammed by Another Monster Storm [NY Post] The Big Apple was brought to a virtual halt early this morning by another monster storm — this one not only shutting area airports, but also closing city public schools and non-emergency government offices, as well as forcing the suspension of all buses citywide.
Economy Not Improving Enough to End QE2 [CNBC] "The Federal Reserve gave a lukewarm economic assessment on Wednesday despite recent signs the recovery was strengthening, saying high unemployment still justified its $600 billion bond-buying program. In a statement following its policy-setting meeting, the central bank also said measures of underlying inflation were "somewhat low" although it acknowledged rising commodity prices that have fueled global inflation worries."
Treasuries Dip as QE2 Sticks Around [Bloomberg] "Treasuries declined as Federal Reserve policy makers maintained a $600 billion program of debt purchases while saying the economic expansion is continuing at an insufficient pace to reduce unemployment. Government securities dropped earlier after a report showed sales of new homes rose more than forecast in December and the U.S. sold $35 billion of five-year notes. Ten-year Treasury Inflation-Protected Securities show bondholders expect the consumer price index to increase 2.26 percentage points a year on average over the life of the debt, compared with a forecast for an increase of 1.7 percent this year by economists surveyed by Bloomberg News."
One of the hottest tickets at Davos was "Connectedness" a talk about how will online and mobile behaviours be reshaped over the coming years.
It was a painful wait through Tuesday night’s State of the Union speech to hear any talk about fixing the debt-and-deficit plague, and it’s likely to be a considerably longer wait for anything to get done.
A division of the business administration company Ceridian reportedly cut off a cancer patient when his monthly premium payment was two cents short of the amount billed.
I once had great faith that the world was run by people who were far smarter than I—and that their superior intelligence, work ethic, and virtue could be relied upon to steer us through when the glassy seas blew into high swells and maelstroms. While nothing has yet convinced me that my meager perspective is not routinely exceeded — both in quality and degree—I have lost my faith in my betters.
Here's a thumbnail sketch of why.
It's easy to be a rugged individualist when things are going great. You just got your bonus. The hot girl you met when volunteering is totally into you. You found the perfect pair of jeans. Nothing can stop you.
But then something does. Maybe it's just a sudden moment of clarity that tears through the veil of success and makes you wonder for a moment about the value of anything. Why work so hard? Why keep getting up in the morning? Why bother at all when none of it really seems to matter?
Or maybe it is something more physical than metaphysical. In my case, it was a car that sped around a corner on Manhattan's Lower East Side. Fortunately, I was thrown clear of the wheels by the impact. Unfortunately, I broke my leg in nine places. Everything in my life came to a halt.
Hedge funds have seen the worst start to the year since the financial crisis, as returns in January and March were both in the red.
The Fed indicated to Citi that it would get more time to fix "stress test" planning problems before rejecting its capital plan.
Goldman Sachs reported quarterly earnings and revenue that topped analysts' expectations on Thursday.