PIIGS Still Pigs
The next time your annoying coworker defines a recession as two consecutive quarters of negative GDP growth, tell him Warren Buffet thinks he’s an idiot.
PIIGS still pigs (Yahoo) Ireland’s GDP report increases concerns for Europe’s most indebted nations.
The next time someone offers to sell your nana corporate paper with a 9% YTM...(BusinessWeek) You have my permission to sock them.
Today: Defections Don’t Raise Capital, While Asset Sales Do(CNBC.com)
Top CS prop traders jump ship to form fund staked by Blackstone. While top I-banks engage in soul searching over the implications of the Volcker rule, which limits a bank’s ability to engage in proprietary trading, one imagines that must be cold comfort to Credit Suisse
Change to come at the helm of HSBC (Financial Times)
Geithner defends TARP, expresses pride in what it achieved.(Politico) Politico article highlights Geithner’s defense of Bush administration and Republican lawmakers.
Republicans offer Obama wise counsel: (Reuters) Pick business friendly replacement for Summers.