Manufacturing and corporate profits are both in recession mode, even though the rest of the U.S. economy continues to limp along.» Read More
So much for the death of the IPO.
The 95.5 million shares of the pipeline company Kinder Morgan hit the streets at $30 this morning and immediately popped 6 percent.
Next week will be budget or bust on Capitol Hill as the House Leadership gets ready to vote on budget cuts. Some within the GOP are saying the $43 million in proposed cuts proposed by Budget Committee Chairman Paul Ryan (R-WI) are not enough. On the other side of the aisle, they are saying the cuts go too far.
I decided to ask Tim Phillips, President and CEO of Americans for Prosperity, for his thoughts on the GOP game plan. You may have heard about AFP. President Obama called out Americans for Prosperity nearly a dozen times in his stump speeches last election year. AFP has quickly emerged as one of the most influential conservative groups in the country with more than 1.6 million activists in 31 chapters across 50 states.
Sometimes it just feels like God is conspiring with nature to arrange the events of the world in such a way to make Bess Levin the perfect chronicler of our times.
In the depths of the financial crisis, Citigroupand Morgan Stanley were teetering on the precipice of total disaster, according to official documents. The new information, recently released by the Financial Crisis Inquiry Commission, paints a dark picture of both banks during the fall of 2008, as reported by Susanne Craig and Ben Protess in The New York Times DealBook.
China's journey to a global renminbi. [NY Times]
ZeroHedge continues its analysis of SAC trading data —in search of evidence insider trading. [ZeroHedge]
Why Netflix isn't a short sale opportunity. [DealBreaker]
Galleon Group founder has trial delayed. [DealBook]
The battle between New York Times business writer Joe Nocera and Peter Wallison, one of the Republican commissioners on the Financial Crisis Inquiry Commission, rages on.
'Defiant Mubarak refuses to resign' [Financial Times]
Four ideas for reforming Frannie. [The Atlantic]
Kevin Warsh, a key financial crisis figure, set to resign from Federal Reserve Board of Governors.[New York Times]
Mubarak defiant: Will Stay till September. [CNBC]
One of the problems with computers is this: The word choice sometimes seems tragically inappropriate.
When you think about it, it's not funny.
Postscript: Eliza Kruger still leading shirtless congressman Christopher Lee by a nose.
Egypt's President Hosni Mubarak announced Thursday that he would not step down until new elections are held in September. But he may have already lost control of his country.
The announcement came hours after numerous media organizations, including CNBC, had reported that Mubarak would step down as early as night.
In an apparent concession to his critics, he said he would hand over some of the authority for day to day government operations to his vice-president. It was Mubarak’s third televised speech since the uprising started on January 25th.
But earlier today the armed forces issued something called "Communique No.1", announcing what some feared was a military coup. The armed forces said they were moving to preserve the nation and the aspirations of the people. “Communique No. 1” emerged from a meeting of the Higher Army Council. Mubarak was not present at the meeting, which prompted many to speculate that Mubarak had already lost control over the armed forces.
It’s not clear that the armed forces will accept Mubarak’s scheme to remain in power. The army might be particularly disinclined to accept Mubarak remaining in office if the crowds in the streets of Egyptian cities continue the uprising.
Investors looking for Black Swans in the stock market may be able to find them in the latest offering from the Chicago Board Options Exchange.
If there's any doubt the Fed is targeting December for its first rate hike, just look at the bond market.
Italy plans to launch a series of bad bank-style measures as early as the end of the year, the FT reports.
Hillary Clinton's close ties to Wall Street is an image she can't seek to shake, The New York Times reports.