Manufacturing and corporate profits are both in recession mode, even though the rest of the U.S. economy continues to limp along.» Read More
Muni-Madness is about to get under way on Capitol Hill. A series of hearings kicks off today with the Subcommittee on TARP and Financial Services' "State and Municipal Debt: The Coming Crisis?" In the background of these hearings is the question of whether Congress will step in in and bailout states who are often said to be teetering on the drink of default.
I spoke with Steve Murphy, Managing Director, State & Local Government Ratings at S&P, about the state of the states and their debt.
AIG to take a big charge:Claims it will 'strengthen' loss reserves . [DealBook]
Home loan demand drops, as mortgage rates hit 10 month high. [CNBC]
A Coke and a smile: Coca-Cola profits triple on one-time gain related to its acquisition of its North American bottling operation. [Bloomberg Businessweek]
Is inflation coming? [SeekingAlpha]
The life of an insider trader [NY Post]
After a fresh round of insider trading arrests and news conferences, hedge fund giant SAC Capital is once again in the spotlight.
Four additional people were criminally charged today in an ever widening case of insider trading.
An updated civil complaint released today by the SEC provides the best overview: "This case involves insider trading by ten individuals and one investment adviser entity, all of whom are consultants, employees, or clients of the so-called 'expert network' firm, Primary Global Research LLC [PGR]"
Here's the goods.
Irish banks need another 50 billion euro to clean up their balance sheets, according to Anglo Irish Bank Chairman Alan Duke .
What makes the 50 billion euro number so staggering is this: The additional capital number just named by Dukes exceeds the total 46 billion euros that banks have already received.
An interesting BBM exchange between Samir Barai and Jason Pflaum on page 26 of the complaint.
Late in the night of november 19, 2010, after Pflaum had already begun to cooperate with the Government in its investigation, BARAI and Pflaum exchanged a series of BBM communications regarding the article published in the Wall Street journal. In the BBM communications, BARAI stated that the article said that "key parts of the probes are at a late stage" and that a "Federal Grand Jury had heard evidence." BARAI further stated that he read the "article 10x [meaning, ten times]." BARAI then summarizerd the Reuters article quoted in Paragraph 49 above, which he reviewed:
- So another reuters article
- Last two weeks
- Fbi had approached HF [Hedge Fund] traders over past 2 weeks
- And number of traders contacted lawyers
- Problem is
- This scope is said to focus on the use of so-called expert network firms
- Concern for years that some experts may be passing out confi [meaning, confidential] info about to go public cos [meaning, companies] to traders....
- [The Firm] was only one named!!!!
BARAI then concluded the BBM communication with the following instruction: "Delete ur bbm chatr" [meaning, that Pflaum should delete his BBM communication with BARAI].
Sounds a little like panic if you ask me.
Three mid-level bankers in Goldman's tech investment banking group have left to take positions at ride service company Uber.
For a big group of stocks within the S&P 500, performance trends have been either decidedly positive or negative.
We asked the "Fast Money" traders what they were thankful for this Thanksgiving. Joe Terranova said, "The next 5 minutes."