Monthly Archives: March 2009

Obama Pushing "Quick, Surgical" Big Auto Bankruptcy Fantasy

Is Obama’s leaked view that a “quick and surgical bankruptcy” was a “likely option” for GM and Chrysler form of bizarre brinksmanship? If not, Obama has just painted himself in a corner based on what looks to be some very bad advice. As we will explain below, the notion of a “quick and surgical” bankruptcy […]

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Guest Post: Exxon Pension Fund Sues Northern Trust Alleging "Reckless, Massive Losses"

Posted by Tyler Durden, Publisher of Zero Hedge And Northern Trust thought it had problems when Barney Frank went postal for the company’s House Of Blues romp. A smoking gun lawsuit filed March 30 in Northern Illinois District Court (09-cv-01934) by Joseph Diebold on behalf of the pension scheme of one of the world’s largest […]

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Links 3/31/09

A Census Taker for Penguins in Argentina New York Times Woman who plays classical music to soothe horses told to get licence Telegraph Merrill socked with $39.8 million arbitration ruling Investment News CEO Change Begs Question About Banks Wall Street Journal (hat tip reader Don). I’ll admit to having only a limited sample, but this […]

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Eric Dinallo: "We modernised ourselves into this ice age"

To his credit, Eric Dinallo, the New York Superintendent of Insurance, did take the brewing mess at bond insurers MBIA (under his jurisdiction, and completely intransigent) and Ambac seriously enough to try to Do Something About It. In the end, his efforts came to nought, swept aside in the tidal wave of credit messes. But […]

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Guest Post: A Giant Experiment?

Submitted by Leo Kolivakis, publisher of Pension Pulse. There is a lot to cover today, so let’s begin with U.S. automakers. President Obama gave General Motors and Chrysler deadlines to “fundamentally restructure” or lose government aid that has kept them alive. The steps to force a restructuring by U.S. automakers drew a mixed reaction from […]

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Black Hole Alert: The Last Sucker into the Stock Market Was the Pension Guaranty Corporation

You simply cannot make this stuff up. The Pension Benefit Guaranty Board, which backstops defined benefit plans (yes, Virginia, they still exist) faced a rather sizable gap between its expected returns on its $64 billion in holdings and its expected liabilities. So in a stroke of sheer genius, it increased its allocation to risky assets […]

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Guest Post: Barack Obama as Herbert Hoover

Submitted by Edward Harrison of the site Credit Writedowns Edward Harrison here. For months now, we have been hearing the Obama – FDR comparisons, all suggesting that Barack Obama is a modern day Franklin Delano Roosevelt, with the opportunity to lead us out of Depression with a new New Deal. I have some serious problems […]

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Links 3/30/09

‘War’ on poisonous Australia toad BBC. Notice how this is basically a community effort? Aussies are good about that sort of thing. What they Used to Teach You at Stanford Business School and Newsweek’s Fearful Krugman Profile Felix Salmon Equities show us the way to recovery Alan Greenspan and A new plan needed as the […]

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Munchau: Banks Sinking Faster Than Governments Are Bailing Them Out

Wolfgang Munchau often has a dour outlook, but his Financial Times comment today, “A new plan needed as the cycle grows vicious” is gloomy even by his standards. Munchau argues that the heroic seeming measures to aid the banks are insufficient to compensate for the losses they are and will continue to suffer, and that […]

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Guest Post: The Banks Were Profitable In January And February Thanks To… AIG

Submitted by Tyler Durden, publisher of Zero Hedge Zero Hedge is rarely speechless, but after receiving this email from a correlation desk trader, we simply had to hold a moment of silence for the phenomenal scam that continues unabated in the financial markets, and now has the full oversight and blessing of the U.S. government, […]

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Guest Post: Blame it on the Gipper?

Submitted by Leo Kolivakis, publisher of Pension Pulse. Before getting into this weekend’s food for thought topic, I think you should all watch Secretary of the Treasury Tim Geithner’s interview on ABC’s This Week and the roundtable discussion where Paul Krugman expressed his concerns with the plan. Interestingly, Krugman thinks the U.S. government is not […]

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Links 3/29/09

Cities switch off for Earth Hour BBC. But not much in the US. Why Toddlers Don’t Do What They’re Told LiveScience. Now if someone would figure out why adults don’t do what they are told, we’d be making real progress. Shareholders Who Act Like Owners Gretchen Morgenson, New York Times Did Goldman Goose Oil? Forbes […]

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