Meet Yoda the cat with FOUR ears Mail Online
Beijing’s Bad Faith Olympics New York Times
Medium Lobster: Your guide to America’s next vice president Guardian. Funny
The Ebay Fannie/Freddie Insider Selling Sign Paul Kedrosky
Corporate Competitiveness: Are Taxes Really the Problem? ataxingmatter
Prime Jumbos Showing Strain: S&P Housing Wire
On the Unfair Treatment of Certain Common Equity Holders Roger Ehrenberg. A great post. Key section:
Investing in common stocks, particularly those of financial institutions, is akin to holding the “z-bond” – the residual – of a pool of mortgage-backed securities. It is a massively leveraged interest, one that rides extremely high when things go well and falls precipitously when things go poorly….I didn’t hear anybody complaining or read any stories about disgruntled investors when shares of BSC (Bear Stearns), FNM (Fannie Mae) and FRE (Freddie Mac) were top-ticking in the wake of low interest rates, calm markets and rising real estate prices. But when conditions turned, liquidity dried up and counterparties got scared, managements and investors started crying foul.
Antidote du jour:
Also, happy birthday to me!