Apologies for the thin posts tonight, but a lot of the news isn’t new (I actually spent quite a long time trolling and found not much that grabbed me). More tooth gnashing about Big Auto. How big a move will the Fed make tomorrow? More details dribbling out of the Madoff mess. More speculation about OPEC’s production cut.
China’s economy hits the wall Gideon Rachman, Financial Times
Auto bailout could be announced by Wednesday Reuters. Haven’t seen any other times estimates.
FYI – labor contracts by auto company rdan, Angry Bear
AIG sells $39bn of assets to NY Fed fund FT Alphaville
Germany expects less than minus 3 per cent growth Eurointelligence. This may take some wind out of the euro.
The Madoff Saga: Perils of Fraudulent Conveyance Roger Ehrenberg. Must read. Investors who took redemptions as long as two years ago may be subject to a clawback.
On the Prime Solution: Interview with Eric Hovde Institutional Risk Analyst. Starts with a rant from the newsletter about what the Fed is doing wrong. Hovde says that banks are going to take even more losses and gives a scathing review of Fed and Treasury actions.
Antidote du jour: