New frog species found in hunt for old ones BBC (hat tip reader John M)
Morgan Stanley’s Net ‘Queen’ Meeker Sees Mobile Boom Bloomberg (hat tip Tom Adams)
Freshman GOPer: Hey, Where’s My Health Care? Talking Points Memo (hat tip reader Marshall)
‘Technical talks’ or a done deal? Financial Times (hat tip Richard Smith)
That EFSF sense of urgency FT Alphaville (hat tip Richard Smith). What were they thinking?
The horrible truth starts to dawn on Europe’s leaders Ambrose Evans-Pritchard, Telegraph
Fed tasks its heavy hitters to defend stimulus Financial Times
Fighting the Fed Noam Scheiber, The New Republic. The problem with a piece like this is that by focusing on Palin and her ilk, it sidesteps the fact that there are good reasons to demand more accountability of the Fed, particularly since it is increasingly playing a political and quasi-fiscal role.
GSAMP Trust 2006-FM1. In my youth, in the stone knives and bearskins days of underwritings, this sort of error would have been impossible, there were too many eyes on SEC filings (hat tip Michael F):
One of the filed versions of the prospectus for GSAMP Trust 2006-FM1 has the following clearly extraneous text at the bottom of the third to last page (as denoted by the
Hi Michael on the GSAMP 2006-FM1 deal the Combined LTV including and excluding the silent seconds are not consitent on the termsheet you sent me. Can you clarify please
CLTV 81.37% FULL CLTV 89.04% with 19% Silent seconds?
on the termsheet I have shows LTV of 76.46% rather than 81.37% in the data. Could you double check? Should i resend?
that number has seconds at 20% LTV and the 81.37% has seconds at 100 LTv..see page A-27
As our source noted:
To me, the most significant implication of this embarrassing lapse is that nobody-not even the lawyers–was reading all the way through these documents before filing them on EDGAR. The email exchange also reveals that the originators were still squabbling about what the numbers were as the documents were being filed.
House prices dropped 0.8% in September Independent
How to chart a course out of the Sino-American storm Martin Wolf, Financial Times
Antidote du jour: