Archive for the 'Economy' Category
AIG Is Suing Bank of America for $10 Billion
August 8th, 2011Via: New York Times: The American International Group is planning to sue Bank of America over hundreds of mortgage-backed securities, adding to the surge of investors seeking compensation for the troubled mortgages that led to the financial crisis. The suit seeks to recover more than $10 billion in losses on $28 billion of investments, in […]
S&P Downgrades Fannie Mae, Freddie Mac
August 8th, 2011They’re just getting started: Muni Market Prepares for Lost AAA Ratings; “Hundreds and Hundreds” of Downgrades. Via: CNBC: Standard & Poor’s downgraded the ratings of government-sponsored enterprises Fannie Mae and Freddie Mac Monday, citing their reliance on U.S. government. Both Fannie and Freddie were lowered to AA+ from triple-A. The Federal Home Loan Banks were […]
An Investment Manager’s View on the Top 1%
August 8th, 2011Via: Who Rules America: I sit in an interesting chair in the financial services industry. Our clients largely fall into the top 1%, have a net worth of $5,000,000 or above, and if working make over $300,000 per year. My observations on the sources of their wealth and concerns come from my professional and social […]
JAPAN: TRADING IN RICE FUTURES HALTED ON DISORDERLY PRICE INCREASE
August 8th, 2011But this rice thing… There is definitely potential for a wildcard result here. —Toshiso Kosako: Come the Harvest Season in the Fall, There Will Be Chaos Via: Bloomberg: Rice futures in Tokyo surged in their first trading on the bourse since 1939, triggering a suspension of trade, on concern radiation from the stricken Fukushima nuclear […]
Spot Gold: $1715
August 8th, 2011Melt up. $1715.35, new high.
Power Companies Prepare as Solar Storms Set to Hit Earth
August 8th, 2011Via: Reuters: Three large explosions from the Sun over the past few days have prompted U.S. government scientists to caution users of satellite, telecommunications and electric equipment to prepare for possible disruptions over the next few days. “The magnetic storm that is soon to develop probably will be in the moderate to strong level,” said […]
SPOT GOLD $1700
August 8th, 2011$1701.38.
Greenspan: No Chance of Default, U.S. Can Print Money
August 8th, 2011HAHA: I’m sticking with my initial guess on this: No default. The U.S. is dealing with a $14 trillion clusterfuck. No way that thing hits the wall. Not like this. There’s way too much potential for something to go super-critical. I have no idea what’s going down at the meeting mentioned below, but it’s probably […]
Muni Market Prepares for Lost AAA Ratings; “Hundreds and Hundreds” of Downgrades
August 8th, 2011Via: Bloomberg: The $2.9 trillion municipal bond market is preparing for “hundreds and hundreds” of downgrades after Standard & Poor’s lowered the U.S. one level to AA+, the first-ever reduction for the country. S&P is likely to cut its ratings on municipal debt secured by the federal government, such as pre-refunded bonds, tax- exempts backed […]
G7 and ECB: ‘Coordinated Action’
August 8th, 2011It’s like Groundhog Day, 2008 edition. Via: Reuters: A pledge of coordinated action by the world’s industrial powers wedded to hopes of aggressive bond buying from Europe’s central bank helped limit the fallout from the historic downgrade of the United States’ debt rating in Asia on Monday. With the twin debt crises raging and stock […]
