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Martin D. Weiss: I rarely recommend that you wade through a wordy speech by an economic theorist delivered to an audience of stuffy bankers. But last week’s address by PIMCO Vice President El-Erian to the St. Louis Fed is one you absolutely MUST not miss. And to save you the trouble of deciphering the economics code words, I dedicate most of this issue to the key points he makes — the same basic points that our colleague Mike Larson has been making for months. To Make Money In This Bubble-and-Bust World, You MUST Be A Contrarian (NYSEARCA:TZA, NYSEARCA:FAS, NYSEARCA:FAZ, NYSEARCA:SKF, NYSEARCA:XLF To Make Money In This Bubble-and-Bust World, You MUST Be A Contrarian (NYSEARCA:TZA, NYSEARCA:FAS, NYSEARCA:FAZ, NYSEARCA:SKF, NYSEARCA:XLF
Bloomberg's Jonathan Weil Totally Shreds Vikram Pandit And The Davos Forum Bloomberg's Jonathan Weil Totally Shreds Vikram Pandit And The Davos Forum In his latest column, Bloomberg View's Jonathan Weil has some biting words for Citigroup CEO Vikram Pandit and the World Economic Forum. Weil essentially lays down a double whammy—asserting that Pandit's ineffective leadership of Citigroup during the economic downturn is a perfect match for the unproductive nature of the World Economic Forum. Here's a blurb: Maybe the distinction bestowed on Pandit should be of no surprise at all.
Where Blankfein came from Where Blankfein came from In this book excerpt from MONEY AND POWER: How Goldman Sachs Came to Rule the World, author William D. Cohan examines Lloyd Blankfein's up-from-nothing story, and finds out why Hank Paulson would've rather had no one else as Goldman Sachs's CEO. By William D.
JPMorgan Chase & Co. (JPM), deemed by derivatives traders to be the most creditworthy of the six biggest U.S. banks, locked in the lowest interest rate its industry has seen since 2005 on 30-year debt. The biggest U.S. bank by assets sold $1.25 billion of 5.4 percent debentures yesterday to yield 250 basis points, or 2.5 percentage points, more than similar-maturity Treasuries, according to data compiled by Bloomberg. Goldman Sachs Group Inc., the only other U.S.-based bank to have issued 30-year debt in 2011, sold $2.5 billion of 6.25 percent bonds at a 170 basis- point spread on Jan. 21. JPMorgan is pushing out the maturities of its debt as yields on investment-grade corporate bonds due in 15 years or more approach the lowest on record while the Federal Reserve holds down interest rates to stimulate the economy. JPMorgan Gets Best Bond Rates as Dimon Extends Maturity: Corporate Finance JPMorgan Gets Best Bond Rates as Dimon Extends Maturity: Corporate Finance
The MF Global Investigation Has Boiled Down To Just One Question The MF Global Investigation Has Boiled Down To Just One Question Reuters is reporting that the Commodity Futures Trading Commission, which has been investigating MF Global following the bankruptcy and the customer funds shortfall, actually knows where the MF Global money went. CFTC Commissioner Jill Sommers, who has been in charge of the MF Global inquiry, said that they now have a record of all transactions that were made in MF Global's last days—the only question that remains to be answered is if those transfers were legal or not. The question of legality is a contentious issue that has already been brought up before, as people explore the possible chance that there may be regulatory loopholes which allowed MF Global to do what it did (rehypothecation, anyone?). And just yesterday, when CME Group CEO Terrence Duffy said he was informed Corzine knew about a transfer of $175 million of customer funds in MF Global's last days, DealBook pointed out that the transfer may have been legal.
Euro and stocks fall as sovereign debt meltdown closer to realisation « ArabianMoney Euro and stocks fall as sovereign debt meltdown closer to realisation « ArabianMoney Posted on 15 December 2011 with 1 comment from readers The euro dipped below $1.30 yesterday but still has a long way to fall to its launch exchange rate of 85 cents to the dollar. But it could get there an awful lot faster than most analysts think possible. Welcome to the eurozone sovereign debt meltdown scenario which has been discussed so much over the past two years that anybody could be forgiven for believing this is some kind of hysterical fantasy rather than a fast approaching reality. Logic of events As ArabianMoney has pointed out before those in denial are like the US stock market investors who failed to price-in the First World War until two months before it happened.
Taibbi writes: "In all seriousness, I commend these protesters and hope no harm came of those arrests. Goldman continues to be a natural and appropriate target of protester anger and if OWS actions continue to mock the bank and make sport of them, it might help the public learn more about how these state-dependent banks operate and why they need to be reined in, if not broken up altogether." By Matt Taibbi, Rolling Stone 13 December 11 The 'Squidding' of Goldman Sachs - NewsTrust.net The 'Squidding' of Goldman Sachs - NewsTrust.net
Congressman Dennis Kucinich sharply criticized the Federal Reserve today after Bloomberg news reported that the Federal Reserve secretly committed nearly $8 trillion in support to American and international financial institutions during the 2008 bailout. Kucinich recorded a video for his website before going to the floor of the House of Representatives to call upon Congress to reclaim its Constitution primacy over monetary policy. The President: Dennis Kucinich on $7.77 Trillion Secret Loan by Federal Reserve The President: Dennis Kucinich on $7.77 Trillion Secret Loan by Federal Reserve
They might as well be, after the Supreme Court Decision allowing unrestricted and secret campaign spending by corporations. Senator Bernie Sanders (Independent from Vermont) wants to do something about that, and this has just proposed a Constitutional Amendment to overturn that ruling that effectively neuters the ability for us homo sapiens to have any real voice in our elections. Here it is—short and sweet. Are Dollars Citizens? : NO QUARTER Are Dollars Citizens? : NO QUARTER
Sen. Bernie Sanders: Money plays ‘horrendous role’ in Congress By Eric W. DolanMonday, December 12, 2011 20:46 EDT Sen. Sen. Bernie Sanders: Money plays ‘horrendous role’ in Congress
$29 TRILLION WALL STREET BAILOUT Author: L. Randall Wray · December 9th, 2011 · Since the global financial crisis began in 2007, Chairman Bernanke has striven to save Wall Street’s biggest banks while concealing his actions from Congress by a thick veil of secrecy.
GOLD

U.K. October Manufacturing Output Drops More Than Forecast on Euro Crisis U.K. manufacturing output fell more than economists forecast in October as the intensifying euro- area debt crisis undermined demand in Britain’s biggest export market. Factory output dropped 0.7 percent from September, the biggest decline since April, the Office for National Statistics said today in London. The median forecast of 21 economists in a Bloomberg News survey was a decline of 0.3 percent. On the year, manufacturing rose 0.3 percent, the least since January 2010. Manufacturers are suffering as the sovereign debt crisis and a cooling global economy jeopardize the outlook for exports. As the risks from Europe increase, some Bank of England policy makers have said the economy will probably need more stimulus.
LAYOFFS WATCH: Citigroup Axes 4,500 Jobs
Revolving-door between DOE, subsidized company
November 11, 2011 CBS wants to fight flagging ratings with hard news. The Early Show remake will includeCharlie Rose, Gayle King and a whole lot of headlines as the Eye attempts to catch up to Today and Good Morning America. Erica Hill and Jeff Glorwill also have roles, which is nice since they were named anchors less than a year ago. One of the big concerns is how Rose, a noted night-owl, will handle the early mornings. Revolving Door Newsletter: 11.11.11 - mediabistro.com Content
Revolving door still a problem in New Mexico politics By Milan Simonich msimonich@tnmnp.com Updated: 11/13/2011 08:28:05 PM MST0 comments SANTA FE — An unpaid state legislator in New Mexico can turn into a well-paid lobbyist overnight. Kent Cravens was the latest to make such a move, resigning from his Senate seat this fall to become a lobbyist for the New Mexico Oil & Gas Association. Cravens, a Republican from Albuquerque, broke no law or rule, but by immediately becoming a lobbyist he defied what the top elected official of his own party considers proper.
The Postal Service Plots Its Own Demise
Here's The Central Bank Conspiracy Theory That Art Cashin Just Explained On CNBC
This Chart Shows Eurozone Downgrades Are Long Overdue
REPORT: S&P WILL PUT ALL 17 EUROZONE COUNTRIES ON CREDIT WATCH NEGATIVE
We've Just Witnessed A Major Turning Point In The Euro Crisis
Professor Richard D. Wolff | Economics Professor
Richard D. Wolff
Maxine Waters in line to take over from Frank on Financial Services - The Hill's On The Money
Egypt uses U.S. teargas on pro-democracy crowds
Jamestown Jobs (PA)
Supercommittee slows to a standstill - TheHill.com
APEC members pledge to liberalise green trade - APEC summit
Goldman commods risk tumbles on tough markets
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Friday Market Follies - Following Murdoch's Money