Banks

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I work in the construction business and something has been creeping to the forefront of my attention for the past few weeks and now it seems to be moving full steam ahead. Banks are forcing developers/builders (especially smaller ones) to give up their properties (unsold homes and lots). Banks say the reason is that the properties in question are no longer performing assets.

Construction Developer Says Banks Suddenly Playing Hardball, Ask

Paris voudrait une taxe sur les banques qui alimente le budget

Subprimes

Some interesting stuff in John Mauldin's latest piece . We'll include some pertinent quotes along with our thoughts. China is growing by about 8% a year, which is amazing on the surface of it, as their exports are down about 20% (more in some sectors). How can that be? I continually read about how China is going to lead the world out of its global funk. And 8% growth in GDP does seem pretty strong.

Zero Hedge

Senate eyes House-approved tax hike for private equity execs - P

Alphaville » From Level I to Level III, the myth of fair value

Fair value –or mark-to-market — accounting is back in the news. The IASB and FASB, the European and US accounting standards boards, are reportedly grappling over global accounting convergence because of the issue. From the FT :

http://ftalphaville.ft.com/blog/2010/04/15/203286/from-level-i-to-level-iii-the-myth-of-fair-value/

Spain's External Debt: Solvency vs. Liquidity -- Seeking Alpha

I wrote an article recently and quoted a CIA report on Spain’s External Debt as being $2.4 trillion. A reader commented that I was full of crap and spreading false information. The reader made clear that the external debt of Spain was $1.25 trillion (euro 900 billion). The following graph from the Bank of Spain was sent to me to prove the point.

http://seekingalpha.com/article/188450-spain-s-external-debt-solvency-vs-liquidity

http://researchpuzzle.com/blog/2010/04/17/playing-in-the-street/

the research puzzle : a blog by tom brakke

Shortly after I became an equity analyst at a large asset management firm, my group director came into my office, closed the door, and said, “We need to talk.” That morning our trading desk had been contacted by one of the West Coast brokerage firms because they heard we might have some stock for sale in a name I covered. I had been fished for information by the salesman the night before, without even realizing it.