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Anna Gelpern puts it well: “for the small but committed contingent of pari passu pointy heads, this is WorldCupOlympicMarchMadnessSuperBowl.” I’m one of the contingent, and I’ve been actively enjoying myself reading various appeals and amici briefs in the case of Elliott Associates vs Argentina. (Technically, it’s not Elliott Associates but rather NML, an Elliott sub-fund, but make no mistake: this is very much a fight between Argentina and the most famous vulture fund in the world.) Elliott, which is run by the billionaire Republican activist Paul Singer, has suffered a rare and public loss with respect to its Argentina strategy. It bought up Argentine debt around the time the country defaulted, and then refused to enter into the country’s bond exchange, taking its chances in U.S. court instead. That, in hindsight, was a mistake: Argentina’s new bonds, turbo-charged with GDP warrants, performed extremely well.
Felix Salmon | Analysis & Opinion |
We are at key levels in several of the major indices so I thought it might be a good idea to post a few comments regarding what I am seeing in the Dow Jones Industrials right now. Lets start with the big picture... Above we have a weekly chart of the ETF for the Dow Jones Industrials (DIA).
Kevin's Market Blog
Chart.ly Blog
What a wild 18 hours we’ve just had in the Stock Market. All this whipping action caused by competing headlines is wearing down Joe Investor and people are leaving the stock market. Whether it’s macro events or fraud or natural disasters… it seems there are hidden landmines all over the landscape. Wow…where did this come from? This chart is beautiful… and the stock is sporting a 2.75% annual dividend to boot! When the markets are crazy, its easy to get thrown from your plan.
Technical Analysis | Chart Addict
I expect this horizontal time correction in gold to continue with an upside breakout. I will make secondary entries in GLD, IAG, and GG, as well as other gold names during that time. I will exit the remaining 1/4 swing in WYNN today. So far all swing plays (MGM, LVS, WYNN, IAG , GG, GLD, etc.) have either been booked for a profit or are profitable on paper.
Financial Armageddon
In "7 Reasons Why The Jobs Recovery Is Real This Time," the Associated Press details what I would consider to be the positive spin on a variety of economic and political developments [ highlighted in red italic for clarity ]. In the interest of fairness and balance, I thought it only right to annotate each of their bullet points with statistics, reports, and arguments that show things in a different light: During and right after the Great Recession, companies shrank their work forces because demand plunged and fewer workers were needed.
Yves here. I hope you’ll take the time to read this important post. There has been a great deal of discussion of the many deficiencies of the mortgage settlement, but its biggest has gone pretty much unnoticed. It isn’t just that the settlement gives the banks a close to free pass for past predatory, illegal conduct, but it also has such lax servicing standards and weak enforcement provisions so as to give the banks license to carry on with servicing abuses. By Abigail Caplovitz Field, a freelance writer and attorney who blogs at Reality Check
naked capitalism
The Baseline Scenario
“I don’t see anything wrong with asking people to pay the expected value of their health care — a mandate to get insurance to cover the catastrophic things that society would cover in any case — to avoid this type of gaming of the system. Yes, it’s true that many healthy people will pay, remain healthy, and seem to get nothing. But that’s the wrong way to look at it. They have insurance whether they pay for it or not. Society will not let them die of a standard, treatable illness so insurance services are present.
