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Recent Fully Deluded News

Economist On The Crisis

Posted from Silicon Alley Insider 23 hours ago
Fully Deluded : Techno

From Clusterstock: . (original story)

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Big CDS Day On The Way

Posted from Dealbreaker 1 day 23 minutes ago
Fully Deluded : Hedgie

Credit Default Swaps for Fannie and Freddie will see their recovery set tomorrow in an auction described by Reuters as "...the largest settlement of the contracts the market has ever seen." That this has rather serious ramifications for the CDS market in general, at least as a stress-test of the potential for mass settlement when its needed most, in the face of a significant collapse. Reuters continues: Twenty-two dealers will participate in the auctions, which will determine how much protection sellers will recover after paying out the insurance. The timeline for the auctions follows. 8:30... (original story)

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Tracking The European Bailout

Posted from Dealbreaker 1 day 45 minutes ago
Fully Deluded : Hedgie

After the jump is a quick-and-dirty thematic map colored with dollars of government bailout funds committed (for the countries for which I have any data). If someone can identify decent sources for this data we'll make this a regular theme here at DealBreaker. The Europeans should, after all, have to air their dirty laundry too, no? Google Maps created Clusterfuck Chart after the jump. (original story)

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Euro Bailout: It’s Back on the Table

Posted from Alea 1 day 54 minutes ago
Fully Deluded : Hedgie

On Saturday, leaders of Europe’s four biggest economies — Germany, France, Britain and Italy — decided against a coordinated bank bailout, while vowing to stabilize markets. But in what would mark a stunning reversal after just a day, Italian Prime Minister Silvio Berlusconi said on Sunday that Italy would revive the idea of a common bank [...] (original story)

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And You Thought "Too Big To Fail" Was An American Concept

Posted from Dealbreaker 1 day 1 hour 29 minutes ago
Fully Deluded : Hedgie

Apparently not. So much for the sneering we were hearing from the Bundesbank a month and a half ago about American recklessness. The government and the Bundesbank have said that Hypo Real Estate, Germany's second-biggest property lender, is too big to fail. They met with banks and insurers in Berlin today to discuss a revamped rescue package after private banks on Saturday withdrew their support for a 35 billion-euro rescue package brokered a week ago. Hypo Real Estate Gets 50 Billion-Euro Government-Led Bailout [Bloomberg] (original story)

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France To Invade Belgum, Netherlands

Posted from Dealbreaker 1 day 1 hour 33 minutes ago
Fully Deluded : Hedgie

What a dilemma. Root for the French, or root for European bank meltdowns. Decisions, decisions. BNP Paribas SA, France's biggest bank, will take control of Fortis's units in Belgium after a government rescue of the Brussels and Amsterdam-based company failed. BNP Paribas will buy 75 percent of Fortis Bank Belgium from the government for 8.25 billion euros ($11.3 billion) in stock, and purchase the company's Belgian insurance operations, Prime Minister Yves Leterme said to reporters today. BNP Paribas to Take Control of Fortis Units in Belgium [Bloomberg] (original story)

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For Most Cities, Recession Has Arrived

Posted from The Big Picture 1 day 1 hour 47 minutes ago
Fully Deluded : Market

Nice depiction of where the pain is being felt most: click for ginormous version This is obviously having a political effect: click for ginormous version Sources: For Most Cities, Recession Has Arrived BILL MARSH NYT, October 4, 2008 http://www.nytimes.com/2008/10/05/weekinreview/05marsh.html Economic Unrest Shifts Electoral Battlegrounds ADAM NAGOURNEY and JEFF ZELENY NYT, October 4, 2008 http://www.nytimes.com/2008/10/05/us/politics/05map.html (original story)

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Citi Buring Both Ends Of The Candle?

Posted from Dealbreaker 1 day 1 hour 52 minutes ago
Fully Deluded : Hedgie

A dedicated reader forwards us the hint, buried down in the middle of a Reuter's article, citing a Wall Street Journal Article to the effect that Citi has already offered to beat the Wells Fargo offer for Wachovia. To wit: Meanwhile, the Wall Street Journal, citing people familiar with the matter, said Citigroup offered last week to significantly boost the price it was paying to buy most of Wachovia, and the proposal remains on the table. As usual, our sharp readers never sleep. (Citi, well, the verdict is still out there). Wachovia pursues Wells Fargo deal, Citi intervenes [Reuters] ... (original story)

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Modern Subprime Finance, 101

Posted from Paul Kedrosky's Infectious ... 1 day 3 hours ago
Fully Deluded : Techno

Nice, useful figure from The Deal on how modern finance worked to create the subprime mess, or at least how it worked up until there stop being a functioning capital market. More here. (original story)

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Sneak Peek at Weekend Reading

Posted from Paul Kedrosky's Infectious ... 1 day 4 hours ago
Fully Deluded : Techno

Here is a sneak peek at some links from my weekly Weekend Reading column over at TheStreet.com. Settlement day approaches for Fannie/Freddie credit default swaps on Monday (FT) The hottest banks for PE are those that offer vanilla checking, CD, and lending services (IDD) Credit Crunch Takes Bite Out of McDonald's (Advertising Age) James Grant thinks the Paulson bailout is more of the same bad medicine (Washington Post) Market Turmoil Takes Costly Toll on Video Games (SiliconValley) This has to be a joke: GSEs Still A Good Thing, Lew Ranieri Says (IDD) IMF Wor... (original story)

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Weekly Standard: What is Wall Street these days, anyway?

Posted from Andy Kessler 1 day 4 hours ago
Fully Deluded : Market

http://www.weeklystandard.com/Content/Public/Articles/000/000/015/654vucfz.aspBefore the last of Wall Street gets sold off as day-old fish on Fulton Street or washed into the East River altogether it’s worth asking, what is Wall Street these days anyway?Thanks to Dick Grasso and CNBC, most of us... (original story)

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Continuing Coverage: German Waffling

Posted from Dealbreaker 1 day 4 hours ago
Fully Deluded : Hedgie

After berating Ireland for having done the same Germany quietly announced that they would also be insuring all bank deposits. Unlimited bank deposits. This is amusing, and also a bit frightening. Europe is facing a Lehman sized bankruptcy in Hypo Real, many European institutions are more leveraged than their American counterparts, and, at least to hear German Chancellor Angela Merkel tell it, it's every woman for herself in the European financial crisis. No Europewide bailout fund will be forthcoming. Tomorrow will be an interesting sort of day. That Was Quick... [Alea] (original story)

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Quiet, Wells Fargo Has The Conch Shell Now!

Posted from Dealbreaker 1 day 4 hours ago
Fully Deluded : Hedgie

Wells Fargo & Co. said nothing in a court order obtained by New York-based Citigroup Inc. derails the California bank's plans to acquire Wachovia Corp. Well, except that whole restraining order thing. Wells Fargo Says Takeover Agreement With Wachovia Still Stands [Bloomberg] (original story)

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Citi Wins First Battle

Posted from Dealbreaker 1 day 10 hours ago
Fully Deluded : Hedgie

New York State Supreme Court Justice Charles Ramos is temporarily blocking Wells Fargo from buying Wachovia, Citi announced late Saturday. Ramos extended the exclusivity agreement between C and WB-- which stated Wachovia could not have sale or merger discussions with anyone but Citi until October 6-- to October 10, at which time the two banks must appear before the judge. Citi claims that it is "prepared to resume negotiating in good faith to complete the transaction contemplated by the agreement-in-principle that...[was] announced Monday, September 29," but, of course, they could be doing t... (original story)

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