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This Spitzer Case Is Ripping Us Apart!

I just want to know, how are we going to go back to our boring old lives after this whole Spitzer thing blows over? What other business news story could possibly engender such a heated debate between Charlie Gasparino and Dylan Ratigan regarding the finer points of punishing a lover of whores, which devolved into an inaudible screaming match made all the more amusing by the technical director’s decision to use the split screen option?

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12 March, 2008| Economy | Comments (0) @ 17:21

Argentina’s Unemployment Reaches 15-Year Low

Government intervention could prevent further improvement….
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12 March, 2008| Economy | Comments (0) @ 17:15

Charlie Gasparino Knew Years Ago That Spitzer’s Love Of Whores Would One Day Be His Downfall, Metaphorically Speaking

IN the fall of 2006, with Eliot Spitzer plainly on his way to a landslide win in the governor’s race, I commiserated with one of Attorney General Spitzer’s chief targets, former New York Stock Exchange chief Dick Grasso.

“He’s going to be governor,” Grasso told me, sounding wounded and enraged, “and nothing will stop him.”
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12 March, 2008| Economy | Comments (0) @ 16:54

Mark Haines Asks The Hard Questions (Though, Let’s Be Honest, The Goomah Renders This A Non-Issue)

Circa 9:20 am, after Gasparino says on-air that Spitzer is expected to resign at 11 today:

Mark Haines: “Charlie Gasparino, who I can assure you cannot afford [the rates at Emperors Club VIP]”

Erin Burnett: [weird, are we going there? look]

Mark Haines: “What? Who among us can?”

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12 March, 2008| Economy | Comments (0) @ 16:39

#Links

Old post of mine: When Government Irresponsibility Is Optimal
Battered credit products: bargains for the brave
The 2008 survey by magazine Central Banking Publications found nearly 60 percent of the managers said derivatives were a more attractive asset class now than 12 months ago.
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12 March, 2008| Economy | Comments (0) @ 15:57

Spitzer Planning To Step Down At 11? (Just In Time To Catch The 11:35 Acela To DC?)

That’s what the Post says, and Charlie Gasparino’s sources are corroborating, though there’s always the chance Spitzer will back out of whatever deal’s being negotiated, if he’s not satisfied with the terms (apparently the Governor’s campaigning hard to be allowed to run for/hold office after a short rehabilitation period, and to honor all upcoming, previously scheduled appointments with the Club, which were paid for in full and would be unbecoming of an elected official who made his career judging others by a strict moral code to back out of at the last minute, not to mention just plain rude). And according to someone Carney just spoke to, Big E was all set to step down on Monday until an aide (with an awesome sense of humor) convinced him to stay. So it’s possible he’ll change his mind again.
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12 March, 2008| Economy | Comments (0) @ 15:26

Another SocGen Employee Held by Police

From Bloomberg:

Societe Generale SA, the French bank stung by a record trading loss of 4.9 billion euros ($7.6 billion), said another employee has been taken into police custody as part of the investigation into unauthorized trades.

Police also searched the La Defense headquarters, just outside Paris, of France’s second-biggest bank this morning, Societe Generale spokeswoman Laura Schalk said in an interview.
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12 March, 2008| Economy | Comments (0) @ 15:13

Maria Bartiromo’s Half Million Dollar Pay Day

CNBC anchor Maria Bartiromo has sold a book about ’sucess’ for an advance several knowledgable sources said was approximately $500,000, according to Leon Neyfakh of the New York Observer.

This would be Maria’s second book. Her first, Use the News: How to Separate the Noise from the Investment Nuggets and Make Money in Any Economy, came out in 2002. Earlier this year, her CNBC Charlie Gasparino published K…
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12 March, 2008| Economy | Comments (0) @ 14:53

1-Week Futures Contracts on Nonfarm Payrolls

CFTC supports gambling, 500 jobs = $12.50
CME Group, the world’s largest and most diverse derivatives exchange, announced that futures and options on futures on the U.S. Bureau of Labor Statistics’ (BLS) Nonfarm Payroll data are scheduled to launch Sunday, April 27, 2008, in anticipation of the Friday, May 2, release of the April economic data.
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12 March, 2008| Economy | Comments (0) @ 14:26

Opening Bell: 3.12.08

Spitzer Resists Calls to Resign (WSJ)
No resignation yet. It’s still probably inevitable, but it sounds like he wants to use an offer to resign his post as a bargaining chip with prosecutors, should he come under attack from the law. Ah, the perks of being governor. Quitting your job can get you some extra leniency. Have an opinion on whether he’ll be out by the end of March? Good, b…
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12 March, 2008| Economy | Comments (0) @ 14:08

"FBN is just plain dumb"

Liza Featherstone looks at Fox Business News:

At times, FBN is just plain dumb. Some of the Murdoch Playmates are genuine bimbos, while others play their dopey roles convincingly, and the choice of material they’re given isn’t pretty. One morning, Alexis Glick, the lusciously made-up anchor—also a Columbia graduate who has worked as an equity analyst for Goldman Sachs and directed New York Stock Exchange floor operations at Morgan Stanley, though you’d never guess it from her breathless on-air persona—dizzily conducts an inspiring interview with a woman who has broken the glass ceiling in the all-important industry of competitive beach volleyball. A few other critical, breaking stories on FBN, as the American economy careened into chaos and uncertainty, included a check-cashing fraud involving a corpse, and “the Meanest Mom on the Planet” (she sold her teenage son’s car after finding booze under the seat!). There’s no doubt that CNBC is more journalistically serious than Fox. Almost any random dial-flipping will provide the contrast, but here’s just one: While CNBC featured New York Times columnist David Leonhardt explaining substantive economic policy differences among the Republican candidates, Fox was reporting that despite her scandalous pregnancy, people are still watching Jamie Lynn Spears’s TV show.

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12 March, 2008| Economy | Comments (0) @ 13:58

Jim Rogers: Abolish the Fed

Jim Rogers isn’t shy about his opinions:

Listen, investment banks have been going bankrupt since the beginning of time. If people make mistakes — if you bail out every investment bank that gets in trouble, that’s not capitalism, that’s socialism for the rich….
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12 March, 2008| Economy | Comments (0) @ 13:48

History Says the Rally Will Continue

Yesterday was the 33rd best day for the S&P 500 since 1950. Looking at the average of the top 32 days shows that the market has historically continued to rally a bit after the big surge. For the following nine days, the S&P 500 has averaged an additional gain of 1.78%.

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12 March, 2008| Economy | Comments (0) @ 13:38

Fire Sale at the Times?

The Wall Street Journal reports that the New York Times is considering selling some assets. Well…it’s about time. This move is clearly in response to pressure from hedge funds that are pushing for seats on the company’s board. The funds now own as much stock as the Sulzberger family.

In the media, pressure from hedge funds is often portrayed in a negative light, as if some slick-haired Gordon Gekko types are bullying a loveable family run enterprise. In the case of the New York Times, the funds are the only ones willing to hold the company accountable. The current management has run the company into the ground, and an asset sale should have happened a long time ago. Jack Welch, for example, wanted to buy the Boston Globe, but the Times shot him down. Now, I doubt the Times could sell the Globe even if they wanted to.
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12 March, 2008| Economy | Comments (0) @ 13:18

Best Day Ever

Yesterday was the best day for the stock market in five years, but this week, we’re celebrating the 75th anniversary of the best day ever.

Well, technically it wasn’t a one-day gain. When FDR became president on March 4, 1933, there was a national bank holiday. The stock exchange shut down at didn’t reopen until March 15. When trading resumed, stocks soared. The Dow closed at 62.1 which was a 15.34% gain over the close from 12 days before.
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12 March, 2008| Economy | Comments (0) @ 13:17

Brazilian Economy Accelerated Last Year

Growth was mainly propelled by the domestic engine….
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12 March, 2008| Economy | Comments (0) @ 11:00

Survey Day!

Don’t forget to participate in our exclusive Survey of Business Confidence….
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12 March, 2008| Economy | Comments (0) @ 9:15

Q & A with Michel Kazatchkine of The Global Fund

Michel Kazatchkine (The Global Fund)
As I’ve written in today’s column, improvements in public health are often the first step towards higher living standards in poor countries. Among the poorest communities, the evidence in favor of health interventions is stronger than for any other kind, even education. That is why the mission of The […]…
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12 March, 2008| Economy | Comments (0) @ 5:55

Today’s S&P 500

Here’s how every stock in the S&P 500 did today….
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12 March, 2008| Economy | Comments (0) @ 3:26

Oh, to be a fly-on-the-wall at the recent HF replication conference.

Our intrepid “fly on the wall” buzzed into London for a major conference on hedge fund replication. He reports from his fly-sized Blackberry….
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12 March, 2008| Economy | Comments (0) @ 3:00

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