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TAF not working but the TSLF is.
Today’s was bid for only $33.95 billion all accepted for $50 billion offered, at the minimum spread of 25 bp.
For the TSLF, success means low bidding or no bidding.
Related:
TSLF: Success
Results
E…
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10 Abril, 2008| Economy | Comments (0) @ 20:52

Econ Prof Lead Character in New Movie

(April 10, 2008 08:52 PM, by Bryan Caplan) The most fascinating characters in the world are econ profs, but you’d never guess this from watching feature films. So……
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10 Abril, 2008| Economy | Comments (0) @ 20:52

The biggest IPO on stock market.

Mining group New World Resources (NWR) share issue is coming to 3 European stock markets. Company intends to float shares on stock exchanges in London, Warsaw and Prague. IPO is expected during second quarter this year. 25 - 33% of shares should be listed and NWR seeks 300 mln EUR (analyst’s top estimates are 1,4 bln EUR) from transaction. This would be the biggest IPO on Prague Stock Exchange in its history.NWR Group owns OKD (black coal mining company) which is the biggest asset with 143 mln EUR net profit last year.h…
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10 Abril, 2008| Economy | Comments (0) @ 20:39

Weekly Newsreel

“Hedge funds come unstuck on truth-twisting”: Aussie newspaper The Age provides a great example of why AIMA felt compelled to put its foot down on anti-hedge fund hype yesterday. The article covers a recent academic study and starts with “Has the hedge-fund industry been built on a series of lies?” and continues on to proclaim, “Now it […]…
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10 Abril, 2008| Economy | Comments (0) @ 19:31

A Black Swan in the Money Market

TAF has failed says John Taylor et al
Paper by John Taylor [Stanford University] and John Williams Federal Reserve Bank of San Francisco
At the center of the financial market crisis of 2007-2008 was a highly unusual jump in spreads between the overnight inter-bank lending rate and term London inter-bank offer rates (Libor). B…
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10 Abril, 2008| Economy | Comments (0) @ 18:14

Write-Offs: 04.10.08

$$$ Economist Smackdown: Laffer vs. Sperling [The Deal]

$$$ Myron Scholes’ hedge fund dives in March [Reuters]

$$$ FDIC Chief Calls for a H…
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10 Abril, 2008| Economy | Comments (0) @ 16:36

No One At Goldman Sachs To Go Thirsty (Except The Employees Getting Canned)

We’ve got good news and we’ve got bad news. The good news is that after violent protests by very angry employees, Goldman Sachs will be bringing back its soda and bottled water welfare program. The bad news is that in order to come up with the scratch to fund the charity program, they’ll be firing an undisclosed number of employees from mortgage and investment banking units.
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10 Abril, 2008| Economy | Comments (0) @ 15:53

About As Much An IPO As Lehman Is Bear

I’ll just state my biases up front and point out that I have a soft spot for Apollo. So much so, that when their filed their S-1 recently, I couldn’t help but comment. I wasn’t the only one, it seems.

Steven Davidoff over at the DealBook pans the registration statement, takes a few swipes at GSTrUE (count on Goldman to make an absolutely asinine acronym without anyone ever calling them on it. I mean, are you afraid of Goldman or what?) and whines about tax complexity. Still, all in all the piece is an interesting look at the subtleties of marketing unregistered securities.
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10 Abril, 2008| Economy | Comments (0) @ 15:49

Best In Class

Not to long ago we poked fun at a certain fast-food business journal (I know, people who live in glass houses and all that) and, in particular, one article about the Freescale buyout. Today, The Deal gives the “best exam” answer to our little reader quiz and takes to task the original author.

Of course, our readers hit the nail on the head. (Eventually).

Dig just a few pages into Freescale’s recent 10-K (on page 38), and you find that it had $1.525 billion in adjusted Ebitda last year. (The adjustment includes that $891 million in noncash charges related to “purchase accounting adjustments.”)

C…
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10 Abril, 2008| Economy | Comments (0) @ 15:31

Name That Instrument

We know our readers are among the sharpest. (Notice I didn’t define my sample universe). We also know you are up for a challenge after a long, hard trading day. So this little contest should only be vaguely difficult. Name the financial instrument depicted in the attached chart.

Winner will get dinner with the famous DealBreaker writer…

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10 Abril, 2008| Economy | Comments (0) @ 15:08

What Would It Take to Make You Take a Spammer Seriously?

(April 10, 2008 02:37 PM, by Bryan Caplan) Following up on my last question, what would it take to make you take a spammer seriously? Imagine that one……
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10 Abril, 2008| Economy | Comments (0) @ 14:37

Microsoft’s Secret Weapon in Yahoo Bid: Advertising

A lot of people are talking about this Microsoft/Yahoo deal/non-deal today, D…
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10 Abril, 2008| Economy | Comments (0) @ 13:55

TSLF: More Success

10 Abril, 2008| Economy | Comments (0) @ 12:52

The biggest IPO on stock market.

10 Abril, 2008| Economy | Comments (0) @ 12:39

Your Foot in the Door and Your Stuff in the Store

(April 10, 2008 12:32 PM, by Bryan Caplan) I’ve previously argued that you usually need extensive educational credentials just to get an interview for anything more than a……
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10 Abril, 2008| Economy | Comments (0) @ 12:32

The California Black Gold Rush

Furious that President Bush has refused so far to press the big green button under his desk labeled “reduce crude oil prices by 20%,” congresscritters Edward J. Markey of Massachusetts, Rahm Emanuel of Illinois and Peter Welch of Vermont penned a sternly worded letter to the White House yesterday. This follows weeks of protests by truckers all over the country, but particularly in California, demanding the immediate suspension of the relationship between supply and demand, and calls by other elected officials not just to stop the massive supply crunch caused by the diversion of 0.7% of daily national consumption to the Strategic Petroleum Reserve, but also to open the spigot on the Reserve and let every drop of its 34.2 day supply crush oil prices down to $50 a barrel again, “where they belong.”
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10 Abril, 2008| Economy | Comments (0) @ 12:13

Lehman: Sucking Less Than Bear

Lehman might’ve liquidated a bunch of tanking funds late yesterday, and been down three percent in early trading this morning but the Brothers managed to avoid complete and total social leprosy when analyst Mike Mayo deemed them “not Bear.” In fact, Dick Fuld was said to be so happy at being labeled as anything at all other than a utter fucking failure, that he’s rumored to have sent out of memo to all staff this morning announcing the kick off of an “anti-Bear” campaign.
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10 Abril, 2008| Economy | Comments (0) @ 12:00

Murdoch, Yang, Ballmer: Ménage à Trois

Since you read our Opening Bell entries, you will already be on top of the latest Microsoft Yahoo wrangling. Setting aside for a moment how desperate one has to be to run to AOL in search of a white knight, doesn’t it also suggest a rather severe case of memory loss to think AOL might execute well on a merger? Or the construction of a ham sandwich? However you answer the question, it is into AOL’s arms that Yahoo has flown.

You can call Steve “Eric Schmidt is a fucking pussy” Ballmer many things (sweaty, perhaps, rotund, for instance) but you can’t call him a crafty negotiator on recent evidence. The decaying offer trick (for every hour after 3:00 pm that you delay, the Emperor Club credit portion of the deal is reduced by 10%) only really works in Michael Douglas movies, not with Yahoo directors. All that managed to accomplish, it seems, is to irritate Yahoo into baffling defensive maneuvering, specifically, a combination with special Olympic winner of the InterWebs, AOL.
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10 Abril, 2008| Economy | Comments (0) @ 10:40

A Black Swan in the Money Market

10 Abril, 2008| Economy | Comments (0) @ 10:14

Those Damn French Italians Spanish Are Going To Destroy The Euro

Any piece that quotes the French President with: “We cannot continue to cope with the autism of some bankers who do not understand that the priority is not fighting inflation, which is nonexistent, but fighting for more growth,” deserves your attention, even if it is in Forbes. Should we pay attention? Probably not. Still, I quite like the idea that the “Latin” bloc and the “German” bloc (which apparently includes Luxembourg) are on at odds over fiscal discipline. That and the myth of prudent Swiss bankers is pretty sure to get you a laugh or two at parties. But, given that “62% of Germans support reinstating the deutsche mark as the country’s currency,” maybe we should pay attention.
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10 Abril, 2008| Economy | Comments (0) @ 9:59

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