FINTAG COMMENT
Begging bowl.
So the UK's debt is a few billion off the budgeted forecast. Like the USA, the UK has its largest ever debt since the Second World War when there was a good reason for a large amount of debt - War. This time around, the reason for the debt is ...Investment Banking. So we defeated Hitler and a potential world of horror, spent decades paying off the loans for these loans to reappear because a few bankers needed to continue their lifestyles.
Seems rather bizarre, doesn't it?
But not as bizarre as the Galleon sheep who are ripping out its hedge fund with panic like zeal. It looks like the fund will be forced into liquidation and this always results in less for those who stand last and I am surprised Galleon hasn't just gated the fund. Even so, when panic sets in, panic sets in. Has anyone checked out who these investors are? I got a sneak preview from a disgruntled to be out of work Galleoner and hey presto, a few of these also had Madoff exposure. Bad luck seems to follow those who are useless.
BenalityA few days ago I tried to tweet the 5 billionth tweet. I was close but not close enough. I must try harder:
http://twitter.com/fintag/status/4999882493
U.S. STOCK FUTURES POINT TO SECOND STRAIGHT DIP
market watchFintag saysHey Presto. The world is over valued.
GALLEON STAFF EYE EXITS
deal bookFintag saysShip. Rats. Jumping.
wall street journal says "Rakoff Gets Galleon Case And Will Bharara Become the Great Preetinder? "
Mind you seems ironic that Australia, the world's only booming economy has a Sri Lankan boat problem. Given Galleon owned a lot of the SL stock market, we may see a few more immigrants looking for new homes.
KING CALLS FOR BREAK-UP OF BANKS
financial timesFintag saysLooks like King is prepping himself for the job of top regulator once the FSA is binned. His statements are so obvious and a sentiment we have been espousing for years. Glass Steagall 2.0. Alternatively GS 2.0. Spooky.
Hedge fund manager, Avenue Capital Management, has succeeded in getting Six Flags to submit a new reorganization plan, Reuters reports. Avenue's bondholders had accused theme park operator's management for transferring almost all its stock to senior lenders, including JPMorgan Chase, in return for cutting its debt.