From Bloomberg: MGM Mirage and Dubai World failed to reach agreement with Deutsche Bank AG and talks on a $1.2 billion loan to complete the Las Vegas CityCenter project collapsed, according to five people with knowledge of the matter. Come right in, MGM, take a seat…can I get you a cup of coffee? Sorry, yes,…
Joshua M Brown
The Good News: Bad Economy = Great Music
In times of economic stress, great new styles and movements emerge in American popular music. Below is a chart I’ve put together to illustrate my point. Interestingly, frivolous pop excess gets swept away as well when we get serious about the artists we want to listen to in tough times. Below is The Reformed Broker’s…
Obama Throws a Lightning Round! BUY BUY BUY!
[youtube=http://www.youtube.com/watch?v=AspJFkzgwq0] “Buying stocks is a potentially good deal if you’ve got a long term perspective.” President Barack Obama, March 3rd, 2009 OMG, the President of the United States just called a bottom in the stock market! Talking about Price to Earnings multiples and everything! After Obama made the above statement, Henchman Rahm Emanuel started flickering…
Lindsey Graham Looking For Zombies
S.C. Senator Lindsey Graham: Is AIG a “Zombie”? Fed Chairman Ben Bernanke: Umm, No. Graham: So if AIG isn’t a zombie, who is? Bernanke: There aren’t any large zombie institutions that I know of. Hey Ben – Reality called, it said to check in sometime, it’s been awhile. What is a Zombie Bank? (The Big…
Ruth Madoff Wants to Keep the Secret Stash House
Sure, let Ruth keep The House that Ponzi Built, the upper east side penthouse Madoff Attorney Ira Sorkin is now claiming is “unrelated” to the fraud charges. Yeah, ok…unrelated! Like the gold and art looted from every corner of Europe by the Nazis and hoarded in Swiss banks was “unrelated” to the genocide. Sure. Ruth’s…
Dow 6800: Free Fallin'
Bet they ain’t cheering now… [youtube=http://www.youtube.com/watch?v=-FqA2WINPF4]
AIG's $60 Billion Loss, Buffett's Mea Culpa
Death is Pretty Final I’m Collecting Vinyl I’m Gonna DJ at the End of the World! – R.E.M. And the Deflation Olympics marches on with a more vicious news cycle this morning than usual. First up, the best-run insurance company on earth, AIG, announces yet another staggering loss for the fourth quarter, this time in…
Hot Links: Zombie Banks, the Trader Tax & Doug Kass
Hot Links for Weekend Reading On The Big Picture this week, Barry Ritholtz explained the definition of a Zombie Bank, complete with a table of companies that currently qualify as zombies. TheStreet.com‘s James “Rev Shark” DePorre has certainly been busy this week with the launch of his petition to combat the “Trader’s Tax“. It seems…
TGIF: Presenting the Ripping Martesians, My New Favorite Band
After one of the ugliest weeks in the history of capitalism, I’d like to lighten things up and introduce you to my new favorite band, The Ripping Martesians. These kids are talented and way cooler than those freaky little Jonas Brothers. Watch as they tear through a few covers and then blow the roof off…
Scumdog Billionaires: 2 More Hedge Fund Ponzi Schemes This Week
Chant with me, y’all: Pon-ZI! Pon-ZI! Pon-ZI! Pon-ZI! PON-ZI! PON-ZI! Wait til you hear what these Pillars of Society were up to! Prince Charming #1: Westgate Capital Management’s James Nicholson, had a fake accounting firm since 2004. He set up a “virtual office” and had calls to this phantom auditor forwarded to himself! In the…
