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We've seen some amazing government moves in the last few days: the bailout plan; the decision to directly buy short-term commercial paper from companies; the decision to provide yet more liquidity to... Read more...
A filing in bankruptcy court in New York contains an explosive charge by Lehman's biggest creditors: JPMorgan froze $17 billion in cash and securities on the Friday night before its failure. The... Read more...
Even the mere hint of Enron can really dog the top banks--even today. Merrill Lynch's battle to win a correction from the Wall Street Journal was over an article that accused the brokerage of using... Read more...
This is jarring: Financial sponsor activity has generated $10 billion in investment banking revenues so far this year. That's about one-third higher than last year. So it looks like we're on track... Read more...
Apparently, the Blackstone Group has put together a plan to bail out the Bear Stearns High Grade Structured Credit Strategies Enhanced Leveraged Fund. There have been few details leaked to the... Read more...
As you know, most hedge funds are set up offshore, for tax reasons. One of the benefits is that managers can effectively defer income one year or more. This is a huge benefit, and one reason what... Read more...
Citigroup has announced it has eliminated a practice that raises interest rates for credit card customers because of failure to pay other creditors. It also said it will limit seemingly capricious... Read more...
This might qualify as minor good news: Amaranth Advisors has sold what remains of its energy portfolio to JPMorgan and The Citadel Investment Group. The exact terms were not disclosed, but the... Read more...