$$$ Reuters: "Obama Likely to Consider Summers to Succeed Bernanke As Fed Chair in 2010." And according to The Caucus: "Mr. Summers is likely to be named as an economics adviser as well, two sources familiar with the Obama transition said, with the expectation that eventually he will be named to the Federal Reserve Board, perhaps as successor to Chairman Ben Bernanke."
$$$ Air G.M. Grounds 2 Jets in Wake of P.R. Debacle [DB]
$$$ America's Neediest: Bringing' Back the Sunshine to AIG [Cityfile]
$$$ Manzke 'Disgusted' by Hedge Funds, Seeks Investor-Rights Group [Bloomberg]
$$$ Congratulations to Tim Geithner for receiving the coveted Maria Bartiromo hottie stamp of approval. The $honey noted earlier that the new Treasury Secretary is "devilishly handsome," and really, not at all sarcastically because I agree with her, that's all that matters. Everything else will fall into place.**
$$$ Are you excited to have yet another weekend, or at least Sunday night, ruined? Same here! Anyway, do not forget us if you happen to come across any proprietary information or, and this is just a for instance, pictures of Vikram Pandit weeping into a gossamer pillow. bess at dealbreaker dot com, ep at dealbreaker dot com, and texts to 973-495-0177.
**CNBC's Jeff Macke and fellow Dartmouth grad adds: "He is a sexy beast."
Posted by guest , Nov 21, 2008 5:23PM
Hey Tim, no pressure:
"THE MAN WHO CAN SAVE ECONOMY?" so says matt drudge
Posted by guest , Nov 21, 2008 5:37PM
CNBC's Steve Liesman reporting on Fast Money that reuters and the NYT's are reporting that Larry Summers will be the next Chairman of the Fed?
Posted by guest , Nov 21, 2008 5:40PM
woops, they said one thing and the crawl said another. Backtracking a bit? The crawl added those all important words "is considering" ...
Posted by Anal_yst , Nov 21, 2008 5:42PM
wtf that manzke is got her pant!es in a bunch because she put her clients' money into some sh!tty funds that are now freezing their funds and she looks like a complete dumbass.
Just call it what it is (CYA) and move the eff on with your life, its not your party and you can't cry if you want to
Posted by guest , Nov 21, 2008 5:44PM
Sachs in the Citi
Posted by guest , Nov 21, 2008 5:47PM
Why does CNBC put all of these insane technical analysis people on the TV? Seriously, these people are freaks. Can we have fortune tellers on next? Anyone who reads tea leaves?
I'm so tired of hearing all of these idiots - including the whole "Fast Money Gang" - blather on and on and on.
Sure, there may be some people out there who use the voodoo of charting to pick pretty little numbers to jump in or out which might make a bit of a self-fulfilling prophecy, but it comes down to expectations vs. where things are trading.
We need the relentless beat of bad news to stop, we need the constant downgrades to stop (why are we believing bearish calls from the same people who told us oil would go to $200?!) and we need Treasury and the Fed to get their act together.
Something has to be done with C this weekend and we need to get some transactions rolling. I see AIG has found a buyer for ILFC - that's a great sign - let's get some more transactions rolling.
Posted by Goldman Sachs Neophyte , Nov 21, 2008 5:48PM
Ashley Dupre will be interviewed tonight on ABC. SPODE.
- that guy from Goldman Sachs
Posted by guest , Nov 21, 2008 5:48PM
#5 you need to giggle when you write that. When Santelli said that this afternoon, the gals all giggled.
Posted by guest , Nov 21, 2008 5:52PM
Can someone tell me why men who obviously have wives and kids are commenting on the "hotness" of Geitner? It started with the guy in the hideous sportcoat and it is now a trend on CNBC.
Posted by guest , Nov 21, 2008 5:57PM
@5 Nice!
Posted by guest , Nov 21, 2008 6:40PM
Was thinking today "gee, no one has mentioned the SEC guy." and lo and behold Jim Cramer is on a rant about anked short selling and Mr. Cox. What is the over/under that he puts cox on his wall of shame?
Posted by bank_teller , Nov 21, 2008 6:54PM
http://www.wallstrip.com/2008/11/21/wheres-my-bailout/
What's that on her left hand ring finger?!? She's never had that before. I feel sick. Need some investigative reporting to get this figured out.
Posted by guest , Nov 21, 2008 7:01PM
@11 you are an oddlot.
Posted by guest , Nov 21, 2008 7:15PM
Sexy Beast,
he's a vampire bat!
See picture at http://drudgereport.com/
Posted by guest , Nov 21, 2008 7:31PM
save me #13, can't get enough of Charlie and Rick and Steve and Dylan...
Posted by guest , Nov 21, 2008 7:31PM
@12 I've never gleaned one bit of information those two, but that's doesn't stop me from watching.
Posted by guest , Nov 21, 2008 9:02PM
"Paulson pretty much just looked forward into the back of the seat ahead of him. I imagine he is accustomed to flying anonymously up until the "bailout" news.
However, his presence was not lost on the chattering "tourist" class back where I was sitting.
"Man, I could use a few extra bucks at Christmas," chuckled one man. "Think I should go give it a shot?" He wasn't the only one to take a less than quiet shot, though I suspect people tend to keep their politics rather quiet when traveling.... It was a DC to LA trip, after all."
http://www.riehlworldview.com/
Posted by guest , Nov 21, 2008 9:05PM
Are they holding Steve Liesman hostage at CNBC? lol Wasn't he there first thing this morning and he has been on every program since.
Posted by guest , Nov 21, 2008 10:49PM
DRESDEN, Germany – Top-seeded Russia held off the United States in the 38th Chess Olympiad in round eight of open division play Friday, but the Armenian team crushed France and stayed in first place.
France gets crushed... lol... oh never mind...
http://news.yahoo.com/s/ap/20081121/ap_on_re_eu/eu_germany_chess_2
Posted by guest , Nov 22, 2008 1:13AM
write off Downey!
Federal Authorities Seize Newport Beach-Based Downey Savings and Loan
Downey Savings and Loan finally drew it's last, painful breath, then released it in a sigh of utter relief as one of the longest, most painful bank insolvencies to date.
The body has been claimed by US Bank, which means if they don't get killed by the same disease Downey did, they may end up owning as many homes in SoCal as people in SoCal do.
http://yourmortgageoryourlife.wordpress.com/2008/11/21/federal-authorities-seized-newport-beach-based-downey-savings-and-loan/
Posted by guest , Nov 22, 2008 9:11AM
@6 RE AIG sale of ILFC to the Chinese
Why is it good to be selling off assets at fire sale prices in a distressed market when the assets are now effectively owned by us (assuming you are a taxpayer). It would seem to me that it would be best to retain the assets and sell into a recovered environment. Do you see a lot of the "smart money" PE guys selling companies right now?
The problem would appear to be the remaining private investors desire to pay back the "loans" and then somehow convince the government that its equity kicker was excessive so as to "unlock value" for predecessor shares that is really being stolen from taxpayers. It amazes me that they are even at the table at all, given the rat infested clusterfuck AIG has been for the last five years. They should be happy they can still sell their stock on the NYSE at this point.
I call for the whole workout plan to be revisited, with time spent thinking about how best to realize on the value of all the companies assets to maximize the recovery to the US government. Perhaps it is time to take the company through a pre-packaged bankruptcy with the remaining funds under existing government lines being restructured as DIP financing and the unsecured claims reduced to reflect the lack of actual value to cover those claims. The US govn't could provide a stalking horse bid for majority control (say 60%) and retain the minority stake for itself.
I mean, we spent a couple hundred years developing a bankruptcy system that has worked well historically but everyone has now thrown this by the wayside at the behest of a few old, bald men who wield power by instilling fear to circumvent the system and represent the interests of a very small number of overly wealthy individuals.
Call me a socialist but I think we are getting fucked.
Posted by Harald , Nov 22, 2008 10:37AM
@6 I'd rather have TA guys on there than the stupid analysis the anchors can offer "well the market is up today on news that NO YOU ARE SO DUMB DONT EVEN FINISH THAT SENTENCE"
Posted by Harald , Nov 22, 2008 10:40AM
@21 well said. not sure why people dont trust are BK system. it was designed precisely for moments like these
Posted by guest , Nov 22, 2008 11:08AM
They need to put Carter Worthless on again and ask him if he got Oppenheimer stopped out of all those "all in long" positions.
Posted by Anal_yst , Nov 22, 2008 12:44PM
not a bad idea #21
Posted by guest , Nov 22, 2008 1:47PM
Someone once said there are certain things that cannot be adequately explained to a virgin, either by words or pictures. It is therefore with some trepidation that I attempt to outline our investment policy.
http://www.ft.com/cms/s/0/8f9446a2-b6a3-11dd-89dd-0000779fd18c.html
"All financials will be owned by the U.S. government in a year," Hendry said. "I bet you."
Nationalizations take dramatic losses from the private sector and places them on the larger balance sheet of the public sector, he said.
"It's not good," but society is vulnerable and society is going to have to intervene, Hendry said.
http://www.cnbc.com/id/27835645
Some weekend comments to consider...
Posted by guest , Nov 22, 2008 7:25PM
I mean, we spent a couple hundred years developing a bankruptcy system that has worked well historically but everyone has now thrown this by the wayside at the behest of a few old, bald men who wield power by instilling fear to circumvent the system and represent the interests of a very small number of overly wealthy individuals.
Posted by guest , Nov 23, 2008 11:57AM
Out of the 11,585 U.S. and international stock mutual funds tracked by Morningstar Inc., 11,584 have lost money in 2008, according to fund data through Nov. 20.
Posted by guest , Nov 23, 2008 1:27PM
I thought I noticed something creepy in Geithners menacing, roving glare while watching clips of him spouting rhetorical curveballs on Bloomberg.
I sure don't think it's handsome. It's kinda scary.
When Obama wakes up on Jan 21, 2009, looks around, and finishes the day in sucking his thumb in the fetal position under his big, oak desk, it's people like Geithner who are going to be running the place.
And that ought to give everyone reason to be Thankful...that it hasn't happened yet.
Posted by guest , Nov 23, 2008 2:30PM
ADI 's New Aplha hedge - fund seeding platform looks a dangerous investment.