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Waddell CEO Hermann Blamed Greece For Market Crash

It had nothing to do with us selling 75,000 S&P e-mini futures. Via the Kansas City Star

As police battled demonstrators, investors grew increasingly worried a coming bailout of Greece wouldn’t rescue it from default.

“The market is saying it ain’t going to work,” said Hank Hermann, chief executive officer of Waddell & Reed, speaking Thursday at a previously scheduled financial conference in Kansas City. “We’re going to see how this turns out in the very near term.”


Regulators Focus on Waddell Trade in Market Plunge

We thought Waddell & Reed was swallowed up ages ago by some big bank. But apparently the money management firm is still around. . .and helping to trigger massive slide in the market last week.

Is Japan the Next Greece?

The IMF recently released a worrisome report about Japan’s growing fiscal deficits. The nation’s second-biggest economy injected several hundred billion dollars in stimulus money into its economy in the hope of avoiding recession

Call the Close. . . Bull Market Edition

Since we did two of these when the markets were in a tailspin last week, we though it only fair to ask you to guess the close when all early indications point to a big triple digit gain. We’ll see if those fat fingers and high-frequency trading systems have the same impact on the way up. Dow futures were up as much as 400 early this morning. . .we’ll give a shout out to the winner at the end of the day. Ready, Go!

Jimmy Lee: Credit Markets are "Wide Open"

Jimmy Lee, JPMorgan’s legendary dealmaker, just finished up CNBC’s new show, Strategy Session. Not only did he say the credit markets “are wide open,” but up to $10 billion in debt is now available for an LBO, provided it sits on top of about $5 billion in equity and is, of course, the right kind of company.

Behind the Massive Conspiracy to Rig the Muni Bond Market

If you thought the SEC’s charges against Goldman Sachs poured fuel on an already-raging populace fire, Wall Street’s involvement in a massive bid rigging scandal in the $2.8 trillion municipal bond market will fan the flames even more.