$$$ While no one foresees a junk-bond bust on the Drexel scale, the explosive growth of the market for risky corporate bonds has some people worrying. Interest rates have fallen so far — the yield on two-year United States Treasury securities sank to a record low of 0.36 percent on Thursday — that investors are turning to riskier and riskier securities for relatively high yields. The typical junk bond pays an annual rate of 7.5 percent. Wall Street is happy to oblige. As one veteran high-yield banker put it: “You need to put in the dish what the dog wants to eat.” [NYT]
$$$ 5 Myths About TARP, by Tim Geithner [WaPo]
$$$Anna Chapman waves off space rocket in Kazakhstan [Guardian]
$$$Ackman Takes Big Stakes in JC Penney, Fortune Brands [Reuters]
$$$Hedge Fund New Stream Has Major Layoffs After Pot Bust [Hedge Tracker]
$$$ This is footage of a guy being lit on fire and jumping out of a building (i.e. the 23rd round of GS interviews).