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Tuesday links: the risk culture
Abnormal Returns —
... (FT Alphaville)
The Dow Chemical (DOW) deleveraging soap opera is over. (Value Plays)
Xerox (XRX) looks desperate. (Deal Journal)
The SEC is probing big losses in securities lending. (Clusterstock)
Why is Goldman Sachs (GS) lobbying against restrictions on naked short-selling? (Matt Taibbi)
Private equity is dead through 2010. ...
"An Inside Look at How Goldman Sachs Lobbies the Senate"
Economist's View —
...
An Inside Look at How Goldman Sachs Lobbies the Senate, by Matt Taibbi:
...Later on this week I have a story coming out in Rolling Stone
that looks at the history of the Bear Stearns and Lehman Brothers collapses.
The story ends up being more about naked short-selling and the role it
played in those incidents than I had originally planned..., but it turns out
that there’s no way to talk about Bear and Lehman without going into the
weeds of naked short-selling... ...
Goldman's Bane Assails Firm on Lobbying Effort
DealBook —
... of being “a great vampire squid wrapped around the face of humanity,” now contends that Goldman is spreading disinformation through its lobbying effort in order to confuse government officials, a charge the investment bank denies. Specifically, Mr. Taibbi asserts that Goldman is trying to persuade senators that the practice known as naked short-selling is perfectly fine and that further restrictions on this practice would be detrimental to the market. Naked short-selling differs from a conventional short sale because the financial instrument being sold short is not borrowed ...
Further reading
FT Alphaville —
Elsewhere on Wednesday, - What it’s like to go fraudulent - in 10,000 words. - Matt Taibbi’s latest target: naked short-selling . - The mysterious Susquehanna International . - Risk culture returns, a review by asset type. - “The old relationship between Libor, swap rates and mortgage rates has broken down.” - The Ivory Coast’s complicated new bond. - The sculptural financial crisis. - “Sorry, Dr Paul, but an audit [of the Fed] would expose nothing. ” - The BNP Paribas timeline. - Cutting ...
Weekend Linky Dinks
UpsideTrader —
Weekend Linky Dinks [image] The hunt for red October begins. Just a blip on the screen, or a sign of more selling pressure to come? Still a tad early, but the S&P is flirting with a break of its 50 day moving average, this level will be the topic of conversation next week.The financial sector is right on that line and also needs close monitoring in the coming week. Have a great weekend and enjoy the links: Just drop Moody’s into a volcano. Naked short selling and how Goldman lobbies the Senate. What follows a record setting Dow quarters? Waiting for ...
Sunday Night Reads
Scott's Investments —
Matt Taibbi - An Inside Look at How Goldman Sachs Lobbies the Senate which includes a Goldman Sachs lobby sheet here (pdf) Blackstar Funds on the need for a sell discipline Meredith Whitney - The Credit Crunch Continues (what is Jon Markman thinking?!) Robert Shiller sees 5 Years of Stagnant Home Prices Banks Have Us Flying Blind on Depth of Losses: Jonathan Weil ...
