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Further reading
FT Alphaville — Principal content Further reading Posted by Tracy Alloway on Jul 17 08:02. Elsewhere on Friday, - Nouriel Roubini vs the media. - Matt Taibbi on Goldman earnings. - On plummeting commercial paper . - “A Wall Street-like bubble has engulfed the world’s favourite red wine .” - Who is going to get crushed by CIT? - The validity of head and shoulders patterns. - Still a slack economy . - Further, further reading . - How insurer Willis took over the Sears Tower . - Debating the power of the female ...

Friday morning links
The Mess That Greenspan Made — TOP STORIES • CIT rushes to secure lending, bankruptcy feared - Reuters • Two Giants Emerge From Wall Street Ruins - NY Times • Google and IBM record second-quarter profit rises - Telegraph • Congrats Goldman Sachs! You're the New Symbol of Banker Greed - Gawker • California Budget Talks Falter, Treasurer Warns of Junk Debt - Bloomberg • The real price of Goldman’s giganto-profits - Taibblog • Would a CIT failure derail the economy? - CSM • Keeping up with the Goldmans - Economist ...

Goldman is a little bit pregnant
Abnormal Returns — ... It’s this contrast between private reward and public risk that gets to the heart of the matter.  Because Goldman would not exist in its current state were it not for the beneficence of the Federal Government.  Again Matt Taibbi, this time at True/Slant, notes the many ways in which the firm has benefited from a raft of government programs.  That has not phased the company. In a piece by ...

Friday links: conflicting signals
Abnormal Returns — ... this downturn is unlike the Great Depression.  (Carpe Diem) Central bank independence is overrated (and unrealistic).  (Aleph Blog contra Economist’s View) What does “too big too fail” really mean?  (Atlantic Business) The many ways in which Goldman Sachs (GS) continues to benefit from government largesse.  (True/Slant) “I doubt that Goldman is making much of its ...

Friday Readings
The Big Picture — ... Audit Interview: James L. Bothwell The author of a definitive ‘94 GAO derivatives report talks about industry pushback and financial-press complacency (CJR) • Security Savings Bank: Why a bank’s own executives were ignored when they brought financial irregularities to the OTS (their primary regulator) as “religious right” connections were used to fend off regulation •A GS 2-fer: -The Joy of Sachs (Krugman) -The real price of Goldman’s giganto-profits (Taibbi) • ...

Grab Those Pitchfork Futures!
Daily Options Report — ... Do I detect a whiff of broad based (and well deserved) cultural backlash going on? Throw in kind of an Odd Couple undercard of Charlie Gasparino and Glenn Greenwald and they all seem to agree with.....well, Cody. And of course, Matt Taibbi (hat tip Abnormal). So will some questions ever get answered? Of course not.. If the market does well for a week all the apologists will say not to worry about this sort of thing. "Everybody makes money!" I was yapping with Kevin Depew of Minyanville on the subject, and he made the ...