Recently, the FASB opened up its “Accounting for Financial Instruments and Revisions to the Accounting for Derivative Instruments and Hedging Activities—Financial Instruments (Topic 825) and Derivatives and Hedging (Topic 815)” to public comment: a process which seeks to establish and develop “standards that generally require the increased use of fair value in financial reporting” when it . . . → Read More: Goldman Exposes The "Lend To Play" Conflict Scheme Involved In IPO Underwriter Allocation
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Goldman Sachs recaps expectations for today’s key event – payroll day… also the ISM nonmanufacturing index and a couple of Fed speeches. 8:30: Employment report for Aug…another modest gain in private-sector hiring? Labor market indicators for July have been mixed, as discussed in last night’s daily comment. Initial claims rose into the payroll survey week, perhaps with . . . → Read More: Today’s Economic Data Highlights: Goldman Anticipates Zero Private Payrolls, -125K Total It’s a classic move by an industry player feeling the squeeze of pending regulation: Hire a lobbying firm to create the appearance of widespread opposition via a carefully stage-managed astroturf campaign. One of the latest outfits to give this strategy a try: Education Management Corporation (EDMC), a multibillion-dollar heavyweight in the for-profit higher education industry that’s . . . → Read More: Goldman’s For-Profit Colleges Battle Obama Crackdown My favorite playboy economist, Nouriel Roubini, has come out with a new analysis on the future of the economy that is very similar to what yours truly has been saying. Good stuff for your consideration: The curtain has opened on Act Two of our “Year of Two Halves”—RGE’s theme since the end of 2009—with the slowdown forecast . . . → Read More: Dr. Doom’s Latest Gloom: Double-Dip The shortest route from Singapore to New York, as seen on an in-flight screen — Flickr A peek inside Credit Suisse’s marble-walled bike parking room — Streetsblog Fek on WaPo Twittergate — VV “Goldman Sachs is target No. 1 for activist investors looking to shake up corporate boards” . . . → Read More: Counterparties A weak seasonally adjusted PMI number out of China did nothing, as expected, for Chinese stocks, but was enough to push US futures up an entire point overnight, as any data now is enough to send the computers into a feeding frenzy. Additionally the trend of declining European data continues, with an even starker contrast between . . . → Read More: A Look At Futures Action: A Weak Seasonally Adjusted Chinese And European PMI, First Negative 2010 ADP, And More Here is an interesting snip from August 31 Market Commentary by Art Cashin for UBS. Sorry, no link. More bearish US data came out today, as July durable goods came in at -3.8% MoM vs 0.5% expected vs a revised 0.2% in May and new home sales drop a record 12.1% in July to 276k vs 300k (0% MoM) vs a revised 315k (12.1% MoM) in May. Home prices also fell 0.3% in July . . . → Read More: Time for a bounce in risk? Need a 100 year inflation outlook? The market has spoken, and courtesy of the liquidity glut, it appears the outlook a century down the line, is for a 5.95% inflation give or take (yes, yes, we know this is not scientific: we are hoping the soon to be released 100 Year swap spreads will give a . . . → Read More: Norfolk Southern Prices $250 Million In Upsized 6% 100 Year Bond Reopening To Yield 5.95% My Reuters colleague Robert Fullem had a really bright idea a few days ago: he went through all of Goldman Sachs’s annual reports and counted how many times the word “integrity” was used in each one. And the results are pretty interesting. The reports have been getting fatter and fatter: that’s the red line in the . . . → Read More: Chart of the day: Goldman’s integrity |
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