Posts from Wednesday Oct 16 2013

The Closer


– Kevin Roose on Silicon Valley’s dysfunction fetishRead more

Well, this has all been worth it


You’re crying (of boredom), we’re crying, he might soon be crying, the S&P 500 was up more than 1 per cent as we went to pixel time. But news from DC could still swiftly change: Read more

Some are born solvent, some achieve solvency, and some have solvency thrust upon them

The prospect of a US technical default is unfortunately becoming an ever greater reality.

That said, there’s no reason to panic just yet.

If there is a D-day it isn’t until November 15.

What’s more, there’s an ever louder chorus of voices suggesting that a technical default may not matter at all.

How can that be? Read more

Stay, go, pay, pari passu

In which, regardless of recent calls on Argentina to negotiate on an amount to pay its holdouts in the pari passu case (or is it to give those calls teeth?)…

…Ted Olson, NML Capital’s lawyer, invites the Second Circuit to unfreeze an order to pay the holdouts ratably — and in full, by the terms of their defaulted bonds — at the next payment to restructured bondholders. Click for the doc. Read more

California takes a small but important step towards the truth about Herbalife [updated]

Real life actual judicial opinion on Herbalife arrives from California. Click for the full document

It is only denial of a Herbalife motion to dismiss a suit from a former salesman, Dana Bostick, but there are some significant judicial thoughts that add useful perspective on what we have been reporting about the pyramid scheme case law as it applies to Herbalife. Read more

Markets Live: Wednesday, 16th October, 2013

Live markets commentary from 

The (early) Lunch Wrap

Good morning New York,


Won’t somebody, please, think of the FARPs?

Or, more descriptively FARPs vs yields (chart via Barclays):

 Read more

The banks are OK: survey edition

We don’t know exactly what next year’s Asset Quality Review will involve yet, but we are starting to get a picture of what investors think about the ECB’s forthcoming burrow through bank balance sheets.

In short, given that it might not be all over until the end 0f 2014, everyone is feeling pretty good about the banks right now, and that might explain a surge of appreciation for European stocks. Read more

Further reading

Elsewhere on Wednesday,

– Your graphical clownshow… now with more pacman.

Banksy, Bell, bubbles and Fama

– Sveriges Riksbank prize actually, blah blah blahRead more

The 6am London Cut

Markets: Nervousness about the US budget impasse kept Asian markets subdued as a deal to end the government shutdown and raise the debt ceiling continued to prove elusive. (Financial TimesRead more