Elsewhere on Wednesday,
- “In order to prevent the ‘Great Depression II’, the Fed and the Treasury have embarked on a series of measures similar in nature to those that caused the great depression.”
- “‘It doesn’t matter how much Hank Paulson gives us,’ said an influential senior official at a big bank that received money from the government, ‘no one is going to lend a nickel until the economy turns.’”
- Argentine default looms: state seizes $29bn of private pension funds.
- Businesses crippled by FX movements.
- The global crisis.
- Tactless but apt quote du jour: “a rise above $100 a barrel for oil would be economic HIV, pure and simple.”
- The transformation of Goldman.
- Official non-event of the day: Lehman CDS settlement.
- Einhorn shorts GE.
- S&P earnings: down 40%
- A witness: “Mr Rothschild made explosive new allegations… James Goodwin, one of his guests at his Corfu villa, was present when he, Mr Osborne and Andrew Feldman, the Conservative chief executive, discussed a possible donation by Leyland Daf, controlled by Mr Deripaska.”
- Rothschild wants to go to court.
