Elsewhere on Friday:
- Dubbed the world’s biggest heist by Felix Salmon at Portfolio and the year’s biggest story according to Financial Armageddon, the SEC charges Bernard L. Madoff for multi-billion dollar Ponzi scheme.
- The big three automakers will face an immediate cash crisis writes CNN.
- What will low T-bill yields do to money market funds? – WSJ
- The January effect on stocks – World Beta
- A quick take on the growing US trade deficit – Brad Setser
- The Fed declines to tell Bloomberg who’s benefiting from its lending programmes.
- The Oil Drum asks what must Opec do to achieve its aim?
- The Swiss turn on their printing presses – The Telegraph
- The Daily News reports on how strip bars are now feeling the pinch.