Stacy-Marie Ishmael
Good luck, Steve.
PRESS RELEASE: Letter from Steve Jobs
August 24, 2011–To the Apple Board of Directors and the Apple Community:
I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple’s CEO,
Insider trading is definitely the new black
Bit of a stunner from the SEC on Thursday (emphasis ours throughout):
Washington, D.C., May 26, 2011 — The Securities and Exchange Commission today charged a former managing director of The NASDAQ Stock
It’s official: Ambac files for Chapter 11
Not with a bang, but a whimper.
Emphasis FT Alphaville’s:
Ambac Financial Group, Inc. (NYSE: ABK) (Ambac or the Company) announced today that it has filed for a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (“Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (“Bankruptcy Court”).
BP: not good enough for FTSE4Good
A slap on the wrist for BP on Friday, from index compiler FTSE:
(Reuters) – BP is to be evicted from the FTSE4Good ethical investment index due to its Gulf of Mexico oil spill, index compiler FTSE said on Friday,
SEC charges 35-year Deloitte veteran with insider trading
This is increasingly looking like the worst of times for professional services firms.
Management consultants were more than a little shaken when the investigation into alleged insider trading at Galleon ensnared a former McKinsey director.
[MoneyTech] Information asymmetry, PR wire releases edition
FT Alphaville has noted before that when it comes to financial markets, and especially in the battle between institutional investors and the day trader, someone will always have the data first.
The Chicago PMI report is made available to subscribers before it hits the general investing public,
Nomura thinks you should be more bearish on Hungary
Are you worried about Hungary? Why not?
According to analysts Peter Attard Montalto and Olgay Buyukkayali at Nomura, policymakers and investors are a tad complacent about the outlook for the troubled European country.
BarCap vs HUD on Hamp
We do enjoy a good calling-out here on FT Alphaville, and on Wednesday, a pair of credit strategists at BarCap provided a neat example of the genre.
In a report headlined “Misleading Reporting of Mod Performance in the June HAMP Scorecard”,
The three risks to global growth, from Barclays Wealth
Three regions, three problems.
According to strategists at Barclays Wealth on Monday, the global economy is facing three big risks in three big regions:
The risks are that U.S. consumers do not increasing spending,
Chart du jour, emerging Europe FX loans edition
BNP Paribas analysts Vivek Tawadey and Oleksiy Soroka on Monday commented on the standoff between Hungary and the IMF over the small matter of a controversial bank tax, among other things.
As they put it:
‘The stage might well be set for a deflationary process’
Brian Yelvington, fixed income strategist at Knight Research, is concerned about the potential for deflation in the US. As he put it in a note published on Friday:
Data observations and central bank concerns have led us to believe that we might not just be in a deleveraging process,
Summer reading from SocGen’s Dylan Grice
Need some beach reading? SocGen strategist Dylan Grice on Thursday shared five books he’s read recently that he rather enjoyed.
Here are Grice’s picks and brief commentary:
- “The Drunkard’s Walk” by Leonard Mlodinow isn’t just a book about how deceptive randomness can be;
FOMC minutes show Fed expects lower inflation, higher unemployment
The Federal Open Market Committee on Wednesday released the minutes of its most recent two-day meeting.
Highlights of their “summary of economic projections” are below, emphasis FT Alphaville’s:
FOMC participants’ forecasts for economic activity and inflation suggested that they expected the recovery to continue and inflation to remain subdued,
What’s going on with lumber futures?
The Baltic Dry’s losing streak – now into its 28th day – is becoming old hat. But have you heard the one about the lumber futures?
As Bloomberg reported, lumber fell limit-down on the CME on Tuesday,
The eurozone bailout fund: A Q&A
BNP Paribas analyst Ken Wattret has compiled a handy primer on the European Financial Stability Facility (EFSF), an appendage of the so-called European Stabilisation Mechanism.
The full note runs to seven pages and is available in the usual place.
Finreg, the FDIC and repo markets: a BarCap primer
BarCap produced another solid batch of commentary on the potential implications of US financial reform on Friday*, this time on the topic of repo and short-rate markets.
[For any interested, previous missives covered derivatives/central clearing and the resolution authority]
Here’s the I-want-to-leave-the-office version:
Paul Krugman wants to reach out and punch someone
Remember that time we said economists were fractious creatures? Forgive us, we misspoke. They’re *really* fractious creatures.
Exhibit A – Paul Krugman’s blog post of July 2 at 7:47am, and headlined:
Introducing the eurozone’s chief bail-out officer
The Economist totally beat us to coming up with a snappy job title for Klaus Regling, the man who took office on July 1 as the chief executive of the European Financial Stability Facility (EFSF).
(Recall:
Trends in FHA-insured loan performance still not encouraging
The FHA is a little bit sensitive about any suggestions it might not be A-OK, but the steady trickle of less-than-reassuring news about the federal mortgage insurer difficult to ignore.
Consider the following assertions from the Cleveland Fed,
What is it with SocGen types and alleged market abuse?
Jean-Pierre Mustier, SocGen’s former head of investment banking and the man who called Jérôme Kerviel a liar, has been fined for insider trading by the French market regulator.
Background: Mustier quit SocGen in August 2009 after France’s Autorité des marchés financiers opened proceedings against him,
Sell!
A poor day for US financial markets, all round:
Related links:
Fresh fears over European bank sector – FT
Bout of nerves sparks rush to havens – FT