Monthly Archives: August 2009

Slow posting, normal programming will resume after Labor Day. Meanwhile enjoy this nice letter to the Editor of the FT: From Mr Eric Keetch. Sir, In a sleepy European holiday resort town in a depressed economy and therefore no visitors, … Continue reading →

Q2-2009: $3.3 billion vs $2.9 billion a year earlier and a $1.5 billion loss in Q1-2009. Nearly half of the quarter’s earnings due to derivatives: Gains from derivative contracts during the second quarter primarily relate to our long duration equity … Continue reading →

Almost back to normal: negative 1 // Continue reading →

Weekly averages, millions of dollars Source: H.4.1 // Continue reading →

Related to this december 2008 post, Your Bonus: Toxic Waste Credit Suisse Group’s novel plan to pay bankers with a brew of its own toxic bonds and corporate loans has gotten off to an unexpectedly strong start, which could put … Continue reading →

TBAC Report and Minutes Mega supply on the way. Several members agreed that, if done gradually, the 2-year note could be increased to nearly $50 billion for each offering, the 5-year could reach $45 billion, the 10-year could go up … Continue reading →

Brad Setser: my last blog post Maiden Lane III LLC, Financial Statements and Independent Auditors’ Report Dismal, yes, but economics flies off the shelves US dollar What Might Crack This Rally? US prime borrowers fall behind on payments Cash Is … Continue reading →

(Very Good) Paper by Thierry Foucault, Ohad Kadan, and Eugene Kandel We develop a model of trading in securities markets with two specialized sides: traders posting quotes (“market makers”) and traders hitting quotes (“market takers”). Liquidity cycles emerge naturally, as … Continue reading →