Advice to Lawyers
Most banks are trading lower with the notable exception of JPMorgan.
Current increase in market cap after the Bear deal: around $11 billion
I will add that this number happens to be very close to Bear Stearns book value.
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Recent Entries - Worst TSLF of all Times
- German Bonds
- Dramatic Drop in Short-Selling of Fannie and Freddie
- Enterprise Credit Default Swaps and Market Discipline
- TSLF
- Short Sellers: June Was Best Month in 7 Years
- U.S. Treasury Default Swaps: New Record
- Fannie and Freddie: Rescue Links
- Freddie: Still Breathing
- CDS: Fannie Tighter, US Wider
- Stocks for the Long Run, Fannie and Freddie Edition
- #Links
- “Short and Distort” Crowd Doesn’t Want You to Read This
- Hot Mike Statement
- International Role of the Euro
- Derivatives: OCC Edition
- Dow Jones in Euros
- Derivatives Trading: Banks Recover
- Ambac
- Oil Spike: Credit Crunch Theory
- ABX: First Writedowns
- #Links
- NY Fed Loan to JPMorgan for Bear
- LIBOR vs NYFR
- New OCC Mortgage Metrics Report
- #Links
- OIS
- Quote of the Day: Vikram Pandit
- Financial Guarantors in the Financial System
- The Chronology and Links of Propagation of the Sub-Prime Shock across Structured Finance Markets
- Reverse of the Law of Large Numbers
- I Am Very Disappointed In This Quarter’s Results
- New Bond Math: -2 + -2 = 4
- ABCP for Auction-Rate Rescue ?
- CDS: Central Counterparty on the Way
- Libor Changes: NONE
- JPM on the WSJ’s Dodgy Libor Analysis
- Libor Analysis: Wall Street Journal Edition
- Mishkin Resigns
- #Links
- Computer Programming Error
- Crunch: Euroland Edition
- SocGen’s Trading Scandal
- CDS Market: Still Growing But…
- Moody’s
- Return of the Maestro
- Seniorage Profits: Fed Edition
- #Links
- Oracle of Omaha Meets the Visionaries of Galilee
- Triple A for Fake Alpha
- Minsky on Central Banking
- Best TAF So Far
- #Links
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- Follow the Money
- TSLF: Nobody Showed Up
- ICE Crash
- Trichet: Reflections on the Current Financial Market Correction
- #Links
- Confidence Improving
- CDS Premia: View from the BofE
- LIBOR Changes
- Exchange-Traded Credit Default Swaps ?
- Liquidity Provision by the Federal Reserve
- Only in America: Repo Home Tour
- The European Central Bank and The Federal Reserve
- FED: Running Out of T-Bills
- #Links
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- ABX.HE.PENAA Initial List
- TAF: Below Discount Rate
- What We Know, Don’t Know and Can’t Know About Bank Risk: A View from the Trenches
- Libor and Money Market Funds
- TSLF Collateral Expanded to ABS
- TAF Increased to $150 bn
- #Links
- Markit to Add a Penultimate AAA Sub-Index to ABX.HE Indices
- NYFR: The New LIBOR
- Subprime RMBS: Expected Credit Losses vs Mark to Market Losses
- ABX Anomalies
- Financial Market Liquidity
- Market Timing System using Grammatical Evolution
- Minsky
- #Links
- Credit Classification Using Grammatical Evolution
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Blogs Portfolio.com: Market Movers
Signing Off
Just in time to avoid the aftermath of the dreadful Merrill results, I'm off on holiday. (Although it's worth noting that the shares "sinking" 9% in after-hours trade only brings them back to where they closed yesterday.) There won't be ...
Le blog d'éconoclaste
Sanctionner les chômeurs, à quoi ça sert?
Ainsi donc la loi sur les nouveaux devoirs des chômeurs a été adoptée. Désormais, les allocations chômage seront dégressives en cas de refus de deux offres "raisonnables". Mais à quoi cela peut-il bien servir?
FT Alphaville
CDS report: Credit investors hold their nerve
This CDS report was written by Markit's Gavan Nolan Investment grade European credit was resilient today in the face of declining stock markets. The strong performance in financials continued, with yet another bank providing a positive surprise. Credit Suisse posted ...
Going Private
A Brief Delay
Unfortunately, there will be a brief delay in service while I dry off my undergarments and descend into the plateaued euphoria of the newly minted Icahn Report.
Stumbling and Mumbling
Births, deaths & happiness
It’s a cliché that people adapt. This new paper shed interesting light upon this. It finds that people do indeed fully adapt to both marriage and the birth of a child. They get happier as these events draw nearer, but...
Abnormal Returns
Thursday links: no peso problem here
A noted manager of financial sector funds finds little to like out there. (WSJ.com) Goldman Sachs (GS) raises $10 billion to invest in loans backing LBOs. (FT Alphaville also Deal Journal) The Mexican Peso is at a ...
Paul Krugman
"Drive 70 and …
freeze a Yankee.” That’s what bumper stickers said in the 1970s. But now, the upper hand is on the other foot. No Tags
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aleablog [dot] com
March 17th, 2008 at 12:01 pm
[...] Bear Stearns’ book value seemingly has accrued to the benefit of J.P. Morgan. (Alea) [...]
March 19th, 2008 at 2:37 pm
[...] JPMorgan’s increase in book value - $11 billion. [...]
March 20th, 2008 at 3:42 pm
[...] à Bear vaut plus), voyait sa capitalisation boursière augmenter de 11 milliards de dollars… Soit exactement la valeur comptable des actifs de Bear Stearns, ces mêmes actifs que quelque jours plus tôt, personne ne voulait acheter pour refinancer la [...]