Posted by smeddum on September 22, 2009
A Curious Snag In Debt-For-Equity Restructurings As Goldman And JPM Do A Stealthy Roll Up Of The Media Industry
Submitted by Tyler Durden
09/20/2009 19:11 -0500
ZeroHedge
While most hedge funds traditionally have an on-shore and an off-shore investment vehicle, the bulk of investable capital is allocated to accounts domiciled in the Caymans, Bahamas, Isle of Man, or some other tax “friendly” country, as LPs are never too crazy about that little snag known as taxes, and offshoring provides some nice and useful alternatives to said snag. Distressed hedge funds, those that acquire either secured or unsecured debt with the hope of equitization, are no exception. Yet equitization by essentially foreign vehicles is starting to get some dirty looks by regulators, which limit “foreign” equity investments in traditionally American companies and sectors. Some developments in the upcoming restructurings of media companies may put a new wrinkle on what is promptly becoming the most prevalent and profitable means for hedge funds to invest capital (not by necessity but for the simple reason that if a sector is not too big to fail, it is likely failing massively). The case of Citadel Broadcasting, which Zero Hedge discussed recently as commentary highlighting the lunacy of the current investment climate, is just such an example. Read the rest of this entry »
Posted in Uncategorized | Tagged: Avenue Capital, Banks, blogs, Citadel, Corporate Finance, debt, Fail, FED, Federal Reserve System, Fourth Estate, GE, GE Capital, General Electric, Goldman, Goldman Sachs, hedge funds, Hope, ION, JP Morgan, JPM, MAN, Media, Propaganda, Sales, Too Big To Fail, Treasury. Tribune, wall street, Wall Street Journal, Zero Hedge | Leave a Comment »
Posted by smeddum on September 24, 2008
Good ideas and lies New York Times
Daniel Davies, in one of the great blog posts of this era, laid down a key principle:
Good ideas do not need lots of lies told about them in order to gain public acceptance.
He was talking about the selling of the Iraq war, but it applies more generally.
So, this morning Hank Paulson told a whopper: Read the rest of this entry »
Posted in Financial crisis | Tagged: bailout, economy, failing banks, financial fraud, Paulson, wall street | Leave a Comment »
Posted by smeddum on September 22, 2008
Goldman, Morgan Stanley Bring Down Curtain on Wall Street Era
By Christine Harper and Craig Torres
Get your hankies ready and have a good bubble. I can’t believe I said bubble how insensitive. Alas the old days are over, the big bonuses are gone. Somehow I find it hard to believe that Fed regulation will fix things here. What is the Fed? A decentralized central bank, inside the government and independent from it.
Who regulates the regulators?
Sept. 22 (Bloomberg) — The Wall Street that shaped the financial world for two decades ended last night, when Goldman Sachs Group Inc. and Morgan Stanley concluded there is no future in remaining investment banks now that investors have determined the model is broken. Read the rest of this entry »
Posted in Financial crisis | Tagged: failing banks, financial collapse, wall street | Leave a Comment »
Posted by smeddum on September 19, 2008
L.A Times
Hey U.S., welcome to the Third World!
It’s been a quick slide from economic superpower to economic basket case.
Rosa Brooks
September 18, 2008
Dear United States, Welcome to the Third World!
It’s not every day that a superpower makes a bid to transform itself into a Third World nation, and we here at the World Bank and the International Monetary Fund want to be among the first to welcome you to the community of states in desperate need of international economic assistance. As you spiral into a catastrophic financial meltdown, we are delighted to respond to your Treasury Department’s request that we undertake a joint stability assessment of your financial sector. In these turbulent times, we can provide services ranging from subsidized loans to expert advisors willing to perform an emergency overhaul of your entire government.
As you know, some outside intervention in your economy is overdue. Last week — even before Wall Street’s latest collapse — 13 former finance ministers convened at the University of Virginia and agreed that you must fix your “broken financial system.” Australia’s Peter Costello noted that lately you’ve been “exporting instability” in world markets, and Yashwant Sinha, former finance minister of India, concluded, “The time has come. The U.S. should accept some monitoring by the IMF.” Read the rest of this entry »
Posted in Financial crisis | Tagged: failing banks, IMF, wall street | Leave a Comment »
Posted by smeddum on September 19, 2008
Irish Independent
This is the beginning of a new epoch, if you would a new times, the dog eat dog system is sharpening its teeth, streamlining its pyramid structure, leaving casualties everywhere. Yet there is fear that the system itself cannot hold, as chaos makes for much unpredictability. Commentaries are becoming sharper and sharper. Let us bring them to you here at inthesenewtimes.com
Ignorance might be bliss; but most of all, it is ignorance. It is the utterly sublime quality of not knowing, of not having the faintest clue – as in the case of Bernard Weiss, the deputy commissioner of the Berlin police. Read the rest of this entry »
Posted in Financial crisis | Tagged: failing banks, Ireland, nazis, wall street, Wall street crash | Leave a Comment »
In These New Times 