News from around the web: 2009-07-23

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  • Bernanke Says Add Consumer Protection to Fed Mandate – Bloomberg.com

    You have to respect the chutzpah behind this. Audacious

  • NAB raises $2b in oversubscribed placement

    Banks are getting capital everywhere.

  • Buffett’s $91,000 shares are a steal

    Barrons thinks they could get 125K by next year

  • No time to waste in reforming German banking – FT

    Its not just HRE, but Landesbanken too. Very important piece.

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  • Debunking Foreclosure Myths – bubbleinfo.com

    Jim the Realtor’s view on foreclosures

  • Goldman sheds bail-out legacy – FT

    First bank to buy back government warrants

  • Morgan Stanley sets aside $3.9bn to pay staff bonuses – Guardian

    Goldman got theirs, so let’s get ours too.

  • Wells Fargo Posts Record Profit After Wachovia Purchase : HousingWire

    Writing down Wachovia loan book helped.

  • Economist’s View: "Ten Myths about the Subprime Crisis"

    Good read.

  • Why Pluto really is a planet – New Scientist

    Illinois rules it was unfairly demoted.

  • Steven Gerrard ‘threw barrage of punches after row over music’ – Guardian

    Gerrard is team captain.

  • Cracks Show at Wells Fargo – DealBook Blog – NYTimes.com

    Record profits but huge charge-offs.

  • Morgan Stanley v. Goldman: Breaking Down the Earnings Reports – Deal Journal – WSJ
  • Audit Interview: James L. Bothwell : CJR

    Look back at 1990s OTC derivatives. Hat tip Yves Smith.

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  • The strange summer jobless claims data – Tim Iacono

    Serious seasonal adjustment problems.

  • Replacing the Dollar: China’s Big Plans for Its Currency – TIME

    Are the Chinese preparing for Yuan dominance?

  • Is Obama Gorbachev? – James Howard Kunstler

    An indictment of TV News and the political consensus.

  • On ‘Foreclosure Road’ in Spain, Bargains Abound – WSJ.com

    REO and foreclosure tours in Spain too.

  • Spanish Bank Seeks a Savior – WSJ.com

    Merging a weak bank with stronger one? Sounds very Japanese.

  • Nordic Banks Rise Above Regional Frailty – WSJ.com

    Contrast Nordea and Handelsbanken’s results with SEB and Swedbank’s. The difference is the Baltics.

  • Mall Owner Prepares TALF Deals – WSJ.com

    Key test for this rescue program

  • Rebuking Russian Ambitions, U.S. Backs Ukraine for NATO – WSJ.com

    Let’s see how relations with Russia now change.

  • Morgan Stanley suffers $159m loss – FT

    Why did they repay TARP funds again?

  • What Are You (Or Barney Frank) Going To Do About It? – Simon Johnson

    How are we going to deal with too-big-to -fail banks?

  • CIT Hit With Interest Rate More Than 25 Times Libor – Bloomberg.com

    Extorting a near-bankrupt company

  • China iPhone man commits suicide – BBC News

    He was suspected of stealing the next gen prototype.

  • Looking for an exit – James Hamilton

    "…the United States government is mistakenly assuming that it can borrow essentially unlimited sums without undermining confidence in the dollar itself." Hat tip Yves Smith

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    Distraction of the Day: Fired because of wife’s occupation

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