At 2pm New York time,the settlement auction for $400 billion of credit default swaps connected to bonds issued by Lehman Bros (NYSE: LEH ) is due. This opaque derivatives market is a mystery to most investors. Dave Gonigam says the revelation of major losses is the last thing the market needs right now.
This from The Daily Reckoning:
I don’t particularly buy into the talk gurgling across the Internets that the whole worldwide banking system is going to freeze up this month, rendering your ATM card inoperable. But if it were to go down, tomorrow’s as good a day as any.
Tomorrow is the settlement auction for $400 billion of credit default swaps connected to bonds issued by Lehman Bros (NYSE: LEH ).
Actually, this whole month is a minefield of settlement days for toxic derivatives — Fannie (NYSE: FNM ) and Freddie (NYSE: FRE ) last Monday, Lehman tomorrow, Washington Mutual two weeks from today.
The Fannie and Freddie a...
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Solar panel manufacturer Evergreen Solar Inc. of Marlborough is suing Lehman Brothers Holdings Inc. and Barclays PLC to get back 30.9 million shares it loaned Lehman before the investment bank’s spectacular bankruptcy.... more
(Crain’s) — Three investment bankers are leaving the remnants of Lehman Bros. Holdings Inc. to open a Chicago office next month for Wall Street investment banking boutique Greenhill & Co.
Glenn Tilles, a 34-year Lehman veteran, says he and colleagues Doug Jackson and Chris Roehm will ...
... more
… primary blame for the current mess on mortgage lenders, operating under fewer rules, for making … Stearns and Lehman Bros. to sell “toxic subprime loans” to investors worldwide - triggering the …
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Both gold and silver were pretty quiet in Far East trading on Thursday morning. The London open gave no indication that prices were going to work their way slowly higher going into the Comex open. But about an hour before New York opened for business, gold and silver started going parabolic...and then went vertical on the Comex (AMEX: IAU ) open.
As you are now more than aware, the bullion banks (not-for-profit sellers) hit the markets hard about 20 minutes after the Comex o... more
The base metals were mostly in the black on Thursday. Copper peaked at $3.91 around mid-morning and, although it fell off from there, still finished in positive territory at $3.8827/lb., up nearly a penny and a half.
Nickel tried hard to have a good day, but was eventually pulled down into the red, closing near its intraday low at $9.722/lb., down 7½ cents. Zinc was up all day and, though it came off its highs, ended at $0.8695/lb., up 3½ cents. Aluminum traded very jaggedly but with a slig... more
Oil Skyrockets From: contrarianprofits.com Post Date: 2008-06-27 13:40:22
In the energy market Thursday, crude for August delivery traded above $140 before easing a bit to close at a record $139.64/barrel, up $5.09. July reformulated gasoline rose 11.7 cents, to $3.5113/gallon.
Oil bulls abounded after the Fed decision and subsequent fall in the dollar. “Crude oil is unlikely to face a major correction without a major bottom in the dollar or large cut in global demand,” said Thomas Hartmann, of Altavest Worldwide Trading. “Inflation appears on track to get &r... more
In the currency market, the dollar slipped further against the euro. Late Thursday, the euro was trading at $1.5757 vs. $1.5683 on Wednesday.
As with the metals, analysts were talking Fed yesterday. “The current dollar decline reflects an adjustment in traders’ expectations towards U.S. interest rates after the [Fed] policy statement added a phrase describing the ’downside risks to growth’, while making a clear upgrade in its inflation alert,” said Ashraf Laidi, chief f... more
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