Matthew Simmons’ Latest Wake Up Call on Energy Downright Scary

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Matt Simmons is Chairman of Simmons & Company International, a specialized energy investment banking firm. Mr. Simmons’ recently published book Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy has been listed on the Wall Street Journal’s best-seller list. He has also published numerous energy papers for industry journals and is a frequent speaker at government forums, energy symposiums and in board rooms of many leading energy companies around the world.... more

A wipe-out early in the day was reversed, in part, by Charlie Gasparino’s report than the Ambac bail out was back on track. Charlie’s reporting has pulverized traders over the past few weeks, seemingly dominating the intra-day action, via reversals. The market was poised to test the lows on February 22nd until Gasparino made a late-day appearance. The market rallied to an overbought condition that continues to worked off, but I would like to see come more work done before wading bac... more

The good old days on Wall Street sure seem like an eternity ago. The SEC finally closed the books on the midget tossers in Boston; now all we are left with are memories: "The broker selection process on Fidelity’s equity trading desk was compromised when gifts and lavish entertainment swayed the flow of brokerage business," said Walter Ricciardi, Deputy Director of the SEC’s Division of Enforcement. "This misconduct created a serious risk of investor harm and violated Fidelity... more

The bears are having a tough time finishing off this market, but might get help later this afternoon. President Bush’s speech at 2pm might not kill the bulls, but margin clerks liquidating securities this afternoon could. Is anyone noting that the banks are trading the same securities as many of the clients they are forcing into the woodshed? The thievery is approaching what happened to LTCM; and the lawsuits will begin to start flying. Some money managers are speculating that the shel... more

The unfolding drama on Main Street and Wall Street has one leading villain. As we wrote in August: I talked to someone this weekend that mentioned that Countrywide has opened nearly three dozen branches around the NYC area in the past few months. They have a few more to open, which is amazing given how much capacity is coming out of the system.....Angelo is starting to give me the shakes. Too Big Too Fail Main Street and Washington are now taking their pound of flesh from Angelo, and G... more