You may have heard about the ” idea dinner” at a tony Park Ave townhouse by now. Hedge fund heavyweights in attendance were names like Soros, SAC Capital and Brigade. The topic of conversation at the grubfest was what to short. Bloomberg got their hands on a copy of the minutes and some of the names that were on their hit list to pummel and destroy were, Bank of America, the Euro, Morgan Stanley, Wells Fargo and the Bank of Greece. There were other sectors and names, but that’s all we know right now. These “secret” get togethers always remind me of the first chapter in a Clancy or Ludlum novel about international financial espionage.
Now GM is recalling over a million cars that have power steering problems. Guess what? The parts supplier is partially owned by Toyota. The President of GM brushed it off as a minor inconvenience and was quoted “it’s about a $100 million problem give or take”, back in the day that number may have been insignificant, not anymore.
Remember the “yule log” Tsunami coverage in Hawaii on Saturday that never happened? Major miss by all networks on that one as a 50 foot wave came back and hit Chile, not even the Navy sounded an alert.
AFL-CIO’s union boss Trumpka is pushing hard for a trader tax. Watch this maniac.
Tuesday, March 02, 2010