Dealbreaker has a surprisingly thoughtful piece on the US credit rating: That’s probably the best way to interpret market reactions. Rates on the $10 trillion of publicly held Treasuries couldn’t be tighter, suggesting that there’s …
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August 2, 2011
Christophe Chamley, a professor of economics at Boston University, writes an interesting piece on Bloomberg about the Spanish default of 1575: At that time of costly communications, periodic commercial fairs were essential events for the …
Squam Lake Group on Money Market Fund Regulation
Christopher Condon and Robert Schmidt of Bloomberg report that: Money-market mutual funds would be forced to create capital buffers equaling 1 percent to 3 percent of assets to protect against losses under a plan now …
MAPF Portfolio Composition, July 2011
Turnover declined even further in July, to less than 2%. Trades were, as ever, triggered by a desire to exploit transient mispricing in the preferred share market (which may be thought of as “selling liquidity”), …
July 29, 2011
Moody’s put Spain on Review-Negative: Spain faces a possible downgrade by Moody’s Investors Service as its regions struggle to cut budget deficits and last week’s Greek bailout increases the risk that bondholders will have to …
July 28, 2011
According to the chatterati, credit rating agencies are heroes this week: At a House subcommittee hearing yesterday, U.S. financial regulators acknowledged that the rating companies lately have been doing a better job. Alarmed by Greece’s …
July 27, 2011
The Bank of America takes wealth destruction seriously: Bank of America Corp. (BAC), faced with a glut of foreclosed and abandoned houses it can’t sell, has a new tool to get rid of the most …
July 26, 2011
The SEC has invented more paperwork: The rule contains the following requirements: Filing a Form: Traders who engage in a substantial level of trading activity will be required to identify themselves to the SEC by …
July 25, 2011
This is getting monotonous: Greece’s sovereign credit rating was cut three steps by Moody’s Investors Service, which said the European Union’s financing package for the debt-laden nation implies “substantial economic losses” for private creditors. Greece’s …
July 22, 2011
Trader Corporations debt deal closed: Trader Corp. late yesterday completed an offering of secured notes via sole bookrunner RBC Capital Markets, sources said. Terms were inked at the middle of talk, with a $15 million …