{"id":13806,"date":"2011-01-21T21:58:13","date_gmt":"2011-01-22T01:58:13","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=13806"},"modified":"2011-01-21T21:58:13","modified_gmt":"2011-01-22T01:58:13","slug":"january-21-2011","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=13806","title":{"rendered":"January 21, 2011"},"content":{"rendered":"

The Financial Crisis Inquiry Commission is forecast to conclude “It’s complicated<\/a>.”:<\/p>\n

The federal commission that investigated the origins of the financial crisis is set to issue three competing conclusions next week.<\/p>\n

The Financial Crisis Inquiry Commission\u2019s main report, to be released Jan. 27, is backed only by the panel\u2019s six Democratic appointees. The four Republicans have written two separate dissents, according to a blog post by one of them.
…<\/b>
The Democrats\u2019 final report cites a broad swath of failures for the crisis, according to three people who have been briefed on the report or have seen parts of it. They blame greedy bankers and mortgage brokers, lax derivatives oversight, bumbling credit-rating firms, predatory lending, a lack of risk management at banks and decades of deregulation, said the people who spoke on condition of anonymity because the report isn\u2019t yet public.
…<\/b>
Though he didn\u2019t give details, Hennessey said he had signed on to a 27-page dissent along fellow Republicans Bill Thomas, the former California congressman who serves as the panel\u2019s vice chairman, and Douglas Holtz-Eakin.<\/p>\n

The dissent will \u201csupersede\u201d the preliminary paper that came out last month, Hennessey said on his blog.
…<\/b>
Wallison\u2019s report will focus mainly on the government\u2019s housing policy as the cause of the crisis, they said. He also takes aim at how the commission was run, putting blame on the management of its Democratic chairman, Phil Angelides, and not the committee staff, the people added. Wallison\u2019s dissent also criticizes the administrations of Presidents Bill Clinton and George W. Bush for their housing policies, the people said.<\/p><\/blockquote>\n

The FCIC preliminary dissent was discussed on December 16<\/a>. The whole thing is just a Rorschach test.<\/p>\n

Government Motors is planning to double its subsidy sucking capacity<\/a>:<\/p>\n

After exploring its options, the team settled on doubling capacity for the Volt next year, they said. GM is still evaluating the Volt\u2019s technology for other models.
…<\/b>
GM should be able to sell all of its Volt production as long as the government\u2019s $7,500 tax incentive is in place, Hall said. The incentive expires after GM sells 200,000 of the car. <\/p><\/blockquote>\n

Which makes an interesting juxtaposition with school funding<\/a>:<\/p>\n

U.S. governors and legislatures facing deficits of more than $140 billion are slashing local school budgets, cuts that may mean jammed classrooms, fewer teachers and libraries without librarians.<\/p>\n

The Texas Legislature is considering a 13 percent reduction in education funding and South Dakota Governor Dennis Daugaard recommended taking 10 percent out of per-pupil spending. Cuts proposed in those states, and in Kansas, Washington, Ohio and Iowa, come after New Jersey Governor Chris Christie took $820 million away from schools in his current $29.4 billion budget.<\/p><\/blockquote>\n

and<\/a>:<\/p>\n

Utah Representative Jason Chaffetz said Republicans have contacted bankruptcy attorneys to discuss ways to change the law to allow states to restructure financial obligations such as debts to retirees. He said it hasn\u2019t been decided whether that would mean allowing states to file for bankruptcy.<\/p>\n

Chaffetz said he proposed legislation to oppose federal bailouts of pensions.<\/p><\/blockquote>\n

Goldman sold some 30-year paper<\/a>:<\/p>\n

Goldman Sachs Group Inc. sold $2.5 billion of 30-year debt in its first sale of the securities in more than three years, as investors accept the lowest premiums since April for bank bonds with similar credit grades.<\/p>\n

The 6.25 percent notes from the fifth-biggest U.S. bank by assets pay 170 basis points, or 1.7 percentage points, more than similar-maturity Treasuries, according to data compiled by Bloomberg.<\/p><\/blockquote>\n

The Canadian preferred share market eased off a little on heavy volume, with PerpetualDiscounts down 8bp and FixedResets basically flat.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.5011 %<\/td>\n2,345.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.79 %<\/td>\n3.48 %<\/td>\n27,089<\/td>\n19.17<\/td>\n1<\/td>\n-0.4384 %<\/td>\n3,554.7<\/td>\n<\/tr>\n
Floater<\/td>\n2.55 %<\/td>\n2.32 %<\/td>\n44,079<\/td>\n21.47<\/td>\n4<\/td>\n0.5011 %<\/td>\n2,532.8<\/td>\n<\/tr>\n
OpRet<\/td>\n4.81 %<\/td>\n3.39 %<\/td>\n65,669<\/td>\n2.29<\/td>\n8<\/td>\n-0.1011 %<\/td>\n2,389.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.30 %<\/td>\n1.70 %<\/td>\n465,131<\/td>\n0.88<\/td>\n4<\/td>\n0.0801 %<\/td>\n2,464.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1011 %<\/td>\n2,184.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.64 %<\/td>\n5.00 %<\/td>\n138,510<\/td>\n5.30<\/td>\n20<\/td>\n-0.0824 %<\/td>\n2,031.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.31 %<\/td>\n5.30 %<\/td>\n256,691<\/td>\n14.96<\/td>\n57<\/td>\n-0.0835 %<\/td>\n2,081.4<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.23 %<\/td>\n3.38 %<\/td>\n284,976<\/td>\n3.04<\/td>\n52<\/td>\n-0.0022 %<\/td>\n2,273.9<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nPerpetual-Discount<\/td>\n-1.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-01-21
\nMaturity Price : 21.69
\nEvaluated at bid price : 22.04
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nPerpetual-Discount<\/td>\n-1.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-01-21
\nMaturity Price : 22.85
\nEvaluated at bid price : 23.06
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n-1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-01-21
\nMaturity Price : 24.92
\nEvaluated at bid price : 24.97
\nBid-YTW : 3.88 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-01-21
\nMaturity Price : 23.43
\nEvaluated at bid price : 23.71
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
BAM.PR.H<\/td>\nOpRet<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2012-03-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.20
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n
IAG.PR.C<\/td>\nFixedReset<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.19
\nBid-YTW : 3.26 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-01-21
\nMaturity Price : 18.75
\nEvaluated at bid price : 18.75
\nBid-YTW : 2.81 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n93,594<\/td>\nNesbitt crossed 55,000 at 25.60; RBC crossed 17,600 at 25.48.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-02-29
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.47
\nBid-YTW : 3.97 %<\/td>\n<\/tr>\n
RY.PR.F<\/td>\nPerpetual-Discount<\/td>\n87,356<\/td>\nNesbitt crossed blocks of 30,000 and 50,000, both at 23.00.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-01-21
\nMaturity Price : 22.82
\nEvaluated at bid price : 23.00
\nBid-YTW : 4.90 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n80,752<\/td>\nTD crossed 15,000 at 25.75; Nesbitt crossed 50,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-07-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.75
\nBid-YTW : 3.66 %<\/td>\n<\/tr>\n
BMO.PR.P<\/td>\nFixedReset<\/td>\n78,839<\/td>\nNesbitt crossed 60,000 at 27.25.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-03-27
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.20
\nBid-YTW : 3.34 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n73,454<\/td>\nNational crossed 13,000 at 25.27; RBC crossed 16,600 at 26.07.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-01-21
\nMaturity Price : 24.92
\nEvaluated at bid price : 24.97
\nBid-YTW : 3.88 %<\/td>\n<\/tr>\n
MFC.PR.A<\/td>\nOpRet<\/td>\n68,509<\/td>\nNesbitt crossed 60,000 at 25.80.
\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2015-12-18
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.72
\nBid-YTW : 3.56 %<\/td>\n<\/tr>\n
There were 60 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The Financial Crisis Inquiry Commission is forecast to conclude “It’s complicated.”: The federal commission that investigated the origins of the financial crisis is set to issue three competing conclusions next week. The Financial Crisis Inquiry …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-13806","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/13806","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13806"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/13806\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13806"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13806"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}