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Goldman's "She's just a girl" defense against SEC charges

She doesn’t show up by name in the charges of civil fraud that the SEC has brought against Goldman. But Reuters reported yesterday that emails written by Gail Kreitman, a Goldman Sachs bond saleswoman until June 2009, are cited by the SEC to show that Goldman misled...

China fiddles while real estate market gets ever hotter

I love a good dither. Especially when it’s cloaked in language that makes it sound like decisive action This morning’s headline in the Financial Times reads “Beijing acts over housing bubble.” Sounds like China did something significant to control an inflating asset...

What's on the agenda after healthcare?

While Republicans battled Democrats (and Democrats battled themselves) over healthcare, not much of anything else got done. Not reform of the financial system, not serious action on jobs (the $18 billion “jobs” bill that Congress did pass isn’t even a down payment),...

Grim budget fairy tales from Europe

The European Commission took Germany, France, Italy, Spain, and the United Kingdom out back to the woodshed for a financial thrashing yesterday, March 17. Now let’s see if the bond market was paying attention. The bureaucrats in Brussels essentially called the...

Get ready for a re-run of the Greek budget crisis

I don’t want to rain on anyone’s parade, but we all know that the Greek budget crisis hasn’t been resolved, right? It’s merely been postponed until April and May. That’s when Greece has to refinance $27 billion in debt. (Doesn’t seem like much? Well, if you scaled...

The bet is that the Euro is headed even lower

Nobody is taking off their bets against the Euro quite yet. Short positions against the Euro on the Chicago Mercantile Exchange, which had set a record in January, set a new record in the three weeks that ended on February 9. And judging from the continued pressure on...

Just a euro bounce on rumors?

Why are European (and global) stock markets and the euro rallying today on vague rumors that there’s a plan to bailout Greece when yesterday similarly vague official statements couldn’t stem the tide? Could it be because today the markets believe what they discounted...

Honey, we bankrupted the kids!

Worried that the global financial crisis combined with the Great Recession in the United States has bankrupted not just ourselves but our kids and their kids? Good. You should be worried. Maybe then we’ll do something about the problem before it’s too late. First,...

The euro crisis isn't a global crisis–yet

One crisis or two? How you answer that question goes a long way to determining your investment strategy right now. If the euro crisis and the bank lending crisis in China are all part of the same crisis, you should stay out of all equity markets until the world works...

Greece is the word in today's selling

This shouldn’t have come as a surprise, but apparently enough investors were still not expecting it so that Standard & Poor’s downgrade of its credit rating on Greece has pushed down global stock markets. Today, December 17, S&P cut Greece’s credit rating one...