Wall Street Folly

• Big financial firms losing power on Capitol Hill
• Fade to blackstone
• Barclays chief warns on regulation
• Credit Suisse to sell Canary Wharf building
• Crude Oil Retreats After Reaching One-Year High Above $79
• CBOE Takeover May Have to Wait for Settlement of Ownership Suit
• London Agents ‘Sold Out’ as Home Asking Prices Jump to Record Read the rest of this entry »

Tags: Banks, Barclays, Blackstone, Canary Wharf, CIT, Credit Suisse, D.C., Nobel, Oil, Politics, Real Estate, TV, UK

• Bank of America to Pay for Merrill Backstop, Faces SEC Trial
• SEC Gets Tougher With Bank of America
• Amaranth Advisors Seeks at Least $350 Million From Touradji
• F.D.I.C. May Borrow Funds From Banks
• Fed to Miss Review Deadline
• AIG banks that Hank gets it out of the tank
• Gender bender at RBC
• Venezuela says to pay $5 bln oil service debts Read the rest of this entry »

Tags: AIG, Amaranth, Bank of America, Deutsche Bank, Discrimination, FDIC, Fed, Hedge funds, high yield bonds, Merrill Lynch, Oil, RBC, Real Estate, retail, SEC

• House Panel Passes Bill to Set Rules on Executive Compensation
• How Firms Wooed a U.S. Agency With Billions to Invest
• Microsoft, Yahoo! Change Search Landscape
• Phibro mum after White House slams reported $100 million payday
• Oil Speculation Limits Weighed
• Stanford Receiver Seeks Clawback of $925 Million Read the rest of this entry »

Tags: Allen Stanford, Apple, Autos, Bank of America, Bankruptcy, Casinos, Citigroup, Compensation, GM, Google, Microsoft, Oil, Politics, Yahoo

• Barbarians in Bankruptcy Court
• Credit Traders In Demand As Banks Look To Rebuild
• Pickens Says Oil Will Average $80 to $85 a Barrel
• Moody’s Downgrades $761M Of Credit Suisse RMBS, Most To Junk Read the rest of this entry »

Tags: Bankruptcy, Boone Pickens, Credit Suisse, High yield, Oil, Private equity, Revolving Door, Upgrades/Downgrades

• Auto Parts Makers Set to Seek as Much as $10 Billion More From U.S.
• Obama Seeks Rules to Restrain Spending
• Obama speeds projects to create, save 600,000 jobs
• High Gas Prices Could Slow Recovery
• Oil Rises as Krugman Comments Spark Speculation Demand May Gain
• Banks May Need New Stress Tests, Panel Says
• Hatzius Says U.S. Banks to Recognize $500 Bln More in Losses
• Citi confirms plan to raise $33bn
• Hedge Funds Rebound, Gaining 5% in a Month
• Yahoo CEO Keeps Microsoft Deal Door Open, Shuts Out AOL
• Some Chrysler sellers start a new chapter Read the rest of this entry »

Tags: Autos, Barack Obama, Headline Roundup, Hedge funds, Oil, Politics, Stress Tests

Go forth and multiply!: Jim Rogers’ latest excellent (and lengthy) Bloomberg interview includes his gushing over fatherhood in a discussion of “A Gift to My Children: A Father’s Lessons for Life and Investing”,
a book written for his two little girls that’s due out later this
month.  “In fact, if there’s anybody out there who’s watching this who
hasn’t done it, I urge you to get home and get on with it.  Take a day
off—take a half a day off–don’t take any day off — do it on your
lunch hour…. Rogers was in a great mood during the interview, which contrasted with a recent testy run-in with Fox Business’ Alexis Glick.

Read the rest of this entry »

Tags: Alexis Glick, Commodities, Gold, Jim Rogers, Oil

Remember Goldman Sachs' earlier this year prediction that oil would hit $200?  Well now they've revised that estimate, just a touch.  Now they see oil at $45 in 2009….

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Tags: Goldman Sachs, Oil

The Lundberg Survey says that gas prices have seen their steepest drop ever in the past two weeks.  They're destined to fall further, but not nearly as steeply:

Gasoline prices in steepest drop ever – Reuters

Tags: Credit Crunch, Economy, Oil

According to Reuters:

Energy trading heavyweight Morgan
Stanley elected to withdraw from the Platts benchmark oil trading window in Asia
on Thursday, steering clear of a possible test of its credit acceptance among
counterparties in an anxious oil market. Morgan Stanley traders ordered oil
brokers in Singapore not to broadcast its bids or offers in the half-hour
trading window operated by Platts, brokers from three different brokerages told
Reuters. They declined to be identified. The brokers said Morgan Stanley did not
give them a reason for withholding its prices….
.

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Tags: Credit Crunch, Morgan Stanley, Oil

• Lehman Said to Prepare Bankruptcy as Buyers Withdraw
• Lehman CEO Fuld’s hubris contributed to meltdown
• Fed to take broader range of collateral on loans
• Paulson applauds actions to aid market stability
• Ten banks commit to $70 billion borrowing facility
• AIG Scrambles to Raise Cash, Talks to Fed
• Electronic Arts Ends Acquisition Talks With Take-Two
• Oil Falls to Six-Month Low as Refineries Escape Major Damage

Read the rest of this entry »

Tags: AIG, Credit Crunch, Lehman Brothers, M&A, Oil

Whooping it up in Denver: No, we’re not referring to the recent Democratic
Convention.   As it turns out, a September 10 report from the Inspector General accuses employees
of the Denver Minerals Management Service arm of the Interior Dept of all
sorts of forbidden non-arms length naughtiness, including sex (with oil company employees from Chevron and
Royal Dutch Shell), drugs (cocaine and marijuana), and accepting forbidden gifts
from four oil companies….

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Tags: Drugs, Oil, Politics

It’s been as high as $137.70 so far

Tags: Oil

That’s where Boone Pickens thinks its going.  He was just interviewed on CNBC.

Tags: Oil

Oh, the pain.  Brace yourself for even higher prices of gasoline.  With oil hitting a new record yesterday at $117.76, some are predicting that prices of gas at the pump could push it toward $5 a gallon. Not good for inflation. Not good for consumer spending.

Wholesale gasoline – driven sharply higher
by record crude oil prices – has broken through a new threshold that’s expected
to propel gas pump prices even higher than earlier forecast.

Wholesale gasoline here briefly broke the $3 mark yesterday, before settling at
$2.9814 just below a record of $2.9893 on Friday.

"It looks like a possibility that we could see pump prices get to $5 [a
gallon] if the Fed continues to lower rates and the refinery utilization is as
low as it has been," said energy analyst Peter Beutel of Cameron Hanover.

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Tags: Economy, Oil

Oil just busted through $100, to $100.09.  No one’s really gonna remember the $100 bragging rights except for maybe a few floor traders on the NYMEX.   Those that we talk to on the floor think the guy’s a nut and could care less.

Tags: Oil

It cost around $600 more than the prevailing market price of a contract, but one NYMEX floor trader is said to have bragging rights, for whatever it’s worth, to having the first $100 oil trade — on one whole contract.  Oil traded first at $99.53 before the one contract traded at $100, then moved down to $99.40 yesterday.:

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Tags: Oil

Jim Rogers says that the price of oil is going much highter — to over $100 a barrel and is going to stay high….

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Tags: Jim Rogers, Oil