Lunchtime Links 2-27

By Reuters Staff
February 27, 2009

(Send links, videos, pics to optionarmageddon at gmail with subject “link”)

Rocky Mountain News shuts down (Rocky Mountain News)  CEO of parent company Scripps told the staff of the decision himself: “I could say stupid things like ‘I know how you feel.’  I don’t.  We are just deeply sorry. I hope you will accept that.”  The paper was 150 years old.

AIG Rescue May Include Credit Default Swap Backstop (Bloomberg)  Because the Lehman CDS settlement in late October had all of the build up and all of the impact of Y2K, the WSJ editorial page waxed hysterical that talking heads were overreacting about the CDS market, that it was operating just fine.  Of course they have conveniently ignored the $100b+ bailout of AIG, which is largely tied to the company’s $300 billion credit derivatives portfolio.  Proof, yet again, that the editorial writers at the WSJ have their heads up their ass.

Viagra orgy man dies (The Sun)

Life Insurers Fall on Commercial Mortgage Concerns (Marketwatch)  I’ll have more to say about this over the weekend.

No, Wait! You got it backwards! (Baseline Scenario)  A great tutorial on Treasury’s new “Capital Assistance Program.”

Insight: Time to Expose those CDOs (FT)  WOW!  “With [even AAA-rated] mezzanine CDO’s…recovery rates have been a mere 5 per cent.”  So much for arguments that the market is under-pricing toxic assets.

Arsonists torch Berlin Porsches, BMWs on Economic Woe (Bloomberg)

Tokyo Stock Exchange Saves UBS From $31 Billion Trade Error (WSJ)

Apartment Buyers Abandoning 6-Figure Deposits (NYT)  Can you blame them?  Apt prices have a lot farther to fall in NYC. (hat tip Patrick)

Another view of OptionARMageddon’s bank leverage data, courtesy of iCharts.net.  Toggle the arrows at left to expand/contract the banks listed in the chart.

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