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Tuesday’s market: Citigroup up. Morgan Stanley up. Wells Fargo down. Now comes news that Bank of America will need to raise about $35 billion in additional capital, on top of the $45 billion they’ve already received. Will be interesting to see what happens there. In longer term prospects, American International Group, Inc. is trading with [...] Wells Fargo May Need Capital – WSJ.com An initial U.S. stress test identified Wells Fargo & Co. as among the banks needing a buffer against future losses, said a person close to the company. But it was unclear Monday whether Wells would be forced to raise fresh capital or if regulators would accept its argument [...] SEC to Look at Short-Selling Curbs – WSJ.com WASHINGTON — The Securities and Exchange Commission plans to unveil several short selling restriction proposals Wednesday. One includes reinstating the “uptick rule,” a Depression-era rule abolished by the SEC in 2007 that prevented traders from short selling unless the price of the stock from the most recent [...] Finally, the SEC does something on which I think both A-Train and I will agree. By placing tighter restrictions on failures-to-deliver and by considering reintroducing the uptick rule, the SEC is taking away the ability for short-sellers to manipulate the markets, but legitimate short-selling should not be significantly hampered. Short Sellers Squeezed All Around – [...] Individual Investors Pile Into Citi – WSJ.com The old Wall Street adage about the dangers of catching a falling knife doesn’t seem to be scaring individual investors away from Citigroup Inc. Some discount-brokerage firms report a surge of individual, or retail, investors buying shares of Citigroup during the past five months, amid the New York [...] A lot of people say that the recent rally in the stock markets is due to a short squeeze, but The Financial Times says that short interest is on the rise along with the markets. A-Train says it’s a sucker rally, but generally a rise in short interest drives the market down, not up. In [...] … and I’ll bet that Art has something to say about it as well, and if not the A-Train, then perhaps the cats over at Mad Dog Media … Turkish? Nothing like giving the guv’mint the right to say “Okay, you’re fucking up, so we’re gonna shut you down and sell you off …” Tapping [...] Cuomo Blasts Big AIG Payouts – WSJ.com New York Attorney General Andrew Cuomo said Tuesday that American International Group Inc. granted retention bonuses of $1 million or more to 73 people in its AIG Financial Products subsidiary, including 11 persons who no longer work at the company. In a letter to House Financial Services Committee [...] From Comedy Central, Part 1: From Comedy Central, Part 2: From Comedy Central, Part 3: |
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