Items of Interest:
Bulls Run Wild on Wall Street
U.S. Stocks Rally Most Since 1930s on Bank Plan; Dow Gains 936 -- U.S. stocks staged the biggest rally in seven decades on a government plan to buy stakes in banks and a Federal Reserve-led push to flood the global financial system with dollars.
The Standard & Poor's 500 Index rebounded from its worst week in 75 years with an 11.6 percent advance, its steepest since 1939, and the Dow Jones Industrial Average climbed more than 936 points...
Europe Offers Bank Support to Halt Financial Meltdown -- European leaders agreed to guarantee new bank debt and use taxpayer money to keep distressed lenders afloat, trying to stop the worst rout in Europe's stock markets in two decades and stave off a recession.
At a summit chaired by French President Nicolas Sarkozy, leaders of the 15 countries using the euro hammered out an unprecedented battle plan for bandaging the crippled credit markets and halting panic among investors...
Wall Street Journal: EU Writes Menu of Options
Bloomberg: Paulson Speeds Consideration of Guarantees for U.S. Bank Debt
Gordon Does Good — Has Gordon Brown, the British prime minister, saved the world financial system?
O.K., the question is premature — we still don’t know the exact shape of the planned financial rescues in Europe or for that matter the United States, let alone whether they’ll really work. What we do know, however, is that Mr. Brown and Alistair Darling, the chancellor of the Exchequer (equivalent to our Treasury secretary), have defined the character of the worldwide rescue effort, with other wealthy nations playing catch-up...
Discussion:Bob Fertik / Democrats.com: Krugman 2, Paulson 0 — Paul Krugman won the Nobel Prize for Economics today.Real Time Economics: Krugman Wins Economics NobelTristero / Hullabaloo: Congratulations! — Paul Krugman wins the Nobel Prize …Ian Leslie / marbury: the revenge of mr bean — If the Brown-Darling plan comes off …Calculated Risk: Krugman: Has Gordon Brown Saved the World?
Catherine Rampell / Economix:
Discussion:Justin Fox / The Curious Capitalist: Krugman gets the NobelSteve Benen / Washington Monthly: A WELL-DESERVED HONOR FOR PAUL KRUGMAN.... Nearly six years ago …John Cole / Balloon Juice: A ThoughtArnold Kling / EconLog: Congratulations, Paul KrugmanDaniel / Crooked Timber: “It's a total surprise”Peter Kafka / Silicon Alley Insider: Now Available In The New York Times: Nobel Prize-Winning BloggerGlenn Reynolds / Pajamas Media: FIRST AL GORE, NOW THIS: A Nobel Prize for Paul Krugman.Ann Althouse / Althouse: Paul Krugman wins the Nobel Prize for economics.The Libertarian Paleo-Conservative / Political Byline: Marxist Liberal Paul Krugman wins Nobel Memorial PrizeNew York Magazine: Paul Krugman Wins Nobel Prize for EconomicsTimes columnist …
Morgan Stanley, Mitsubishi UFJ Renegotiating Terms -- Morgan Stanley is in talks with Mitsubishi UFJ Financial Group Inc. about altering the terms of the Japanese bank's pending $9 billion infusion into the Wall Street firm after its stock sank 60 percent last week, said a person familiar with the matter.
Mitsubishi, Japan's biggest lender, agreed on Sept. 29 to pay $6 billion for Morgan Stanley convertible preferred shares and $3 billion for common stock at $25.25 apiece. Now the companies are discussing eliminating the common stock portion and using preferred stock instead, said the person, who declined to be named because the talks are private and terms may change...
Chesapeake CEO Sold `All' Stock to Meet Margin Calls -- Chesapeake Energy Corp. said its chief executive officer, Aubrey McClendon, involuntarily sold ``substantially all'' of his common shares of the company's stock over the past three days to meet margin loan calls.
``These involuntary and unexpected sales were precipitated by the extraordinary circumstances of the worldwide financial crisis,'' McClendon said in today's statement. ``In no way do these sales reflect my view of the company's financial position or my view of Chesapeake's future performance potential.''
McClendon, 49, owned 33.5 million shares, or 5.8 percent of the company's common stock, according to a Sept. 30 filing with the U.S. Securities and Exchange Commission. He was the company's third-largest shareholder...
``You have to imagine Aubrey's lost a large portion of his fortune,'' Benjamin Dell, an analyst at Sanford C. Bernstein & Co., said today...
- How to Capitalize Banks and Save Finance - George Soros, Financial Times
- Free Markets Are Our Best Hope - Judy Shelton, Wall Street Journal
- The Engine of Market Mayhem - Robert Samuelson, Washington Post
- Crisis Shows Paulson Has No Clothes - Anatole Kaletsky, Times of London
- The Light at the End of the Crisis - Larry Kudlow, RealClearMarkets
- The Fed Is Everyone's Lender of Last Resort - James Surowiecki, New Yorker
- Mark-to-Market Accounting Wrecks Banks - John Berry , Bloomberg
- Is the Market Panic an Obama Panic? - Charles Gasparino, New York Post
- The Psychology of Wall Street's Lemmings - Cass Sunstein, New Republic
- The (Short) Keys to Market Recovery - Wayne Jett, Washington Times
- IMF and G7: No More Lehmans - Pete Engardio, Business Week
- The G7 Undermines Price Discovery - Terence Corcoran , National Post
- What Sparked Friday's Comeback? - Scott Grannis, Calafia Beach Pundit
- Morgan Stanley’s Tight Bind With Mitsubishi - Steven Davidoff, DealBook
- Will Your Bank Close? - Prieur du Plessis, Postcards from Cape Town
- Why Did Bernanke Play Along with Paulson's Plan? - Interfluidity
- A Damp Squib from the G-7 in Washington DC - Willem Buiter, Maverecon
- Was Friday's Rally Just a Hedge Fund Short Squeeze? - Seeking Alpha
- European Union to guarantee interbank lending - MarketWatch
- The New Age of Frugality - BusinessWeek
- MBA Finance Students keep their job hopes alive - NYTimes
- What comes after the Great Unwinding? - Reuters
- Insecure Minds Wired for Pattern-Finding - Discovery News
- Wells Fargo's big gamble on Wachovia - Forbes
- What a U.S. default might look like - Satajit Dayas
- Time To Let the Markets Do Their Messy Work - Jonathan Macey, WSJ
- Whiplash Ends a Roller Coaster Week - Vikas Bajaj, New York Times
- Feds Need to Start Buying Troubled Assets Fast - Don Luskin, SmartMoney
- Where Do We Go From Here? - John Mauldin, Thoughts from the Frontline
- How To Keep Americans In Their Homes - Luis Ubinas, Forbes
- A Lesson from 1929 for the Hedge Funds - John Armour & Brian Cheffins, FT
- Potential Bank Investors Don't Want To Be 'AIG-ed' - Editorial, WSJ
- How GE Capital Puts All of GE At Risk - Geoffrey Colvin, Fortune
- Waving Goodbye to Big Bonuses and Salaries - Kathleen Murray, Portfolio
- Swept Up by Insanity of Markets - Joe Nocera, New York Times
- Fears of 1930s Redux Are Pushing Asia to Action - W. Pesek, Bloomberg
- The G7 Package Is Nice, But More Is Needed - Luigi Zingales, VoxEU