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Monday, October 13, 2008

Europe Zone Will Prop Up Banks

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
Paul Krugman / New York Times:
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...
Catherine Rampell / Economix:
Paul Krugman Wins Economics Nobel — Paul Krugman, a professor at Princeton University and an Op-Ed columnist for The New York Times, was awarded the Nobel Memorial Prize in Economic Sciences on Monday. — “It's been an extremely weird day, but weird in a positive way,” …
Justin Fox / The Curious Capitalist: Krugman gets the Nobel
John Cole / Balloon Juice: A Thought
Arnold Kling / EconLog: Congratulations, Paul Krugman
Daniel / Crooked Timber: “It's a total surprise”
The Libertarian Paleo-Conservative / Political Byline: Marxist Liberal Paul Krugman wins Nobel Memorial Prize
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...

Calculated Risk

MishTalk - Mike Shedlock

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia