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Friday, November 21, 2008

Credit Crunch Roundup — November 21, 2008

Items of Interest:

Obama picks Tim Geithner as Treasury SecretaryBloomberg:
Obama Said to Pick Geithner as Treasury Secretary -- President-elect Barack Obama picked Timothy Geithner, head of the Federal Reserve Bank of New York, to be his Treasury secretary, with Lawrence Summers getting a senior White House role, a Democratic aide said.

Geithner helped lead the U.S. response to the deepest financial crisis in seven decades, including the takeover of American International Group Inc. and Bear Stearns Cos. rescue, and decision to let Lehman Brothers Holdings Inc. fail...

related:
Jackie Calmes / New York Times:
Fed Official Is Said to Be Choice for Treasury
Justin Fox / The Curious Capitalist:
Geithner gets Treasury
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Wall Street Journal:
Citigroup Tries To Steady StockCitigroup's Pandit told employees he has "no desire" to sell any part of the firm. Citi is working to stabilize its shares, which hit a 16-year low.
related:
Maria Woehr / Dealscape: Rabble Babble: Will Citigroup make it past the weekend?

CNBC:
Citigroup's Pandit: We Will Not Sell Smith Barney — If you are dumbfounded by the amount of money the federal government is pouring into the private sector to ease the nation's financial crisis, click ahead for a big-budget ride through time.

Wsf / Wall $treet Folly : Nine Citigroup hedge funds have crashed and burned recently, but that's apparently not stopping them from buying more

George White / Dealscape: Pandit says Smith Barney's not for sale

Binyamin Appelbaum / Washingtonpost.com:
Citigroup Seeks to Reassure Investors, Stabilize Stock Price — Citigroup executives are scrambling to convince investors that concerns about the New York financial giant's health are greatly overstated, even as the company's board meets today to discuss options including the possible sale of business units...
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Bloomberg:
Obama Team Said to Explore ‘Prepack’ Auto Bankruptcy — Nov. 21 (Bloomberg) — President-Elect Barack Obama's transition team is exploring a swift, prepackaged bankruptcy for automakers as a possible solution to the industry's financial crisis, according to a person
familiar with the matter...
related:
Tom Curry / MSNBC: Paul Ingrassia / Wall Street Journal:
The Auto Makers Are Already Bankrupt
Discussion: The Big Picture, Real Clear Politics and Commentary
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Paul Kedrosky / Infectious Greed:
The Option ARM Non-Bomb? -- I just had someone email me something interesting today about their adjustable-rate mortgage resetting –- but to considerably lower levels. How widespread is this phenomenon? Or, asked differently, what percentage of ARMs are tied to Treasuries, as opposed to Libor, etc.? I’d love to see some data...
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FDIC: Buy a Toaster Get a free Bank - Bank CouponsFDIC: Buy a Toaster Get a Free Bank
via FT Alphaville

zero hedge

Calculated Risk

Mish's Global Economic Trend Analysis

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