feedfeb03




			Thursday February 27 Bush's economic adviser resigns FT Hubbard-W.House has "great confidence" in Greenspan Reuters The numbers are pretty self evident CNN/Money Why Investors Remain Weary and Wary Business Week Dow is currently at a significant juncture CBS MarketWatch The Breaking Point Fortune Worker health costs will rise a staggering 24% this year. Companies can no longer afford to pick up the bill. The battle is here. Oil squeeze hits home SF Gate Price of gas spikes Courier-Journal New Home Sales off 15.1% in January Census PDF Home market shows signs of slowing Rocky Mountain News US Spending Defies Surveys BrookesNews Many laid-off Silicon Valley techies work for free to brush up on skills USAT Bankruptcies forecast to stay near record FT Decoding the Bond Market's Double Talk TheStreet Durable Orders up 3.3% in Jan Census Initial Claims Spike to 417K DOL Analyst Coached WorldCom Chief on His Script NYT (R) (Morgenson) 6 Goldman analysts leave CNN/Money U.S. Prosecutor Subpoenas 8 in Firestone Probe Washington Post Cigarette Makers Singed By N.Y. Smoking Drop NY Post As H-P shares plummet, accounting change worries some USAT Riding a Bear Market in Oriental Carpets NYT (R) I'm in business 42 years, but I never had a year like this. NYSE Monthly Disciplinary Report NYSE NYSE Restates Short Selling Stats SEC seeks broader power on fines Dow Jones Bloomberg hacker convicted of extortion The Register Abbey National record first annual loss Irish ExaminerBank went chasing the deal "with its pants down" Zurich Financial Slashes Dividend After Loss Widens Bloomberg Bad to Worse for Ahold Newsday The Troubled German Economy Comstock Inflation hits 12-year high as gas prices surge Ottawa Business Journal Treasury considers emergency powers Guardian Iraq: Economic Implications for New Zealand Treasury.nz Factory Sector - Oil Shock Could Postpone Recovery NT Dollar Falls Below 117 Yen; Bush Says Iraq Is `Growing Threat' Bloomberg The Coming Energy Crisis? WTRG (Feb 3) N. Korea fears trim Nikkei CBS MarketWatch UN slams N.Korea for alleged nuclear breach Reuters Wednesday February 26 Crude Oil Soars to 12-Year High on Declining U.S. Fuel Supplies Bloom Consumers Blame Bush, Oil Companies for Gas Price CNSnews Energy Woes Fuel Bank Worries TheStreet Dire budget predictions spelled out Coloradoan C A continued climb in gas prices could lead to a "double-dip" Corporate bond spreads widen FT Agencies Issue Advisory on Mortgage Banking Activities FED Home Buyers Don't Need Confidence Bloomberg Many in peril of losing homes News-Journal U.S. mortgage refinancings surge Reuters MBAA The antidote to anemic Wall Street WorldNetDaily “Our analysis suggests that investors should expect long-run performance by equities closer to 3 percent on average in the future.” Anti-Terrorism Costs May Cut Productivity, Growth Bloomberg ”There are too many dollars chasing too few bonds” Bloomberg 7 stocks to shun -- or short MSN Re-thinking Alan Greenspan Finance Asia Alan Greenspan, like the US dollar, was for a long time believed to be almighty. Federated Dept Stores forecasts flat sales FT $1.5B Wall Street settlement teeters USA Today IPO Probe Expands to Morgan Stanley WSJ CNNFn To Offer Less Live Coverage, Cut Jobs NY Post Ford to cut IT budget by 20% FT Tepid cheers for HP profits Sac Bee Divine seeks Chapter 11 bankruptcy protection Boston Globe Pilots Warn of American Bankruptcy AP El Paso Braces for a Boardroom Brawl TheStreet Host Marriott Narrows Loss but Warns Reuters Swiss Re to Reduce Dividend for First Time in Almost a Century Bloomberg US Airways gave $35 million in pension payments to top 3 executives P-G Union membership falls to lowest level in 20 years AP Record fall in amount invested by firms Times Online UK economic growth at lowest since 1992 FT German economy at a standstill BBC Ryanair cuts Buzz routes and jobs BBC Argentina's hard times dwarf recession in the U.S. Seattle Times “The number of financial advisers in the United States plunged by half during the bear market of 1973-1974.” Globe & Mail “I agree that there is no such concept of too big to fail” Greenspan Testimony Bush Wants Up to $95 Billion to Cover Cost of War WSJ (WP) Tuesday February 25 IRAQNOPHOBIA Economist “The risks to the global economy, taken together, are now greater than at any time since the 1973-74 oil crisis.” More than Iraqnophobia CBS MarketWatch Firms Rejecting Terror Coverage WP In U.S. Plants and Wallets, The Other Iraq Standoff WP Feds: Cost of Gas is Hardly Up (Yeah Right) NY Post Natural gas prices rise 40% USA Today Recession looms if war erupts with Iraq Business World Saddam Defiant On Missiles CBS “I am ready to conduct a direct dialogue with your president. I will say what I want and he will say what he wants." Saddam Hussein N. Korea missile report hurts Asia CBS MarketWatch Nikkei hits 4-week low Powell: Missile test 'no surprise' CNN Rethinking the World Morgan Stanley (Roach)C Consumer Confidence Falls to 9-Year Low Conference Board Taking issue with stock Boston Globe Could investors be approaching what economist Gary Shilling charmingly calls the ''puke point,'' the moment at which people ''regurgitate their last stock and swear never to own another one''? Analysts abandon Wall St. NY Daily News At least a dozen high-flying Wall Street stock analysts have concluded in recent weeks that they're not having much fun anymore... Bad Economic Management Smithers & Co. One of the most persistent economic fallacies has been the idea that cutting costs is good for an economy. Consumer Debt Takes a Holiday Business Week Snowy Weather Cuts Into February Sales AP “Even without the weather, February would not have been a barn-burner” U.S. Deficit Hits $97B in First 4 Months AP (WP) Bush rebuffs states' request for cash FT State Deficits Offsetting Federal Stimulus Comstock Bonds have been a haven, but dangers lurk Philly Inquirer SEC gives its approval to fourth credit rater AP Bay Area blue over economy Mecury News Fleming to Cut 1,800 Jobs as SEC Upgrades Probe Dow Jones Qwest executives could be charged Tuesday USA Today Intel, AMD cut processor prices DigiTimes Amerifirst has filed for bankruptcy amid probe Arizona Republic United hubs on the bubble Rocky Mountain News How Capital Gain Taxes Damage an Economy Brooksnews (Jackson) Sound Practices for the Management and Supervision of Operational Risk BIS Prudential slides on dividend fears Times Online Eurostocks Plummet to Six-Year Low Reuters Royal Ahold in Dutch CFO The timing of the Ahold scandal couldn't be worse for standards setters on the continent. 'There is too much debt and banks want their money back' Times Online Ahold May Deepen Mistrust of Research Bloomberg Credit Suisse to slash jobs after record loss Swissinfo Pension board urges companies to drop stock options Toronto Star Mortgage lenders put on notice SMH The prudential regulator has bared its teeth to the home loan industry, warning it will crack down on players not prepared for a housing market bust. Monday February 24 New view says 'debt deflation' to delay recovery UPS Right now, we're moving into an economic environment that no one alive has any experience with. I think we're already in debt deflation. Rolling the Market Dice Newsweek But aren’t we supposed to buy and hold? Don’t stocks always come back? Well, no. Enron died. Cisco may never see $80 again. This Refinanced House Newsweek Can cheap loans continue propping up the economy? 3 reasons to expect a war rally MSN (Fleck) I see the financial markets rallying in the near future, but don’t expect it to last. The big problems that bedeviled the economy before the war will still be with us when it's over. Searching for market dynamite CBS MarketWatch (Calandra) Economic stimulus has lesser effect than decade ago The Oregonian Economy, War Jitters Put Brakes on Hiring AP Manpower Medical Bills Killing Small Companies CFO Many companies cut research budgets USA Today High default rate plagues the franchise loan market Reuters Vacancy Rate May Still Be Low, But D.C. Office Landlords Worry WP Agency cautions US money market funds FT GE To Unplug Unit NYP CIBC sheds investment banking team CBS MarketWatch Kmart to Slash 1,000 Headquarter Jobs Reuters Will Chemical Companies Cut Dividends? Reuters “How can they justify paying the dividend they have now given that their earnings are for crap?” Gold continues to earn its shine IHT Stop the budget sham: Give us the real numbers Financial Post Ahold dives as CEO, CFO quit amid accounting prob Reuters Madird The BIG Story Times Online War-wary oil prices keep on rising BBC Reeling Airline Industry Braces for Effects of War Knight Ridder UAL chief plays down fears of liquidation FT GM and Toyota stockpile parts against war FT Weekend Edition (Feb 22-23) Author warns of deflation Herald Tribune Amazon The most outrageous lie of all is (that) the government is lying to you about its power to stop deflation. Retirees Face A Health Care Crunch Washington Post PDF Lowdown Loans Wisten-Salem Journal Subprime lenders take a huge cut from mortgages, often foreclose...”Most of the abuses are occurring with people seeking mortgage refinancing.” High debt limit should be fought tooth, nail Record Fiat Money and Credit Inflation in America Prudent Bear Trading the Dow 30 Bust Zeal Fallen Stars NYP They’re in the know NYP Without it's superstars, how will Wall Street sell itself and its products to the public? Oil's Not Well on Wall Street Reuters Merrill Lynch cautioned that the Fed's growth target for the year is overly optimistic. Trading volume is Wall Street's biggest weakness AP Chief Executives See Flat Prices in 2003 Reuters They are writing off hopes of getting better prices from their customers anytime during 2003. Comcast ups Internet fee by $10 Rocky Mountain News Qwest says 2003 revenue will be down RMN Fleet cancels top 3 executives' bonuses Boston Globe San Francisco Examiner lays off staff AP US Airways Says It Must Cut Pilot Pensions Reuters Starbucks offering Visa cards Reuters Moody's lowers debt ratings on McDonald's FT Are credit ratings procyclical? BIS Standard hit by £6bn loss on share deals Observer “Standard was saying shares were cheap when the FTSE 100 index still had another 1,000 points to fall. Their gamble has not paid off.” Top candidate to head Bank of Japan attacked FT Duisenberg No Longer Sees Recovery, Signals Rate Cut Bloomberg Powell: U.S. Wants Resolution Vote in March Bloomberg Oil Shock Could Bring Recession NY Post “Show me an oil shock and I'll show you a recession” U.S. Oil Firms Boost Use of Iraqi Crude Oil WP Friday February 21 Fidelity's flagship fund overcharges shareholders CBSM Investors "mad as hell" at the conspiracy One Recession Away from Deflation M. Stanley (Roach) Consumer Prices Up 0.3% in Jan BLS A profit squeeze CNN/Money Prices for raw goods are rising, but companies can't pass on costs. Tumbling markets mean testing times Financial Times Central bankers these days must sometimes feel like the bewildered French commanders in 1940 who sat in the bunkers of the Maginot Line as German tanks simply swept around it. Counting on Social Security? Texas Straight Talk (Ron Paul) Shades of stagflation CNN/Money Is stagflation in the cards for U.S.? CBSM U.S. defaults hit record in 2002, more ahead-Fitch Reuters Empire of the Sun: An Economic Interpretation of Enron’s Energy Business CATO J.P. Morgan to Pay $6 Million to Settle Kickback Charges WP Lehman 'used ex-KGB men' to collect debts Times Online Merrill Lynch to settle with SEC Houston Chronicle These Workers Were Wiped Out Business Week They were blue-collar workers with fortunes in P&G stock. Then they put their faith in an A.G. Edwards broker. CSFB Workers Threw Out Papers Washington Post Simon: Taubmans Avoided Investors Reuters J.P. Morgan Faces Challenge on Loan WSJ US Airways Misses Airbus Payments Reuters Crash of the Titan Smart Money (TTN) Fitch Casts Wary Eye on Countrywide Portfolio TheStreet The ax is about to fall at Sony Music NY Daily News Agilent to Cut 4,000 Jobs After 1st-Qtr Loss Widens Bloomberg Venture capitalists wary of Bush plan Seattle PI Credit for coffee drinkers RMN (NYT) Possible bidders for Amex withdraw interest Reuters 25% think insurance fraud is OK CNN/Money Pressure mounts on Chancellor Times Online The world is weak, with the hoped-for recovery failing to materialise. Housing boom 'coming to an end' BBC UK firms face pension 'black hole' BBC ThyssenKrupp Cut to Junk by S&P on Pensions Concerns Bloomberg France cuts economic growth target BBC Split growing over Brazil's economic moves UPI "The country cannot survive with these levels of rates" Following the Trail of Magadan Gold Moscow Times Russia would be No. 1 in the world for gold miners. But... U.S. ills hit Canada's economy Globe & Mail Lawsuit launched over nearly 50% pension shortfall Toronto Star Defense Lawyer: “The market is not going to stay this low forever or we are all going to be looking at the bread line.” The Politics Of Iraqi Oil CBS New Iraq resolution lacks 'timeline' WT Trickle-down fears weigh on S. America AP Ohio Firm Struggles To Meet Duct Tape Demand AP N.Korea, U.S. Line Up Allies on Nuclear Issue Reuters “the situation on the Korean peninsula and northeast Asia is so alarming that a nuclear war may break out at any moment.” Crude Oil Rises After Rumsfeld Says U.S. Is Ready for Iraq War Bloomberg “The problems facing insurers worry BIS general manager Andrew Crockett because banks and insurance companies are increasingly linked to each other through credit derivatives.” Business World “It is absolute lunacy. The bond bubble rivals, if not exceeds, the Internet and general stock market bubble seen in the late 1990s. We all know what happened to that. The same will happen to bonds.” Michael Norman, Great Eastern. Thursday February 20 Data Paints a Surprisingly Poor Picture Reuters - Producer prices surge - Trade gap continues to grow - jobless claims jump above 400K -- Philadelphia Fed lower than expected - Leading Indicators drop. US gas futures price jumps with colder weather, reduced storage Oil & Gas Heating oil hits 23-year high FT CEOs as Central Bankers (2) Market Ruminations (Picks) Producer Prices Jump By 1.6% in Jan BLS Biggest increase in 13-years December U.S. trade gap record $44.2 billion Census Short-selling faces clampdown by SEC FT Tale of Two Cycles Comstock Hard times for commercial landlords CNBC Profits tank as gas soars Arizona Republic Price increase taking toll on variety of businesses. Padded public pensions a ticking time bomb in budget crisis Sac Bee Has Fed Governor Bernanke Chased Away Those Deflationary Blues? NT National Debt Maxed Out; Congress Might Raise Limit AP Debt to the Penny CEOs See Sluggish U.S. Growth This Year Reuters The disappearing haven of the dividend-paying stock Boston Globe Tyco Official Indicted on More Charges Washington Post Williams Profit Lower, Sees Asset Sales Reuters Fears prompt hiring freeze at Florida Disney World AP Cisco's Juicy Margins: Too Rich? Business Week National Semi to Cut Work Force 5 Percent Reuters Baby Bell Stocks Fall After FCC Decision Reuters Boeing off as sector pessimism grows CBS MarketWatch U. Michigan bans academic from trading on research Reuters Morningstar risks reputation with Fidelity deal AP Pre-Paid Legal Has Own Legal Problems NY Post Panic Is Near if 'The Gold Is Gone' Insight Stage is set for auditors, management to clash USA Today Brazilian bank raises rates (to 26.5%) for fifth time to curb inflation FT Bond Bubble in Europe? Business Week FSA warns on precipice bonds Guardian Venezuela's oil strike may be over, but industry faces high hurdles CS Monitor Growing drink problem costs firms dear BBC Study finds pessimism about stockmarket The Age (Australia) Iraq Faces Deadline to Cooperate; Blix Wants Missiles Destroyed B Saddam's Bankers Say UN `No Problem' as They Move Iraq's Money As Deploying US Troops Leave, Local Businesses Suffer VOA News Oil prices hit 29-month peak, near 12-year top AP “California lost more than twice as many jobs than official statistics show during the recent economic downturn” SF Gate Wednesday February 19 A Nightmare Scenario for Banks Fortune The nation's largest lenders are praying for an economic recovery this year. Otherwise, a scary batch of bad loans could come back to haunt profits. Judge lets more than 1,000 lawsuits proceed, citing IPO fraud AP Merrill is third bank hit by fraud finding FT Outcries grow with gas prices USA Today Daily Fuel Gauge House prices picking up steam again USAT Housing Starts Jump In Jan Living in the Bubble American Conservative Government guarantees, global capital flows, and a consumption binge add up to a national mortgage crisis. Economy Is Tough All Over, but in New York, It's Horrid NYT (R) Main St. Calls Greenspan on Economic Diagnosis Bloomberg $200 billion in writedowns for goodwill possible in 2003 Bloomberg Economic Forecast: It's Worse Than You Thought TheStreet Beware of the ‘Value Trap’ Forbes Global Fund Managers Turn More Cautious Merrill J.P. Morgan Fires Equities Exec Reuters Merrill, CSFB, Goldman and Salomon Often Tout Clients on Recommended Lists Reuters sees bear market into 2005 Times Online El Paso Faces Shareholder Revolt Reuters Motorola: phone prices to fall further Reuters Micron to Trim Work Force 10 Percent Reuters S&P cuts 11 US airlines' aircraft-backed debt Reuters Intel chief sees no signals of telecoms upturn FT Gold analyst 'disappears' following WND report Worldnetdaily Ernst & Young’s Stand on Options Displeases High-Tech Clients AW Computer intruder gains access to 8 million credit card account numbers AP A tale of two perspectives: old or new challenges for monetary policy? BIS Sumitomo Mitsui Offers to Cover New Investors' Losses Bloomberg BOJ against shouldering further risk Japan Times The perfect storm FT British financial advisers have never had it so bad. Deutsche Telekom Tackles Refinancing With Bond Sale Bloomberg The former telecommunications monopoly, which has as much debt as Thailand, said yesterday it plans to sell 2.3 billion euros in mandatory convertible bonds. EU ministers say economy is taking hit from war fear AP Germany: Slow Recovery or Hard Landing? Northern Trust Fitch has bearish view of Germany FT HVB bank canceled its dividend for the first time since 1945 Reuters “The final report into the collapse of Swissair shows that management knew the airline was in serious trouble but did nothing to prevent its collapse.” SwissInfo “In the Bush economy, everything that can go wrong is going wrong” President Murphy Tuesday February 18 Banks find a way to spread their risk FT The most-asked question of this bear market is why there has not been a banking crisis. Long shadow of Enron clouds energy traders FT The sector will have to refinance $40bn of debt this year Six Myths of the Crash Ludwig Von Mises Short sellers sharply scrutinize companies USA Today Survey info used to short stocks CNN/Money Just 23% of small firms see economy recovering USA Today US healthcare tab soars CS Monitor Higher Profits, Lower Taxes Slate It's not just Enron that's been dodging corporate income taxes. The rest of the Fortune 500 has been duping the IRS, too. UBS Says Bad Loans, Stock Slump to Weigh on Revenue Bloomberg Danger lurking round the corner in GM price cut war FT The Employment Numbers' Fuzzy Math Business Week Reuters: Record Loss, to Cut 3,000 Jobs Reuters Duke Saw Slowdown but Kept Mum, Critic Claims TheStreet Scrambled Signals on AOL's Cable IPO BW Nike under investigation in Florida for price-fixing RMN C Cintas Cuts 2003 Sales, Profit Forecasts; Shares Fall Bloomnerg Divine May File for Bankruptcy Reuters Reformed stock cheat now uncovers schemes IHT (NYT) Tracing the link between hemlines and business CTV Yen Surges; Japan Signals It Won't Seek Help to Weaken Currency Bloomberg Failures down in January but liabilities rose Japan Times Growth remains flat ICI paying dearly for poor investment decisions The Star Top German executives indicted Times Online The Bear's Lair: China -- tiger or sloth? UPI Gold hedge trading shrinks 25 percent in 6 months Daily Times (Pakistan) The forward trading of bullion in the country was halted in August 2002 due to the default in payments by some Pakistani parties. Should pension funds and long-term savers be invested in equities at all? Scot Wary investors flee from mutual funds Toronto Star IMF says conflict may cut global growth 50% Bloomberg Bears may be roaming the world, but bulls run free at Baghdad Exchange AP Crude Oil Falls as EU Seeks More Time for Inspections Bloomberg Attractions of safe havens start to wane Times Online Weekend (Feb 15-17) Iraq war could cause world recession Reuters One of Germany's top economic advisers said a lengthy war with Iraq could plunge the world economy into recession with the price of oil shooting up to 100 dollars a barrel. Gasoline tops $2 in more states USA Today Global View: Protests and the markets UPI Iraq Jitters Rough on U.S. Boat Sales Reuters NMMA War Fears Slow Asian Economic Growth VOA News Dollar Rises; Blix Report Seen Delaying U.S. Attack Bloomberg Spot Gold Rising oil, gas prices jeopardize recovery Detroit News World War II Helped Economy; Iraq War May or May Not Knight Ridder/Tribune In 2002 dollars, World War II cost $4.7 trillion -- more than eight times the cost of the Vietnam War, 12 times the cost of Korea and 59 times that of the 1991 Gulf War... Iraq nets handsome profit by dumping dollar for euro Observer U.S. to propose final tests for Saddam ST (NYT) Beat Osama’ Portfolio NY Post The Great Stock Fallacy Forbes (Shilling) Despite the bear market, experts cling to the theory that stocks always win in the long run. Look at the last two decades and you will see how wrong that theory is. 3 investing myths you shouldn't buy into MSN (Fleck) Bear market mauling leaves equities limping behind bonds FT Speculation Rises on Greenspan's Future AP Test of faith for American 'miracle' Times Online Volcker on the Future of Accounting CFO A Volatile Week Prudent Bear (Noland) Trading the VXN Wedge Zeal Record Number Bankrupt in 2002 Rocky Mountain News ABI ‘With historically high levels of consumer debt and many companies in financial distress, we expect 2003 to continue this pace.’ Bond-Rating Firms Get Into Governance Why should a company get to choose whether its rating is made public? Health Care Costs: The Next U.S. Labor Market Crisis! Ricchio Report (Word) Three Airlines Increase Fares to Help Cope With Fuel Prices NYT (R) Continental forecasts doom and gloom BBC The current US domestic airline environment is the worst in our history Investor Anxiety May Mean Declines AP Gotham Sold Shares After Urging Others to Buy Stock Bloomberg (NYT) Fiscal Officer Ousted at Auditor's Request NYT (R) KPMG said that it would not certify the financial statements if Mr. Gorman remained as chief financial officer. Investors Sue Sprint and Two Top Execs AP Citigroup Cuts Investment Bank Bonuses as Much as 50% Bloomberg DaimlerChrysler: Can't Give '03 Outlook Reuters Bankrupt Enron likely to be broken up and sold FT Salon warns it may close in next two weeks FT NRG Energy lays off 30, closes some offices Star Tribune At Lehman, the Case of the Buried Stock Ratings NYT (R) Buffett Tweaks Portfolio, Discloses TXU Position Reuters Units of Buffett's Berkshire Hathaway Inc. listed new holdings in retailer Best Buy Co. Inc., bank PNC Financial Services Group Inc. and finance and technology firms Comdisco Holding Co. Inc. and First Data Corp.. Option Math: Why So Many to So Few? NYT (R) Some ordinary investors dropping stocks for gold WSJ Some retirees find broken promises on health care Knight Ridder More Than 3,000 People a Month Go Bankrupt in Slump-Hit Hong KongDPA Financial Planning: A Sin of Commission? The Age Official report says the industry is based on product selling, not impartial advice. World Bank could lend Brazil another US$1 billion in 2003 AP Firms put extra 25% in pensions Times Online German growth is put at less than1 pc Gulf News Chavez threatens economic crackdown Reuters Chavez is threatening a military takeover of factories and new controls on the hobbled banking sector. Is the wakening giant a monster? Economist Fear of China's growing industrial might is widespread. But not entirely rational. Astrology Watch (A Little Different) My analysis from the details of the sky...the opening on Tuesday looks terrible... Arch Crawford (Windows Media Interview) ‘The average stock mutual fund is off a stunning 6.8%, less than two months into the year.’ USA Today Friday February 14 Blix: Iraq Still has Time CBS Blix: Iraq Banned Weapons Unaccounted For Reuters Speculation a War With Iraq Will Be Delayed Bloomberg Consumer Sentiment Hits 9-Year Low (Mich) Reuters Blix Expected to Report Iraq Not Complying LA Times $ Slips US ready to use Blix report as launchpad for Gulf war Guard Oil approaches Gulf War prices BBC Further strikes threaten supply FT Rift over Iraq starts to fray business ties IHT American company: very angry because of German policy. Sprott manager betting gold will top $500 Globe & Mail Vote Duct tape makers swing into high gear USA Today Gas goes above $2 a gallon USA Today There is no doubt that Allmon is a stubborn old coot CBS MarketWatch Will the bear market vindicate Charles Allmon? Real Estate Bubbles Bloomberg Despite what U.S. Federal Reserve Chairman Alan Greenspan and the real estate industry say, there's evidence that housing bubbles are still inflating across the country Ernst & Young Changes Mind on Options NY Times (R) None of the other top accounting firms have come out as strongly in support of treating options as an expense. Industrial Production up 0.7% in Jan FED Debt Ceiling Update Morgan Stanley Deathwatch Reuters UAL's Chapter 11 reorganization may just turn into an outright liquidation. McDonald's Japan Posts Annual Loss Reuters CNN/ABC merger plans scuppered Guardian Corning to Slash Nearly 190 Calif. Jobs AP 1,140 more Boeing workers to get layoff notices for April News Tribune 80 teachers to get layoff notices LA Daily News Moody's considers downgrade of Interstate Bakeries KC Star Another cut in rating for EDS FT Schwab: Anxious Investors Are Shunning Stock Market NY Post N.Y. to charge drug companies with hurting consumers AP Enron tax report like ‘a conspiracy novel' MN (NYT) ’Incestuous advisers' The Economics of the Rose Market Ludwig Von Mises Grocery Chains Feeling the Squeeze TheStreet Auto sales hit the wall AJC Pension accounting discontent surfaces in FASB meeting Reuters Pension benefits tax cities' budgets Orange County Has Peter Munk evolved from an investor into a gambler? Globe & Mail 2 big banks in Europe see sluggish earnings Bloomberg/AP Reformer says funds would have been better off not trading Time Online Fatal mix that sank the market Times Online More than £6.5 billion has been wiped from the value of split capital shares since launch, almost half the market’ total worth. France Telecom sheds 7,500 staff BBC China’s Global Stature Morgan Stanley (Roach) Loonie flies to biggest gain in 6 months Toronto Star “The use of tax shelters has become so widespread among the 10,000 largest corporations that their effective tax rate was just 20 percent in 1999, according to the I.R.S.” NY Times ”The corridors of the Capitol here, where Republicans control everything, are abuzz with talk about taxes. Not about cutting them. Raising them.” NY Times “Yields are pretty low but they felt the same way about Japan 10 years ago” FT Freedom's Just Another Word For Nothing Left To Lose NT It appears as though Greenspan either does not want to be re-appointed as Fed chairman next year or has learned that he will not be re-appointed. “At $30 a barrel, it's flat economic growth, and anything above that is negative growth” Oil Shocks Already Here Above $36 Thursday February 13 Pension crisis may be worst in history Seattle Times U.S. stocks face rocky ride as bear market deepens Reuters The perils of investment fashions BBC Throughout the 1990s, it seems investors followed the herd time after time and ended up counting the cost. Retail Sales Down 0.9% in January Census Aesop's Fables Comstock Although the current mantra now says it’s all the fault of the Iraqi situation, this is only the latest in a series of excuses A Currency & Gold Market Analysis Golden Bar Greenspan, White House at odds on tax-cut plan LA Times Greenspan’s Really Worried About Inflation NY Post Massachusetts Consumer confidence dives Boston Globe IRS's Anderson Sounds Alarm on Muni Derivatives Bloomberg Bond insurers 'risk structured finance losses' FT Tax Moves by Enron Said to Mystify the I.R.S. NY Times (R) SEC warns hedge funds can be risky AP FASB Feels Harvey Pitt's Parting Shot Business Week Home loan default rate up 23% increase last year SF Gate AmeriCredit to Cut 1,000 Jobs, Restates 2nd-Qtr. Loss How National Century Fell Through the Cracks Washington Post S&P cuts Host Marriott corporate credit rating Reuters 1 Same Store Sales Update Served -- MCD TheStreet As oil prices rocket, high diesel costs pinch truckers USA Today AES Posts Big Loss on Asset Write-Downs Reuters AIG Posts Loss on $1.8 Billion Charge Reuters Bethlehem Steel CEO says up to 4,000 will lose jobs AP Ericsson serves layoff notices to 1,200 workers CBC Senator: 'Eye-Popping' Enron Deals Found AP Wilbur Ross ready to take on Buffett AP Barrick gives Mr. Hedge the boot Globe & Mail Gold drops $10 to close at 4-week low CBC Gold prices plunge in Asia BBC Recession Hits Romance; Index of Romance-Related Stocks Is Down 15% Over Last Valentine’s Day PRWeb Of course, love and romance can flourish, even in a down-market. “Just remember, hugs and kisses are free” A Rise in Savings Smithers European Shares Skid to Near 6-Year Lows Reuters Bank of Scotland fined by FSA BBC Barclays hit by bad debt provisions FT Nokia Networks to trim 550 jobs from R&D Helsingin Sonomat Reuters at 12-year low after downgrades FT Bank of America Fires Half of Its Employees in Japan Bloomberg Zimbabwe to 'abandon' privatisations BBC American companies feeling the impact of Muslim boycotts Muslimedia Gas tank gold to burn off debts St. Petersburg Times “The Bank of England yesterday attempted to avert a crisis of confidence in the economy as it urged the public not to panic...” Times Online Iraq inspectors find banned missile system Times Online A Second Tape? CBS Powell to Confront Critics AP Charts May Influence Market More Than War TheStreet Believe it or not, this is the war rally MSN (Jubak) Wall Street wisdom says fears of a war in Iraq are forcing down stock prices. Ironically, it might be postwar rally hopes artificially holding stocks up. Dollar Falls on Speculation Iraq Weapons Report Will Hasten War Bloomberg Wednesday February 12 Senator Says Enron Tax Report Findings Disturbing Reuters Greenspan's 'no return' looms large CBS MarketWatch (Calandra) Two Studies Paint Bleak Picture For Capital Spending Dow Jones Outlays for technology products won't pick up until the middle of the decade, and virtually all industries will keep their purse strings tight this year. Pension Costs Impacting Earnings Comstock Economic indicator: Pension woes could lead to downgrades Rocky MN The Downward Spiral Jim Rogers Some fear war rally won't show USA Today Some Business Leaders Say Iraq War Is Best Course for Economy Bloomberg “Investment decisions are frozen, consumers are wary. We need to get this over with, even if that means war.” Philippe Houze, co-chairman of Galeries Lafayette. Media Hype is Bearish Gold Sandspring Rising Cost of Health Insurance Inhibits Hiring Bloomberg FM Watch Urges Review Of Fannie, Freddie Capital Test FM-Watch “The rule as it now stands is essentially dysfunctional and the rule-making process has become a farce.” Mortgage demand at 11-month low Reuters MBAA Banc of America shifts gears on GM CBS MarketWatch Greenspan Says Tax Cuts Are Premature Washington Post Fed Focus CNN On Wall Street, "Layoffs Aren't Over" Business Week Economists cut US growth forecast to 2.7% Bloomberg/FT AAA calls gas price jump unjustified, near gouging Bloomberg U.S. Crude Stocks Lowest Since Oct. 1975 Reuters EIA Near $36 Gold drops $10 to close at 4-week low Oil rises as Iraq rejects peacekeeper plan Bloomberg Big Four Face Legal Trouble, Lost Business WP Lender's CEO Got Million-Dollar Deal on Exit WP Applied Materials Falls Short TheStreet Qwest to restate $2.2bn in revenues Reuters El Paso stock hits all-time low on credit fears Reuters Yes, Coca-Cola is cutting jobs again AJC Nokia to Lay Off 550 at Networks Unit Reuters Thrivent Financial to cut 500 jobs JSOnline Ameritrade Cutting 300 Jobs by September AP Telecom giants raise fees, cut jobs Tallahassee Democrat J.P. Morgan Chase set to shed space NY Daily Level 3, bankrupt Genuity set to pull plug on 250 firms Boston Globe Kmart: Ex-boss evades subpoenas Detroit News Debt risk forces bank closure After an audit of its parent company found risky levels of debt. Accountancy probes fall behind target FT Pitt defends board member's pay Star-Ledger Disgraced Investment Adviser Gets 12 Years AP Citigroup's Weill to Forgo Cash, Stock in 2002 Bonus Bloomberg Berkshire Hathaway offers $579 million for bankrupt Burlington AP Is Germany the new Japan? Dow Jones Bank of England Cuts Economic Growth Forecast Bloomberg UK unemployment hits 27-year low BBC Concern over property fund 'craze' BBC French December Production Falls Most in 5 Years Bloomberg Fresh recession fears as services sector slumps Scotsman Germany pushes for EU crisis plan amid fears of recession Gulf Daily News Moody's under fire for inconsistency Korea Herald “What I don't want to see is the Dow fall below that October low, because then you're in danger of seeing a Dow 5,000 scenario” CNN/Money “You make $100 million on stock options, do you honestly think you earned it” The real tax scam: shelters for the rich Huge Stock Option Grants Raise Questions “Should municipal bond investors worry about the growing epidemic of state budget crises?” SF Gate Tuesday February 11 Greenspan: Monetary Policy Report To Congress -- Testimony FED Dollar cuts gains... Reuters What Would Mr. Greenspan Do? Washington Post Greenspan Likely to Back Dividend Plan WP Nobel laureates attack tax plan Boston Globe The States Rebel -- http://www.epinet.org/ PDF File Jobs Data Twisted By U.S. Census NY Post Dr Doom sees more gloom but... FT Stock markets which went to zero over the last century outnumber those that survived..."dreams of very long-term returns of even 5 per cent a year are totally unrealistic.” Eroding Support for Stocks Business Week Key technical levels on the major indexes failed to hold last week, making it more likely that they will test the July and October lows. Gas prices could go above $2 USA Today Moody's Cuts Bond Rating for California Bloomberg Hedge funds attract crowd USA Today US anti-terror plans raise fears for hedge funds FT College fees increased nationwide SGVTribune Present, Future Both Tense CFO Credit Card Companies May Be Forced to Return Fees NYT JP Morgan troops told to smarten up FT The memo goes on to ban the use of Gameboys or handheld computers in meetings and instead orders the traders to "take written notes". Tyco Ex-Officials Used Tax Shelters WSJ A Applied Materials Has Wider 1st-Qtr Loss of $65.7 Mln Bloomberg Cisco cuts 50 of 65 jobs in Maple Grove Star Tribune Cisco Systems Inc. appears to be writing off most of its $450 million bet on Minnesota made near the peak of Internet mania. Shut-down of high-tech plant by Celestica roils Rochester ST Weak Ticket Sales Mean Wider Loss for Priceline TheStreet TheStreet.com Posts 55% Revenue Rise, Narrower Loss TheStreet Qualcomm Sets Dividend Reuters Reams of paper delay Fastow case AP Tax Scandal is Worring Ernst & Young Staffers NY Post Accounting industry experts say the curtain is about to rise on the New York-based accounting and auditing giant... Ted Turner: ‘How I lost billions’ Today Show Icahn In Play for Insignia NYP NYSE Seat Sells for $1.75 million, Another Drop NYP Trade gap worst since records began - William of Orange was king Guardian ECB set to lower growth forecast RTE Fitch says European insurers face solvency pressure Reuters Philips' losses are worse-than-expected FT Moody's cuts S.Korea rating outlook over N.Korea Reuters Moody's Credit Downgrade Jolts Korean Financial Markets Asia Pulse Shrinking Scots economy sparks jobs fear Scotsman SMEs are suffering worst in downturn icNewcastle Crude Oil Jumps After Iraq Rejects Peacekeeper Plan, Bin Laden Tape Aired Bloomberg Powell Ties 'bin Laden' Message to Iraq AP Gold and oil slip on Iraq concession BBC Dollar May Weaken; Rift With Allies Seen Leaving U.S. Isolated Bloomberg Economists fear surging oil Australian Kuwaitis Pass on Gas Mask Bid from U.S. Firm NYP Monday February 10 Iraq Unconditionally Accepts U-2 Flights, Envoy Say European Countries Block NATO on Iraq; U.S. Fumes Iraq, again CNN Concern about possible Persian Gulf conflict hangs over markets after 4 straight losing weeks. Oil prices reach 26-month high CNN U.S. Demands Iraq Show Cooperation by Weekend NYT Is Real Estate War-Proof? Forbes News Industry Plans for War and Worries About Lost Ads NYT (R) US threatens blockade of North Korea Daily Times Stock options: Boon or simply boondoggle? MSN (Fleck) Two Different Worlds Morgan Stanley (Roach) Leading stock indexes near meltdown CBS MarketWatch Main Street is begin to lose its appetite for the stock market's paper chase. Machine Tool Demand in '02 Hit Record Low Reuters The Dire State of the States Business Week 11 State Budgets In Critical Condition Newswires PDF File Chicago firms replenish pensions Chicago Sun-Times Bethlehem Steel Retiree Benefits in Peril NYT (R) Gas jumps 11 cents over 2 weeks AP Longer-term VC numbers slip Boston Globe Companies taking scissors to travel expenses to cut costs USA Today Need to preserve cash generates wave of layoffs in biotech industry SF Gate Lawsuit Adds to Turmoil at Retirement Fund WP Wal-Mart Slightly Off Forecast Last Week Reuters Marriott Posts Loss; Cuts 2003 Estimates Reuters Buffett Eyes Scottish Power Reuters Gold geezers say, 'Go' CBS MarketWatch Investors seek haven from market in gold Chicago Tribune German Industrial Production Falls Most in Four Years Bloomberg Worst UK trade deficit on record BBC Slump hits smaller factories Reuters Asian Development Bank Warns of Weaker East Asia Economy Dow Jones Weekend Edition (Feb 8-9) Blix says inspections should continue CBS Investors Turn Bullish on Treasuries as U.S. Prepares Attack Bloomberg No Oil Windfall Predicted Post-Iraqi War AP Late peace bid: Send in UN troops SMH An Iceberg of Irate Investors NY Times (R) The Wolfe decision sends a message that big Wall Street firms, and their brokers, will be held accountable for destroying the retirement savings of unsuspecting customers by recommending risky high-tech stocks and funds. It Won’t Get Any Better After Iraq NY Post Investor trust will be slow to return Contra Costa Times Debt-Heavy Consumers Face Tough 2003 Reuters Good-Bye Dow 8,000 Financial Sense Scenario #3 Prudent Bear (Noland) Anatomy of a bear market CNet (McKinsey) What bubble? Housing thrives Boston Globe House prices in the Boston metropolitan area are now rising faster than they did during the 1980s real estate bubble. Moody's Sees More Pain for Firms Reuters War Worries Compound Energy Woes Washington Post Know a Fund's' Cost? Look Deeper NYT (R) Mr. Bogle calculates that average equity fund turnover was 110 percent last year, up from 14 percent in 1960...transactions cost 2.2 percent of the amount traded... "It's a dirty, sleazy area that most people would not like to see the light of day.” GOP not backing savings changes WP Bush plan won’t pass, leaders say Accountants' Close Link to Executives Is Questioned NYT (R) Harvard hits back at fund manager Boston Globe Corporate fat cats Toronto Star SEC says trader took investors' money, lived large Cincinnati Enquirer Rogue broker suspended 10 years Toronto Star The ticking bonds bomb Telegraph Lloyds faces fine over high income bonds Telegraph Worst slump since 1991 Guardian New manufacturing plunge batters Brown's optimism. Pension deficits threaten credit ratings of five big companies Times Online “Gold's renewed lustre comes as the "cult of equities" of the 1990s is finally at an end.” SMH “Only 10 stocks in the battered Nasdaq 100 index pay dividends while investors hope for a rebound.” AP Friday February 7 CEOs as Central Bankers Market Ruminations (Picks) Golden Bull Buy Signals Zeal War clouds obscure fiscal crisis CBS MarketWatch (Calandra) Some strategists see Iraq talk as smokescreen. Consumer Credit Drops $4 Billion in Dec Reuters FED Japan gets gold bug, but will fever last a war? Reuters Payrolls jump by 143K in January -- Unemployment at 5.7% BLS Total nonfarm payroll employment rose by 143,000 in January to 130.8 million, seasonally adjusted. This followed a decline of 156,000 (as revised) in December. Retail trade, which had accounted for much of December's loss, posted a large gain in January. Chart of the Month CrossCurrents The Myth of the New Economy Economist Times More worries about earnings CNN/Money What would earnings look like if companies told investors what they tell the IRS? Lawmakers Revisit Debate On Options WP Members of Congress are once again inserting themselves into the debate over whether companies should treat stock options as expenses. Central banks to collect more in-depth statistics on risk exposures BIS Fed to Cut 400 Jobs as It Processes Fewer Checks WP Health Care Spending In US Seen Hitting $3.1 Trillion In 2012 Dow Jones CMS Big Stores To Charge Sales Taxes Online WP Goldman Cuts Coming NYP Merrill's head of research hits the road CBS MarketWatch IT Slowdown Rocks EDS TheStreet Dell COO Rollins sees tough year for technology Reuters Agilent warning spooks tech sector Toronto Star Westar cuts dividend and wants more time from regulators to pare debt KC Star Construction giant files bankruptcy SF Gate When Hogs Land Prudent Bear Host Marriott Executive Suddenly Steps Down WP Bill Gates Sold 1 Million More Microsoft Shares Wednesday DJ Ted Turner Sold $20 Mln in AOL Stock Reuters Does Honest Money influence Mr. Warren Buffett? Silver-Investor Japan's desperate market move BBC Heizo Takenaka said he would invest in tracker funds and "will definitely make money" Japan Dec. Household Spending Falls 4.2% on Job Cuts Bloomberg Europe Doesn't Get It Morgan Stanley (Roach) UK industry suffers sharp decline BBC Swiss government predicts slower recovery Swiss.info Venezuela: A Heterodox Policy Northern Trust Malaysia goes for gold Asia Times Response to "an inherently unstable and ultimately unjust global monetary system.” -- Flashback: “No single economy can profit for long at the expense of the rest of an interdependent world.” US dollar hegemony has got to go Asia Times Accused broker 'carried on churning' FT The NASD would have acted sooner, but lacked a key piece of regulatory authority from the SEC. ’Broker to stars’ Giacchetto wins early release from jail DJ “He was a model prisoner” Spitzer assigns prosecutor to CSFB analyst probe WSJ Probe Studies Credit Derivatives WSJ Wealthy Suing Accountants Over Rejected Tax Shelters NYT (R) Tax debt piled up for Sprint execs USA Today F.B.I. Is Investigating HealthSouth Trade NYT (R) Trader sues bank for £10m 'unpaid bonuses' Times Online “The bank's metals and mining research division found, after analyzing data to estimate the correlation between gold prices and gold equities over the last 13 years, that gold equities are factoring in a bullion price of only $310/oz.” Dow Jones Thursday February 6 Eberhard Busted NYP The agency said it had to act quickly because Eberhard was continuing to defraud customers as recently as last week. NY celebrity broker accused of huge fraud FT -- http://www.eberhardinvestments.com/ Exclusive: DOJ Has Enough Evidence To Arrest Stewart WNBC NYMEX upping COMEX gold margins at close Thursday Reuters NYMEX Productivity Drops by 0.2% in 4Q02 BLS Bank of England Shocks Markets - cuts key lending rate Bloomberg BOE Accounting rule targets goodwill USA Today The rule forces companies to admit once a year if the premiums they paid for acquisitions, called goodwill, were a waste of money. FASB 142 Bush to Replace Head of Fannie, Freddie Watchdog Washington Post Armando Falcon Jr. was asked by administration officials for his resignation Tuesday morning....That was just hours before Falcon released the findings of a "systemic risk" study which laid out a scenario in which Fannie Mae and Freddie Mac could experience severe financial difficulties... PDF File -- Jan 15, 03 - Regulator Fires a Shot Across Fannie's Bow TheStreet Freddie Mac spokeswoman Sharon McHale Dow Jones “This simply, in our mind, is not a serious piece of policy research. It's based on this completely speculative doomsday scenario where we essentially wake up and are insolvent.” U.S. Economy in Worst Hiring Slump in 20 Years NY Times (R) The pain of joblessness has worsened even though the official unemployment rate, which counts only people looking for work, held steady at 6 percent in December. The Case for Gold Forbes (Grant) Treasury Issues Warning On Debt WP Days from hitting debt ceiling AP Congress Asked To Raise Ceiling California's Record Deficit Threatens Services, Jobs, Economy Bloomberg Connecticut's Rating on $12 Bln of Bonds May Be Cut by Moody's Bloomberg Recession: Part two? AP National anxiety has grown, raising the probability of a 'double-dip recession'. Hedge fund performance worst since 1998 Reuters S.E.C. Choice Says He's No Harvey Pitt NYT (R) Donaldson defended the $19 million in compensation he received as chief executive at Aetna for 13 months..."My compensation was strongly aligned with shareholder interests.” Suits Threaten AOL NY Post Big institutional shareholders are getting very worried about the exposure [to the litigation]. Gangs of Angry Investors Plan Proxy Battles NYP El Paso Cuts Dividend; Asset Sales Planned NYT (R) Air Canada braces for deep cuts Toronto Star May Sell Assets CP More Sprint Execs Used Tax Shelters WSJ Tax shelters draw scrutiny, criticism USA Today RedStone’s Game of Chance NYP Ratings review may hit Moody's Hoovers (FT) Circuit City retrenches amid sales slump AP Sears warns on 1Q CNNfn California Targets Wells Fargo License AP A Lesson in Public Speaking CFO Goldman Sachs CEO’s off-hand comments are a textbook case of what not to say at an investment conference. Party King SAC Trader Eyed By Investigators in Becker Case NYP Prosecutors Call Tyson Smuggling Trial a Case of 'Corporate Greed' NYT SEC closes local brokerage Rocky Mountain News “The company is going down. It's being liquidated and all of the brokers have been shoved out of here. All of (the) stocks and bonds are frozen until it's resolved” 'Margin' investors to get dividends tax free FT UN Members Resist Powell on Iraq, Support Inspections Bloomberg Powell dossier: Reaction BBC Blair's analysis of market 'a disgrace' FT Stock market 'may take 15 years to recover' Times Online New research report finds stock market losses total $13 trillion since 2000 ABN Poor Prospects For European Economy Comstock German Jobless Rate Rises to 11 Percent AP Assessment of business conditions downgraded Japan Times Straight-talking former banker questions need for bank mergers Toronto Star “The retail price of gasoline is up 8 percent since the start of the year” AP Wednesday February 5 First Casualty of an Iraq War Will Be the U.S. Dollar EIR The Return of Rosy Scenario Morgan Stanley (Roach) Worse Than You Think Ludwig Von Mises Report: State budget gaps soar AP NCSL Deficits jumped by almost 50 percent, and likely to worsen Global stock losses equal $2,000 for everyone on Earth Reuters Endangered Annuities Forbes Now the spotlight falls on credit-rating agencies Business Day SEC Nominee to Face Senate Queries Reuters Wrong Numbers for Telecom-Gear Makers Business Week Wall Street's optimism has just one problem: Revenue growth for the phone companies is somewhere between slow and nonexistent. Telecom market bottom remains elusive Globe & Mail Amazon short sale probed CNNfn TXU Posts a $4.88 Billion Quarterly Loss Reuters Investors dump CMS FP Bank of America to Cut 1,000 Jobs Reuters Merrill's top two execs may be heading to the poorhouse NY Post Job Cuts Up 42 Percent From December AP Industry gloom hits every corner of UK BBC Shock surge in German jobless BBC Tokyo to end disclosure of brokerage transactions Bloomberg Bay Street winking at conflict disclosure rules Globe & Mail -- NY gold backpedals as Powell presents Iraq case Reuters -- TOCOM logs record volume... Reuters -- “This morning we tried to hire a diamond-tipped drill but were told there was none available.” Chairman of Croesus Mining -- “We do not see a (gold) mania; it’s nothing like 1980, which was pandemonium.” MSN “Fund managers said the FSA’s fourth successive relaxation in the solvency rules had only served to confirm their fears about the fragile state of the nation’s life insurers.” Times Online “If I owned this stock, I'd probably not sleep too soundly, knowing that tomorrow a lot of analysts will probably have to take their numbers down a bit.” CSCO Tuesday February 4 Gold futures close near $380 an ounce - James Turk uses monetary metric to forecast $434 gold CBS (Calandra) Cisco CEO Sees 3rd-Qtr Sales Flat to Down Reuters “Customers are "even more cautious" than they were at the beginning of the second quarter” Why Donaldson Should Not Lead The SEC NY Post Bush’s Depressing Economy Newsweek Job Cut Announcements Jump In January Reuters (C,G,&C) Hegemonic Decay Pimco (Gross) Rule Seeks Pledges on Stock Picks WP SEC Set to Require Analysts to Vouch. Wall Street banks lend more to win business Reuters AMR 401(k) manager drops company stock USA Today Hedge funds move into mainstream FT SEC Eyes New Rules Market Pros Question Oracular Powers Of Credit Default Spreads Derivatives W January Car Sales Fall Nearly 2 Percent AP SUV Sales Slip AOL Time Warner Warns of New Debt WP AOL Time Warner Inc. has notified credit rating agencies that its $25.8 billion of debt will increase by several billion dollars in coming months Hedging Dims Barrick's Golden Hue ODJ All That Glisters is Not Gold Times Online (Platinum Graph) Disney Draws Criticism For Removing Dissident WP In the wake of U.S. corporate meltdowns, AIG to take $1.8 B charge CBS AIG Charge Shocks Industry, Slams Shares Reuters AIG Chief Executive Maurice Greenberg suggested other insurers were suffering from the same problems. -- "Unlike the abrupt burst of the asset bubble, the liability bubble has yet to contract in our economy.” AIG No market for Nasdaq Red Herring Since shares of the Nasdaq Stock Market began trading in July, they have fallen 30 percent. NASA tragedy hurts some contractors Boston Globe Pledge over mortgage securities FT The ABS market, which ballooned in the 1990s, is essentially unregulated. Ex-mortgage lender gets 10 years for fraud AP Fanghella managed to spend more than $100 million of his investors' money on the trappings of wealth...he cried during the sentencing. Alcatel Says 1st-Qtr Sales May Drop 30%; Shares Slump Bloomberg Long recovery ahead for stock markets Examiner (FT) Friends First chief economist Jim Power said it could take 30 years for the stock markets around the world to regain the values they enjoyed before the hi-tech bubble burst in early 2001. Standard Life cuts pension payouts by 15pc Telegraph Insurer gives warning that further reductions were likely to follow...defends decision to keep such a high exposure to the stock market. French Consumer Confidence Declines to Five-Year Low Bloomberg Heads roll as Vaud bank takes legal action SwissInfo Quattrone Suspended; Fed’s are Closing In NY Post End of an Era for Silicon Valley and ‘Friends of Frank’ NYP Quattrone's departure, even if it's temporary, is the first time that a government or regulatory investigation has reached out and laid a hand on a prominent Silicon Valley figure. Tyco Counsel Charged Again NY Times (R) “I am profoundly embarrassed about my choice of words” Henry M. Paulson Jr. “The Treasury Department is to sell a record amount of debt this quarter to help fund a rising deficit.” FT Monday February 3 Sadness on Wall St. CNN At Your Service Contrary Investor The Least Likely Outcome? Morgan Stanley (Roach) UK fund manager hits at 'greedy investors' FT Investors are "greedy", make "stupid decisions" and should share some of the blame for their losses over the past 3 years. How Does This Bear Market Compare With Last One? Bloomberg Down the Dow's staircase CBS MarketWatch (Calandra) The U.S. stock market's leading technical analysts see ominous signs in the fading rally that just a month go raised the hopes of investors. Towards the Precipice LBR Robert Brenner on the crisis in the US economy A valuation gap still exists between U.S. and non-U.S stocks Forbes Stock funds feel freeze in January USA Today Investors who normally flood the stock market with cash early in the year have instead been pulling money out, a fresh sign that the public's disinterest in stocks is deepening. Fed faces quandary in gauging growth Bloomberg How can the Fed chairman explain to Congress why 3 percent growth in gross domestic product in the third quarter of 1999 produces 727,000 jobs while 4 percent growth in the same quarter of 2002 produces 93,000 jobs? Manufacturing activity slows CNN ISM Index Why War Won’t End Our Jitters Newsweek We prefer temporary explanations to a grimmer possibility Global Chip Sales Fall 2.3 Pct in Dec Vs Nov Reuters WSTS EECA A good dividend no longer sure in old standbys Post-Gazette Many punished by stock market look to gold to ease their pain Chicago Tribune Producer of Comdex Shows Is About to Seek Bankruptcy NYT SEC probes oil companies over reserves FT Company executives are concerned that the SEC may order them to wipe millions of dollars of assets from their books. Tyco Likely to Alter Free Cash Flow Definition WSJ Dynegy Restates--Again CFO Company Out of Time NY Post Don't Expect Good News from Cisco Reuters 170,000 U.S. users flee AOL in fourth quarter AP SchroderSalomon, CSFB bonuses down 60 pct Reuters WorldCom to Cut 5,000 Jobs, Trim Expenses Reuters NHL: financial woes, labor strife loom in next 18 months Chicago Tribune Standard Life to slash with-profits bonuses Scotsman Yen Falls After Official Says Japan May Sell Currency Again Bloomberg -- Japan Weighing `Massive' Sales Japanese wages fall as deflation bites FT War 'would mean biggest oil shock ever' Observer (Goldman Sachs) States to impose uniform 1% sales tax on gold Rediff “The Fed says the readings are the first indications of tighter mortgage credit 'in over a decade.'” Reuters Senior Loan Officer Opinion Survey on Bank Lending Practices FED “For 20 of the index's members (S&P 500), including Schwab, Merrill Lynch and Disney, expensing options would have made the difference between profit and loss.” Bear Stearns Weekend Edition (Feb 1-2) How Big Could the Next Wave Be? Check the Risk Level NYT Why the lousy market? It’s the Fed, stupid MSN (Fleck) Iraq is dominating and will dominate the headlines in the days ahead, but Iraq is not the real cause of our economic malaise. Alan’s Help May Backfire on Bush NY Post Crystal ball with a crack Boston Globe If you believe war anxiety is the only reason all the major market indexes have given back their early January gains, take a closer look at the corporate profit reports. Desmond sees intense selling round the corner CBS MarketWatch (Calandra) Irrational tech exuberance, anyone? Globe & Mail New Tax-Free Savings Plans Proposed WP “It's breathtaking. These guys really don't care about the future at all." FMW asks Shelby and Oxley for Review of Fannie Mae and Freddie Mac FMW Pondering Post-Bubble America Prudent Bear Wisdom of Jesse Livermore Zeal Investors on a Gold Rush WP Greenspan Comes Home to Gold NRO The Dollar's Precarious Position Business Week State's credit increasingly at risk Record Net “I'd be surprised if most states don't get downgraded” Bush to Project Record $307B Deficit AP Tech's Phony Dollar-a-Year Men Slate Stock options still reeled in by execs AP Disney Board Critic Silenced NY Post Pension fund haunts Kmart Detroit News More Companies Ditch Forecasts Reuters GM says sales incentives a fact of life SF Gate Lenders Give Allegheny Energy More Time AP U.S. Plans To Seek New Enron Charges WP Recovery? It 'could take two decades' Observer Regulator rides to the rescue Guardian A credit crisis that's out of control Scotsman Ousting Saddam could put U.S. oil giants in 'driver's seat' CBS War good for the market - last time JS Online A Replay of 1992?--No Way! Comstock War in Iraq may inflict injuries to economy Chicago Tribune “For the year so far, only three fund categories are still above water: China region funds, up 4.7% on average; gold funds, up 2.1% and convertible securities funds, up a scant 0.6%.” USA Today “WorldCom is expected to unveil as early as Monday a cost-cutting plan that will eliminate 3,000 to 6,000 jobs...” Reuters



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