JP Morgan’s sudden confession of a $2 billion loss on a “synthetic credit portfolio” last night was the talk of the morning for many reasons, not the least of which was the ammunition such a mistake gives the regulatory push in Congress. We are not a big holder of the stocks of international money-center banks [...]
Today, the concern of the Fed for our economy was shown through actions dubbed Operation Twist in the popular press. Citing “significant downside risks to the economic outlook,” the Federal Reserve Open Market committee today announced they would enter the bond markets and start buying $400 billion of bonds with maturities of between six and [...]
Some of you will be seeing confirmations coming in the mail from your custodian showing we have been busy buying and selling Morgan Stanley bonds recently. In fact, many of you will see that we sold your Morgan Stanley bonds the same day as we bought you different Morgan Stanley bonds. What gives you say? [...]
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