Pop!
at 2008-03-28 02:17:22
Gold has not had a good week. The April contract closed at $1004.30 on Tuesday. It dropped $59 yesterday and it's down another $25.30 today.
From Karl Marx in 1867:
A commodity appears at first sight an extremely obvious, trivial thing. But its analysis brings out that it is a very strange thing, abounding in metaphysical subtleties and theological niceties.
Why Is the Stock Market Closed for Good Friday?
at 2008-03-28 02:17:22
Today is Good Friday and the stock market is closed. I have no idea why this is since most of the rest of the country is open for business. I live in Washington, DC and the Feds will shut down for practically anything. But not today—it’s only Wall Street.
When I got my first job as a broker, I remember my branch manager saying that it was some sort of ancient inter-confessional deal to have one Friday off for the Easter/Passover season. That could be right but I’ve never found anything to back it up. Today, however, a closed market on Good Friday is more likely so traders can follow their brackets without interruption.
(By the way, there’s some doctoral dissertation waiting to written on the effect of fantasy sports on finance. Every trader I’ve ever known has had several fantasy football or baseball teams going. Wall Street is quite good at alternate reality; real reality is still a bit iffy.)
The stock exchange closed for two hours in honor of t
JPMorgan offers Bear Stearns staff bonuses
at 2008-03-28 02:17:22
Reuters reports:
JPMorgan Chase & Co is offering bankers at Bear Stearns Cos bonuses to stay and support the controversial takeover, a person familiar with the situation said on Thursday.
JPMorgan Chief Executive Jamie Dimon met with hundreds of Bear Stearns executives late Wednesday, his first meeting with bank employees since the takeover was agreed to on Sunday.
At the meeting, Dimon, aiming to head off an exodus of Bear Stearns staff, proposed incentives to bank employees who stay and support the deal. He also expressed confidence that the deal would be completed as proposed, said the source, who was briefed on the meeting and is familiar with JPMorgan's thinking.
Employees who are offered jobs by JPMorgan would receive a bonus that includes JPMorgan shares. Employees who are not offered jobs will receive at least a cash bonus of about 30 percent of their 2007 compensat
Boozing British Bankers
at 2008-03-28 02:17:22
The Independent is on the scene:
Rumour-mongering and rogue traders; buy-outs and bonus cuts: it's been quite a week for bankers. And, yesterday, as drizzle fell and storm clouds gathered over the capital, the pub was the only place the nervous denizens of Canary Wharf wanted to be.
They emerged from their offices, loosening their ties, to toast a long Easter weekend which, regardless of the turmoil which preceded it, will at least bring respite to anxiety. "We are meant to be at work but we've come here for some solace," a group of Lehman analysts said.
Lunchtime had just begun but they, along with many other suited drinkers, were on their fourth round of beers at the packed All Bar One branch under Reuters' FTSE-100 ticker.
ads. Well done.
Pot Takes Out Ad on Kettle
at 2008-03-28 02:17:22
Fox Business Network has taken out a big ad in the NYT and WSJ to question Cramer's credibility over his Bear Stearns call. Here's the PDF.
(Via: The Stalwart)
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