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It goes beyond that. Read the entire article. These PE companies issue debt in the names of the companies that they have bought and use the proceeds to pay themselves. That sounds an awful lot like rounding up new investors to pay off previous investors ... a legally sanctioned Ponzi scheme.

http://www.nytimes.com/2009/10/05/business/economy/05simmons.html?hp=&pagewanted=print Buyout Firms Profited as a Company’s Debt Soared By JULIE CRESWELL For most of the 133 years since its founding in a small city in Wisconsin, the Simmons Bedding Company enjoyed an illustrious...

Another view ... http://www.ritholtz.com/blog/2009/10/boa-bond-holders-haircut-can-restore-solvency/ This past week in the IRA Advisory Service, we added M&T Bancorp (NYSE:MTB) to our coverage list. As of Q2 2009, MTB was rated “A” by the IRA Bank Monitor’s Stress Index due to its...

Money on the sidelines!:p

You could have used all of these arguments to be bearish on JGBs and the Yen for the last 15 years ... and that trade would have landed you in the poorhouse over and over and over again. The US is suffering from deflation - there are not enough dollars out there, and there is nothing the...

Of course his partner McCulley was on the tape in late August ringing a bell for the "end of the secular bond bull market".:confused:

Saw it this morning. Langone is great and speaks the truth. NO suprise that he's not a regular on bubblevision (CNBC).:p Another bearish guy, Rosie, is feeling his oats after the employment report. This from his daily letter today ... We still marvel at the shills who believe that the...

I can give you a preview of his monolouge tonight ... "I hope you listened to me and took something off the table last week ..." If the market does tank and we're at Dow 8000 in a few months, I can guarantee you he will be telling his listeners how he called the top in Oct 2009.:p

She's been a pretty good buy signal for the past few months. Can a Mike Mayo bank downgrade be far behind? Perhaps the tides have turned ... http://online.wsj.com/article/SB10001424052748704471504574445470989162030.html The Credit Crunch Continues Taxpayer dollars have supported...

In case anyone is paying attention, since this pathetic and OBVIOUSLY ORCHESTRATED campaign by the Fed to talk up their hawkish views was started, Dec 2010 Eurodollar futures are higher. The Fed is saying one thing, the market another. The Fed will follow the market, not the other way around...

Have to wonder how much advance knowledge of the employment report the Fed gets. These guys are little more than glorified bureaucrats and they like looking smart as much as the next guy. They wouldn't be talking like this if they knew an ugly employment report was about to be released.

You have to believe, with all the press coverage of their losses, that Thiel and Clarium are putting in some kind of bottom right here. I find it interesting that Clarium's supposedly disasterous plays - long Yen, long $, long Treasuries - are all doing just fine for the past few weeks...

I think Clarium has been expressing their "short green shoots" thinking by being long the dollar - my guess is they were mostly short GBP/USD and short JPY/GBP. If (and its a big if) they managed to hold onto those positions through the rest of the month, they certainly made it all back and more.

Kevin Warsh sounding hawkish in today's WSJ. Makes it pretty clear that the Fed feels it is ok to begin to hike before unemployment rate has topped out. Probably the reason for euro$'s being down a few ticks. http://online.wsj.com/article/SB10001424052970204488304574433041058334138.html...

How is owning the government a failed business model?

Economy looks fine from where I sit (Phila). New restaurants opening everywhere and they're full. Center City Philadelphia was a madhouse last weekend - tourists everywhere, sidewalk cafes packed. All of my summer vacation spots were overflowing. In the Spring, a bunch of country clubs were...

Good stuff. Great discussion on marketticker. :p

Jim Grant w/a nice piece in today's WSJ ...If he's right, you won't want to be long euro$'s of any sort. In a more comforting vein, Jim 'bozo' Cramer is now very publicly and very strongly bearish on US treasuries...

Blackrock is a well-paying arm of the US Gov't (or, maybe the US is an arm of Blackrock).

Treasuries did ok, but it was a nasty day in E$ futures yesterday. Reminds me of the action in Japan a bit. For a time, JGBs traded at an inverse correlation in stocks. Then, occassionally stocks would rally, but JGBs wouldn't sell off. Eventually it came to pass, and folks came to realize...