Zero Hedge

Calpers suing rating agencies for "wildly inaccurate" credit ratings, seeking $1 billion (NYT)
Call for Fed transparency grows louder, getting mainstream (Financial Times, h/t Paul)
Congressman Edolphus Towns tells BofA it owes the government compensation (Bloomberg)
New flu resembles feared 1918 virus (Reuters, h/t SB)
Political contributions by investment banks (Open Secrets, h/t Bryan)
Dell's hell continues: Decoding the Dell analyst release (Daily Finance)
Intel jumps after Asian consumers buy computers (Bloomberg)
NV Broadcasting, operator of 14 TV stations, files for bankruptcy (Reuters)
Huffington sues Carlyle over fund collapse (WSJ)
VW, Porsche signal decision of integration to be announced July 23 (WSJ)
Business class travel drops 6% at Eurostar (BBC)
Sulzberger says NYT will pare debt with asset sales (Bloomberg)
Bloomberg follows up on Zero Hedge: GS VaR rises to Record (Bloomberg)
Germany's unemployment insurance contributions not enough to maintain funding, doubling expected (Handelsblatt, translated, h/t Tom)

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CDS market investigated by U.S. Justice Department (Bloomberg)
Geithner says global economy faces setbacks (Bloomberg)
Budget deficit tops $1 trillion for first time ever, set to hit $2 trillion this fall (Wells Fargo and WSJ)
German investor confidence falls (Bloomberg)
BlackRock earns at least $71 million for managing taxpayer money (Bloomberg)
The CIA's had plans to assassinate Al Qaeda leaders (NYT)
Steve Rattner quits US Auto Task Force after showing how "quick and efficient" negotiations are to be done, to refocus on getting NY Pension Fund commitments for Quadrangle [I jest] (Bloomberg)
And he leaves just in time - NY AG probe of Rattner over kickbacks heats up (Reuters)
UK inflation falls below BOE's 2% target for first time since 2007 (BBC)
Socialist heatmapping lottery de jour: CIT (Bloomberg)
450 most liquid CDS overnight movers (Markit)
The 0% tax rate solution (WSJ)

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More on StevePerkinsGate: PVM taking a page from the oldest playbook in the world (FT)
India joins China, Russia in questioning USD dominance (Bloomberg)
Palin to resign as Alaska governor, will not seek reelection (WSJ) [not even worth discussing the Republican due diligence process]
Ignoring prophetic predictors (Nader)
Staffer at SEC had warned of Madoff (WaPo, h/t dartmont)
Recovering ABS may relapse if TALF support pulled (Reuters)
Arnold's IOUs will pay 3.75% (Bloomberg) which Bank of America can't wait to launder with taxpayer money (PR)
China needs domestic consumption for economic recovery (Bloomberg), in other words a US-style credit bubble, combined with compelte fake economic data, can only go so far.
The Taleb - Tavakoli vendetta post-it update (Alphaville)
Banks own the US government (Guardian)
Korea fires five more missiles (Bloomberg)
New York city sees slide in tourism (WSJ)
William Buiter: Why zombie banks will need more money

Jetlag edition

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There goes the upside case: 467k job cuts on 363k expected, 9.5% unemployment, 14.7 million officially unemployed (BLS, AP)
And not just the US - Unemployment up to 9.5% in Eurozone as well (BBC)
In the same time over in La-La land... (FT)
Band Aid feature of the day: Europe to give $1.7 billion to Latvia (NYT)
Exelon raises hostile bid for NRG to $7.5 billion (Reuters)
Porsche loan requests likely to fail says state official (Bloomberg)
Ireland next: Moody's cuts rating from AAA to Aa1 (MarketWatch)
Jonathan Weil: Crisis won't end until balance sheets get real (Bloomberg)
Rise in asset prices: new challenge for Asian banks (Morgan Stanley)
Treasury to name 9 toxic managers (WSJ) [no, PIMCO? Blackrock? really? what a total shock]
Speaking of Bill Gross: "Bon" or "Non" Appetit (PIMCO)
ISM Manufacturing: no V-shaped recovery (Wachovia)
Inflation or Hyperinflation? (Merk Mutual Funds)
Gallup: Investor optimism tumbles in June (Gallup)

Big thanks to Dan, Baker, Paul, and Aleksey for their very generous donations and support Sphere: Related Content

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Australia's trade deficit doubles in May (MarketWatch)
Schizo China changes tune again, hopes dollar remains stable as reserve currency (Bloomberg)
Unwinding AIG Prompts Pasciucco to Ponder Systemic Failure (Bloomberg)
BOE official says banking system like South Sea bubble (Guardian h/t Steve)
Podcast: Minsky framework explained (Mcculley, h/t Kyle)
Obama enters decisive phase of presidency (FT)
"Dickweeds", "Vampire Squids" and "Morons" (NY Mag)
And on that note, TrimTabs details the BEA process of estimating personal income and personal savings, and why the reading is garbage (h/t John)

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US ADP Employment Change (Jun) M/M -473K vs. Exp. -395K (Prev. -532K, Rev. -485K) (Bloomberg)
Fed's Yellen says rates may stay near zero for years (Bloomberg)
Banks falling 23% since may foreshadow S%P slump (Bloomberg)
Karl Denninger: To Dennis Kneale - You're an idiot (Market Ticker)
Too Bernanke to fail? (WSJ)
Mortgage application index falls 19% last week, 7 month low (Bloomberg)
A forecast with hope built in (NYT)
50% of American homeowners are near negative equity (Insurance Life Blog)
Citi raises card rates on millions (FT)
Fed's e-mail disclosure may chill confidential bank supervision (Bloomberg)
Fed Funds closed at 7% on quarter-end demand (Bloomberg)
The fed can't save the economy on its own (MarketWatch)
Hedge funds get to feel like smart guys again (Bloomberg)
Credit Cycle: Breakdown, Adjustment and Rebuilding in the Financial Sector (Wachovia)
Let's be objective about the increase in the Fed's balance sheet (Northern Trust)

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Asian stocks rose, with benchmark index set for a record gain.
Bank of America Merrill Lynch named Erh Fei Liu as its China head of corporate and investment banking.
Bernie Madoff was sentenced to 150 years in prison for bilking investors ranging from hedge funds to charities to retirees of $60B.
Broadcom Corp. strengthened its unsolicited offer for Emulex Corp. by 19% to $912M
Cathay Pacific Airways Ltd., Air China Ltd. and Singapore Airlines Ltd. can take some solace from the 43% surge in the price of jet fuel this year.
China raised fuel prices by as much as 11% to prevent making losses as crude oil costs rise.
Dollar weakens as improving risk appetite spurs yield demand.
Elpida Memory Inc. will receive 50 billion yen ($521 million) from the Japanese government
Facebook Inc. announced David Ebersman, former CFO of Genentech Inc., as its new CEO.
General Motors Corp. will pull out of auto-assembly venture with Toyota Motor Corp.
Insurgents in Nigeria drive up oil prices by striking one of Royal Dutch Shell's units.
Japan’s unemployment rate rose to a five-year high in May; 5.2% from 5%in April.
Johnson & Johnson ordered Abbott to pay its rival $1.67B for patent infringements.
Justice objected to a plan by UAL Corp. and Continental to cooperate on routes world-wide.

Recent Egan-Jones Rating Actions

ASHLAND INC (ASH)
TRW AUTOMOTIVE HOLDINGS CORP (TRW)
KB HOME (KBH)
SEARS HOLDINGS CORP (SHLD)
BE AEROSPACE INC (BEAV)
ENTERPRISE PRODUCTS PARTNERS LP (EPD)
KIMBERLY-CLARK CORP (KMB)
HJ HEINZ CO (HNZ)
MICRON TECHNOLOGY INC (MU)
MCCORMICK & CO INC/MD (MKC)
LENNAR CORP (LEN)
CONAGRA FOODS INC (CAG)
LEAR CORP (LEA)

Data provided by: Egan-Jones Ratings and Analytics Sphere: Related Content

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Case-Shiller: home prices drop 18.1% (Bloomberg)
China to postpone filtering software mandate (AP)
How a loophole benefits GE in bank rescue (WaPo, h/t Tom) [and how CNBC's future depends on unicorns and rainbows]
Bernanke's "green shoots" take over the lexicon, if not economy (Bloomberg)
TRW shares, debt get boost from JP Morgan (TheStreet)
Mauldin: a 20 year bear market (Investor Insight)
Malcolm Gladwell: is free the future (New Yorker)
Roger Altman: We'll need to raise taxes soon (WSJ)
Porsche says won't apply for new loan from KfW bank (Bloomberg)
BoNY takes stake in Nasdaq derivatives unit (WSJ)
Last call for monetizations (FX Solutions)
Starbucks swaps berries for artificial flavors to boost quality (Bloomberg)
Madoff is "evil," but hardly unique (Barron's)
Fed exit strategy: Review and preview (Morgan Stanley)

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Must see: Interactive bank loan performance (Wlmlab, h/t Robert)
Guarantee Bank, 4th largest Texas bank, can only survive with aid from FDIC and private investors (Houston Biz Journal, h/t Steven)
Deja Vu (January): AIG warns of "Material Adverse Effect" as a result of deteriorating CDS sold to European banks (Bloomberg)
Deja Vu 2 (last summer): Nigerian militants to, with "unknown" financing sources, stop more oil production; unknown if they will also threaten all those Morgan Stanley tankers filled with crude (Bloomberg)
California will start issuing IOUs this week (FT)
Greenspan: Inflation - The real threat to sustained recovery, but not to pumping equities higher (FT, h/t Anderson)
Young Japanese raise their voices over economy (NYT)
Inflationary pressures are a legitimate concern (Technical Take)
$19 million in missing gold in Royal Canadian mint (Globe and Mail, h/t Gilgamesh)
China mega-trend stock stealth bull market (FSU)
Ivy League endowments finally dumb (WSJ)
Amazon drops another state's affiliates: now Rhode Island (WSJ)

Our deepest gratitude to Ronald, Shannon, Jeff, George, Mark, Kristian, Joseph, James and particularly Thomas for their very generious donations. Sphere: Related Content

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State Street receives Wells Notice, may be sued by SEC over securities-law violations (Bloomberg and Reuters)
GE's Immelt claims crisis over, see only growth from now on, sweeps tens of billions of failed GECC "investments" under the rug (Bloomberg)
And another permabull talks his book, sees more procyclicality, has no factual justification (Bloomberg)
Central banks: the visible hand at work (Brown Brothers Harriman)
As we announced, Porsche rejects Volkswagen offer (WSJ)
As government chimes in: the two need to agree soon (Reuters)
Why stagflation is coming (Reuters)
Sears to let jobless customers stop payments, keep the fridge (Bloomberg)
Weekly economic report (Hudson Institute)
Does USA 2009 = Argentina 2001 Part I: falling economy reaches terminal velocity (ITulip)
Oil rises to $70 on more Nigeria attacks, of course it is all inflation-related, no June 2008 deja vu yet (Reuters)
Bernanke breaks means reappointment is assured (Bloomberg)
Why we need a second stimulus (New Republic)
Looking ahead into the economic dark (National Post)

And now over 400 different points of view with regard to the SEC Sphere: Related Content

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A personal thanks to the over 350 people (and growing... Zero Hedge record) who have taken the time to share their thoughts on the Paging the SEC post.

Breaking news: Military coup in Honduras, President Manuel Zelaya deposed (Sky News)
Louis Gerstner criticizes choice of Steve Rattner for auto task force czar (Bloomberg)
Plunge in Dubai biggest property developer Emaar leads to index collapse (Bloomberg)
Porsche rejects Volkswagen ultimatum, hope you loaded up on CDS (Marketwatch)
GM to cover future product-liability claims (WSJ) [Yet the Supreme Court had no qualms overruling an objection in the Chrysler sale based on just this issue.]
The collapse of residential real estate in China (Reuters, h/t Steven)
Novartis in talks to buy Elan (Reuters)
Iran arrests British embassy employees over UK protests (Bloomberg)
Four Seasons: the quandary of ultra luxury caught in a depression (NYT) Delinquencies on US Auto-backed securities jump 22% (Research Recap) 7 habits of highly suspicious hedge funds (Rick Bookstabber)
Most expensive real estate markets in the world: follow the commodity bubble (Infectious Greed)
First Nigaz, now Bengaz (Bloomberg)
Investor Sentiment: Summer Doldrums (Technical Take)
House members engaged in potential insider trading (The Plain Dealer, h/t E)\
Very, very wrong and very, very off topic (YouTube)
Chartology:

My sincerest gratitude for the generous donations by Linda, Ronald, Jeff, Brendon, Peter, Joseph, James, and Kristian. Sphere: Related Content

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Not surprisingly, Citigroup Japan caught manipulating markets again (FT and NYT) [because nobody, certainly not the SEC, cares about US market manipulation]
...Speaking of the second biggest economy, no inflation here... in fact record price drop (AP)
China calls for dollar replacement (Bloomberg)
Almost a trillion in Obama stimulus paper finally trickles down to consumer (Bloomberg)
...But not enough, as savings rate at 15 year record outpaces spending (AP)
Where is the gold? (HuffPo)
Jackson cancellations to hit AEG (BBC)
UBS drops just in time to raise shares, issue loss forecast (MarketWatch)
The perils of a smaller Wall Street (WSJ)
Will Larry Summers replace Ben Bernanke? (Fox Business)
Not enough audacity (Krugman)
Libor now a complete and total joke, crosses below 0.60

Our sincere gratitude for Robert and Alan's generous support and donations Sphere: Related Content

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Time to adjust those durable goods numbers? Quantas cancels/defers 30 plane orders (Bloomberg)
But all is good: somehow, somewhere Asia sees optimism in more than just efficient market manipulation (Bloomberg)
Now they are gunning futures after hours... and this post should technically be in Frontrunning (Market Ticker)
Office building in Denver sells for 9% cap rate, below replacement cost (Denverpost, h/t Ian)
Plain Vanilla financing could melt bank profits (WSJ)
Gerber proves to be just another pawn on the auto task-force's chess board (NYT)
Bernanke denies Fed threatened anyone over anything... not that he can remember anything from those long ago days (Reuters)
Companies racing to refinance upcoming maturities (WSJ)
Truly hilarious blast from the early 2007 past (h/t Andrew)

hat tip Jesse's Cafe Americain

Rest In Peace Michael Jackson Sphere: Related Content

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Second derivative promptly trounced: Initial jobless claims pick up again to 627k (Reuters and Bloomberg)
Jonathan Weil: Capital One's $549 million man buys back freedom (Bloomberg)
ECB favors underground press over helicopter drop (Reuters)
Revised GDP allegedly supposed to show much stronger economy (BBC)
Treasury yields drop as green shoots exposed to be pure propaganda (Bloomberg)
Deep in bedrock, clean energy and quake fears (NYT, h/t Bob)
The truth about inflation and jobs (Delta Global)
The Bandwidth boom (Entropy Economics)
Cap And Trade = Economy Killer (NY Post)
Roubini and Parisi-Capone: Regulatory reform: a primer (Forbes)

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Wall Street begins campaign to thwart populist overreaction (Bloomberg) [Zero Hedge soon to begin campaign to thwart this campaign]
$27 billion of 7 Year USTs on deck (Bloomberg)
Deflating our way to Posterity (Dr. Housing Bubble)
Harry Schultz: Gold confiscatory bank holiday coming up? (MarketWatch, h/t Pere Ubu)
Treasury is overstating indirect bids at auctions (Reuters)
As Zero Hedge predicted many months ago, Shinsei and Aozora are merging (Bloomberg)
FOMC statement (Wall St. Cheat Sheet)
GOP to paint Bernanke as ally of big government (NYT)
Simon Property Group forces cancellation of Tea Party planned at one of its malls (WSB)
Cash4Gold offers blogger $3,000 to remove negative post (Consumerist, h/t Shanky)
Barclays must give more data on Lehman (WSJ)

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State Street, which is underweight bonds, sees Treasuries at 4.5% in 6-12 months (Forbes) [State Street is also underweight shorting]
Swiss Franc drops on speculation SNB sold currency to curb gain (Bloomberg)
Fears of big bank problems return (Fortune, h/t Jonathan)
Green shoots lunacy is back: durable goods allegedly imply recession weakening (Bloomberg)
Italy economy minister says bank lending remains an "open issue" (Forbes)
Citi, BNP have biggest exposure to $6.3 billion in Saudi debt workout (Bloomberg)
Bundesbank sees increasing risk of deflation (Traders Community)
Legg Mason calls it: the worst financial crisis (Footnoted)
Conflict for Cuomo emerges: AG's money manager received funds linked to pension scandal (Bloomberg)
Mortgage bombs, quiet for now, await the next boom (Bloomberg)
Risk of large drop prompts stock hedging according to Morgan Stanley (Bloomberg)
UK said to push for bank revamp of investment arms (Bloomberg, h/t Steve)
Tightening credit puts a squeeze on on business owners (LA Times)

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Chinese increasingly overdue on credit cards (MarketWatch)
Japan exports plummet: 40.9% decline year over year, extends worst slump since WWII (NYT)
Citigroup raises base salaries by 50% (Bloomberg)
Ikea plans to halt investment in Russia (NYT)
Memphis hospital confirms site of Job's transplant, was bumped to top of transplant list (WSJ)
Kim gives son control of North Korea secret police (Bloomberg)
Peugeot warns of big annual loss (WSJ)
Banking is "broken", consumers need "watchdog" (Reuters)
Stanford bail hearing set for June 25 in Houston (Bloomberg)
Rich and poor discussing downturn (BBC)
New York Times considers charging for iPhone content (Bloomberg)

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Boeing announces yet another 787 delay, prior delivery date of Q3 2010 scrapped: are those titanium/carbon frame suppliers still alive? (PR)
Jack Handy Cottonelle-schmoozer moment of the day: Moody's says US is a solid AAA (Reuters Bloomberg)
After massive global mauling, out of nowhere, US futures climb (Bloomberg)
Korea's Shinhan Bank issue $500 million in US denominated bonds to redeem debt (Trading Charts, hat tip Steve)
Two year treasuries decline ahead of $40 billion auction: odds housing number will be a disappointment (for equities): 99.999% (Bloomberg)
Data dent EU recovery hopes; China trade row looms (Reuters)
Maersk says container market to shrink more than 10% (Bloomberg)
After 144 years, Reuters is ending its London listing (BBC)
Obama bulks up "too big to fail" with steroids (Bloomberg)
New trading platform targets retail investors (FT)
RBS Chief's new $16 million pay package leaves union "appalled" (Bloomberg)
Obama's financial regulatory restructuring is an industrial policy (Cumberland)
Bernanke set to defend record amid debate on new term (Bloomberg)
So much for Web 2.0 (or whatever it is): MySpace to cut two thirds of non-US workers, to close offices (Bloomberg)
The FOMC, Quantitative Easing and the dollar (FXSolutions)
Airbus makes first plane in China (BBC)

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Must read: Researching corruption at the Treasury: The PPT 101 (Market Skeptics)
NRG suit against Exelon bid dismissed (WSJ)
State Street will have something to say about this: Fed in discussions on changing Repo transactions (Bloomberg)
Someone is buying the solar hype: GCL-Poly to buy Jiangsu Zhongneng Polysilicon (Bloomberg)
Alan Mullaly hopes to revive the Taurus (WSJ)
Obama and Munchausen's syndrome by proxy (Pajamas Media, hat tip Dartmont)
Japan may end $1.5 billion Venezuela loan plans after seizures (Bloomberg)
Warren Buffett's favorite (former Goldman Sachs) banker Byron Trott raises $2 billion (FT)
Spitzer 2: Italian premier Silvio Berlusconi caught up in hookergate (Telegraph)
Some banks skip TARP dividends (Naked Capitalism)
Greenland to become 51st state of the US? (Pravda)
Richard Branson vendetta with British Airways grows (Telegraph)

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Wallgreen's conference call: Consumers shopping closer to payday, saving more, using less credit
Insiders apparently don't watch CNBC, don't smoke greenery, as they sell shares at fastest pace in two years (Bloomberg)
The truth - Nobody has any idea what is going on: World Bank, Roubini see pain, IMF, Soros see recovery (Bloomberg and WSJ)
And... World Bank cautions against recovery talk - does this mean 10 year sabbatical for CNBC (Telegraph)
Once a $250 billion company, Nortel set to generate less than $2 billion for its assets in liquidation (WSJ)
Absolute credit bubble peak: XM Sirius to sell $350 million in totally toxic garbage notes (WSJ)
Things in Iran are getting worse (Bloomberg)
More people talking their book (pretty much everyone these days): Richard Branson says BA may not survive recession, should not be saved (Bloomberg)
Here comes Obamacare: If not Hillarycare then what (SSI)
Brown Brothers Harriman: Inflate this (BBH)
Bloomberg declares war on Albany (NY Post)
It's time to end the grotesque fiscal bailouts and grapple with reality (Telegraph)
How to get the Fed out of its box (WSJ)
Weekly economic forecast (Wachovia via RCM)

With sincere gratitude to Filip and Kenneth for their generous donations Sphere: Related Content

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