Say No to Sycophantism

wow, what a weekend, and what a monday. dow down 504. merrill sold to boa
for ~50bil, in what is undoubtedly an extremely good deal for merrill
shareholders. speculation that boa is already regretting the deal, possibly
didn't perform all the due diligence they should have, didn't take a look at
all the bad paper at merrill. lehman dead, repurcussions far and wide,
earliest of which being reported: florida pensions and state education fund
money. more to come undoubtedly.

i saw vids of lehman employees going in with empty duffel bags and coming
out with full ones, truly sad. aig is still on the brink of collapse, even
though a private cash injection of ~75bil from goldman et al. has been
arranged by the fed. the market doesn't seem to buy it though, stock
continues to tank. roubini was on teevee today saying "i told you so,
goldman and morgan are next within 3-4 months".

most alarming news of the day? fed changing rules allowing deposit-taking
banks to use deposits to finance their investment banking arms. violating
one of the cardinal rules of banking post-depression: dont screw with your
despositors' money. truly shocking, but these are the times.