- Bernie Madoff cons folks like Nomura and BNP Paribas (allegedly) and many more, of $50 billion. That's a lot for a Ponzi scheme. How they got $50 bn without anyone finding out is beyond me, but I have a feeling he hasn't got much of it.
- GM is hiring bankruptcy lawyers, after the Senate rejected the auto bailout. That may be a tactic to push people to do something fast.
- AIG loses $10 billion but pays a heck of lot of bonuses. And gets away with it. But after Citi, I don't see why not.
- Two more banks (One, Two) fail on Friday, taking the count to 25.
- Bank of America cuts 35,000 jobs. The US shows worst unemployment data (claims of 573,000) for a while now - 4 week moving averages are worst since 1982.
These markets don't want to go down. Just one piece of good news might get everyone excited.
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