Wall Street Folly

Auto headline roundup: $GM said to plan chapter 11 filing for 8am Monday

• The Obama Motor Co.
• 'New GM' Products Face Triple Market Challenge
• What's GM worth?
• GM Filing Pits UAW Against Investors
• GM’s Bankruptcy Plan Wins Support From Majority of Bondholders
• Germany Picks Magna to Buy Opel; 11,000 Jobs May Go
• Auto Suppliers Brace for Blow of GM Bankruptcy
• Chrysler Judge Plans to Rule June 1 on Asset Sale to Fiat Group
• Opponents of Chrysler Sale Fight to the End in Court

Double standard?: How much did the Obama's NYC date night cost U.S. taxpayers? ($BAC, $C,$GS,$JPM)

If the headline read that a TARP funded bank CEO hopped on the corporate Gulfstream for a date night jaunt with his wife, at company --- er, taxpayer --  expense, the press (and Congress) would be going hog wild.  So what if the CEO of the USA does the same thing?  According to the NY Post, the Obama's hopped on a Gulfstream and spent an intimate date night in NYC, at an estimated cost of over $70k compliments of the American taxpayers.  It's lovely that the president is fullfilling one of his campaign promises to Michelle, and he did economize by using a Gulfstream and not the way more expensive Air Force One, but they couldn't have planned a similar outing at a time when the President was scheduled to be in NYC on official business?  The CEO of the U.S. in't exactly setting a great example.  Per NY Post:

Right On!: Ed Altman says that we the taxpayers are the big losers in the $GM bailout

No surprise to us (and we agree), he says the union comes out the big winner.  And he worries about Chapter 22 despite GM emerging with a much lighter debt load:

Pimco's Bill Gross take Harvard, Yale endowment models to task; Mortgage delinquency rates at record high; Birinyi on the market; Temasek: half of 5 year gains down the tubes in 8 months

Tiffany conference call summary ($TIF)

Briefing.com summarized the Tiffany conference call....

Op ed: Ralph Nader thinks Obama's $GM plan is a "raw deal": He asks why a "secretive task force" is determining the company's fate instead of congress

Ralph Nader came out swinging against Obama's GM fix in a WSJ op ed piece....

WSF Headline Roundup-5/29/09 - Fed's Fisher says Treasuries won't lose AAA; 10yr nt worst 2 mos since '03; Oil gains; GM Ch11 Monday, suppliers facing big losses; Ackman failed Target fight cost both sides $21M; Dinallo resigns; AOL jettisoned (finally)

• Financial Overhaul Raises Questions
• Fed's Fisher: US Treasurys Won't Lose Triple-A Rating
• U.S. 10-Year Notes Head for Steepest Two-Month Loss Since 2003
• Oil Heads for Biggest Monthly Gain Since 1999 on OPEC Output
• GM plans for bankruptcy Monday
• GM Suppliers Face New Threat as Bankruptcy Looms for Automaker
• GM prepares for biggest bankruptcy in US history
• Chrysler CEO says Fiat deal to close Friday
• Chrysler's Rejected Dealers Sold Over Half Their Stock
• NY insurance chief Dinallo to resign
• Ackman's Target quest falls flat
• Bewkes sets AOL free
• Dell Tops Profit Estimates as Cost Cuts Overcome Sales Slump
• Toy’s 'R' Us deal means no more FAO Schwarz in Macy’s

Mark Cuban goes on the offensive and sues the SEC for allegedly withholding information

Is the SEC withholding documents in their investigation of Mark Cuban?  He thinks they are and has taken matters into his own hands -- by suing the SEC:

Liquidating Pequot Capital's 13F Chart study ($GLD,$CMGB,$RE,$MCD,$ONXX,$WMT,$QCOM)

So what equities did Art Samberg's Pequot Capital report in their 13F as of 3/31/09?  Here's the chart study for their 13F filing dated 3/31/09. Given that they're now in liquidation mode, we thought it was particularly relevant:

Notes from the always anticipated Ira Sohn Conference

Zerohedge has gotten its hands on notes from the Ira Sohn Conference created by Mike O'Rourke at BTIG...