The Morning Download


Global markets mixed.  Oil $49.

Stress test results released to banks.  Geithner’s cred on the line again (even though he’s laying everything off on the Fed).  Too bad the tests are largely meaningless.

Chrysler preparing bankruptcy filing, gov’t has handshake deal with UAW.  WSJ adds that Chrysler will file Chap 11 even if deal can be reached with bondholders.

PAULSON RECANTS: Now says Bernanke didn’t make him threaten Ken Lewis.   Yes, it was an extraordinary time.  But Bank of America shareholders got shafted.  And Ken Lewis should still go.

Morgan Stanley may spin out prop trading desk, which has produced $6.5 billion since 2006 Why?  In part because of TARP comp restrictions.

Economist says Shiller’s housing chart is “bogus.”  But he comes to almost exactly the same conclusion about house prices.

PPIP applications due today (FT).  Firms still concerned that if they play and win, Congress will change rules.

U.K. Economy Contracts 1.9%, the Most Since Thatcher Came to Power in 1979

Rats Feed Off British Recession as Trash Goes Uncollected, Buildings Empty

Bear Stearns, AIG Dumped $74 Billion in CDOs and Loans on Federal Reserve

Elton John’s Wealth Drops 26%; McCartney, Jagger Lose Money, Survey Says

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