Big reunion for my class this weekend which will keep me occupied for the next three days, so I have benn on the hunt for copy. Copy has left town. Nothing. Oh, I could write about how the DOW was up 177 for no discernible reason or that the 10 year passed 1.70% again before settling back, but to what point. It seems odd to say this but confusion reigns in just about everywhere. Even the NY Times is confused. Yesterday, it trumpeted, top right, above the fold, that personal wealth had grown by over 5% in the past year. Yea, Hillary! Then it was revealed that the numbers were correct except for where it counted; in the swing states. Silence. Today the Gray lady reported that Trump was growing stronger in states where job losses were high. DUH! And on the inside a story indicating that Ms. May was keeping mum as to when to invoke Article 50. And in a final act of seeming frustration, the leading article today was In Praise of John Kerry who the entire world recognizes as the odds-on favorite to come in at least third dumbest at a Box of Rocks convention and the retireror of the Blue Ribbon as to who could be the most flummoxed by tin pot dictators. And I'm sitting here feeling sorry for myself whilst the NY Times itself is engaged in space-filling exercises akin to a college kid trying to get to 1000 words in his 1000 word essay on the gender effect on cafeteria lines or whatever the hell they teach these kids today. At least it was a beautiful end-of-summer day.
Next week of course we will all be back on Fed watch as if something is going to happen. I'm beginning to believe that there's less of a future in this financial blogging thing that I once thought but all may not be lost. I was about to put this thing to bed for the week when I got a call from a bud in D.C.
"Hear about DeutscheBank and Justice?"
"No."
"The Feds are looking for $15 Billion."
"Come on, they already held them up for a bundle. Where did you get that?"
"Trust me."
"I trust you but that's nuts. Besides, they don't have it. I think they set aside only about $2-3 billion in their last filing. Besides, they are not exactly the best capitalized unit around." The Euros will go nuts."
"You think Justice cares? Bonuses all around, man if they pull this off. And Obama goes out with a bang. You watch."
I tried to get confirmation on this but so far, no good. But if this is as foretold, I'm back in business! Somewhere, cousin Nuzzi is smiling. Never in a million years could he imagine a racket like this. I wonder how much will go to "community organizations" out of this pot of gold?
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