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FROM THE EXPERTS
Risk Appetite Dictating the Pace in a Very Emotional Market
Risk appetite continued to dictate the pace in very emotional markets last week. US stocks got...
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MARKET SPOTLIGHT
Ten Year Treasury Yields Hit Lowest Level Since 1955
Monday Dec 1 2:10 p.m. CT—I returned from Thanksgiving vacation to several calls from my mortgage broker asking if I wanted to refinance. That, of course, prompted me to check out the latest Treasury yield charts...
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CURRENT COVER
The Year of the Bailout: Sucking the Lifeblood out of Investors and Taxpayers
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Rosalyn Retkwa
Economist Donald J. Rissmiller of Strategas Research Partners in New York City says that never before has he had so many clients asking the previously unthinkable question: “Could we have a depression?”
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Bailout Buzz Rushing to Regulate: Which Way Is Wise? Government Action & Market Reaction History in the Making The Rocky Ride in U.S. Stocks: Is a Bottom in Sight? Running Scared Risk Aversion Drives FX and Interest Rate Markets Bargain Hunting in Retail Americans Go Shopping for Gold It's Getting CrowdedMany ETFS Join the Scene in 2008 Are You Throwing Your Money Away? Hindsight is 20/20Use Options to Mitigate Stock Losses Study Up Before Trading Iron Condors Early Warning Alert: Use Relative Strength
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INDUSTRY SHORTS UPDATE
United States, New Zealand Sign Protocol to Income Tax Treaty Date: 12/1/2008The Treasury Department announced today that Deputy Secretary Robert M. Kimmitt and New Zealand's Ambassador to the United States Roy Ferguson signed a protocol updating the current income tax... treaty between the United States and New Zealand. In a ceremony held at the Treasury Department, the two officials signed a Protocol that brings the existing tax treaty into closer conformity with current U.S. tax treaty policy. The new agreement provides for the elimination of source-country taxation of certain direct dividends, and interest paid to banks and other financial enterprises when the payer of the interest is not a related party. The new protocol also reduces the existing treaty's limit on taxation of cross-border payments of royalties to five percent. The new protocol introduces a number of technical updates to the existing treaty, and also contains comprehensive and modern rules regarding limitation on benefits, non-discrimination and exchange of information.  CME Group Hires Mark Thompson as Director, Hedge Funds Date: 12/1/2008CHICAGO, Dec. 1 /PRNewswire-FirstCall/ -- CME Group, the world's largest and most diverse derivatives exchange, today announced that it has hired Mark H.
Thompson Jr. as Director, Hedge Funds. ... Thompson, 37, will be responsible for serving as the company's primary liaison to the East Coast hedge fund community and developing hedge fund business within the region across all CME Group product lines. He will be based out of New York and will report to Tina Lemieux, Managing Director, Hedge Funds and Broker Services.Thompson joins CME Group from UBS Securities LLC where he most recently served as a member of the macro/cross asset sales team. In this role, he was responsible for serving as the single point of contact for macro, long/short, transition and asset managers for all derivatives and cash products and performing cross-asset idea generation and research for clients. He also served as a member of the bank's global futures and options sales team. His background also includes operations and analyst roles with Moore Capital Management and Banque Paribas.Thompson earned his bachelor's degree in business administration from Villanova University. He is a Series 7, 3, 55 and 63 registered representative. Secretary Paulson Remarks on the U.S. Economy and Financial System Date: 12/1/2008Washington- Good afternoon. Thank you for the opportunity to provide an update on the current state of the U.S. economy, our implementation of the financial rescue package and strategies for use of... the remaining TARP funds. Today we continue to work through a severe financial crisis. While we are making progress, the journey ahead will continue to be a difficult one. But I have confidence that we are pursuing the right strategy to stabilize the financial system and support the flow of credit into our economy. The new authorities Congress provided in October dramatically expanded the tools available to the federal government to address the needs of our system. As I and my fellow regulators stated clearly at the time, we now have a set of tools - new authorities in addition to our existing ones- that we can deploy in creative combinations to maximize their impact on our system. And we have taken significant collaborative actions that demonstrate that strategy in action. This consistent effort to strengthen our financial institutions so they can support our economy is critical to our progress through the current economic downturn. Strong financial institutions and a stable financial system will smooth the path to recovery and an eventual return to prosperity.The root of this financial turmoil is the housing correction that began and accelerated throughout 2007. As home prices have declined and foreclosures have risen, housing-related assets have been hit particularly hard. Fifteen months ago the housing correction spilled over into the financial sector, pushing the banking system into stress. Consequently, the overall economy has suffered. Third quarter GDP this year showed negative 0.5 percent growth. The unemployment rate has risen to a level not seen in 15 years, with a loss of 240,000 jobs in October alone. Data released last week showed that through September, home prices in 10 major cities had fallen 19 percent over the previous year, demonstrating that the housing correction has not abated. And as the economy slows further, it threatens to prolong the housing correction.There is no single action the Federal Government can take to end the financial market turmoil and the economic downturn. In these extraordinary times, we must instead focus on developing the most effective combination of our tools to further stabilize our financial system and speed the process of recovery. Financial System Recovery EffortsWe have implemented several programs aimed at improving the flow of credit to businesses and consumers, so they can spend and invest and restore our economy.Most significantly, we devoted $250 billion to increasing the capital of our banks. A stronger capital base enables banks to take losses as they write down or sell troubled assets. Stronger capitalization is also essential to increasing lending which, although difficult to achieve during times like this, is essential to economic recovery. Treasury has received hundreds of applications from the regulators, and hundreds more are under review by the regulators. To date we have purchased preferred shares in 52 institutions, putting $150 billion in additional capital into the financial system. And we will work through the remaining applications in the coming weeks and months.We have announced the terms for participation for most non-publicly traded banks, another important source of credit in our economy. Regulators are already receiving many applications from private banks and are reviewing and processing those now.In a powerful joint statement on November 12th, our banking regulators have emphasized that the extraordinary government actions taken to stabilize and strengthen the banking system are not merely one-sided; all banks – not just those participating in the Capital Purchase Program – have benefited, so they all also have responsibilities in the areas of lending, dividend and compensation policies, and foreclosure mitigation. We strongly support this regulatory initiative.We expect banks to increase their lending as a result of these efforts and it is important that they do so. This lending won't materialize as fast as any of us would like, but it will happen much, much faster as confidence is restored as a result of having used the TARP to stabilize our system and to increase the capital in our banks.As we all know, the non-bank financial sector is a critical source of finance for the consumer spending that fuels our economy. Consumer credit is critical for many households as they consider purchasing a car, new appliances, or other big ticket items. Like other forms of credit, the availability of affordable consumer credit depends on ready access to a liquid and affordable secondary market – in this case, the asset backed credit market. Recent credit market stresses essentially brought this market to a halt in October. As a result, millions of Americans cannot find affordable financing for their basic credit needs. And credit card rates are climbing, making it more expensive for families to finance everyday purchases. The Federal Reserve and the Treasury last week announced an aggressive program to support the normalization of credit markets and the availability of affordable consumer credit to support economic recovery. To support the return of consumer lending, the Treasury will provide $20 billion in TARP resources to back a Federal Reserve facility that will provide liquidity to issuers of consumer asset backed paper, enabling a broad range of institutions to step up their lending, and enabling borrowers to have access to lower cost consumer finance and small business loans. The facility may be expanded over time and eligible asset classes may be expanded later to include other assets, such as commercial mortgage-backed securities, non-agency residential mortgage-backed securities or other asset classes. This consumer lending facility is one example of the creative combination of federal government authorities to ease a major obstruction to the flow of credit into our economy. The actions taken last week to support Citigroup similarly demonstrate the creative combination of tools to most effectively strengthen our financial institutions and confidence in our system. We are actively engaged in developing additional programs to strengthen our financial system so that lending flows into our economy. When these programs are ready for implementation, we will discuss them with the Congress and the next Administration. We continue to look at additional capital strategies, and as we do so we will assess the impact of the first capital program, and use this information to evaluate the size and focus of an additional program in light of existing economic and market conditions. And we are continuing to examine potential foreclosure mitigation ideas that may be an appropriate and effective use of TARP resources. This Administration has used a variety of authorities to reduce avoidable foreclosures, through HUD programs, through the FDIC's program with IndyMac, through our support and leadership of the HOPE NOW Alliance, and through the new GSE servicer guidelines announced November 11th that will set a new standard for the entire industry for streamlined modification procedures. An important complement to those guidelines was the GSEs' announcement on November 20th that they will suspend all foreclosures for 90 days. The foreclosure suspension will give homeowners and servicers time to utilize the new streamlined loan modification program and make it possible for more families to work out terms to stay in their homes.And of course, as we consider potential new TARP programs, we must also maintain flexibility and firepower for this Administration and the next, to address new challenges as they arise. As I have said for some time, the housing correction is at the root of our economic and market difficulties. The most important thing we can do to mitigate foreclosures and progress through the housing correction is to reduce the cost of mortgage finance, so more families can afford to buy a home, and so homeowners can refinance into more affordable mortgages. The actions we have taken to stabilize and strengthen Fannie Mae and Freddie Mac, and through them to increase the flow of mortgage credit have insulated mortgage rates from the rapid increases and fluctuations in the cost of other credit. But given that we have essentially guaranteed Fannie Mae and Freddie Mac securities, the rates on those securities – and corresponding mortgage rates – have not come down as much as we may have hoped. The Federal Reserve's announcement that it will purchase $100 billion in GSE debt and half a trillion dollars in GSE mortgage backed securities should have a strongly positive impact on the cost of mortgage finance. And we continue to look for additional ways to make mortgage credit more affordable, which will stimulate purchases, help to stabilize prices and end this housing correction. ConclusionUntil the financial crisis is behind us, we must remain vigilant, ready to respond and to manage unpredictable events as they occur. Our first priority is on recovery. We work every day fully aware of our awesome responsibility to the American people who depend on the financial system to save for college and retirement, for financing homes, cars and companies. I am confident that we will work through this difficult period, and opportunity and prosperity will again flourish. Thank you. First Financial Holdings, Inc. Receives a $65 Million Commitment from the U.S. Treasury's Capital Purchase Program Date: 12/1/2008CHARLESTON, S.C., Dec. 1 /PRNewswire-FirstCall/ -- First Financial Holdings, Inc. ("Company" or First Financial") (Nasdaq: FFCH - News), the parent company of First Federal Savings and Loan... Association of Charleston ("First Federal"), today announced that it has received preliminary approval to participate in the U.S. Treasury Department's Capital Purchase Program. As a participant, First Financial plans to issue $65 million in senior preferred stock, with related warrants to purchase up to $9.75 million in common stock, to the U.S. Treasury. The anticipated sale of the preferred stock and warrants is expected to close within 30 days and is contingent upon the completion of standard closing documents and subsequent registration with the Securities and Exchange Commission. "We are pleased to participate in the efforts of the Treasury Department to stabilize financial markets and stimulate borrowing," said A. Thomas Hood, President and CEO. "This voluntary program allows us to be a party to those actions and is an important recognition of the strength and financial health of First Financial Holdings, Inc. This capital, which is being provided at favorable market terms, will enhance our capacity to support our market areas through expanded lending activities and economic development. It will also add flexibility in considering strategic opportunities that likely will be available to us as the financial services industry consolidates. We believe that participation in this program will be beneficial to our employees, clients, shareholders and the communities we serve."At September 30, 2008, First Financial and First Federal were "well-capitalized" under all regulatory guidelines. At that date, First Federal's Tier 1 Leverage Capital Ratio was 9.75% and its Total Risk Based Capital Ratio was 10.75%. Based on the September 30, 2008 financial statements, the addition of new capital through the Treasury program will increase First Federal's Tier 1 Leverage Capital Ratio to approximately 12.34% and Total Risk Based Capital Ratio approximately 13.31%.The preferred stock will pay a 5% dividend for the first five years, after which the rate will increase to 9% if the preferred shares are not redeemed by the Company. The terms and conditions of the transaction and the preferred stock will conform to those provided by the U.S. Treasury. A summary of the Capital Purchase Program can be found on the Treasury's web site at www.ustreas.gov/initiatives/eesa.First Financial is the holding company for First Federal which operates 58 offices located in the Charleston metropolitan area, Horry, Georgetown, Florence and Beaufort counties in South Carolina and Brunswick County in coastal North Carolina offering banking and trust services. The Company also provides insurance and brokerage services through First Southeast Insurance Services, The Kimbrell Insurance Group and First Southeast Investor Services. NYSE Euronext Completes Transition of American Stock Exchange Equities and ETPs Date: 12/1/2008New York , Dec. 1, 2008 – NYSE Euronext (NYX), the world’s leading and most diverse exchange group, today announced the completion of the transition of all Amex equity trading to NYSE... Euronext-supported trading platforms. In connection with the trading system transition, NYSE Alternext US’ trading floor relocated to NYSE’s trading floor facilities at 11 Wall Street. In addition, over 650 ETPs transferred their listing to NYSE Arca from NYSE Alternext US. NYSE Alternext US will continue to be the listing venue for over 500 operating companies and 150 closed-end funds. NYSE Euronext’s acquisition of the American Stock Exchange closed October 1, 2008 .“NYSE Euronext welcomes the NYSE Alternext US trading community to the NYSE and the issuers and sponsors of the exchange traded products newly listing on NYSE Arca,” said Joseph Mecane, Executive Vice President, NYSE Euronext. “We plan to utilize our advanced technology to significantly improve overall functionality, pricing and customer experience for NYSE Alternext US .”Equities“Moving to the NYSE trading floor affords customers and investors the benefits of our improved technology and connectivity, further strengthened by advanced transparency tools like NYSE Alternext OpenBook, and our enhanced opening and closing processes,” said Oscar Onyema, Managing Director, NYSE Alternext US. “With a streamlined rule set and post-trade processes, NYSE Alternext US will be one of the premier venues for listing and trading small and micro cap securities.”Including the NYSE Alternext US companies, NYSE Euronext now trades nearly 4,600 listed issuers and 6,500 listed issues (as of Dec. 1, 2008), executing over one-third of the world’s cash equities trading volume, more than any other exchange group. As part of the transition, NYSE Alternext OpenBook Real-Time and NYSE Alternext OpenBook Ultra, which provide a view of the depth of book information on the NYSE Alternext limit-order book, have replaced the current Amex depth of book product.ETPs“With NYSE Euronext’s proven record of strong product launches and commitment to customer service, our ETP issuers and clients will enjoy the competitive advantages of NYSE Arca’s superior market model, industry-leading market quality and dedicated liquidity providers,” said Lisa Dallmer, Senior Vice President, Global Indexes & Exchange Traded Products. “We are very pleased to finalize another growth milestone by welcoming new ETP issuers to the world’s largest market for exchange-traded products, NYSE Arca.”In December 2008, NYSE Arca anticipates completion of the successful transfer of listings for Amex-listed ETP issuers choosing to take advantage of the harmonized listing and trading services of the NYSE Arca model, expanding NYSE Euronext’s U.S. leadership position in ETPs. Globally, NYSE Euronext lists and trades more ETPs than any other market place.NYSE Alternext operates on the NYSE’s next-generation market model, which offers a balanced combination of fast, high-tech automation and order anonymity along with high-touch price discovery and price improvement capabilities. New transaction pricing further positions NYSE Alternext US as a low-cost market center for liquidity takers and a competitively structured venue for liquidity makers seeking rebates.NYSE Amex Options is also expected to complete its relocation effort in February 2009 with the opening of the new options trading floor at the NYSE. Federal Reserve will offer $150 billion in 84-day credit through its Term Auction Facility today Date: 12/1/2008On December 1, 2008, the Federal Reserve will offer $150 billion in 84-day credit through its Term Auction Facility. Additional information regarding the auction is listed below; the auction will be... conducted as specified in this announcement, Regulation A, and the terms and conditions of the Term Auction Facility (www.federalreserve.gov/monetarypolicy/taf.htm).Description of Offering and Auction ParametersOffering Amount: $150 billion Term: 84-day loan Bid Submission Date: December 1, 2008 Opening Time: 11:00 a.m. EST Closing Time: 12:30 p.m. EST Notification Date: December 2, 2008 Settlement Date: December 4, 2008 Maturity Date: February 26, 2009 Minimum Bid Amount (per bid): $5 million Bid Increment: $100,000 Maximum Bid Amount (per institution): $15 billion (10% of Offering Amount) Minimum Bid Rate: 0.42 percent Incremental Bid Rate: 0.001 percent Minimum Award: $10,000 Maximum Award: $15 billion (10% of Offering Amount) Submission of BidsParticipants must submit bids by phone to their local Reserve Bank between the opening time and closing time on the bid submission date. NotificationSummary auction results will be published on the website of the Board of Governors of the Federal Reserve System (www.federalreserve.gov/monetarypolicy/taf.htm) at approximately 10:00 a.m. EST on the notification date. Between 10:00 a.m. and 11:30 a.m. EST on the notification date, Reserve Banks will notify individual institutions in their districts that have submitted winning bids of their awards. Participants have until 12:30 p.m. EST on the notification date to inform their local Reserve Bank of any error. Rounding ConventionPro rata awards will be rounded to multiples of $10,000. Normal rounding convention will be used, except that awards under $10,000 will be rounded to $10,000. Approval of proposal by Bank of America to acquire Merrill Lynch Date: 11/26/2008The Federal Reserve Board on Wednesday announced its approval of the notice of Bank of America Corporation, Charlotte, North Carolina, to acquire Merrill Lynch & Company, Inc., New York, New York,... and thereby indirectly acquire Merrill Lynch Bank & Trust Co., FSB, New York, New York; Merrill Lynch Bank USA, Salt Lake City, Utah; and Merrill Lynch Yatirim Bank A.S., Istanbul, Turkey.
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