Easy Guide: Remember when Dan asked, “What are you telling people?” when non-financial types in your life ask you “What in the Great Depression is going on here?” Journalist Matt Thompson has come through with The Money Meltdown. With a selective list of links and timelines, it’s the most organized, concise, and brief guide to the background, key facts, effects and outlook of the crisis.
The Investors Consigliere: Proposes that the Internet will help make this bailout easier. I have to disagree, and I’m not just being humble as a blogger myself. Does anyone in power actually turn to the internet for feedback on proposals? As if to say, “Well Hank, the blogosphere really hasn’t responded well to this proposal, but after hours of slogging through the opinions of hundreds of people (some smart, many a horrific waste of time), I noticed this anonymous person who owns a computer has offered a slight tweaking that we might want to consider adopting. Thank you, Web 2.0.”
RIP: The Wall Street Journal writes an epitaph for hedge funds of funds. I don’t think this means anything for PE funds of funds quite yet, but I do like Gawkers screed on a hedge fund of fund. That’s singular. One fund, that invests only in one other fund. How in Gods name would someone justify that fee trick?
Deal Professor Spreads: Only two real PE deals pending here: Blackstone/Apria Healthcare and BCE. The first is trading at around 20% which is ridiculous but pretty typical, comparatively. BCE, trading at closer to 30%.
Financial Clash Of The Talking Heads: CNBC’s Charlie Gasparino penned a political rant for the NY Post, making an unsubstantiated connection between Obama’s polling lead and the stock market’s disastrous performance. I’m not even sure there’s a cohesive argument there; he even uses party line campaign language (“But what is (Obama) really like under the surface?”). Journalists are supposed to cut through that meaningless wordplay, not repeat it. And anyways, the stock market’s recovery today basically renders his point moot. But in further gossip news, Felix Salmon posted a rebuttal, which Gasparino did not take kindly to. Dealbreaker spoke to Gasparino and posted his surprisingly childish response.
Raincheck: Almost $2 billion worth of European PE deals have been pulled from the auction block. That’s sorta what it looked like here about a year ago. Now there are no auctions to pull!
Ask A Trader: John Carney’s five questions on a day in the life of a trader, in New York magazine.
PCCW: Even the last summer blockbuster is sputtering to an unsatisfying close.