Distressed Link Arbitrage (11/16/2011)

Distressed linkfest for 11/16/2011. Follow me on Twitter and Google+

Video: Europe Has as Little as Weeks to Avoid Default, Citigroup's Willem Buiter Says: Tom Keene - Bloomberg

"Buiter on Europe's crisis: (transcript at Business Insider)

"Time is running out fast. I think we have maybe a few months -- it could be weeks, it could be days -- before there is a material risk of a fundamentally unnecessary default by a country like Spain or Italy which would be a financial catastrophe dragging the European banking system and North America with it. So they have to act now."

"The only two guns in town, one is only theoretical, and that is increasing the size of the EFSF to 3 trillion. It should happen but it can't for political reasons. The other one, the only remaining share is the ECB. They may have to hold their noses while they do it, and if they don't do it, it's the end of the euro zone."

Greek Bondholders Said to Meet at Deutsche Bank Tomorrow For Swaps Talks - Bloomberg

John Paulson Said to Cut Risk in Main Funds Amid Europe Crisis (cut net exposure to 30%) - BusinessWeek

Fitch: U.S. Banks Face Europe Contagion Risk - Bloomberg

Record Plunge In Jefferies Bonds Implies Chance Of Default Is 65% By 2019 - Zero Hedge

Moody's Downgrades 10 German Lenders - WSJ

Is Germany Working On A Eurobond? - Pragmatic Capitalism (at BI)

UniCredit Bombshell Shouldn’t Be the Last One: Jonathan Weil - Bloomberg

Citigroup may cut 3,000 or more jobs to cut costs - WSJ

Detroit Faces $45 Million Gap, Takeover by Michigan, Mayor Dave Bing Says - Bloomberg

With video: Detroit Mayor Dave Bing calls for 10% police, fire salary cut, tax hike for corporations in Detroit - Detroit Free Press

California Revenue May Fall $3.7 Billion Short of Estimates, Analyst Says - Bloomberg

Sir Mervyn King: Britain on the brink of second credit crunch, Bank of England Governor warns - Telegraph

Credit Dashboard Flashing Red: Libor-OIS Futures Edition - WSJ -“Libor-OIS remains a barometer of fears of bank insolvency.” —Alan Greenspan - St. Louis Fed PDF

3-Month LIBOR-OIS spread (Bloomberg.com)

North Dakota’s State-Run Bank Adds Millions to Treasury, Spurs Imitators - Bloomberg

Takeaways from Citi's Distressed Desk Analysts (Average Returns, Cash Balances, MF Global) - Distressed Debt Investing

With MF Global Money Still Lost, Suspicions Grow - NYT DealBook

MF Global may return funds, cuts more jobs - Reuters

Tiny Rule Change at Heart of MF Global Failure: William D. Cohan - Bloomberg

[Hedge Fund Manager] Kyle Bass Un-Edited: "Buying Gold Is Just Buying A Put Against The Idiocy Of The Political Cycle. It's That Simple!" - Zero Hedge

Central bank gold buying at 40-year high - FT.com

INTERVIEW: Richard Koo On All The Big Issues Of The Day - Business Insider

Russian billionaires battle for Fisher Island - MiamiNewTimes

JP Morgan Hikes 2012 Crude Price Target To $110 On Seaway Reversal - Bloomberg


OIL FUTURES: Crude Holds Gains Near $102 After Inventory Data - WSJ

Candy-to-Fuel Demand Cuts Oil Inventory to Lowest Since 1975: Commodities - Bloomberg

Oil Soars and Natural Gas Withers: But the Energy Singularity is Not Forthcoming - Gregor.us

Selling the Oil Illusion, American Style - Gregor.us

Total U.S. Public Debt Outstanding is Now Over 15 Trillion!

Source: http://www.treasurydirect.gov/NP/BPDLogin?application=np

Chart of the day: Indebtedness of all AAA sovereign credits - Credit Writedowns

Growth in the Residential Segregation of Families by Income, 1970-2009 - Stanford University (PDF) via NYT

China’s Home Price Slide Has Analysts Betting on Government Policy Change - Bloomberg

BlackRock Doubts China Economy In For Hard Landing - Forbes

Bullard Says Large Scale Asset Purchases ‘Must Be Employed Carefully’ - Bloomberg -FYI, he is on CNBC tomorrow

Congress: Trading stock on inside information? - 60 Minutes Video

Occupy Wall Street protesters vow to wear suits, blend in and get revenge for the Zuccotti Park raid - 'Day of action' includes a sneak attack on the stock market' - New York Daily News -ha