China cuts rates to 6.66%. It's third cut in six weeks.
The IMF bails out Hungary, lending them $25 billion, which is 10X their quota.
Hypo real estate asks for $15 billion euros to bail them out.
Porsche will sell 5% of it's VW stake to book billions and some of the dying hedge funds who are short Volkswagen common will buy the stock to settle their obligations. Porsche wins, the shorts lose. And SEC's Chris Cox, should learn a lesson from the German regulators who know how to orchestrate a squeeze, who loathe these hedge fund shorts ("locusts")! Gangsters understand gangsters!
GM and Cerebus look to buy Chrysler with help from $10 billion of Government bailout money, with the Department of Energy backstopping the Fed's with $5 billion in their side pocket.
And today, the Fed cuts rates again.
Billions for banks, but nothing to those losing their homes!
Roubini Says S&P May Fall 30% More Over 2-Year Recession...
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