S&P futures are slightly higher, but have come off their highs for the early session. I wish I could go through a full day and not have to talk about Europe, but unfortunately that day is still very far from reality. Italy’s borrowing costs continue to creep higher, as 3-year bond yields are a mere 11 basis points shy of 8%. There is literally no end in sight for this European debt crisis. Here at home, House Financial Services Committee top Democrat Barney Frank has decided to not seek re-election in 2012, leaving an important post vacant. Rumors have Maxine Waters taking over the position, which is perhaps the scariest thing I’ve heard in a long while. Back to corporate America, legacy airline carrier American Airlines has filed for Chapter 11 bankruptcy. Stocks look to open flat this AM after a solid rally yesterday. Best of luck out there, and on with the links…
- Is the end of the Euro near? Really? (The Economist)
- American Airlines files for Chapter 11. (Reuters)
- Egan Jones downgrades Italy to junk status. (Credit Writedowns)
- Ex-Treasury head gave hedge funds inside info. (Bloomberg)
- Judge gets tough on S.E.C., rejects Citi settlement. (Dealbook, Themis)
- Grantham: Corporate ‘earnings are unsustainably high.’ (Bloomberg)
- Europe crisis tightens credit around the globe. (NYT)
- Facebook looks for $100 Billion IPO. (WSJ)
- A recipe for middle-class jobs. (WSJ)
- Barney Frank won’t seek re-election. (Reuters)
- Case-Shiller: Home prices decline in September. (Bloomberg)
