The Sunshine Report

Veritas Financial Partners
Information about finance, the economy and business. Entertaining and informative. Seeking Alpha Certified Mark Sunshine Chairman & CEO

Archive: Jun 2008

  1. OIL SPECULATORS – THEY AREN’T THE REASON FOR HIGH OIL PRICES" rel="bookmark">OIL SPECULATORS – THEY AREN’T THE REASON FOR HIGH OIL PRICES

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    Today Con­gress announced a great break­through that explains the cause of high oil prices. The cure for the energy crises is now known and sim­ple leg­is­la­tion will cut gas prices, help the econ­omy and raise liv­ing stan­dards. MarketWatch’s head­line said it all: “Gas could fall to $2 if Con­gress acts….Limiting spec­u­la­tion would push prices to fun­da­men­tal […] [read full story]

    Posted in: Oil

  2. ARE WE THERE YET? NO WAY, WE HAVE A LONG WAY TO GO IN THIS CREDIT CRISIS!" rel="bookmark">ARE WE THERE YET? NO WAY, WE HAVE A LONG WAY TO GO IN THIS CREDIT CRISIS!

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    Every­one keeps ask­ing “are we there yet”? Has the credit cri­sis has turned? Can we see the bot­tom? Rather than look­ing at evi­dence of con­tin­ued car­nage in the cap­i­tal mar­kets and intu­itively know­ing that the bot­tom hasn’t been reached, many peo­ple hope that things aren’t as bad as they seem and a gen­er­a­tion of sav­ings […] [read full story]

    Posted in: BANKS, Brokerage, Federal Reserve, monetary policy

  3. LIBOR IS BACK AGAIN – IF ONLY IT COULD BE A REAL INTEREST RATE" rel="bookmark">LIBOR IS BACK AGAIN – IF ONLY IT COULD BE A REAL INTEREST RATE

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    The arro­gance of the British Bankers Asso­ci­a­tion (the “BBA”) and the lack of inter­est on the part of the United States Gov­ern­ment in con­nec­tion with the issues sur­round­ing LIBOR con­tinue to amaze me. LIBOR (the “Lon­don Inter­bank Offer Rate”) is sup­posed to be “the actual rate at which banks bor­row money from each other”. And, LIBOR […] [read full story]

    Posted in: BANKS, LIBOR

  4. US Auto Manufacturers Are Becoming Competitive Again" rel="bookmark">Surprise — The US Auto Manufacturers Are Becoming Competitive Again

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    On Tues­day, June 3rd I was on FOX Busi­ness Net­work dis­cussing the US auto man­u­fac­tur­ers and why I think they are poised to regain mar­ket share in the North Amer­i­can car and light truck mar­ket. In par­tic­u­lar, assum­ing GM makes it through the next cou­ple of years (and the next cou­ple of years will be […] [read full story]

    Posted in: FOX BUSINESS NETWORK, Uncategorized

  6. THE EARNINGS ILLUSION – FAS STATEMENT 157 AND FAS STATEMENT 159" rel="bookmark">THE EARNINGS ILLUSION – FAS STATEMENT 157 AND FAS STATEMENT 159

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    Appar­ently, I am not the only per­son to notice that banks and bro­kers have been book­ing “phan­tom” earn­ings. On June 2nd Bloomberg’s Bradley Keoun wrote a great story on the topic, reprinted below, includ­ing pro­vid­ing a his­tory les­son on who lob­bied FASB to include lia­bil­i­ties in mark to mar­ket account­ing. I keep on blog­ging about […] [read full story]

    Posted in: Accounting

  7. LIBOR REFORM – I COULDN’T MAKE THIS STUFF UP IF I TRIED" rel="bookmark">LIBOR REFORM – I COULDN’T MAKE THIS STUFF UP IF I TRIED

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    In the face of inter­na­tional scrutiny and crit­i­cism, the British Bankers Asso­ci­a­tion (the “BBA”) announced Fri­day that it has decided to do essen­tially noth­ing to clean up its act so that US$ LIBOR actu­ally reflects mar­ket rates of inter­est. Accord­ing to Reuters approx­i­mately $150 tril­lion of debt has its inter­est rate indexed to LIBOR and […] [read full story]

    Posted in: BANKS, LIBOR, monetary policy