Here's a cheering thought for the weekend. According to SocGen strategist Albert Edwards, economic and equity market meltdown is approaching with all the rapidity of Usain Bolt on steroids. Edwards, who previously predicted such things as a y-shaped recession and is known for being nearly as alarmist as Alastair Darling, has released a report pointing out that US Q2 profits were "shockingly poor" and that companies have come to "the end of the road on earnings manipulation and have to admit to their shareholders how bad things really are". (Grace Cheng).
As if on cue, the Down Jones has plummeted (Clusterstock).
Meanwhile, the ECB's increasing its haircut (Telegraph).
...and European banks' stocks are falling while European banks' CDS rise (Bloomberg).
RAB Capital chief exec is stepping down after Northern Rock and other little mistakes (The Times).
UBS has hired Goldman banker as London-based head of fixed income, currencies and commodities (Bloomberg).
Lazard hired for mining team (Financial News).
No one wants Merrill's dodgy mortgages (Reuters).
Sell Merrill, says Goldman (Bloomberg).
Pop goes the rouble (FT Alphaville).
How to stay busy when all around you are playing minesweeper <a href=" https://blogs.wsj.com/deals/2008/09/04/mean-street-what-to-do-when-you-have-nothing-to-do-on-wall-street/ " target="_blank"(Wall St Journal).
Lehman and the baaad bank Spinco (Bloomberg).
The lights are going out (Evening Standard).
But Wall Street made fewer redundancies in August (Bloomberg).
I've talked myself into talking us into a recession, admits economist (Daily Mash).