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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: regli who wrote (60747)	12/18/2006 5:14:51 PM
From: mishedlo	Respond to of 116555

capital is raining on my head [This takes along time to load but it is pretty good - Mish] yieldsz.com

To: regli who wrote (60747)	12/18/2006 6:15:02 PM
From: mishedlo	Respond to of 116555

shorting junk bonds profitable if recession forbes.com snip: Taking a short position in junk bonds is a challenge for the retail investor. There is, however, a mutual fund that makes the bet for you: Access Flex Bear High Yield Fund. The $96 million no-load buys credit swaps that would pay off nicely if the economy goes to hell. The fund has one strike against it--a steep expense ratio (1.6% a year)--but I couldn't find a cheap alternative from Vanguard. The bearish fund, fighting a bull market for junk, is off 4% so far this year. All the better reason to buy now. unsniped. finance.yahoo.com chart is all DOWN since inception as this is the wrong fund for those/this time. company press release: accesshighyield.com ProFund Advisors Launches Access Flex Bear High Yield Fund Ti (no position here) High yield bonds have been stand-out performers in recent quarters, offering investors a way to participate in the improving economy. But lately, worries about inflation and higher interest rates have made some investors cautious about the prospects for the high yield market. With the addition of the new Access Flex Bear High Yield Fund, you can now seek to profit when the high yield market declines. Access Flex Bear High Yield Fund seeks to provide inverse (opposite) exposure to the overall high yield market. That means that unlike traditional high yield mutual funds, Access Flex Bear High Yield Fund generally should increase in value when the high yield market falls—and generally should decrease in value when the high yield market rallies. However, there's no guarantee the fund will meet its investment objective.

To: regli who wrote (60747)	12/18/2006 6:25:45 PM
From: mishedlo	Read Replies (1) \| Respond to of 116555

Delphi accepts $3.4b in financing, names new CEO from the Detroit News; detnews.com Auto parts supplier Delphi Corp. said Monday it has accepted a $3.4 billion investment from a group of private equity companies to support its emergence from bankruptcy protection. The company also said that its board named President Rodney O'Neal to replace Chairman Robert S. "Steve" Miller as chief executive, effective Jan. 1. Miller will remain chairman, and O'Neal will remain president. Under the financing deal, Appaloosa Management LP, Cerberus Capital Management LP and Harbinger Capital Partners Master Fund I, as well as Merrill Lynch&Co. and UBS Securities LLC, will invest a minimum of $1.4 billion and a maximum of $3.4 billion in the struggling company in exchange for common and preferred stock that will be issued in the first half of next year. The money will be used to fully fund Delphi's pension plan, which at the end of 2005 was underfunded by $4.1 billion, the company said. Troy-based Delphi, the nation's largest auto parts supplier, said the agreement was part of a plan to emerge from bankruptcy protection by the second quarter of 2007. A reorganization framework agreement, signed by Delphi, the investors and former parent General Motors Corp., was included in the deal. Separately, Delphi accepted a proposal from JPMorgan Chase Bank and a group of lenders to refinance the company's existing $2 billion debtor in possession credit line and about $2.5 billion in loans. "Today's agreements represent significant milestones in Delphi's reorganization and another major step towards emergence from our Chapter 11 reorganization in the U.S.," Miller said in a statement. Under the deal, Delphi will offer 135 million new shares for sale sometime during the first half of next year, the company said. In addition to the new investors, existing shareholders will get rights to buy some of the shares, Delphi said. GM said in a statement that the deal shows continued progress by Delphi and sets up a framework for the companies to keep negotiating. GM has estimated that it is liable for $6 billion in Delphi employee benefit costs. "Although we are encouraged by the progress of the negotiations between GM, Delphi and the other stakeholders thus far, we recognize that there are still a number of matters to be resolved and a lot more work is yet to be completed," GM said. Delphi shares rose 3 cents, or 0.92 percent, to $3.30 in premarket trading Monday. Delphi, GM's former parts-making arm that was spun off as a separate company, filed for bankruptcy protection in October 2005. It had 21,600 hourly workers at the end of September, the latest figures available. The parts supplier plans to close or sell 21 of its 29 U.S. plants and focus on operating eight U.S. plants that make electronics, safety systems, heating and air conditioning systems and some mechanical parts. The plants slated for sale or closure make steering systems, brakes, dashboards and other parts that Delphi no longer considers part of its core business. Delphi also has asked a court for permission to void previous labor contracts. The company continues to negotiate with GM and Delphi's unions on wage reductions for many of its hourly workers and has said it prefers a negotiated settlement to a court order..

To: regli who wrote (60747)	12/18/2006 6:40:26 PM
From: mishedlo	Respond to of 116555

U.K. police widen Blair probe A police probe into allegations that British Prime Minister Tony Blair traded political honours for loans to the Labour party has widened to consider accusations his staff attempted to cover up his role, the Times reported today. Prosecutors advised detectives to examine concerns that officials at Blair's Downing Street office had withheld evidence from the police inquiry, the Times said. Some e-mails and documents related to investigations into the bestowing of honours – such as seats in the House of Lords – to individuals who lent money to Blair's Labour party had been withheld or vanished, the newspaper reported. Trading honours for cash is illegal under British law. The Crown Prosecution Service, the body which decides on whether to bring prosecutions, said it could not disclose details of advice given to investigators. An official refused to confirm if any evidence had been withheld from the police inquiry. Blair's office denied officials had withheld evidence, saying there had been full co-operation with investigators. "The prime minister has made it clear that Downing Street would co-operate with the police and that the police could have access to all relevant materials throughout," Blair's spokesman said. He said it was up to investigators – not Blair's office – to determine what documents were considered relevant to the inquiry. Last Thursday, Blair was questioned by detectives – becoming the first serving prime minister interviewed in a criminal inquiry. The inquiry threatens to taint Blair's final months in office. Blair said over the summer he would step down as leader by the end of August 2007. The Labour party has admitted it did not disclose loans of nearly 14 million pounds of more than C$30 million from 12 supporters. The opposition Conservative and Liberal Democrat parties have acknowledged they have also received undeclared loans. Blair has acknowledged some supporters who offered loans were later nominated for honours, but has insisted that he did nothing wrong. He told police the backers were nominated for House of Lords seats under criteria allowing party leaders to put forward a small number of candidates in reward for their service to a political party – rather than the general public, his spokesman said. "There is no contradiction there. They were nominated as working, party peers," Blair's spokesman said. Blair told reporters Friday the supporters "were nominated by me as a party leader for party service. That's the basic distinction that lies at the heart of this." thestar.com I suppose it would be ironic if they get him on this rather than the treason he committed over Iraq

To: regli who wrote (60747)	12/18/2006 7:07:05 PM
From: mishedlo	Read Replies (2) \| Respond to of 116555

US the loser in Iraq's growing civil war, says Powell FORMER US Secretary of State Colin Powell has said the United States is losing a "civil war" in Iraq and he is not persuaded that an increase in troops would reverse the situation. The situation in Iraq is "grave and deteriorating, and we're not winning, we are losing. We haven't lost. And this is the time, now, to start to put in place the kinds of strategies that will turn this situation around." "If somebody proposes that additional troops be sent, if I was still chairman of the Joint Chiefs of Staff, my first question … is what mission is it these troops are supposed to accomplish? … Is it something that is really accomplishable? … Do we have enough troops to accomplish it?" theage.com.au If this clown had the decency to speak up before the war started we might not have had it. Had the the decency to speak up before the reelection of Bush, Bush would have gone down in flames. He gets no credit for this change in heart if you ask me. Mish

To: regli who wrote (60747)	12/18/2006 10:41:52 PM
From: mishedlo	Read Replies (2) \| Respond to of 116555

From 12/10/06 Dallas Morning News Classified Ads [Thanks to Catbert on the FOOL] Big 1/2 page advertisement. Avelo Mortgage, LLC, located in Las Colinas, is a multi-billion dollar residential mortgage loan servicer of alt-a, subprime, option ARM, and second mortgages. Accepting applications for TIMELINE MANAGEMENT Foreclosure and Bankruptcy Associates-timeline, bidding, title, attorney management. Default Control Associates-loan reviews, property services support, investor relations support ASSET DISPOSITION AND MANAGEMENT REO (Real Estate Owned) Asset Managers-outsourced service providers management. Staff Appraisers-establish assets liquidation values for default strategies. DELINQUENCY AND LOSS MANAGEMENT Loss Mitigation Associates-workout prospectors, deal closers, early payment default and fraud investigations. Mortgage Collectors-front and back-end collections for first and second mortgages.