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Tuesday, April 7, 2009

Roundup – April 7, 2009

The International Money Fund (IMF) is expected to warn that US-originated assets could deteriorate in value by another $3.1 trillion by the end of next year, up from its prior estimate of $2.2 trillion.


Soros says this is a bear market rally and that zombie banks will sap the energy from the economy.



The NY Times posits the FDIC is beyond its mandate in providing insuring $1 trillion in PPIP toxic asset investments.

“We project no losses,” Sheila Bair, the chairwoman, told me in an interview. Zero? Really? “Our accountants have signed off on no net losses,” she said. (Well, that’s one way to stay under the borrowing cap.)

By this logic, though, the F.D.I.C. appears to have determined it can lend an unlimited amount of money to anyone so long as it believes, at least at the moment, that it won’t lose any money.

Uhm.  Aren’t these the same assets that were going to get written down and collapse the financial system if we didn’t find a place to hide them?

The only financial institution more undercapitalized than banks is the FDIC.


Vornado warned of a rough couple of years ahead for the company and the CMBS market at large in their letter to shareholders.


Digitimes reports foundry utilization rose double digits in March and could rise from the high 40s to 70% for the second quarter.

TSMC, UMC: Revenue M/M estimate for March


DRAM contract prices for the first half of April will be flattish due to high customer inventory levels.  Most producers have recently begun predicting shortages beginning in Q3.  NAND prices were up high single to low double digits for most MLC configurations.


The iPhone has an iffy debut in Taiwan, falling slightly short of initial sales projections.  Taiwan’s shoddy start may foreshadow a rocky road ahead for the iPhone in China.  Apple is producing an awful lot of these for China Unicom – build for the quarter is in the ~8 mil unit range… well above current consumption rates.

Forbes discusses (barely) Apple’s speculated forthcoming TV/gaming/web tablet.


According to slashgear, Research In Motion and Verizon are preparing for a September release of the wifi-equipped Storm 2.


Intel was accused of substantial tax evasion by the nation of Denmark.


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